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Monthly Archives: February 2009
At times like this when the financial world seems to be ending, I think its important to have a bit of humor. I just got an email from someone saying to prepare for the end of the world. It reminded me of this scene from Ghostbusters:
Someone please tell me how exactly GE has set up a pay package so that its CEO, Jeff Immelt, gets a $12 million bonus in a year like 2008. The only reason GE is not in bankruptcy is because of the Federal Government and Warren Buffett. Without these two lenders of last resort GE is in receivership. I mean, this is a stock that is down from $40 to $10 per share.
There was lots of reporting that he gave up this $12 million bonus, but why didn’t anyone ask how it was possible that this amount was due to him? He gave it up because he knew it was ridiculously absurd that the press would have gone crazy. What’s even worse is that this is in addition to his multi-million salary and another incentive program that was to pay him another $11 million for God knows what reason. Can you say greed?
Want to know what is wrong with Corporate America and the our stock market? Its that the CEOs of our largest companies have become blatant thieves of shareholders money. Their salaries and compensation have nothing to do with reality. And who is complicit and most responsible? Shareholders, institutional shareholders and advisers who continue to recommend people own these stocks.
If anyone has recommended for you to buy GE in the last 12 months or owns it in a mutual fund you own, you should fire them. For Immelt’s pay package alone.
Want to help stop this? Stop buying these companies. Stop owning them. They simple cannot be good stewards of your capital if they are paying themselves these ludicrous amounts.
Great article and video on Grizzly Bears “dancing” to get fish.
File this story under Bizarre (this one deserves the capital “B”). This credit crisis continues to unearth ridiculous behavior.
I feel sorry for Microsoft. They sooooo want to be liked and be cool, it is painful to watch. Like the awkward, dorky kid who does all of the wrong things, they just want to fit in. The latest announcement that they will open stores like Apple is particularly telling. Instead of coming out with cool, innovative new products, they are trying desperately with advertising and now with retail stores to get the world to realize how cool they are.
“The purpose of opening these stores is to create deeper engagement with consumers and continue to learn firsthand about what they want and how they buy,” Microsoft said in a statement.
Who exactly is going to go into these stores and why?
Much like the Zune, this strategy of copying Apple is doomed to fail as well.
Here is a Wall Street Journal article link about the new stores: MSFT’s new stores
Great blog post on gold by Mish’s Global Economic Trend Analysis (mouthful, right?):
This is a great rant by Congressman Capuano:
This is hysterical. I got this from the Little Green Footballs Blog:
Some old school humor courtesy of Victor Bourge…