We haven't lost any but haven't gained either. I'm not sure where he(hubby) moved the money in the 401K but where ever he put it it's been safe so far.
Just checked my 401 statement
- Thread starter Justyntym
- Start date
401 k what is that? my company sent us a letter couple of months ago that they quit contributing till furthur notice!
same here, i lost my pension, or should i say the company is no longer contibuting to my pension so all i have coming now when i retire is the years i put in till last monday...they also stoped matching the 401K. At least i still have a job for now
TruWrecks
Banned
Yep. The market sucks. The greedy are rewarded by our tax money and our investments. We, the tax payers are having to foot the bill for the check that can't be cashed. 
My 401K has lost 34% so far. I would just like to see the market stabilize for a while. It would give me some hope not to see that my shares have lost value everyday. My stocks are no better than :tp: right now.
My 401K has lost 34% so far. I would just like to see the market stabilize for a while. It would give me some hope not to see that my shares have lost value everyday. My stocks are no better than :tp: right now.
same here, i lost my pension, or should i say the company is no longer contibuting to my pension so all i have coming now when i retire is the years i put in till last monday...they also stoped matching the 401K. At least i still have a job for now
well... i stopped contribute my money to 401k till furthur notice too
i put that money in my saving ,at least i get a little profit out of it!
or i get no penalty when i need the money bad!
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I thought we have it tough living pay check to pay check worrying weather we can make the mortgage this month.. I'm glad we don't have to worry about losing any money, as it takes money to lose money. 
Man you all have it rough.. ???
These threads are great reading about how tough you all have it, I mean c'mon I wish I had it as bad as you all..
Oh wait that's right, I know.. Just be thankful we have a job..
Man you all have it rough.. ???
These threads are great reading about how tough you all have it, I mean c'mon I wish I had it as bad as you all..
Oh wait that's right, I know.. Just be thankful we have a job..
Doyle, like you I am grateful I have a stable job and a place to live and hot food on the table every night... sure some of the "richest of the rich" have lots of "bling" but I am sure they pay a price for that all the same.. Driving is a great job and one I miss very often.. I would like to go back and drive 30 or 60 days a year just to do it.. Nothing like coming across the southwest desert at sunset or sunrise...I thought we have it tough living pay check to pay check worrying weather we can make the mortgage this month.. I'm glad we don't have to worry about losing any money, as it takes money to lose money.
Man you all have it rough.. ???
These threads are great reading about how tough you all have it, I mean c'mon I wish I had it as bad as you all..
Oh wait that's right, I know.. Just be thankful we have a job..
SLEEPERBUSA
Registered
Yeah, FWIW,
That's what I meant when I said that "atleast I had it too loose".
While I may gripe about loosing,
I am VERY appreciative of the job that I have.
This day and time, even loosing money on paper, I know that there are less fortunate folks out there, so over all, I am happy.
That's what I meant when I said that "atleast I had it too loose".
While I may gripe about loosing,
I am VERY appreciative of the job that I have.
This day and time, even loosing money on paper, I know that there are less fortunate folks out there, so over all, I am happy.
Here's the article
Remember...we "bailed" these people out ???
AP study finds $1.6B went to bailed-out bank execs
December 22, 2008 10:06 AM EST
Banks that have their hands out in Washington this year were handing out multimillion-dollar rewards to their executives last year.
The 116 banks that so far have received taxpayer dollars to boost them through the economic crisis gave their top tier of executives nearly $1.6 billion in salaries, bonuses and other benefits in 2007, an Associated Press analysis found.
That amount, spread among the 600 highest paid bank executives, would cover the bailout money given to 53 of the banks that have shared the $188 billion that Washington has doled out in rescue packages so far.
Some banks trimmed their executive compensation in the face of faltering performance that foreshadowed the current economic crisis, but they still granted multimillion-dollar packages. Benefits included cash bonuses, stock options, personal use of company jets and chauffeurs, home security, country club memberships and professional money management, the AP review of federal securities documents found.
Such bonuses amount to a bribe for executives "to get them to do the jobs for which they are well paid in the first place," said Rep. Barney Frank, the Massachusetts Democrat who chairs the House Financial Services committee.
"Most of us sign on to do jobs, and we do them best we can," said Frank. "We're told that some of the most highly paid people in executive positions are different. They need extra money to be motivated!"
The AP review of annual reports that the banks file with the Securities and Exchange Commission found that the average paid to each of the banks' top executives was $2.6 million in salary, bonuses and benefits.
Among other findings:
- Lloyd Blankfein, president and chief executive of Goldman Sachs, took home nearly $54 million in compensation last year. The company's top five executives received a total of $242 million.
This year, Goldman's seven top-paid executives will work for their base salaries of $600,000, with no stock or cash bonuses, the company said. Last spring, before Wall Street's staggering losses and layoffs mushroomed, Goldman described its pay plan as essential to retain and motivate executives "whose efforts and judgments are vital to our continued success, by setting their compensation at appropriate and competitive levels." Goldman spokesman Ed Canaday declined to comment beyond that written report.
The New York-based company, after gains last year, on Dec. 16 reported its first quarterly loss since it went public in 1999. It received $10 billion in taxpayer money on Oct. 28.
- Even where banks cut back on pay, some executives were left with seven- or eight-figure compensation that most people can only dream about. Richard D. Fairbank, the chairman of Capital One Financial Corp., took a $1 million hit in compensation after his company had a disappointing year, but still got $17 million in stock options. The McLean, Va.-based company received $3.56 billion in bailout money on Nov. 14.
- John A. Thain, chief executive of Merrill Lynch, topped all corporate bank bosses with $83 million in earnings last year. Thain, a former chief operating officer for Goldman Sachs, came to Merrill Lynch in December 2007, avoiding the blame for a year in which Merrill lost $7.8 billion. Since he began work late in the year, he earned $57,692 in salary, a $15 million signing bonus and an additional $68 million in stock options.
Like Goldman, Merrill tapped taxpayers for $10 billion on Oct. 28.
The AP review comes amid sharp questions about the banks' commitment to the goals of the Troubled Asset Relief Program, a law designed to buy bad mortgages and other troubled assets. Last month, the Bush administration changed the program's goals, instructing the Treasury Department to pump tax dollars directly into banks to prevent wide economic collapse.
The program set restrictions on some executive compensation for participating banks, but did not limit salaries and bonuses unless they had the effect of encouraging excessive risk to the institution. Banks were barred from giving golden parachutes to departing executives and deducting some executive pay for tax purposes. Some banks are forgoing bonuses and restricting other compensation.
The records detailing last year's pay packages show that personal financial advice was among the executive perks. Wells Fargo of San Francisco, which took $25 billion in taxpayer bailout money, gave its top executives up to $20,000 each to pay financial planners.
At Bank of New York Mellon Corp., chief executive Robert P. Kelly's stipend for financial planning services came to $66,748, on top of his $975,000 salary and $7.5 million bonus. His car and driver cost $178,879. Kelly also received $846,000 in relocation expenses, including help selling his home in Pittsburgh and purchasing one in Manhattan, the company said.
Goldman Sachs, paying as much as $233,000 for an executive's car and driver, told its shareholders that financial counseling and chauffeurs were needed so executives would have more time to focus on their jobs.
JPMorgan Chase chairman James Dimon ran up a $211,182 tab for private jet travel last year when his family lived in Chicago and he was commuting to New York. The company received $25 billion in bailout funds.
Banks cite security to justify personal use of company aircraft for some executives. But Rep. Brad Sherman, D-Calif., questioned that rationale, saying executives visit many locations more vulnerable than the nation's security-conscious commercial air terminals.
Sherman, a member of the House Financial Services Committee, said pay excesses undermine development of good bank economic policies and promote an escalating pay spiral among competing financial institutions - something particularly hard to take when banks then ask for rescue money.
He wants them to come before Congress, like the automakers did, and spell out their spending plans for bailout funds.
"The tougher we are on the executives that come to Washington, the fewer will come for a bailout," he said.
Remember...we "bailed" these people out ???
AP study finds $1.6B went to bailed-out bank execs
December 22, 2008 10:06 AM EST
Banks that have their hands out in Washington this year were handing out multimillion-dollar rewards to their executives last year.
The 116 banks that so far have received taxpayer dollars to boost them through the economic crisis gave their top tier of executives nearly $1.6 billion in salaries, bonuses and other benefits in 2007, an Associated Press analysis found.
That amount, spread among the 600 highest paid bank executives, would cover the bailout money given to 53 of the banks that have shared the $188 billion that Washington has doled out in rescue packages so far.
Some banks trimmed their executive compensation in the face of faltering performance that foreshadowed the current economic crisis, but they still granted multimillion-dollar packages. Benefits included cash bonuses, stock options, personal use of company jets and chauffeurs, home security, country club memberships and professional money management, the AP review of federal securities documents found.
Such bonuses amount to a bribe for executives "to get them to do the jobs for which they are well paid in the first place," said Rep. Barney Frank, the Massachusetts Democrat who chairs the House Financial Services committee.
"Most of us sign on to do jobs, and we do them best we can," said Frank. "We're told that some of the most highly paid people in executive positions are different. They need extra money to be motivated!"
The AP review of annual reports that the banks file with the Securities and Exchange Commission found that the average paid to each of the banks' top executives was $2.6 million in salary, bonuses and benefits.
Among other findings:
- Lloyd Blankfein, president and chief executive of Goldman Sachs, took home nearly $54 million in compensation last year. The company's top five executives received a total of $242 million.
This year, Goldman's seven top-paid executives will work for their base salaries of $600,000, with no stock or cash bonuses, the company said. Last spring, before Wall Street's staggering losses and layoffs mushroomed, Goldman described its pay plan as essential to retain and motivate executives "whose efforts and judgments are vital to our continued success, by setting their compensation at appropriate and competitive levels." Goldman spokesman Ed Canaday declined to comment beyond that written report.
The New York-based company, after gains last year, on Dec. 16 reported its first quarterly loss since it went public in 1999. It received $10 billion in taxpayer money on Oct. 28.
- Even where banks cut back on pay, some executives were left with seven- or eight-figure compensation that most people can only dream about. Richard D. Fairbank, the chairman of Capital One Financial Corp., took a $1 million hit in compensation after his company had a disappointing year, but still got $17 million in stock options. The McLean, Va.-based company received $3.56 billion in bailout money on Nov. 14.
- John A. Thain, chief executive of Merrill Lynch, topped all corporate bank bosses with $83 million in earnings last year. Thain, a former chief operating officer for Goldman Sachs, came to Merrill Lynch in December 2007, avoiding the blame for a year in which Merrill lost $7.8 billion. Since he began work late in the year, he earned $57,692 in salary, a $15 million signing bonus and an additional $68 million in stock options.
Like Goldman, Merrill tapped taxpayers for $10 billion on Oct. 28.
The AP review comes amid sharp questions about the banks' commitment to the goals of the Troubled Asset Relief Program, a law designed to buy bad mortgages and other troubled assets. Last month, the Bush administration changed the program's goals, instructing the Treasury Department to pump tax dollars directly into banks to prevent wide economic collapse.
The program set restrictions on some executive compensation for participating banks, but did not limit salaries and bonuses unless they had the effect of encouraging excessive risk to the institution. Banks were barred from giving golden parachutes to departing executives and deducting some executive pay for tax purposes. Some banks are forgoing bonuses and restricting other compensation.
The records detailing last year's pay packages show that personal financial advice was among the executive perks. Wells Fargo of San Francisco, which took $25 billion in taxpayer bailout money, gave its top executives up to $20,000 each to pay financial planners.
At Bank of New York Mellon Corp., chief executive Robert P. Kelly's stipend for financial planning services came to $66,748, on top of his $975,000 salary and $7.5 million bonus. His car and driver cost $178,879. Kelly also received $846,000 in relocation expenses, including help selling his home in Pittsburgh and purchasing one in Manhattan, the company said.
Goldman Sachs, paying as much as $233,000 for an executive's car and driver, told its shareholders that financial counseling and chauffeurs were needed so executives would have more time to focus on their jobs.
JPMorgan Chase chairman James Dimon ran up a $211,182 tab for private jet travel last year when his family lived in Chicago and he was commuting to New York. The company received $25 billion in bailout funds.
Banks cite security to justify personal use of company aircraft for some executives. But Rep. Brad Sherman, D-Calif., questioned that rationale, saying executives visit many locations more vulnerable than the nation's security-conscious commercial air terminals.
Sherman, a member of the House Financial Services Committee, said pay excesses undermine development of good bank economic policies and promote an escalating pay spiral among competing financial institutions - something particularly hard to take when banks then ask for rescue money.
He wants them to come before Congress, like the automakers did, and spell out their spending plans for bailout funds.
"The tougher we are on the executives that come to Washington, the fewer will come for a bailout," he said.
ANKOMA
Registered
Wow. Reading anything that pertains to our economic collapse makes me sick. I dumped my Citigroup stock before I walk away wih nothing in my 401k.
What the hell, I put 'some' money in a AIG orange CD account in hopes of getting a little interest on it after a year.
The economy has certainly declined... A Recession for sure.
What the hell, I put 'some' money in a AIG orange CD account in hopes of getting a little interest on it after a year.
The economy has certainly declined... A Recession for sure.
Unless you are very close to retirement, don't look. It will recover. Don't lock in your losses by making changes.
NCBusa2001
Registered
Maybe, maybe not. I've been listening to Peter Schiff (youtube) some recently. He makes some pretty good sense.
Our economy, ie stock, goods, etc. is largely based on CONSUMER SPENDING and NOT real goods (for the most part). It's kind of hard to bounce back if you dont actually make anything.
The asian economy's are based on produced goods and will probably do well in the coming years. People will spend money on things that are actually made and tangible.
I'm worried.
Chris
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