high income, no net worth
What an odd story this was… until you read it and realize it’s just another story of a guy who felt that his actions wouldn’t have any consequences…
When the news broke recently that Jim Press, the deputy CEO of Chrysler, is being hounded by creditors and the IRS for an array of debts, it presented a puzzle. How could an executive who worked at the top of the auto industry for decades get into such financial difficulty? And what turmoil was going on in the personal life of Press, who had been renowned in the industry for his Kansas-bred calm and quiet charm?
from “The truly puzzling life of Chrysler’s deputy CEO“
peer-to-peer lending is becoming mainstream
Since registering with the SEC in October, Lending Club has gained 300,000 members. In January, it oversaw $1.8 million in loans. Last month, $3.4 million in loans were made.
from In a Tight Market, Borrowers Turn to Peers
Miss Singapore World steals our hearts… and somebody else’s money
“Beauty queen Miss Singapore World has given up her crown after it emerged that she had stolen credit cards to go on a shopping spree for lingerie.
Ris Low had come under public pressure to be stripped of her 2009 title, after local media reported she stole seven credit cards last year while working at a medical clinic, buying goods worth about S$8,000 ($5,662) including gold anklets and phones.”
from Miss Singapore World Resigns After Lingerie Scandal
Whenever I read stories like this I always wonder how in the world she spent $5000 and the two most significant items were gold ankletS and phoneS – PLURAL! She bought more than one phone with stolen money? I can understand why she might steal it, and use it for stupid things, but to buy multiple phones seems over the top.
finding passion in your work… or not
“So maybe searching for a passion is not so bad. But it is also important to remember that there is no one way to find it, and someone else’s passion may be your idea of drudgery. And sometimes life – and work – is simply going to be putting one foot in front of the other. Or as Professor Warr said, “On the way to happiness, there must be unhappiness.”
from “If Not Passion for the Job, at Least Warm Feelings”
And another good article on the subject…
“When people say, “Find a job you’re passionate about” they really mean to include it under the broader 21st century mandate: “Go out there and become self-actualized.” This sounds a whole lot scarier and impossibly vague. That’s because it is. A lot of the career angst over “passion” is part of a larger learn-as-we-go process of how to be individuals in an increasingly individualistic culture, as Wilkinson puts it. We should celebrate greater individualism and the quest to personalize our career, despite the associated stresses — just as we celebrate women’s freedom despite how it complicates women’s lives. It would be nice, however, if the career advice industry would frame their obsession with passion in larger sociological context, and reinforce how new a concept it really is.”
from “Being Individuals in an Increasingly Individualistic Culture”
the great american fear…
“Our family is now going to be one of those who need public health care, which I never thought we would,” Sarah said. “It’s scary.”
from On a Street in Gaithersburg, Health-Care Anxiety Abounds
Whether or not you’re in favor of the current “healthcare reform” package (whatever form it has taken by the time you read this), surely this is one of the greatest fears of an American family, circa 2009. I have more fear related to healthcare than any other aspect of my own life, and my family is – knock on wood – quite healthy. I can’t imagine the monetary impact that would be felt if, for example, one of us got a serious case of asthma, let alone something more serious. And we still HAVE insurance.
the death of small towns
It’s a little bit off topic, but I thought this was a fascinating article on the death of towns in Sweden.
"Town planners and government officials may think in terms of economic rationality and viability. But as more people move to the cities, perhaps we should raise our caps to those who stick it out in their small towns. They might be waging a losing battle, perhaps, and also costing taxpayers a bit more money, but they sure make the world a more interesting and diverse place. And if, in the future, hordes of Somalis and Iraqis, Filipinos and Thais, are all residing out in the sticks in Scandinavia’s far-flung regions, then all the better I say."
(Via Marginal Revolution.)
up in space – for $150
Some kids at, you guessed it, MIT, thought it would be neat to see if they could spend $150 and send a balloon with a Canon camera into space to take some photos.
Whoa. Who says American education isn’t the best in the world… or at least American ingenuity. Whoa, sir. The picture is stunning.
How to Make Smart Use of Smarts in the Workplace
Embrace your intelligence — and find an employer that does the same.
via How to Make Smart Use of Smarts in the Workplace – washingtonpost.com.
It’s a great idea, but if you’ve worked more than 10 minutes in corporate America you realize that smarts are seldom recognized and often hated. Sure, the occasional gearhead with no social skills leaks through, but most of the time intelligence plus a $1.25 will buy you a Coke.
I’m smart (and modest). I haven’t had to push my brains in years. Years. I’d like to think that somewhere engineers or biologists or someone who matters use their brains to do incredible things. It’s a fantasy of mine – forgive me.
new retirement rules?
Looks like we might have a few new retirement rules soon…
The new federal steps, which do not require congressional action, include:
• Making it easier for small companies to set up 401(k) retirement savings plans in which all workers are automatically enrolled unless they ask to be omitted. Employers can set default amounts of each worker’s pay — perhaps 3 percent — to automatically be deposited into the accounts without being taxed. Workers can raise or lower the contribution levels, and they choose how to invest the money. They will pay taxes on the money only when they withdraw it as retirees, when their tax rates are likely to be lower than when they are working full-time. A similar process would apply to savings plans called SIMPLE-IRAs.
• Allowing such plans to automatically increase the amount that workers save over time unless the workers object.
• Allowing people to check a box on their federal tax returns asking that any refund be sent as a savings bond. More than 100 million U.S. households receive refund checks each year, and many are promptly cashed and spent.
• Allowing workers, when leaving a job, to direct unused vacation pay to a retirement savings account rather than taking it in cash.
I always find it odd that steps like these can be taken without congressional approval but tweaks in the health care situation involve intricate negotiations with the junior senator from Montana.
Twitter Updates for 2009-09-01
- On my blog: flextime? so very not…: “In January 2009, accounting giant KPMG unveiled its new Fl.. http://bit.ly/1DZumT #
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