Dwight Drane Posted September 25, 2008 Share Posted September 25, 2008 What does it matter? It won't exist in 3 days. Well....that's sort of why I asked. Link to comment Share on other sites More sharing options...
Booster4324 Posted September 25, 2008 Share Posted September 25, 2008 They don't walk away penniless by any stretch, but the net worth takes a major hit. Dick Fuld's stock in Lehman was worth about $700 mil last year - he sold it last week for about $20k. Amazing, few tears were shed. Umm and upon further review, he is a CEO. I was referring to the guys who did the actual investing. Link to comment Share on other sites More sharing options...
GG Posted September 25, 2008 Share Posted September 25, 2008 Umm and upon further review, he is a CEO. I was referring to the guys who did the actual investing. Those are far tougher to disgorge, and far tougher to regulate. These guys are the ones I was talking about with Tom. The CEOs get the headline numbers, but on Wall Street more cash goes to the star traders & bankers. It will be tough to design limits on their comp, because if a troubled firm tries to limit them, they'll walk out. And since Wall Street's assets are its people, you don't win at the end. Think of it as a parallel to Jason Peters. Yeah, what he did was ultra-douchy and it could have gotten Trent killed. But you don't accomplish much by cutting the guy to teach him a lesson. There would be 31 other teams that would pick him up in a second, and you're left with .... Link to comment Share on other sites More sharing options...
Booster4324 Posted September 25, 2008 Share Posted September 25, 2008 Those are far tougher to disgorge, and far tougher to regulate. These guys are the ones I was talking about with Tom. The CEOs get the headline numbers, but on Wall Street more cash goes to the star traders & bankers. It will be tough to design limits on their comp, because if a troubled firm tries to limit them, they'll walk out. And since Wall Street's assets are its people, you don't win at the end. Think of it as a parallel to Jason Peters. Yeah, what he did was ultra-douchy and it could have gotten Trent killed. But you don't accomplish much by cutting the guy to teach him a lesson. There would be 31 other teams that would pick him up in a second, and you're left with .... Yeah, I typed up a nice response and FF 3.0 ate it. Let's put it simply, you seem to be a smart version of Wacka. You seem to be a Republican shill. You have a disturbing habit of ignoring what people bring up in debate. I agree btw that you cannot simply penalize the traders. I made a joke. You felt the need to respond and to redirect the argument to the leaders of said companies. One wonders why you felt the need. Oh that's right, see the above. Vote for Ron Paul He is the guy who most exemplifies your actual written words. Link to comment Share on other sites More sharing options...
Pine Barrens Mafia Posted September 25, 2008 Share Posted September 25, 2008 Says the guy whose life depends on a commission.. I'm not a stockbroker. My business is booming. As people (seniors) get clobbered in the markets, they flock to fixed products (my license) like rats jumping off a sinking ship. Every day when I see the market fall another 300 points, I know I've just made thousands more. Sucks for most people, not for me! Link to comment Share on other sites More sharing options...
GG Posted September 25, 2008 Share Posted September 25, 2008 Yeah, I typed up a nice response and FF 3.0 ate it. Let's put it simply, you seem to be a smart version of Wacka. You seem to be a Republican shill. You have a disturbing habit of ignoring what people bring up in debate. I agree btw that you cannot simply penalize the traders. I made a joke. You felt the need to respond and to redirect the argument to the leaders of said companies. One wonders why you felt the need. Oh that's right, see the above. Vote for Ron Paul He is the guy who most exemplifies your actual written words. WTF? I recommend cutting down on meth. Please show me where there's even a hint of partisanship in the replies. Unless you believe that Jason Peters is a card carrying GOP member. Link to comment Share on other sites More sharing options...
GG Posted September 25, 2008 Share Posted September 25, 2008 I'm not a stockbroker. My business is booming. As people (seniors) get clobbered in the markets, they flock to fixed products (my license) like rats jumping off a sinking ship. Every day when I see the market fall another 300 points, I know I've just made thousands more. Sucks for most people, not for me! You're assuming that the annuities will be there when the payments commence. Sure about that? Link to comment Share on other sites More sharing options...
Pine Barrens Mafia Posted September 25, 2008 Share Posted September 25, 2008 You're assuming that the annuities will be there when the payments commence. Sure about that? My company has a 3:1 reserve ratio, so yes. Link to comment Share on other sites More sharing options...
molson_golden2002 Posted September 25, 2008 Author Share Posted September 25, 2008 Doom and gloom http://biz.yahoo.com/ap/080925/economy.html WASHINGTON (AP) -- New home sales tumbled in August to the slowest pace in 17 years, while the average sales price fell by the largest amount on record, demonstrating the depth of the problem that Washington is trying to solve. The Commerce Department said Thursday that new homes sales fell by 11.5 percent in August to a seasonally adjusted annual sales rate of 460,000 units, the slowest sales pace since January 1991. It was a much bigger sales decline than the small 1 percent drop that economists had been expecting. The average price of a new home sold in August dropped by a record amount of 11.8 percent to $263,900, compared to the July average of $299,100. The median price was also down, falling 5.5 percent to $221,900. The big drop in new home sales followed news Wednesday that sales of existing homes were down 2.2 percent in August to a seasonally adjusted annual rate of 4.91 million units. Both segments of the market remain under pressure from the steepest housing downturn in decades. That housing slump has contributed to a record surge in mortgage defaults, leading to billions of dollars in losses by financial firms and spawning a severe credit crisis that is threatening to send the country into a steep recession. Link to comment Share on other sites More sharing options...
DC Tom Posted September 25, 2008 Share Posted September 25, 2008 Doom and gloom http://biz.yahoo.com/ap/080925/economy.html Yeah. When the credit markets shut down, people can't get loans. Thus, they can't buy houses. Link to comment Share on other sites More sharing options...
Fan in Chicago Posted September 25, 2008 Share Posted September 25, 2008 Doom and gloom http://biz.yahoo.com/ap/080925/economy.html Irrational inexuberance Link to comment Share on other sites More sharing options...
ExiledInIllinois Posted September 25, 2008 Share Posted September 25, 2008 An analogy: If my son goes off to college/school and gets himself into some deep doo-doo where I have to wire him some cash and bail his arse out of hock. You are gonna bet that when he comes home for break that he will me mowing everybody's lawn in the neighborhood for a long time, long time. ~Weedeater extraordinaire That's is the only way the plan will work. Link to comment Share on other sites More sharing options...
ExiledInIllinois Posted September 25, 2008 Share Posted September 25, 2008 Doom and gloom http://biz.yahoo.com/ap/080925/economy.html Kinda strange... My in-laws are the best, most financially conservative people on the planet I know and they are finally selling their house and moving into a new home (condo type... Low maint.)... This after almost 60 years in one home. Hey, they got the cash... They have been financially prudent through the years... Here is hoping they get a great deal on a new one! Life should reward these types off people/seniors! This is awesome! I also have stayed put... Maybe I could go out there and pay cash for a new home. Sure I will take some hit on my current house (not that much, becuase I didn't start with much)... I hope prices keep falling! Link to comment Share on other sites More sharing options...
ExiledInIllinois Posted September 25, 2008 Share Posted September 25, 2008 Yeah. When the credit markets shut down, people can't get loans. Thus, they can't buy houses. Unless you can access the cash yourself! Link to comment Share on other sites More sharing options...
molson_golden2002 Posted September 25, 2008 Author Share Posted September 25, 2008 Kinda strange... My in-laws are the best, most financially conservative people on the planet I know and they are finally selling their house and moving into a new home (condo type... Low maint.)... This after almost 60 years in one home. Hey, they got the cash... They have been financially prudent through the years... Here is hoping they get a great deal on a new one! Life should reward these types off people/seniors! This is awesome! I also have stayed put... Maybe I could go out there and pay cash for a new home. Sure I will take some hit on my current house (not that much, becuase I didn't start with much)... I hope prices keep falling! My Aunt who lives in Granville, Ohio is caught in this mess. She is living in the dream house she has lived in for 25 years with her husband who died a few years back. It's a wonderful house with a beautiful yard and all, but driving through town there are houses all over the place for sale and no one is buying. She is asking $200,000 and my neck snapped back at her when I said, "that's all??" And it still isn't selling. She is getting up there in age and wants to move closer to my cousin--her daughter--but just can't sell the house Link to comment Share on other sites More sharing options...
ExiledInIllinois Posted September 25, 2008 Share Posted September 25, 2008 My Aunt who lives in Granville, Ohio is caught in this mess. She is living in the dream house she has lived in for 25 years with her husband who died a few years back. It's a wonderful house with a beautiful yard and all, but driving through town there are houses all over the place for sale and no one is buying. She is asking $200,000 and my neck snapped back at her when I said, "that's all??" And it still isn't selling. She is getting up there in age and wants to move closer to my cousin--her daughter--but just can't sell the house I feel bad for her. The thing with my in-laws is that they have an older house in Lackawanna... Has been paid for many years... IMO, they seem to be asking a ton of money (well over the 100k range)... Everthing is new and updated... Very clean and in perfect condition... IMO, I don't hink they will get what they want... But, if the price drops... They will have people banging at the door at around the 100 range. They may be shocked... But, what the heck... They probably only bought the place brand new for 13k. I know my parents paid 16k for their house new back in 1960 or so, their mortgage was 100 bucks and they thought they bought it on a "shoestring"... Back in the day, they really sweat having to make that payment! Link to comment Share on other sites More sharing options...
DC Tom Posted September 25, 2008 Share Posted September 25, 2008 Unless you can access the cash yourself! Well...yeah, there is that. Not everyone has that kind of cash. Anyone who does, though, can pick up a house relatively cheap for the next couple years. Link to comment Share on other sites More sharing options...
ExiledInIllinois Posted September 25, 2008 Share Posted September 25, 2008 Well...yeah, there is that. Not everyone has that kind of cash. Anyone who does, though, can pick up a house relatively cheap for the next couple years. Don't get me wrong... I am not solely trying to be smug. The problem is still huge for the ones with cash and are getting good deals. Why tie it all up in a house, IMO, you would almost alwys want to take out some kind of mortgage. Then there are the ones like my in-laws... They are sure hoping to get that cash off the original house. Link to comment Share on other sites More sharing options...
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