As I posted before, the Stock Market took a huge plunge today. In fact, the Dow Jones plunged 777+ points in the worst single day point loss ever. I’ve taken a few screenshots of various news outlets with todays headlines. Makes for an interesting read.
Whoa! The stock market is in bad shape.
Update: The market actually closed even lower to a record one day drop.
According to CNN, the CEO of the now failed Washington Mutual bank, may be eligible for millions of dollars.
Washington Mutual chief executive officer Alan Fishman could walk away with more than $18 million in salary, bonuses and severance after less than three weeks on the job, according to the terms of his employment agreement.
So if my calculations are right, $18 million for approximately 21 days of work comes out to $850,000+ per day! Now I’m not an expert on financial matters by any stretch, but it doesn’t take a genuis to realize something is wrong with this picture.
My wife and I have been married going on eight years. We try to go to Africa every two years as she’s from Zimbabwe originally… I remember when we went to Zim for the first time in 2001… The exchange rate was US$1 to Z$55, and it was about Z$50 to ride in a combi (minibus/taxi)…
Today, whatever Zim currency you have in your pocket loses value of Z$70 a minute just sitting there…
If these numbers seem overwhelming, they are. Recently the new Z$50 million dollar note came out, and it will by three loaves of bread (assuming you can find bread) a Z$16M each.
Wow! I had no idea Zimbabwe’s economy was this bad.
