Mattress Money Bank
The safest place is keep your money is to stuff it into your mattress. Or, alternatively, this mattress-shaped piggy bank which received no TARP funds and comes complete with a miniature pillow.
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| Neatorama Shop » Computer & Office » Road Mice | |
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Why settle for a boring computer mouse when you can surft in style with Road Mice, a wireless cool computer mouse that looks just like the car of your dreams? Road Mice is available in various Chevy, Chrysler, Dodge, and Ford models including the popular Corvette shown to the left. It's the perfect gift for the auto-enthusiast in your life! |
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A Good CEO For A Change
In a world filled with headlines about CEO’s and executives running their companies to the ground, and holding lavish parties and getaways on taxpayer funded bailouts, here is a refreshingly touching story of one very different individual.
Leonard Abess Jr., CEO of City National Bank in Florida, sold 83% of his stake in the bank to a Spanish company, and then used the proceeds to reward his very own employees.
At a time when bankers are being pilloried on Capitol Hill as heartless and greedy, Leonard Abess Jr. stands apart.
After selling his bank for a fortune last fall, he quietly handed out $60 million in bonuses from his own pocket — and not just to top executives. In all, 471 employees and retirees, including tellers, clerks and secretaries, were rewarded, receiving an average of about $127,000 each.
“I think everybody was surprised. But knowing Leonard, the type of person he is, I can believe him giving it away,” said retiree William Perry, who spent 43 years at City National Bank of Florida, rising from janitor to vice president. Perry, 78, got $50,000, which he is using to help his son pay for law school.
For his generosity and humility, Abess was singled out for praise by President Barack Obama in his congressional address Tuesday. Abess attended as Obama’s guest.
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Dude, Where's My $700 Billion?
Treasury Secretary Hank Paulson has given out almost all of the first $350 billion of the $700 billion bailout fund, and the economy continued to slide down – so where did all those money go? Mike Madden of Salon.com finds out:
The infusion of money may have kept credit from tightening up further, but it certainly didn’t jump-start the economy — banks didn’t resume lending to businesses and consumers. Stock prices never really recovered from their early autumn plunges, and more than half a million jobs vanished just last month. With the benefit of hindsight, lawmakers now express regret about the way the bailout was handled — with few provisions for oversight of the banks or the Bush administration — and the public hates it more than ever. The feeling that money and political capital were squandered even helped endanger the far cheaper and more popular bailout of the auto industry. So what went wrong — and where did all that money go?
A lot of it is, apparently, just sitting in the bank. A Government Accounting Office audit released earlier this month showed the Treasury Department doling out buckets of cash: $15 billion for Bank of America, $45 billion for Citigroup, $3.5 billion to Capital One, nearly $6.6 billion to U.S. Bancorp. The feds were essentially taking out the trash — buying shares in various banks that had gotten themselves into trouble by issuing crappy mortgages using complicated formulas, assuming the cost of many of the mortgage-backed securities that were weighing down the balance sheets of every financial institution in the country. The feds were pumping money into these banks so they would feel free to make more loans — better, simpler, sounder loans. The epidemic of exploding mortgages and failing institutions would ease. But the banks did not start making new loans. They seemed to sit on their federal windfalls.
This is the point where I would be remiss if I didn’t point out our own T-Shirt on this subject: The $700 Billion T-Shirt
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