From what I see now, the accounting errors are being tied to bonuses in pay. Are these people not making enough money in their pencil pushing jobs? Is it worth it to lose your job, your career, and everything else for a bonus in pay. From what I saw last week, the guy who resigned had some kind of multi million dollar potential pay.
What in the world would this guy be thinking when he decides to put everything on the line for a bonus on an already immense pay package. Such foolishness. I do not have a clue why this guy could possibly be worth that kind of money, when the guys down the ladder work for virtually nothing compared to him. It is so sad that the greed of one or two people could possibly destroy a company that is truly owned by the shareholders who basically trust these guys with the entire cookie jar. They really take more than their fair share—-and that is still not enough. For most of the people on these blogs, I am sure that hearing how irresponsible the guys with the pencils are is not very easy on the mind. It makes you wonder how many other pencils are working overtime to write stories all their own. Hopefully, things have been getting better in the last ten years with the oversight, but it seems that some people want it all without giving it their all. I do not know about any of you guys, but when I hear this guy was leaving behind millions, it makes me sick. He probably lives beyond his means even at that pay level. If any of us were to get that kind of pay for a couple of years, it would be enough for the rest of our lives. He probably wanted to keep up with the Joneses —- uh um, well maybe the Gateses or the Buffets. Now, the best part about it is that he RESIGNED. He should have been beat and tossed out through the window. How can he just resign? That sounds like he chose that course because he was looking to better his career and go somewhere else. The stock market has been rampant with issues like this since it started. Ponzi schemes, slick accounting, Blatant lies and total disregard for shareholders has been running amuck in the market and it is time to put an end to it. We go to work and collect our pittance, and out of that, we save and invest as much as possible while living below our means so that one day we can be able to take care of our families without worrying about money. We hand over our hard earned money to people who should be of the utmost character, but sadly, they sometimes fall short—-very short of that quality. It is all about money. Money truly does something to certain people and enough is never enough. They want more and will do whatever possible to get it. Heaven forbid, he worked for 35 years, saved 50% or more of his pay and lived below his income level so that in 40 or 50 years, he would have enough to possibly retire……..That, my friends, has never crossed his mind or the minds of anyone who makes that kind of money. They see it as easy come easy go.
I would bet that he never considered himself lucky to have such a high paying job, never appreciated the level of confidence his employer had in his ability, never gave a thought to saving for a rainy day or any of the things that the average guy thinks about or should be thinking about each and every day. He should have. If he walks away unscathed, he should consider that the luckiest day of his life and do his best to start on a new career- hopefully not in the arena of counting money.
Robert the DividendDreamer
Whenever I hear accounting errors, I run for the door. I have had some issues with a company back in the 1999-early 2000’s with CBUK and channel stuffing. Basically, the company manufactured earnings by selling themselves product and then getting rid of it later on. It seems like the accountants at ARCP did what they did on purpose. Where there is smoke there is fire—–always! It may not be apparent at first, but now the books are going to open and who knows what will be found. There is a reason why the accountants did what they did, but basically it boils down to money. So who knows where things go from here. I had ARCP on my list but now it is on a wait and see what happens before I even think about buying. It could be a dip, but if it isn’t, the dividend is in question and the future of the company is not as bright as it was even yesterday. I will be looking for more info to come out, but currently do not have much to say other than we have to wait and see how bad the carnage will be. So, is the knife falling or…
… What are your thoughts?
Robert the DividendDreamer
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