After much fanfare, the colossal flop Landmark Life/Truspire has been sold to fly by nighters Malibu Life ? :) wowers. After all of that fanfare that Mutual was going to make hundreds of millions of revene selling annuities, it didn't & flopped & made $5-$10m on the sale before tax. Now, watch Malibu figure out how to make the $$$$ mutual couldn't. Its Simpa Baye's swan song. Time for him to say Baiye Bye !!!!
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@32c speaking of greed, how in god’s green earth is Moriarity still around ?+Does the Board and Rich really have a lot of confidence in him ?+He was a key mastermind behind the dismantling of the regional offices and the disastrous move to fis+He wasSeverin’s lackey but prior to becoming an executive overseeing 200 people, he was a service manager of a small office managing 2 employees who he often made cry with his pressure, tantrums, and swearing+Plus, he must still talk with Sev+How is this guy still here ? as he is totally detached from reality.
Moran reluctantly agreed to bring Festog back. He, and everyone else on the leadership team were against it. But Greed convinced Tom to hire him back. Huge mistake.
Yep. That was the beginning of the downfall!
@2sd didn’t Moran fire festog way back when and greed brought him back to help run the firm into the ground or how did it all go down ?
@2sd his book will appear on The NY Times best seller list as the #1 new fiction release.
@2sd keep bringing up the past ! Go right ahead ! It's the only thing that keeps all of us still sane ! F-u-k yes !
I really do hate to keep bringing up the past, but every time another one of Festog's epic "skid marks" comes to light, it's just a reminder of what a complete and utter a'hole he was. The "Landmark Life/Truspire" fiasco was another one of his brilliant ideas. Anyone know if his "leadership" book is out yet?
@ed they spend $20M to buy Landmark and then another $10M-$15M to fake promote it so they may have cleared a profit after taxes of $5M. Simpa's swan song.
$45M ? Will Rich and the Board take the $45m to pay down the unfunded liability on the pension or contribute more and issue more share that vest after 3 yrs for senior executives ?
@OP I blame sleepy joe and criminal immigrants for this
How much did Mother Mutual lose on this deal?