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paologorgo
Chapter 11
paologorgo
Chapter 11
Second Careers for Failed C.E.O.s
By Sara Clemence ⋅ 3:16 pm February 10, 2009 ⋅ One comment
Everyone is slamming C.E.O.s for their incompetence and excessive spending (conveniently forgetting that two years ago we didn’t care as long as we were making money, too). These guys don’t need to be judged—they need sympathy, understanding, and most of all, job advice.
After all, chief executives are getting laid off too—at the average rate of six per day in 2008. So we thought we’d suggest second careers for some of the Recession’s fallen corporate heroes, specially tailored to their tastes and talents.
Jimmy Cayne: Pot Dealer
In late 2007, a Wall Street Journal story claimed that while his company was going into meltdown mode, the C.E.O. of Bear Stearns was busy golfing, generally being M.I.A., and smoking doobies. He denied the reefer business, but that didn’t keep Bear from going under last March. We suggest he try his hand on the other kind of street. Sure, Freakonomist Steven Levitt famously pointed out that drug dealers tend to live with their moms because they make so little profit, but that would be fitting, too.
John Thain: Interior Designer
John Thain spent $1.2 million to redesign his office in the year Merrill Lynch had to be rescued by Bank of America. That included $800,000 for Obama interior designer Michael Smith, $87,000 for an area rug, and $11,000 for fabric for a roman shade— making Dennis Kozlowski look like a penny pincher. PayScale.com says starting designers make around $32K. But given Thain’s connections, tastes, and comfort with overcharging for his services, we suspect the ousted exec could do better.
Angelo Mozilo: Tanning Bed Salesman
We know the ex-C.E.O of failed mortgage lender Countrywide Financial is good at selling—from 2004 to 2008, he cashed out of nearly $470 million in stock—and the most notable thing about him these days is his tan. Why not work that to his advantage? Tip: Friends of Angelo get extra UV.
Dick Fuld: Professional Boxer
The story about the former Lehman Bros. C.E.O. getting socked at the company gym turned out not to be true. No matter—there are three good reasons for him to get into the ring: He didn’t get severance after being canned in November, plenty of people would be willing to pay to see him get whaled on, and he’s practiced at protecting his ass…ets.
Chuck Prince: Dance Instructor
In July 2007, the Citigroup C.E.O. told the Financial Times that he wasn’t worried about a liquidity problem in the private equity market. “As long as the music is playing, you’ve got to get up and dance,” Prince said. “We’re still dancing.” Four months later, he resigned. Perhaps he has a future in teaching other people moves, but here’s the catch: He can never turn the music off.
Alan Fishman: Demolition Expert
Fishman was C.E.O of Washington Mutual for just 18 days—during which time there was a run on the bank that prompted the feds to shut it down. Then it came out that his contract gave him more than $6 million in severance. (He wisely said he wouldn’t take it.) But just think of the potential—the man doesn’t need explosives to blow things up! Just make him a sweet deal and let him stand in the building for a couple of weeks.
By Sara Clemence ⋅ 3:16 pm February 10, 2009 ⋅ One comment
Everyone is slamming C.E.O.s for their incompetence and excessive spending (conveniently forgetting that two years ago we didn’t care as long as we were making money, too). These guys don’t need to be judged—they need sympathy, understanding, and most of all, job advice.
After all, chief executives are getting laid off too—at the average rate of six per day in 2008. So we thought we’d suggest second careers for some of the Recession’s fallen corporate heroes, specially tailored to their tastes and talents.
In late 2007, a Wall Street Journal story claimed that while his company was going into meltdown mode, the C.E.O. of Bear Stearns was busy golfing, generally being M.I.A., and smoking doobies. He denied the reefer business, but that didn’t keep Bear from going under last March. We suggest he try his hand on the other kind of street. Sure, Freakonomist Steven Levitt famously pointed out that drug dealers tend to live with their moms because they make so little profit, but that would be fitting, too.
John Thain spent $1.2 million to redesign his office in the year Merrill Lynch had to be rescued by Bank of America. That included $800,000 for Obama interior designer Michael Smith, $87,000 for an area rug, and $11,000 for fabric for a roman shade— making Dennis Kozlowski look like a penny pincher. PayScale.com says starting designers make around $32K. But given Thain’s connections, tastes, and comfort with overcharging for his services, we suspect the ousted exec could do better.
We know the ex-C.E.O of failed mortgage lender Countrywide Financial is good at selling—from 2004 to 2008, he cashed out of nearly $470 million in stock—and the most notable thing about him these days is his tan. Why not work that to his advantage? Tip: Friends of Angelo get extra UV.
The story about the former Lehman Bros. C.E.O. getting socked at the company gym turned out not to be true. No matter—there are three good reasons for him to get into the ring: He didn’t get severance after being canned in November, plenty of people would be willing to pay to see him get whaled on, and he’s practiced at protecting his ass…ets.
In July 2007, the Citigroup C.E.O. told the Financial Times that he wasn’t worried about a liquidity problem in the private equity market. “As long as the music is playing, you’ve got to get up and dance,” Prince said. “We’re still dancing.” Four months later, he resigned. Perhaps he has a future in teaching other people moves, but here’s the catch: He can never turn the music off.
Fishman was C.E.O of Washington Mutual for just 18 days—during which time there was a run on the bank that prompted the feds to shut it down. Then it came out that his contract gave him more than $6 million in severance. (He wisely said he wouldn’t take it.) But just think of the potential—the man doesn’t need explosives to blow things up! Just make him a sweet deal and let him stand in the building for a couple of weeks.
Imark
Forumer storico
Fortuna che ci sono le donne, che ragionano in maniera concreta sulle cose da fare...
UPDATE 1-Madoff's wife pulled out $15 mln before his arrest
Wed Feb 11, 2009 12:11pm EST
BOSTON, Feb 11 (Reuters) - The wife of accused Wall Street swindler Bernard Madoff pulled $15 million out of a brokerage account only days before her husband was arrested, Massachusetts' top securities regulator said on Wednesday.
Secretary of State William Galvin said Ruth Madoff withdrew $5.5 million on Nov. 25 and $10 million on Dec. 10 according to reports produced by Cohmad Securities, a firm co-owned by her husband.
Madoff is accused of masterminding a $50 billion Ponzi scheme. He was arrested and charged with securities fraud on Dec. 11. In a Ponzi scheme, early investors are paid with money from later investors.
For years, Cohmad Securities, partly owned by Madoff, received monthly payments from the financier for "professional services", "brokerage services" and "fees for account supervision," Galvin's office said.
The payments totaled $67 million and made up 84 percent of Cohmad's total income over the last eight years, the documents show.
Many Massachusetts residents who lost millions of dollars to Madoff told Galvin's office that they were introduced to the financier by Cohmad representatives, including Robert Jaffe. Jaffe had been a long-time friend of Madoff and relied on his deep roots in Boston to make the introductions. Recently Jaffe said he too was a victim of Madoff's fraud.
Cohmad, which is registered to act as broker in Massachusetts, also paid money to Sonja Kohn, who founded Austria's Bank Medici and had close ties to Madoff, the documents show.
Galvin is trying to suspend Cohmad's state license so that it can no longer act as a broker in Massachusetts. (Reporting by Svea Herbst-Bayliss; editing by John Wallace)
UPDATE 1-Madoff's wife pulled out $15 mln before his arrest
Wed Feb 11, 2009 12:11pm EST
BOSTON, Feb 11 (Reuters) - The wife of accused Wall Street swindler Bernard Madoff pulled $15 million out of a brokerage account only days before her husband was arrested, Massachusetts' top securities regulator said on Wednesday.
Secretary of State William Galvin said Ruth Madoff withdrew $5.5 million on Nov. 25 and $10 million on Dec. 10 according to reports produced by Cohmad Securities, a firm co-owned by her husband.
Madoff is accused of masterminding a $50 billion Ponzi scheme. He was arrested and charged with securities fraud on Dec. 11. In a Ponzi scheme, early investors are paid with money from later investors.
For years, Cohmad Securities, partly owned by Madoff, received monthly payments from the financier for "professional services", "brokerage services" and "fees for account supervision," Galvin's office said.
The payments totaled $67 million and made up 84 percent of Cohmad's total income over the last eight years, the documents show.
Many Massachusetts residents who lost millions of dollars to Madoff told Galvin's office that they were introduced to the financier by Cohmad representatives, including Robert Jaffe. Jaffe had been a long-time friend of Madoff and relied on his deep roots in Boston to make the introductions. Recently Jaffe said he too was a victim of Madoff's fraud.
Cohmad, which is registered to act as broker in Massachusetts, also paid money to Sonja Kohn, who founded Austria's Bank Medici and had close ties to Madoff, the documents show.
Galvin is trying to suspend Cohmad's state license so that it can no longer act as a broker in Massachusetts. (Reporting by Svea Herbst-Bayliss; editing by John Wallace)
mostromarino
Guest
Imark
Forumer storico
sublime sei tu
di là
dove????
Sul FOL, 3D dedicato a GM, in cui con il bond 2033 attorno ai 14, c'è gente che favoleggia di vederlo a 100 entro 12 mesi....
mostromarino
Guest
Sul FOL, 3D dedicato a GM, in cui con il bond 2033 attorno ai 14, c'è gente che favoleggia di vederlo a 100 entro 12 mesi....
ma senti
se parliamo di bond il rischio non è poco dividendo (che non ci sarà,voglio sperare e comunque non entra piu`in ordine di conto,purtroppo ,per nessuno)
se il piano governo funzia.......e GM stà in piedi...
perchè no??? MAGARI non 100,ma....
se dico una cazzta,perdonatemi, perchè non leggo di gm
da almeno 15 gg.
poi qui è cazzeggio
Imark
Forumer storico
ma senti
se parliamo di bond il rischio non è poco dividendo (che non ci sarà,voglio sperare e comunque non entra piu`in ordine di conto,purtroppo ,per nessuno)
se il piano governo funzia.......e GM stà in piedi...
perchè no??? MAGARI non 100,ma....
se dico una cazzta,perdonatemi, perchè non leggo di gm
da almeno 15 gg.
poi qui è cazzeggio
Volentieri...
il punto è che Wagoner, i suoi amici del sindacato e gli obbligazionisti il piano non lo vogliono fare, e se lo facessero gli obbligazionisti dovrebbero partecipare alla riduzione dei 2/3 del debito di GM attraverso una conversione debito-equity (equity di una società che, anche con una struttura dei costi sostenibile, resterebbe oberata da una serie di altri gravi problemi).Similar threads
