"Bear Bailout: Employees’ Fortunes Vanish" FOXNews (March 14, 2008)
Bear Stearns is an investment company, many of whose 14,000 employees got stock in the company as bonuses. That "poof" you heard Friday was the value of those stocks disappearing.
(This is one of the reasons that I'm glad that, for the most part, I've been paid in cash. That way, if I foul up with the money, it's my fault. This family even refused a company insurance plan: good thing, too, since I was laid off the year that I spent getting operated on.)
The next post will be more upbeat, I promise.
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