Bailout fun facts

[Jeannie]

Hi ladies
As we watch all the financial powerhouses going down faster then interns in the Senate, it's time for a bit of reflection. Our Government was kind enough to help out with our money to save these CEOs who took their companies to the brink of bankruptcy. I guess MBAs from Harvard and Warton aren't what they used to be.

30 billion for Bear Sterns,200 billion for Fannie Mae and Freddie Mac and 85 billion for AIG. They estimate total cost to be around 800 billion. Thats good.

Of course their CEOs were severly punished for screwing up the companies.


Bear Sterns CEO James Cayne had only a five year compensation package of 134 million dollars.

Fannie Mae former CEO was fired in 2004 and left with his tail between his legs with his 52 million dollar retirement package.

Freddie Mac Chairman Richard Syron had his pay cut to only 19.8 million last year.

And poor CEO Martin J. Sullivan of AIG. He was forced to resign on july 1 2008 after the company posted a 20 billion dollar lose and he was booted out with a 47 million dollar pension.

It's comforting to know our government is alway right there to help the needy. I'm sure your happy like me that our tax dollars are going to a great cause. We should all send a nice thank you note to our representatives in Congress. Don't you feel special? Hugs.


Love
Auntie Jeannie

PS. Hey Carol Ann,can you loan a fellow printer 50 bucks so I can fill up my tank and get some beer?

[Absaroka]

This is why we should all get jobs managing large banks.

Absaroka

[DonnaT]

There's been a run on sleep number beds. The air chambers hold more money than the coil spring mattresses.

[Jeannie]

Hi Donna
They came over from Italy on the boat and always kept there cash under the mattress. I should of had them for financial advisors. After the 2000 stock market debacle I had Smith Barney for a so called professional managed account. They professionally managed to lose 75 percent of the account.
I go to a new advisor and he recommends AIG. He says it's a great company. Beautiful....freakin' beautiful! I figure I'll be able to retire at 91 like my Dad Louie.
I have to get going Donna. I put on a hot little outfit and I'm going to walk to downtown Waterbury and pick up a few quick bucks for a bottle of scotch.
I know you girls feel for me so just send all donations to The Jeannie Golighty retirement fund or just go on my new website:

Livinonchickenandwine.com

Enjoy your friday night ladies.

Love
Auntie Jeannie

[Carol Elizabeth]

Donna,

That is why they are called stock "brokers".

CE

[Jeannie]

Hi Hon
After teaming up with those Bozos I'm way broker than before. They make money on fees and commissions even on the way down. I think my advisor at Smith Barney was Dyslexic(Buy high...sell low!) and my lastest advisor picking AIG was a graduate from the George W Bush school of bad judgement.
Don't get me started on financial advisors Hon or I'll have a heart attack. On second thought that's great! The only thing worse than dying is outliving your money. Hugs.

Love
Auntie Jeannie

[Rikki]

Jeannie,
Maybe your story is part of the reason (lack of funds and laziness the rest) why I haven't yet begun to put money in markets or funds to retire. Lucky for me I love what I do for work and would never stop. But.... some of my clients are those giants, do hope they survive!!! (Have collected all invoices YTD, thank god or God!) rr

[Lydia]

A parallel to the bailout of the predator financiers would be the case of the unsuccessful bank robber. He complained that the bank's security systems were ruining his business. So the government lent him money (at 1% interest) to buy better tools and guns.

Hugs,

Lydia

[Jaye]

I guess that's what they mean when they talk about "golden parachutes". Where's mine?

[Edyta_C]

Some of us have done better in the market. A bear market is not necessarily a bad thing. There are a lot of undervalued stocks. That being said, I too would have retired at 52 if not for the tech crash. Don't put all your eggs in one basket as they say.

Still losing really bites and I'll have to stop buying shoes if the market does not get better soon.

Hugs Edyta

[Steve]

I retired at 42 myself. I did ok in the market. Closed everything in 199-2000. Too much stress for me. I remember one morn I lost 4k because I had to go to work and could not get sell order in fast enough.

Stock Peaked and then Dumped (Medical Company). Still made a killing, but could have done more. Stupid Dial up (no BB then) was not fast enough to get thru plus very slow web site.

DM

[Frances Jewell]

I have been hearing the pundits saying that your money in a bank is insured up to 100,000 (well I knew that also), but just to see if I could make any money I called the local Bank and Credit Union to see what interest I could get on that amount - the Bank would give me 2% interest and the Credit Union would give 1% interest. When you consider that you would have to pay tax on that interest you really wouldn't be much worse off putting it in or under your mattress.

Another thought went through my head about the same time as our county exec announced that the new county budget would contain double digit property tax increase - wait a minute didn't somebody just say that my house isn't worth the paint on the outside. But my assessment isn't going down.

The Government has played a big role in this Financial mess and they aren't done yet making sure that we the taxpayer have fully funded their own retirement accounts. I'm sorry for the rant, but there is not a soul on Wall Street or the Halls of Congress that is the least bit interested in your or my opinion. I am also sick of the weekend deals that they work out without giving us the opportunity to adjust our accounts before the markets open on Monday morning - I had Fannie Maye Preferred that was 13.75 Friday afternoon at the close and by Monday morning opening they had managed to take all but 2.75 of each share. Yet Paulson didn't call me up to warn me of the Midnight fire sale.