Gdaddy it's ironic you mentioned the golden parachuters. Just this week a former company of my step-fathers has been put in EXTREME turmoil by a greedy, dumbassed CEO. Luckily my step-father sold out his minority share about 3-4 years ago because he didn't like the way things were going with some new guys who had bought out the majority owner who was original founders' (Ray E. Friedmon) son.
REFCO is the company and the CEO Phill Bennett was just arrested by the feds this week and had to put up a $50million bond (yes $50MILL!) as a result of his dumbass being involved in a scheme whereby he hid the fact from the SEC and the FTC that he bought $500,000,000.00 (yes half a billion, and at face value no less!) worth of bad debt/old margin and didn't disclose that fact in fear of it interfering with the IPO for REFCO which just happened in August of this year.
They (REFCO) hired an outside auditor which immedietly found the journal entry and wanted to know what in the world this half a billion was for??? Bennett is so wealthy that he just wrote a personal check on Tuesday for the ENTIRE amount, plus interest to settle the books! But the damage is already done, they say the past 5 years books are now assumed to be faulty and un-trustworthy. Plus account holders are yanking their money left and right as a result of the negative press. You can rest assured that he wasn't the ONLY boardmember who was aware of this and at least two major banks have got to be in on it (Credit Suisse First Boston and Deutsche Bank).
As of yesterday all my kids accounts had been gotten out, the money back and safely in the bank. But that's not all of it for my family so who the hell knows where this mess will end. I can tell ya one thing, if my mother gets hurt in this in ANY way I might need some of the Alli-family members to send me care packages in Attica because I wont think twice about driving too New York and bending Mr. Bennett's knees in backwards with a Louisville Slugger. My mother has been through enough this year as it is, the LAST thing she needed was something like this. I will off that scumbag without a moments thought!!! I recently bought a crossbow for deerhunting, but I might need it for other such "service"... :evil:
I tell ya, you can't trust one damned person with $$$ now adays. Some greedy bastards are just out to make life MISERABLE!!! You gotta laugh to keep from cryin.
RA
