The CEO of Meryl Lynch was ousted for subprime losses.
Ex-Merrill Lynch CEO to walk out with $161M - U.S. Business - MSNBC.com
The CEO of Citygroup resigned this Sunday over subprime losses.
Bloomberg.com: Worldwide
Don't you worry for these guys. They will earn hundred of millions for screwing things up. A few months ago I posted a list of ARM reset schedule here. The bulk of these loans will reset in 2008. The pain has just begun. What's an investor to do? Inexperienced investors would do well to tread carefully or stay on the sidelines.
How could these highly-paid and seemingly smart executives be so stupid, you ask? Good question, but I am not smart enough to answer that. Speaking of stupid people. Here is a financial news clip on Fox I came across online. There is an individual I can't stand. This was the same charlatan who went on national TV a few months ago and told everyone that there was no subprime problem. Now he tells people the same story, and judging from the naivety I see here, folks actually listen to people like him. He is not Peter Schiff.
Euro Pacific Capital | Peter Schiff October 31 2007 Fox News - Fox Business News: Windows Media Player : Broadband (http://www.europac.net/Schiff-FBN-10-31-07_lg.asp - broken link)
By the way, you will hear about the Fed's lowering of rate. That was on Wed. They pumped $41B into the market, and the market tanked on Thursday. The Fed effect, it seems, is running out of steam.
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78 pinto
