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"Luck is not chance, it’s toil; fortune’s expensive smile is earned.”

Tuesday, September 09, 2008

What He Said

My friend Bill in Portland Maine writes to the ousted CEOs of Fannie Mae and Freddie Mac this morning. Some excerpts ...

To: Daniel Mudd, former CEO, Fannie Mae Richard Syron, former CEO, Freddie Mac

Dear Mr. Mudd and Mr. Syron,

I was sorry to hear that you got fired from your jobs at Fannie Mae and Freddie Mac. It's sad that the job market is so tough right now. Let's just hope it's a quick downturn so we can get our country moving again!

As someone who has himself been fired, I wanted to give you some tips for coping with your sudden unemployment.
be very careful
with your nest eggs. Richard, you're only getting $14 million in severance pay, retirement benefits and deferred compensation. Daniel, you’re only getting $9 million. The key is to make that money last as long as possible. Fact is, it could take awhile to score another job. So try and whittle down your expenses to $1 million per month. Eat out less. Carpool. Look for bargains at the Goodwill store. Turn the thermostat a bit lower this winter. And don’t add anything to your credit card that you can't pay off. That last one's a biggie. Oh, and sign up for unemployment benefits now---I think you can even do it online.
I have to close for now because I have to get back to work. (Oops, sorry, bad choice of words.) Don’t let the voices of negativism you're hearing in your head get the best of you. I know your hard work, experience and perseverance will pay off!


Bill in Portland Maine

P.S. Forgot to mention one other tip: eat shit and beat yourself with a shovel. Hugs, B.

I think Bill captured the feeling of many of us. And he made me laugh so loud this morning I scared my cat. That's something we need in a market that has turned absolutely ferocious.


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