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Politics : Ask Michael Burke -- Ignore unavailable to you. Want to Upgrade?

To: Madharry who wrote (109785)	11/2/2007 8:49:34 AM
From: Knighty Tin	Respond to of 132070

harry, he got $167 million to leave. Be that tough on me, Board. <G> The financial companies are all leveraged mirrors and blue smoke. However, selling a put option gives you the same liabitility as holding the asset, so they must have thought their shareholders, Board and/or auditors were idiots. But all it takes in one non-idiot who hasn't been bought yet. <G> Or, what my management team at American Capital used to say, "guys with their hands in our pockets." I will admit that our Fund Board (there was also a company board, who were different people) could sometimes be a pain, but I had no doubt whatsoever that they were trying to protect shareholders. One of the first things that occured when the company was sold to Travelers is that they started targeting the independent directors as they came up for reelection. They got rid of them. They were an elderly lot, so some just died off. They kept Alan Shepherd, who was tough but famous. The others were replaced by yes men who wanted a payday. Not long later, the firm got caught in a bunch of scandals. Then they really had hands in their pockets. <G> I had a rocky relationship with the Fund Board, at first, as they thought investing with options and futures was the same thing as saying "I am a crook." Before I left, I was the only fund manager they trusted more than 50%. It would have been 100% if they'd ever figured out what the hell I was doing. <G>