28 Nov 2008

A Christmas Bailout

, ,

Everyone else is getting a bailout from Bushobama, why not Scrooge & Marley? The firm’s dramatic salary raises, benefit expansions, and a sudden wave of charitable contributions beginning just after the holidays last year have placed a serious strain on profitability just at the time mortgage securities came into question and world financial markets collapsed.

DOTPenn.com:

Officials from the Bush administration and members of president-elect Barack Obama’s economic team are finishing up a proposal to bail out the world’s biggest counting house, Scrooge & Marley.

Once a financial powerhouse with a sterling balance sheet, the firm has reportedly fallen into wasteful spending practices, heaping money on extra lumps of coal for the employee’s personal heater and providing a luxurious medical plan for the family of Scrooge & Marley’s number two man, Bob Cratchit.

Scrooge & Marley’s CEO and co-founder, Ebeneezer Scrooge, who oversaw a phenomenal runnup in the company’s worth, has seen his personal wealth and influence diminish following recent dismal business practices.

Derwood Umple, a financial analyst for CNBC’s Dickensian desk, said that while rents have lapsed, Scrooge also reportedly bet heavily in global sub-prime markets.

“He has several properties in the seedier sections of town,” Umple said. “Word on the street says his management practices have been minimal, at best, and he is either unable or unwilling to collect on loans and rents.”

In addition, Umple said federal authorities had been looking at Scrooge & Marley’s charitable contributions.

“It’s obviously a tax-reduction scam,” said Umple. “He was tossing money at every request from chubby charity men while government prisons and work houses have fallen into considerable state of disrepair.”

The top hat-wearing CEO hasn’t missed too much on the party scene, though. He was seen attending a holiday party at his nephew’s home shortly before the bailout announcement and making quite merry, paparazzi suggested.

StumbleUpon.com
Comments

Please Leave a Comment!




Please note: Comments may be moderated. It may take a while for them to show on the page.






















Feeds
Entries (RSS)
Comments (RSS)
Feed Shark