53-weeks’ notice and counting
Freddie/Fannie regulator Armando Falcon may hold the record for the longest time served at a job after resigning. This month marks a year since the head of OFHEO alerted President Bush he would leave his post. But the poor guy has had to sweat it out in the wake of Freddie’s accounting scandal and testify at dozens of Congressional hearings that essentially were all about what a terrible job his agency has done. His year of hell should be a reminder of what can happen when people in high positions fall asleep at the wheel. –Jessica Swesey
Diller: Bubble to ‘end in tears’
When InterActiveCorp. chief Barry Diller looked into his crystal ball on Monday during an investors” conference call, he predicted a future for the Internet that included both the success of his online conglomerate and the failure of a lot of other companies.
“We’re on our way into a new bubble, and bubbles eventually get pricked. To me, that’s certain,” he said. “Two other consequences are also certain. First, Internet growth, eCommerce and online advertising’s great future is guaranteed, absolutely guaranteed. Secondly, this growth will also produce an endless number of brainless ideas, short-term greed, ridiculous valuations, investor speculation and craziness and all the other lovely horrors we seem to have so quickly forgotten. Of course, some companies will survive and thrive and provide real returns to investors, but they’re going to be the minority. The rest and much of the market that supported it will end in tears.” –Marcie Geffner
No you heard me right, sir, my social security number is the same as my home address
Here is a plan that Realtors will love and Wall St. will hate.
President Bush is dinking with Social Security, threatening to open up the system to self-directed investment by all of us who pay into the tired old SocSec plan. The Bush scheme calls for allowing workers to contribute 4 percent of their eligible earnings, up to $1,000, into a private account.
Here is our twist: let’s put primary homes on the list of approved investments. Think about it; your investment is in your hands and under your control, not in the hands of a slippery CEO when you buy stocks or bonds.
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