Miki Saxon over at Leadership Turn brought this item to my attention and I thought you would like to know what’s going on. Miki says this is the beginning of the next financial disaster, and I have to believe her.

This is among the top BAD IDEAS of the century. The financial management firms who can’t be trusted to stay out of trouble during the sub-prime crisis are not lobbying Congress to be allowed to manage your retirement fund.

Business Week reports that a numer of Wall Street firms - including JPMorganChase, Citi, and Morgan Stanley - want to take over management of underfunded plans like Ford Motor Company’s plan. The Treasury Department aparently thinks this is a good idea. NOT!

And the director of the Pension Benefit Guarantee Corporation thinks having these “investment partners” will make pension plans more secure. Of course, that assumes that they weren’t in the first place. These are the funds that companies are holding and making contributions to for the “benefit” of future retirees; they are defined benefits, which will be turned into annuities for employees who are retiring. Many companies are going away from these defined benefit plans

Well, I guess someone needs to manage these plans. And I don’t know who could do the ideal job. But certainly the people who brought you the sub-prime crises are really not the ideal people to manage these pensions. Do ya’ think they might have a conflict of interest - more management fees? Do the math - $1.7 trillion dollars in the funds, and 1% to 2% in fees. The Business Week article also mentions the temptation for these advisors to change the conservative mix of funds to riskier investments and to “dump” losing investments into the funds. It’s like letting the fox decide how to run the chicken house.

Read Miki’s post on Leadership Turn on this subject, with more links.

If you are concerned about this, contact your Senator or U.S. Representative and let them know what you think.

Tags: PBGC, sub-prime crisis

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Filed under: Estates

I mentioned this one back in 2006 but it deserves another look with some new pictures. There’s a reason it’s been on the market for a long time, it appeals to a very particular style. This eight-bedroom home in Chandler, Arizona has a manor style that seems rather out of place in the Southwest. The home was built in the 1980s by someone with a taste for the baroque. It is on over 11 acres and the home itself has over 13,600 square feet of space. Most of the furniture is remaining with the home because it was purchased for the home. The home also has an English bar with a pool table, a large theater room, game room, wine cellar and two workout rooms. The estate also includes a guest home, gardeners home and a garage that can hold 15 automobiles. Murals, stained glass and an incredible barrel vaulted library room all contribute to the overall sense of English style gone theme park. A Sotheby’s listing shows the home at an even $10 million but the property website has it at $8.8 million. It was listed at $11.5 million back in 2006.

For more prime properties and lush locations, see Luxury Homes and Mansions.

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Continue reading Chandler Mansion, Estate of the Day

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Arbovax, Inc. receives Small Business Research Loan from North … - Carolina Newswire (press release)

Arbovax, Inc. receives Small Business Research Loan from North … Carolina Newswire (press release), Share This Share This No Comments » 18 08 2008 Slideshow: How to effectively present your ideas Posted by: in General work pimps This slideshow is a bit based on the book “Made to Stick”. Good resource for those who haven’t read it, or to those who’ve read it and want to review the ideas behind the book: Share This Share This Share This No Comments » 18 08 2008 “50 things to do at 50″ Contest - A Replay! Posted by: in Your Business Well, I discovered I missed some comments in my “50 things to do at 50″ contest in June. I can’t call it a “senior moment” since we Baby Boomers aren’t seniors. Just a mental hiccup. Anyway, I decided to re-run the contest, with ALL the entries - all 167 of them! - included. And I’ll give you a opportunity to add your entry to the mix for an chance to win another $30 gift certificate - to Amazon this time. Here are the rules: 1. Log in to my original post on June 24 2. Comment by letting us know your idea for something you should do over 50 - or 55 - or 60. 3. You might comment as many times as you would like, as long as each comment is different. 3. U.S. or Canadian entries posted by midnight (Central Daylight Time) on Sunday, August 24 will be eligible. 4. Those of you who posted already are automatically in the contest, no need to re-enter. Tags: baby boomers, contest, Mindset Share This Share This Share This No Comments »

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