Hicksblog

Bounus for Executive

Monday Dec 8, 2008 -- New York Attorney General Andrew Cuomo said Monday that the $10 million bonus reportedly being considered for Merrill Lynch's chief executive John Thain is "nothing less than shocking."

In a strongly worded letter sent to members of Merrill's board of directors, Cuomo points out that the brokerage reported losses for every quarter this year, and has lost more than $11 billion in 2008.

What do you think?

The Recession

How long will the recession last?  Give me your thoughts.

What Nation will become the Financial Power in the 21st Century?

Will it continue to be the US?  China?, India?, Europe? - Give me your thoughts

Can you withdraw from your IRA without a 10% penalty

The ten percent penalty does not apply if you are over age 59 1/2, or due to owner's death or disability, or distributions for qualified medical expenses, or qualified education expenses, or first-time home purchases, or health insurance paid by the unemployed, or as qualified hurricane distributions, or rereservist distributions for the military, or as part of a qualified series of substantially equal periodic payments.

Annuties

Annuities bought from Insurance Companies are generally safe.  The insurance industry is facing difficult times, but they are not undergoing a systemic crisis as is the case in other areas of the economy. Annuities and other insurance assets are covered by the State Insurance Guaranty fund for amounts up to $100,000.

Giver Beware Gift Cards

Shoppers can lose money on gift cards when retailers file for bankruptcy protection. Recently big retailers, including Sharper Image and Fort Worth-based Bombay Co. have filed for bankruptcy protection leaving gift card holders with millions of dollars in unsecured debt. Shoppers need to be careful when buying gift cards.