KING Carl

When Bonuses Aren't Discretionary

My relative worked for a well known office furniture supply company in Chicago years ago that had a policy of the boss handing out envelopes on Christmas Eve that contained an annual bonus check, and shaking hands with the lucky recipient.

The bonus was an key part of the annual salary, and if the boss extended his hand without an envelope, it was an invitation to resign, Noone could ever define exactly how the bonus was based because it was not based on individual sales.

One year the boss did not receive an employee handshake from a former professional football player who was not given an envelope. Rather the boss picked himself off the floor with a fractured jaw minus a bunch of teeth. The policy changed the next year!

How Will We Finance the MBS Fix?

Back during the GREAT DEPRESSION my Dad worked for the Holy-c. No, not the Pope, rather it was the HOLC which were the initials for huge Home Owners Loan Corporation that was owned and operated by the Federal Government. My Dad worked very hard initially in making more reasonable government home loans to burdened home owners, and next in modifying loans over a longer term for owners who needed more help. I recall that he foreclosed on one property in SE Georgia named "The Crooked River Fishing Club" because it really wasn't a home. Rather it was a fishing club of Washington, DC politicians according to Dad. I recall HOLC was one of the very few federal bureaus that ever made a profit for the federal government. I have a picture of some 50 persons in an Atlanta meeting of Dad's dedicated HOLC group. A new HOLC could surely handle government Mortgage Backed Securities (MBS) to the benefit of Uncle Sam.


On Dec 23 08:06 AM Alan von Altendorf wrote:

> Your spelling and grammar are atrocious. You also forgot to address
> MBS as such. Kinda scary that you worked in banking.

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