Thursday February 05th, 2009
Gotta love those CEOs
Does it seem to you that the bad guys keep getting away with breaking the law? That ethics and morals have been disgarded and whatever you can get away with is acceptable? It seems that way if you live in Washington DC or New York City. Not to mention that these guys are amassing millions in wealth. Dick Fuld, CEO of Lehman, reportedly received almost $500 million (yes, you read that correctly) in total compensation during his tenure at Lehman and is widely regarded as one of the top people responsible for the financial collapse. He hid losses on Lehman's balance sheets and has not been prosecuted. John Thain, CEO of Merrill Lynch, the highest paid CEO receiving $83.1 million in 2007, and requested a $10 million bonus for "saving" shareholder money by selling his company to Bank of America. This is the man who said during a conference call to shareholders that Merrill did not need to raise more capital only to raise $8.5 billion six days later. Either this guy has no clue what's going on in his business and is a blithering idiot or a liar. He's a liar, he's breaking the law, but not being prosecuted. Which brings me to the SEC and Chris Cox. Many say that we don't need new regulations, we just need to enforce the ones we already have. Cox is the man who defended Bear Stearns' capital base just days before Bear Stearns went out of business. Whaa!? Isn't he the man who is supposed to be regulating these companies, not defending them? And everyone is familiar with Madoff and the failure to investigate this crook despite ample evidence. What's going on is sickening and it's very disturbing that we aren't seeing prosecutions and people going to jail. Suffice to say, I wouldn't be surprised if the financial stocks and the stock market go lower as there seems to be a lot of scum still rising to the surface. There's a lot of bottom calling and more and more bullish sentiment (Monster Move Coming for Stocks), which is not normal during a bear bottom, so be cautious. I'm not saying we aren't going up from here, but based on data from previous bear markets there are a lot of factors still missing before a bull market can start (my thanks to Gary Kaltbaum for keeping me patient during this bear market). We have a lot of rebuilding to do and it's going to be a long time (many years) before we start making new highs in the stock market.

A few days ago I was in Florida and a week ago I was in New York City, both for job interviews (RIM and Bloomberg). Still no luck so far, but I'm optimistic on the job interview with Research In Motion in which case I'd be working on the Blackberry. While in Florida, I had the chance to visit all my friends during Kevin's super bowl partly. It was great seeing everyone again and everyone seemed happy and healthy, even those that recently were laid off. Motorola is still in very bad shape and a lot of my colleagues in India and China have been laid off recently in addition to the 3G group in Plantation. Motorola stopped 401k matching, froze pensions, and halted any salary increases. However, it seems upper management is starting (finally) to head in the right direction so the best of luck to the future of Motorola. Just for fun, here's an interview question I was asked: Implement a C function that dynamically creates a double array with the function prototype "int ** arrMalloc(int i, int j);" where i and j are the array indices, malloc() can be used, and the standard free() function can be used to free the allocated memory. For example, x = arrMalloc(2, 3) will create a 2x3 array of integers such that x[1][2] can be legally called to access the table.

I picked up a nasty virus of some sort early on in January. I hadn't been that sick in many, many years. I couldn't eat anything, and, well, before I go into too much detail, let's just say I think I lost all the weight I gained during Christmas. Which was a good thing because Carrie did not disappoint with her multitude of dessert options over the holidays. However, before catching the virus, I set a new PR for 5K runs during the Cobweb Chaser 5K in San Antonio on New Years Day. 22:28. My goal is to get under 22, and maybe, just maybe, someday get under 20.

A plug to Phillip DeFranco as his youtube videos entertain me (don't watch if bad language offends you). Also, a great (free) site if you want to memorize anything is the flashcard database. Check it out.

Christmas pics have been posted. Oh, how I miss the pumpkin spice latte from starbucks. It was so delicious.
Add a comment:
[HTML and Links are not allowed]
Monday March 02nd, 2009

Tony says:

The men you have mentioned as the culprit CEO's have ruined the country as we have known it. These bastards need to go to jail and repay every dime stolen from the American people! I would be ashamed of myself if I had conducted business in such a manner as to have hidden losses and lied to shareholders. I want to be king just one day.....and, I would take care of those liars and theives from N.Y. to Washington! I'm climbing down off my stump now...enough of the preaching. Good luck in your search for a new career Wade! But, if you ever need to practice your shooting, come on to Apopka and we'll git 'er done!