Finances, Go figure, News

Do we always have to spend more than we make?

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FOXNews.com – Banker Buys $37 Million Apartment After Getting $25 Million Buyout — for Doing Virtually Nothing

So the latest punching bag in the mess that is American economics is 55 year-old Peter Kraus.  He got an executive job at Merrill Lynch right before they got bought out and, after working the position for a matter of days, he got a 25 million dollar buyout.

Of course, everyone’s upset because he got such a big buyout when the company had just gotten a bigger bailout and that he used it to buy something so lavish when so many were losing their jobs and life savings.  I don’t necessarily disagree with that, but I think more people are just upset because they didn’t get paid 25 mil for a week of work, too.

What caught my attention is the fact that he had 25 million dollars cash and still chose to finance 12 million for the apartment.  Stupid.  Typical, stupid American excess.

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December 31, 2008by Paul Jenkins
Written by Paul Jenkins
Paul Jenkins is lead pastor of The Gathering, a community church located in beautiful downtown Albemarle, North Carolina. He's the author of God is My Air Traffic Controller and My Name's Not Lou. Paul is passionate about his wife, his 3 children, running, reading, coaching, leading people who are following Jesus, Swedish Fish and the Carolina Panthers.