The Shamelessness of one Enabler

Posted: under Society.

If you thought the previous post about saving a lifestyle was facetious, well… not entirely.  See, indirectly, through your taxes that go to the US Treasury, we *are* saving the lifestyle of some executives. Just not the lifestyle to which they’re accustomed.  And they have the gall to let us know.

One such executive is General Motors Vice President Bob Lutz.  In case you didn’t hear, his company went twice to the US Government to ask for money to remain in business. Such was their arrogance the first time that Congress initially said “No”, and eventually GM got $13.4 Billion in bailout money from the US Treasury that should keep it afloat till…. umm… let’s see… March of 2009.  Yup. $13 Billion will last them for all of three months.

But this bailout comes at a steep, steep personal price for Mr. Lutz. You see, Executives like Mr. Lutz have had to give up fancy hotels, and even flying on the corporate plane.  Sacrificially, Mr. Lutz now has to STAND IN LINE AT THE AIRPORT like a commoner! Oh, the humanity!

Lutz has been in the car business for 45 years, so it’s a change for him to operate on the federal government’s nickel.

“I’ve never quite been in this situation before of getting a massive pay cut, no bonus, no longer allowed to stay in decent hotels, no corporate airplane. I have to stand in line at the Northwest counter,” Lutz says. “I’ve never quite experienced this before.”

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That, my friends, is the definition of “Hubris”.Robotech: The Shadow Chronicles movie download The Square Peg film The Hunt for Gollum full movie Ocean Voyagers download

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Written by Jean Valjean

Comments (0) Jan 25 2009



524,000 more jobs lost in December

Posted: under Life.

From the Department of Labor:

The nation’s unemployment rate bolted to 7.2 percent in December, the highest since early 1993, as nervous employers slashed 524,000 jobs.

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For all of 2008, the economy lost a net total of 2.6 million jobs. That was the most since 1945, when nearly 2.8 million jobs were lost.

Compare that to 533,000 jobs lost in November.The Piano Player rip

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Written by Jean Valjean

Comments (1) Jan 09 2009


The Departure of the Enablers

Posted: under Reviews.

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Thierry Magon de La Villehuchet, 65
Founder, Access International Advisors
Date of Death: Dec. 23

Workers discovered the body of Mr. de La Villehuchet in his firm’s New York office. Mr. de La Villehuchet’s firm oversaw a fund with assets invested by Bernard L. Madoff, according to a person familiar with the situation. An attorney for the firm told detectives that Mr. de La Villehuchet’s firm had lost $1.5 billion in the Madoff scandal.

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Alex Widmer, 52
Chief Executive, Bank Julius Baer
Date of Death: Dec. 3

Overseeing the private bank, Mr. Widmer turned the Zurich firm into a leading bank for wealthy clients. Julius Baer officials said Mr. Widmer’s death wasn’t linked to problems at the bank.

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Chief Operating Officer, Olivant Ltd.
Date of Death: Sept. 25

In late September, Mr. Stephenson drove to a rail station about 30 miles from his London home and stepped onto the tracks as an express train approached. Mr. Stephenson co-founded the investment firm in 2006. Olivant began accumulating a 2.8% stake in UBS and leading a revolt to turn around the Swiss banking giant. The UBS shares were put in a Lehman Brothers Holdings account with a proviso that allowed Lehman to use the assets as collateral. With Lehman in bankruptcy Olivant may never recover the assets.

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Adolf Merckle, 74
Date of Death: Jan. 5

Adolf Merckle, one of Germany’s wealthiest men, committed suicide after his family business empire began unraveling amid mounting debt, his family said Tuesday. Mr. Merckle’s body was discovered Monday night near train tracks outside the southern German city of Ulm in what local police described Tuesday as a “railway accident.” There are no signs that anyone else was to blame, they added in a statement.

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Chief Executive, Sheldon Good & Co.
Date of Death: Jan. 6

Real-estate executive Steven L. Good was found dead of an apparently self-inflicted gunshot wound Monday in his Jaguar in a forest preserve outside Chicago, said the Kane County Sheriff’s Department.  A maintenance worker discovered the body of Steven L. Good, 52, of Highland Park, Monday morning behind the wheel of his Jaguar parked in a lot at the Max McGraw Wildlife Preserve in East Dundee.

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Sonja Kohn

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President, Bank Medici
Current Status: In hiding.

With an aggressive style that stood out in the staid world of Austrian banking even more than her bouffant red wig, Sonja Kohn made few friends gathering billions for Bernard L. Madoff from wealthy investors in Russia and across Europe.  Now she has even fewer. Mrs. Kohn has dropped out of sight, leaving the firm she founded, Bank Medici, in the hands of Austrian regulators, who took it over last week. A theory widely repeated by those who know Mrs. Kohn is that she may be afraid of some particularly displeased investors: Russian oligarchs whose money made up a chunk of the $2.1 billion that Bank Medici invested with Mr. Madoff.

“With Russian oligarchs as clients,” said a Viennese banker who knew Mrs. Kohn and her husband socially, “she might have reason to be afraid.”

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Written by Jean Valjean

Comments (0) Jan 07 2009


Cliff Diving for Automakers

Posted: under business.

In the vernacular, they call this “cliff diving”:

Ford Motor Co. on Monday reported a 32.4% drop in December U.S. sales
Chrysler U.S. December sales drop 53%
General Motors Corp. on Monday reported a 31% drop in December U.S. light vehicle sales
Toyota Motor Co. reported a 37% fall
Honda Motor Co. had a 35% decline

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Written by Jean Valjean

Comments (0) Jan 07 2009


Outgoing DHS Secretary Chertoff is not too popular in South Texas

Posted: under Society.

from the Brownsville Herald Seraphim Falls release :

Border communities from Tucson, Ariz. to Brownsville on Saturday will celebrate the end of Michael Chertoff’s term as Homeland Security Secretary with piñatas

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, music and a retirement cake.

There’s only one catch: Chertoff isn’t invited.

Some of the secretary’s most vocal critics will gather at Brownsville’s Galeria 409, just a few yards from where the fence will be constructed, to commemorate what they consider Chertoff’s disastrous tenure.

“This is not a protest disguised as a party – this is a party,” said Scott Nicol, of the No Border Wall Coalition. “Chertoff has only been secretary for three years but he has managed to do a tremendous amount of damage. Texas will be glad to see him gone, and it can’t come soon enough.”

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Written by Jean Valjean

Comments (0) Jan 06 2009


My Car Dealer told me to buy a car today!

Posted: under It's funny. Laugh, Society, business.

Self-serving ad of the New Year

Self-serving ad of the New Year

Would you drive to a restaurant, and ask the host(ess) if it’s a good time for you to eat out?  What do you think they’re going to say?

Wait. You say you think that’s stupid, and who would do that?  Well, apparently the National Association of Automobile Dealers (NADA) thinks that stupid person is you!

For the last few days, they’ve been running full page ads in some newspapers, that claim that “It’s the best time in years to buy a car.”

Granted, most stores make that claim at one time or another, but the idiocy of the ads rises to an new level. They are actually encouraging you to get your butt off your sofa, go to your nearest car dealer, and ASK YOUR DEALER IF HE THINKS YOU SHOULD BUY A CAR!

Anyone want to bet that he says “Yes”?

Now, I understand the desperation.  Just in the area where I live (North Texas), which actually has been one of the metropolitan areas that has been most spared by the current economic downturn, new car sales plunged 40% in November ‘08, the steepest one-month decline in 20 years, and a 23-year car dealer closed its doors and laid off its 55 employees 3 days before Christmas. Nationwide, things are probably worse, with 20,000 car dealer employees losing their job in October ‘08 alone, according to the U.S. Department of Labor.

Still, how about not insulting our intelligence?  Asking us to inquire from car dealers whether it’s in our best interest to buy a car is like asking us to trust a mortgage broker on whether we can afford a house: we’re not that stu–.

Never mind.

P.S. You can find the full page ads here.

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Written by Jean Valjean

Comments (1) Jan 03 2009


Studying late one night

Posted: under Life.

So here I am, doing math late at night in a Denny’s restaurant. brings back flashbacks of so many years ago…

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Written by Jean Valjean

Comments (1) Jan 03 2009