Tuesday, September 09, 2008

Know When to Say "When"

The trustee in the MILA bankruptcy in Seattle is suing Layne Sapp, the former CEO, for pulling millions out of the company while it was going down. He had a plane and a yacht and was receiving millions in dividends while he was Trying to get Deutsche Bank Securities to float a fraudulent private placement. I can't resist: What a Sapp!

I'm shocked, shocked to find that looting has been going on at these mortgage companies. The next thing they'll be telling me is that the Earth goes around the Sun, or some such.

People, if your company is in trouble, fix it. If you can't fix it, close it. Don't blame a conspiracy of little green men. And don't loot it. Creditors have a lot of ways to come back to bite you.

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