Quote:
Originally Posted by EthnicLover
No sympathy for this guy. If you're making $100,000's of dollars a year for many years you should have saved so much money that you wouldn't have to work anymore if you didn't want to. His hedge fund goes down, so what. He should have a million dollars sitting in savings to support him and his family. He spent his money instead of saving at least some of it.
|
I have to agree. I salute him for swallowing his pride and doing what he has to do to feed his family, but he brought this on himself.
He mad a ton of money, but he bought a huge house, expensive vacations, country club memberships and it looks like they spent every penny he made. Then he decides to quit his job and start a hedge fund. As it turns out most of these hedge funds were doing nothing but creating fictitious wealth based on the hopeful equity of all the sub prime mortgages. When that came crumbling down it showed the reality was there were about $30 worth of outstanding loans for every $1 of actual sub prime equity so these hedge fund guys were betting on something that was already way over extended. It sounds like he got greedy and tried to cash in on this bubble and he either did it wrong or did it at the wrong time. Either way when it failed he didn't walk away. He put his savings and 401K into it to try to keep it afloat. So it wasn't like he blew through his savings and 401K supporting his family, he did it trying to cash in on a hedge fund that didn't pay out.
Had this guy been paying off his house and stashing money in things like money market accounts and very low return very low risk to solidify his future and right now he would have a ton of cash in the bank and could ride it out until things turned up and he could get the job he wanted.