Bailouts, Banks and You

With the stock market falling almost 300 points on Tuesday and CNN and MSNBC Market experts still proclaiming that they "just don't know when it will hit bottom", it's a tough time for all, especially we Boomers who were heavily invested in the Stock Market.

Since none of us have a crystal ball, perhaps it's time you thought about playing it safe and putting what you have left in CDs. While I'll never get anything from the Gov't bailing out the banks, at least if I invest in CDs, I know I won't lose any more of my money!

You can check out current CD rates at: http://cdrates.bankaholic.com/
It's quite user-friendly and gives rates for different time frames.

We all need a good laugh about the Bailout, so check out Wanda Sykes on Jay Leno. It's a riot!
http://www.youtube.com/watch?v=KADr2KG5aso

Capping the Crooks

Last week President Obama set a $500,000 pay cap for executives of failing firms. Now these are the men who have driven their companies into the ground; continually lied to investors and still have had the balls to ask taxpayers for a "bailout".

I find it infuriating that the Government would even give a failing executive that high of a yearly salary! Whatever happened to pay for performance? I am a retired Federal Gov't employee and over the years we've unjustifiably been tagged as lazy and inefficient.

Yet, I can guarantee you that I had an annual Performance Plan with specific quarterly goals that I had to meet. My performance against those targeted goals was closely monitored and discussed during quarterly reviews. No way would my boss have given me a bonus or pay raise if I hadn't meet those goals.

I don't know how a corporate executive can actually sit there with a straight face and ask for a bailout when they have so miserably failed as a leader and financially raped their company by taking millons of dollars in yearly salaries.

I'm a Boomer who was taught early on that you put in a hard day's work for a fair wage. Yet, if the Feds continue to grant bailouts to failing corporate leaders, then they are rewarding them for poor performance.

Seems to me that if the Federal Gov't doesn't also dictate that there must be a direct link between an executive's salary and profitable performance, then it's sending the message that they can still make at least $500,000 just for showing up!!

Where's the Line?

Are you like me --- sick of these bailouts? And now the auto industry wants a piece of the action! Corporate greed has been rampant for years and the Federal Government did nothing to stop their excessive spending, lavish lifestyles and the many tax deductible corporate benefits bestowed on officers like company cars, county club memberships and let's not forget the private jets. What happened to the fiduciary relationship between the Chief, Financial Officers (CFO) and corporate investors? Why isn't the CFO being held accountable --surely he and the accounting firm had to realize long ago that these corporations were in dire financial shape, yet somehow they managed to find the money to fund huge year end bonuses? What happened to people and corporations being forced to accept the consequences of their actions?

The inaction of top corporate executives to tighten their belts and begin to make prudent business decisions has caused this financial fiasco, so, why shouldn't they have to accept the consequences and be fired without a golden parachute? Instead, if the Government grants them a bailout, it is directly rewarding them for mismanaging their company. Since Uncle Sam seems to have so much spare cash to dole out to these failing corporations, I'd like to know where the line starts because I want some too. I know that many of us could use a Government handout right about now as we watch our retirement nest eggs fall daily. Some of my retired friends have lost as much as 70 to 80% of their entire stock portfolio.

Let's see -- corporate officers mismanage their money -- then the Government bails them out. But,you, a struggling retiree loses in the stock market (a direct result of these ongoing and ever-increasing corporate problems) and do you get bailed out---nope, you just have to tighten your belt, eat beans and maybe forgo a needed medical treatment.
Fair -- no way!

So, if you're tired of it like me -- please take the time to call or email your Congressman and let them know your fed up! http://clerk.house.gov/member_info/index.html

Government Bailouts

Are you tired of the roller coaster ride?

Just like many baby boomers, my parents grew up during the Great Depression. Hearing stories from my mom about my grandfather losing his job, the lack of money and food, made me very aware of the value of money. It also made me financially responsible, so I’m tired of Government bailouts of corporate America. It’s like the Government is rewarding companies for being financially irresponsible and unaccountable to their stockholders. AIG was saved at our expense with an $85,000,000,000 bailout; now they want another 37 billion. And how about that AIG spa junket --- what a joke! Indirectly, we taxpayers funded that retreat. Like most retirees on a fixed income, I can't afford a trip to that exclusive California beach resort with its own spa and golf course. Now, other corporate executives feel entitled to a Government bailout! Some of them got mad because the Government refused and then started a probe into their financial activities. Take Lehman Brothers. I was furious when I saw Dick Fuld on CNN so smugly denying any wrongdoing. How could he sit there and refute so emphatically that he did not mislead investors? So, why haven’t those top corporate executives been forced to liquidate their assets, close out their bank accounts and give those funds to the Government before it bails a company out? The rampant fear and lack of trust created from these failures has driven down the stock market to the point where retirees have lost trillions of dollars in their 401K accounts, pension funds, and also face the loss of future Social Security benefits. Is that a cost retirees should have to pay for arrogant corporate executive’s gross financial neglect and misrepresentation? I don’t think so. Your thoughts?