Showing posts with label Economy. Show all posts
Showing posts with label Economy. Show all posts

Friday, March 20, 2009

Since I've Been Gone .. .The Outrage

What an "OUTRAGEOUS" week. The outrageous remark is in quotes because it seems for a few days this week that was all I heard about the bonuses given to AIG executives. Seriously, couldn't some folks come up with other words in the dictionary.

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So why am I not filled with you say it, "OUTRAGE?" Well, for one, I've already written about it last year and this stuff going on with the TARP (Troubled Asset Relief Program) money is very complicated even for those folks showing their disdain in Congress but wrote the loophole to grant those bonuses. Yeah, that's the dirty little secret.

This is what I say to give my two cents to AIG and CitiGroup (CEO who spent $10 Million to redecorate his office): Let me hip you to a biblical verse - "Shun (flee) the appearance of evil." It never said you should flee evil because by the time you noticed something is evil, it might be too late.

So when something doesn't look good AIG and CitiGroup executives, here's a thought "DON'T DO IT." Don't give bonuses to folks when your company is in the tank and oh, ESPECIALLY WHEN THEY DON'T WORK THERE ANYMORE. Give the bonuses when they've actually done some good, like oh TURN THE COMPANY AROUND TO BE IN BLACK. And if you say they those folks might sue you. SO WHAT! Let them try when Americans emotions are very raw.

And to CitiGroup CEO - WHY? What was wrong with the office you had. It doesn't look good even though you just spent millions to spruce up your corner office.

Tags: Bailout, AIG, CitiGroup

Friday, March 13, 2009

Dear Mr. President . . .

Dear Mr President:

This entry is coming from one of your ardent supporters (me). But though I think you're one of the most brilliant men (trust me, that's a lot for me to give as an accolade) I know, I'm having a couple of concerns about your moves during this critical time in history.

My first concern is the area of education. This week you talked about revamping teacher's pay to correlate with merit. Part of me says "yeah!" and another part says "hold up! wait a minute!" I understand some tenured teachers have rested on their laurels instead of striving for more innovative ways to make educating this generation exciting and compete with their counterparts around the world.

But how do you judge "merit?" Is it just having "A" schools or students scoring high marks on their PSATs or college SATs? Hel-lo, not all great students are great test-takers. And being a great test-taker doesn't guarantee one's success in college or life. And what about those teachers who teach "artistic" kids? Or teachers of adults dealing with illiteracy (a well-known secret of our society) who are getting back into the school system. Please EXPLAIN!!!

My second concern and the most critical is the ECONOMY. Yes, while I applaud you for doing more in over 50 days than some Presidents did in a term (hint: Dubya), I'm quite apprehensive that you're taking on a lot when we have greatest economic debacle since the Great Depression.

I personally want you to have the Power of One - finding the most critical thing and focusing on that ONE THING. Like Tiger Woods with Golf, Wayne Gretzky with hockey, and Michael Jordan with Basketball. Is it too hard to say that you should focus on this thing we call the ECONOMY? I don't want to sound like the slogan that clinched Bill Clinton's win for Presidency (and yours after September 15th) but IT'S THE ECONOMY, STUPID!

And I know you've responded to your critics a few days ago about taken on a lot - that you could really multi-task. Again, I commend you for being fly like that (I'm also a multi-tasker) but how do you want a concerned citizen like me to feel when you're yet to fill positions in your TREASURY and COMMERCE departments. I'm just saying.

Also, checked out what your (and my) economic guru said earlier this week? I know you heard the Oracle (Warren Buffet) who said this economy has "fallen off the cliff "(strong words huh!). And in the Oracle's words to you: FOCUS NUMBER ONE SHOULD BE THE ECONOMY, FOCUS NUMBER TWO SHOULD BE THE ECONOMY, AND FOCUS NUMBER THREE SHOULD BE THE ECONOMY.

Thanks for hearing me out and remember I've got nothing but love for you . . . that's why I'm speaking my truth IN LOVE.

Friday, February 6, 2009

How I Got Over . . . A Layoff

This morning the country's job report came out and the news was the worst job loss since 1974. I felt deeply humbled by the news because it also happened to be the week I got an offer for a job. A couple of days ago, a friend of mine encouraged me to write about my experience. I already thought of doing so but wasn't sure how to approach the post (surprised huh!).

You see I was already unemployed for over a month (for the first time in my adult life) when I started this blog but I didn't want my blog to be about job loss (not my style) but things I found more fascinating - like the election season we were having. In less than two weeks, I'll start my new adventure with the company I've had as a dream to work for. Funny, that date (my start date) will be a day to almost a year (11 months to be exact) when I got the devastating news. Here are some tips I've learned along the way:

It's Not About You: One of the few things that makes me laugh is when I hear or read folks telling people "how to recession-proof your job." Seriously, I was one of the few being a finance geek who knew we were in a recession long before anyone will admit to saying the "r" word. And as we entered the year 2008, I tightened my budget and worked harder and longer than most people (to later a point of exhaustion as I found out later). But I got laid off anyway. Now if you were slacking; then it is "about you." But you could always learn from your mistakes. Either way (whether you did everything right or a bit wrong), you don't gain anything by blaming yourself.

Allow Yourself To Grieve: At the start of this year, a friend of mine commented how "at peace" I sounded and good to see my spirits up. Without missing a beat, I told her I've gone through my five stages of grief - which made her laughed so hard. She also said it was good I kept my sense of humor. But actually, I was serious and didn't mean the comment to sound funny. Yes, I went through denial (wouldn't you after working over 13 years and never being unemployed?), the anger, and finally the acceptance. I got to the point of saying "so what!" Now when I look back, I'm glad it happened. It will help you as you look for the next step - either getting another job or starting a new venture.


Embrace The Simple Life: America is such a country of excess. And I as one of her citizens have fallen a few times to the lavish temptation. No, I never kept up with the Joneses, but I know a rush of pleasure when I see a phat boots and I've bought a few things out of sheer impulse. This is NOT the time. This is the time to do what Henry David Thoreau said: "Let us consider the way in which we spend our lives." Or the Apostle Paul: I've learned to abound and when to abase. It's time to do the latter.

I didn't spend over 10 months with my bills current if some stuff didn't have to fall by the way side. We need food, shelter, clothing. The last one had to fall. I learned how to be the "recessionista." For those of you who are not hip to the lingo, it's still being a fashionista in the time of recession. I only bought one pair of shoes all last year and it wasn't from my money but a gift card from my birthday. I remembered some of the childhood words said to me when I couldn't get my way: "You'll live." The same should be said on how ruthless you should be when it comes to your budget and what to do away with - "you'll live."

Brace Yourself For the long haul: I thought I'll be back to the job of my dreams in two months tops. Ha! After going through all the checkups - dental, eye, and medical, I'll rest for a month (doctor's orders) then in a month, pound the pavement and voila, the job would appear. After all, I was highly educated and experienced (to the surprise of many when they see me). Boy, was I WAY OFF!

In October, I was at a network event and a lady who works as an executive in a major company told me before she got the job at her company, she was unemployed for 15 months and to keep myself motivated. Before that, I met an older guy volunteering who has been unemployed for 10 months. I thought to myself "I'm NOT waiting that long. . ." but to be honest, experts have said that the average amount of unemployment is six months (I read that after my seventh month; now I knew).

Network: If there was one thing I regretted after my layoff was being so busy at my job, I forgot about my contacts with my associations. I wasn't going to the meetings, and thus, I couldn't form new relationships. You need to network! Half of the jobs available are not advertised. That's a fact! They are passed along by word of mouth, referrals, or filled internally. The two places I worked for over a decade, I never applied for the position . . . that settles that point.

But Work At Finding a Job As Work: After not blaming yourself and giving yourself time to grieve, get to work - the job of finding a job. And I must tell you, it takes more effort than just working. Plan your day as if you're on the job: Applications (too many to count), interviews, career fairs, reading/training, network/volunteer. At one point it seemed as if I was busier unemployed. Figure that out.

Take Care of Yourself: I'm still a student with this part of my life. I think women need a constant lesson on putting ourselves first on the list - like put your own oxygen mask on first before helping somebody else. So even with the depressing news daily, get your butt off the couch to the gym and try to eat healthy. This is not the time to just let yourself go - you need to show yourself refreshed even if this is your thirtieth interview. For this position I got, I was interviewed five times plus an online assessment (with various scenarios). At one point, I was thinking I was running out of suits to wear so as not to repeat myself in the same venue :-)

Gotta Have Faith: It is no secret I'm a person of faith even with my analytical mind. I don't think I would have stayed motivated if I wasn't convinced that "this too shall pass." Yes there were times I couldn't believe after two months I was still unemployed but I grew more in my faith during these times than ever before. I got to see what I was really made of.

There were times I had to separate myself from negative people and thinking. A few of my loved ones have come to see that the crazier things become outside of me, the quieter (and more focused) I become. It got on some of their nerves since I didn't follow all kinds of their advice (one person I respected wrote me a few weeks ago to leave the U.S as if this wasn't a global crisis). Yes you may feel some stumbles - I was disappointed some months ago when it was down to two candidates (me and somebody else) after a couple of interviews, a certain company chose someone else. It was a kick to the guts. But then I got up, and reminded myself that this too shall pass.

Tags: Layoff, Job loss

Tuesday, December 23, 2008

What Happened To Full Disclosure?

I haven't given my two cents on the world of finance in a while and for good reason; I was waiting to see how the story will unfold. I supported the Wall Street bailout but these days I'm beginning to think why in the world did I support the $700 Billion claim especially when I'm NOT seeing the fruits of the labor. It's like dating a guy and vouching for his character only after the breakup, you wonder "what did I ever see in him?"

In my defense, I wrote that $700 billion must come with some oversight and parameters for benchmark results. Well, what do you know - That didn't happen! The economy has sinked to a new low the past three months, with credit even getting tighter for small businesses which had led to more unemployment.

So checking out the business news (a habit since undergrad), I felt like shouting out when I saw most of these financial institutions can't give a basic accounting of what happened to the tax-payer's funds. Oh I was about to scream! That goes against everything I believe in being a proper steward and do these companies know a certain principle called FULL DISCLOSURE?

I mean a bank executive said this: "We're choosing not to disclose that." Are you freaking kidding me! He-llo you don't have any choice in the matter. First of all, you're not a private company (you're publicly traded) and second of all, YOU GOT BAILED OUT BY TAX PAYERS' MONEY. So you better start giving the fundamental principles of your profession - full disclosure!

I feel we were duped. The government is not giving sanctions on this particular fiasco but they could ask the Detroit Big 3 to show them all kinds of ways they could improve their products (rightfully so) for only $14 billion. There's something very fishy about this . . .

Tags: $700 Billion Bailout