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Non-Tech : Conseco Insurance (CNO) -- Ignore unavailable to you. Want to Upgrade?

To: Tunica Albuginea who wrote (2301)	8/9/2000 10:16:57 PM
From: Kevin Podsiadlik	Read Replies (1) \| Respond to of 4155

Unless you found out my email address and passed that along to GW, the mouth's isn't the part of the horse I'm going to be hearing any answers from. And since when are you so tight with Wendt that he's going to step in and back up your personal remarks, anyway?

To: Tunica Albuginea who wrote (2301)	8/9/2000 10:23:46 PM
From: Jack Hartmann	Respond to of 4155

Excerpt from Real Money Sept 200 issue From the article Ship of Fools by Roger Lowenstien "Still, compensation plans can tell you a lot. When Jamie Dimon accepted the job of repairing Bank One, he spent $58 million of his own money to buy the stock. When Gary Wendt was hired to fix Conseco, he was given 3.2 million shares, plus options at a bargain-basement price, plus a maximum bonus of $50 million if he lifts the stock to only about a third of its former high-plus a $45 million signing bonus for finding his way to Indiana, the insurer's home. If Wendt isn't putting anything on the line, why should you." ***************************** Dimon filed to buy 2M+ shares of ONE in late March. This act alone shot the stock from $27 to $37 in four days. It then declined back to the original level of $27 in July before advancing to the present $35 area. It tracks closely to the BKX bank index. **************** This issue hasn't hit the news stand or the on-line site yet. This was handtyped in the old fashioned way. ************ Mr. Lowenstein must be needling Wendt because he did an a review on a book that seemed to slam GE. Some quotes from his article of July 13, 2000 "It will surprise no one that the likes of General Electric's Jack Welch, in their zeal to make a buck for investors, have put the squeeze on local communities, employees and just about everyone else." "They sack too many workers and postpone too much R&D for their own good." Hmmm. Those CNC layoffs may have struck a nerve with this author. Mr. Lowenstein is the author of "Buffett: The Making of an American Capitalist." (Rated an average 5 stars out of 31 reviews on Amazon) His book on Long-Term Capital Management, "When Genius Failed," will be published in September. *********************** If I use Lowenstien's logic, I would buy ONE and dump CNC because the new CEO didn't buy into his new company right away. (Insert your own comment here, this is a snicker for me. Wendt's prior track record at GE apparently should not be considered too.) The article's Red Flag for a CNC longs did not appear until Wendt was hired. Only a year or so too late. That oversight alone raises "red flags". I would have documented the horrendous CC in the spring as a sign of management's indecision and lack of future direction as an example instead. Jack