Monday, September 08, 2008

I Have a TOTAL Lack of...

...Understanding regarding high finance. Today, at the London Stock Exchange, trading was temporarily suspended due to "some customers experienc(ing) problems, after double the number of shares traded on London in minutes after the market opened". The Times of London goes on to quote"One City insider said that traders will lose "millions and millions and millions" of commission on deals, adding that today's closedown is "very serious and disastrous"". All serious stuff, no? This ruckus is based around the US government bailout of the "dee-dee-dow monetary twins" of Frannie Mae and Freddy Mac. A serious failure by these two quasi private/pseudo government organizations, wouldn't you say? A serious keelhauling would be an understandable punishment for the captains at the helm of these two sinking ships, right?

Nope.

Again, the Times notes "It emerged today that Daniel Mudd, the departing head of Fannie Mae and Richard Syron, who is set to leave Freddie Mac, will share in a combined payoff of $23 million (£13 million) when they leave the mortgage groups.

Mr Mudd is expected to receive $9.3 million in pay and retirement benefits under the terms of his contract, while Mr Syron could walk away with $14.1 million.
".

I particularly love the understated use of emerge, suggesting a wart or huge pimple suddenly appearing. But, for these two fine gentlemen, it is a wondrous wart filled with incredible amounts of cash. If only I could be stricken with such a rich malady... Wonder what other perks these failures will receive?

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