Tuesday, March 18, 2008

Who needs a retirement fund?

This is what I was talking about on Monday; the fallout of the Bear Stearns takeover for $2/share. I understand this part because if something similar happened at my company, I'd be directly effected. It's in my best interest to understand this part. Regular employees* seeing their retirements disappear overnight. People who had $50,000 worth of stock options on Friday have $500 worth of stock options today, all because it turns out that the people who are running their industry decided that there was no such thing as a high-risk loan.

* By regular employees, I'm talking about the 9 to 5'er. People who take the train or bus into work. The M-F man or woman who answers phones and gets 2 weeks a year for vacation and sends their kids to public schools. Now they're broke.

The irony is that the company they work for is supposed to be good at investing. A federal bailout? Who's bailing out these people? A [bleeping] shame.