Maybe things will turn around as some won't take the bonuses, or only partial bonuses.
Fidelity and AIG, a personal boiling point....
- Thread starter Pablo
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Yeah. They'll only get a few million instead of many millions.
GET A JOB!!!!
I like the "we NEED this level of compensation to retain the brightest and the best!" horse manure. There are legions of those who will do better (due to lessons learned from the those of higher station's folly) for many $$$ less.
Let them eat gruel...
GET A JOB!!!!
I like the "we NEED this level of compensation to retain the brightest and the best!" horse manure. There are legions of those who will do better (due to lessons learned from the those of higher station's folly) for many $$$ less.
Let them eat gruel...
Originally Posted By: Johnny
shotgun come to Jesus meeting
Now there's an expression I've never heard before. What I learn here...
shotgun come to Jesus meeting
Now there's an expression I've never heard before. What I learn here...
Originally Posted By: Cutehumor
when I turn 67 in 35 years, social security won't be there anyway. It's just a legalized ponzi scheme!
So true, but then it was not really an investment, but rather a group insurance to begin with.
You can still put your money in 401k, just do it like me and put it in money market or treasury note. I am glad that I was telling myself in 2005 when I first started 401k that it doesn't make sense to buy stocks for their price, and put all of my contribution in cash.
when I turn 67 in 35 years, social security won't be there anyway. It's just a legalized ponzi scheme!
So true, but then it was not really an investment, but rather a group insurance to begin with.
You can still put your money in 401k, just do it like me and put it in money market or treasury note. I am glad that I was telling myself in 2005 when I first started 401k that it doesn't make sense to buy stocks for their price, and put all of my contribution in cash.
If you are not keeping an eye on your investments then I'm sorry but you are a nut job! I have lost less than 10% in the past 12 months. Most of that time I had over 80% in MM accounts. Right now I'm short the market and have a heavy bet on crude to go up (USO). If you are not looking out for #1 then trust me no one else is. It really pains me to watch family members continue to trust some reject financial analyst guy and lose 30-40% over the past year because these family members are 50-60 years old and should be only 30-40% exposed to equities, but their reject "investment specialist" told them to buy this and buy that because its hot. Now many will miss the rebound because they don't understand that the stock market is just like going to the store. You buy when things are on sale.
For those that don't understand that put it this way - if you went to Advance Auto tomorrow and Penn. Platinum was 50 cents per quart would you hem and haw because you were thinking there must be something wrong with it and maybe it will go down more?
Or if you went to Advance and Penn. Platinum was $12/quart would you load up because just last week it was $7/quart and you were afraid it may be $20/quart in another month and you would have hated to pass up that "buying opportunity" at $12????
For those that don't understand that put it this way - if you went to Advance Auto tomorrow and Penn. Platinum was 50 cents per quart would you hem and haw because you were thinking there must be something wrong with it and maybe it will go down more?
Or if you went to Advance and Penn. Platinum was $12/quart would you load up because just last week it was $7/quart and you were afraid it may be $20/quart in another month and you would have hated to pass up that "buying opportunity" at $12????
Here is a link to the website of the Pension Benefit Guaranty Corporation, set up by the U.S. Government, to protect the workers that are/were in a defined benefit pension plan, that may have gone belly-up as a result of bankruptcy or couldn't pay its' obligations. Each company had to put money into this corporation as insurance, just in case it, the company, folded.
It, also, would mean a reduced benefit would be paid.
http://www.pbgc.gov/
Originally Posted By: Mustang2008Z
All company sponsored Defined-Benefit Plans had to follow GAAP Rules and Regulations.
GAAP= Generally Accepted Accounting Principles
I'm an accountant! I realize that! But GAAP for a long time had no rules for funding pensions. So Pensions went unfunded. That's why the government had to bail a lot of Pensions out way back when.
I, in my prior posting was agreeing to this statement by Drew------------------------------------------------------------->
Now if you operate a defined benefit plan, you have to fund it, and if it becomes underfunded, you have to keep it up and out of the red.
The government requires that each company that has a defined benefit pension plan must have it fully funded, and if it is not fully funded, by the company, then it has a time limit within which it, the company, has to comply with the government regulations.
I hope that this forum could be an opportunity for all to learn something new, even I do not claim to know everything, because I don't know everything. I would be the first person to admit to it to you.
It, also, would mean a reduced benefit would be paid.
http://www.pbgc.gov/
Originally Posted By: Mustang2008Z
All company sponsored Defined-Benefit Plans had to follow GAAP Rules and Regulations.
GAAP= Generally Accepted Accounting Principles
I'm an accountant! I realize that! But GAAP for a long time had no rules for funding pensions. So Pensions went unfunded. That's why the government had to bail a lot of Pensions out way back when.
I, in my prior posting was agreeing to this statement by Drew------------------------------------------------------------->
Now if you operate a defined benefit plan, you have to fund it, and if it becomes underfunded, you have to keep it up and out of the red.
The government requires that each company that has a defined benefit pension plan must have it fully funded, and if it is not fully funded, by the company, then it has a time limit within which it, the company, has to comply with the government regulations.
I hope that this forum could be an opportunity for all to learn something new, even I do not claim to know everything, because I don't know everything. I would be the first person to admit to it to you.
If you want an eye opener of just how Mutual Funds are run, and some of the funny business that has gone on in the past read Sold Short by Manuel P. Asensio. It mentions Fedelity, along with Dreyfus and a few others IIRC. I can't quote anything because I lent someone the book and didn't get it back. But you'll get sick to know what exactly goes down. It's a good read and an eye opener!
I am in agreeance with Mustang 2008Z here.
While my pension scheme, we call it superannuation, i guess similar to 401(k) took a big dump the last 2 years (30 -40%) it was a "relatively" small amount. still hurts! I am in fixed interest bonds and cash right now. Probably will stick to it int he long run.
i think this crisis has changed the economic perspective of many people. everyone used to think that just by buying stocks all the time and diversifying you'll get rich. it doesn't work like that!
I'd much rather keep what i've earnt than gamble it. and effectively, aggressive portfolios ARE gambling it - you are letting other people who you wouldn't look twice at on the street to PLAY with your money to make themselves richer.
While my pension scheme, we call it superannuation, i guess similar to 401(k) took a big dump the last 2 years (30 -40%) it was a "relatively" small amount. still hurts! I am in fixed interest bonds and cash right now. Probably will stick to it int he long run.
i think this crisis has changed the economic perspective of many people. everyone used to think that just by buying stocks all the time and diversifying you'll get rich. it doesn't work like that!
I'd much rather keep what i've earnt than gamble it. and effectively, aggressive portfolios ARE gambling it - you are letting other people who you wouldn't look twice at on the street to PLAY with your money to make themselves richer.
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