Archive for December, 2007

Look at how many people lost their jobs in 2007

Friday, December 21st, 2007

Countrywide Financial* 11,520
Masco 8,000
American Home Mortgage 6,000
First Magnus 5,940
GMAC/Residential Capital 5,260
New Century 5,200
Lennar* 4,400
Capital One Financial 3,900
Stock Building Supply 3,500
Washington Mutual 3,150
Bank of America 3,000
ACC Capital Holdings 2,600
National City 2,500
SunTrust 2,400
Lehman Brothers 2,225
Option One 2,010
Pulte Homes 2,000
First American 1,900
HSBC mortgage businesses 1,760
ABN Amro Mortgage 1,700
Washington Mutual 1,640
Accredited Home Lenders 1,600
First Horizon 1,560
UBS* 1,500
IndyMac Bancorp 1,400
NovaStar Financial 1,395
Bear Stearns 1,350
Delta Financial 1,240
WMC Mortgage Corp.* 1,221
USG Corp. 1,100
LandAmerica Financial 1,100
Aegis Mortgage 1,000
Mortgage Lenders Network 900
First NLC Financial Services 850
Silver State Mortgage 800
First National Bank 753
Fifth Third 700
Beazer Homes 650
Lending Tree 650
E-Loan 627
Morgan Stanley 600
Deutsche Bank 580
WCI Communities 575
Bear Stearns 550
Wells Fargo Home Mortgage 500
NetBank* 450
Impac Mortgage Holdings 450
Chase Home Finance 430
EquiFirst 430
Fremont Investment & Loan 420
Nomura Holdings 400
Credit Suisse 350
Foxtons 350
PHH Mortgage 300
CIT Home Lending 300
The Mortgage Store 300
Spectrum Financial 280
People’s Choice Home Loan 242
Lyon Homes 226
Fannie Mae 200
Acoustic Home Loans 200
Block Mortgage 200
Mohawk Industries 200

These layoffs come from the Challenger Report and
Total nearly 800,000. Bush said the economy is booming and doing very well.
Can you say Merry Christmas?

Bonuses? I can’t believe this….

Friday, December 21st, 2007

At a time when major brokerage houses such as Merrill Lynch, Lehman Brothers, Bear Stearns lost nearly 50% in their share value, year end bonuses are up as much as 20% over last year.

2007 is one of Wall Street’s worst years, and your point? Stock Brokerage Bonus Checks rose on average 14 percent.

The largest U.S. brokerages — Morgan Stanley, Lehman Brothers, Goldman Sachs and Bear Stearns gave approximately $49.6 billion in total compensation, with bonuses estimated to be 60 percent, roughly $30 billion.

It doesn’t matter that their investors lost a combined $72 billion. It doesn’t matter that
their investors who held those brokerage shares of stock saw them plunge 45 percent. This week, their top executives announced that they don’t see bottom yet. Merrill Lynch is planning another round of write offs in January.

A handful of their senior executives agreed not to take bonuses this year. Bonuses, how about throwing them out on their ears for such poor performance.

Morgan Stanley has lost about 45% value in 1 year. It’s CEO John Mack won’t receive a cash bonus this year. But wait… He will receive stock and options worth almost $40.2 million. This is a bit higher than his $800,000 salary.

In March, Lehman Brothers was trading at $90 a share. Today it is down to $60. It’s CEO Richard Fuld received a $35 million stock bonus for 2007, up 4 percent from last year.

Makes you wonder…whose is charge anyway? All I can say is, I am sure glad I don’t invest in mutual funds offered by these companies. If I am going to lose 45% value of my portfolio, at least I want the entertainment value of losing it…

Weekly Commentary Dec 10 through 14

Monday, December 17th, 2007

Last week the Feds began to come to their senses! (more…)

Weekly Commentary — December 3 – 7

Saturday, December 8th, 2007

Last week we saw mixed economic reports and the market went up another 2%. (more…)

Weekly Commentary Nov 26 – Nov 30

Sunday, December 2nd, 2007

Last week we saw several bad reports and the market worsening. (more…)