And by that we mean money. We’ve started hearing rumors about the starting salaries for new associates and we don’t know what the hell to believe, so we need your help to set us straight.
We’ve heard $50k in Atlanta, $52k in Houston, $57k in DC and $61k in New York. Nothing yet from the left coast, so help us out. Sounds like signing bonuses are either significantly reduced and in some cases completely eliminated. Nothing has been firm specific but we’re guessing they’re all pretty close.
Talk to your fellow newly minted bean counters and find out the sitch on this year’s salaries and how it compares to last year’s newbies for your respective city. Also let us know if your start date has been pushed back. Discuss in the comments or send us the deets at tips@goingconcern.com.
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‘Swashbuckling Industrialist’ Tom Petters Is Going to be Responsible for Putting Senior Citizens on the Street
For those of you that were maybe developing a soft spot for Tom Petters because, among other things, his own lawyer doesn’t think too much of him, the latest testimony in TP’s trial should help squash your sympathy.
Janet Leck, a 79 year old widow, was convinced by Frank Vennes, Jr. — an evangelist who “steered unwitting investors to [Petters]” — to invest her money with Tom Petters. At one point Vennes, apparently having reconnected with the Almighty, told Leck that he was ending his business relationship with TP because of ‘things he was seeing in Mr. Petters’ personal life’ and was returning her money.
Now, one could assume that Vennes was getting the creeps from Petters because either: 1) he realized that Petters was a complete man-child that couldn’t finish a copy of Go Dog Go! or 2) typical hooker/llelo chicanery.
Two years after dumping Petters for his sinful ways, Vennes decided redemption was in order (or, most likely, he just missed the hookers) because he went back to TP and got the Lecks to invest with him again:
She re-mortgaged her home and drew out $190,000 in equity to invest with Petters, she said. Leck said she relied on the $3,400 monthly payments from that loan for living expenses until September 2008, when authorities raided Petters’ home and business looking for evidence that he was running an alleged $3.5 billion Ponzi scheme.
Now, unless she can restructure her mortgage, Leck said, “I’m looking at foreclosure. …I will move from my home of 30 years.”
In other overwhelmingly convincing testimony, investment banker Michael Liss described Petters, “as a ‘swashbuckling industrialist’ who had an arsenal of ‘ridiculous’ excuses for not paying his debts on time.”
Ridiculous excuses like, “Do you treat your other swashbuckling industrialist clients this way?” or “I’m busy ripping off senior citizens. Do you mind?” OR “My ass is going to end up in dumpster any second, sorta busy.”
Petters trial: Retired widow fears losing her home [Minneapolis Star-Tribune]
Stanford CFO to Plead Guilty After Pleading Not Guilty
This after speculation earlier about whether Davis would flip. Looks like he’s going to sing:
James Davis, the former chief financial officer of Stanford Financial Group and who is facing charges related to an alleged $7bn fraud at the group, intends to plead guilty to the three charges against him, his attorney told the Financial Times.
Attorney David Finn, who is representing only Mr Davis, told the FT there would likely be a “procedural not guilty plea” entered at his arraignment, but that his client would ultimately plead guilty to the charges against him “once all the details are worked out.” Mr Davis is due to appear in court in Houston on July 13.
You got that ticket to hell stamped, Stan?
Stanford CFO James Davis “intends to plead guilty”, laywer [sic] says [FT Alphaville]