Archive for the 'Money' Category

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When Will the PGA Dump Caddies?

Times are tough.

Imagine you have a job:

  • that is 100% commission
  • you only work every four days, but the after the first two days you may have to go home with no money.
  • only the very best are allowed to work the very same area you do
  • if you don’t do well you have to compete to the opportunity to work regularly
  • your job requires you to travel extensively at your own expense – meals, lodging, etc

Now imagine peer pressure says you MUST have an assistant. Even though that assistant does little more than carry your laptop and tell you the keys you selected to write that email were perfect, and the assistant cleans your keyboard at every opportunity.

You pay the assistant a salary and they get a cut of your commission.

That’s golf/PGA.

The PGA reports that caddies are paid based on how well their golfer does on the green. First they receive a base salary of $1,000 a week, then 5 percent of tournament winnings, 7 percent of a top ten placement and 10 percent for a victory.

Your name isn’t Tiger Woods or Phil Mickelson, or David Duval. Your name is Lucas Glover or Ricky Barnes or Ross Fisher, giving away any of your income for a pretty worthless assistant wouldn’t be pretty.

When will the PGA take pity on the poor professional golfer who has to lug around this assistant to carry clubs, when there are mechanical devices that will do the job better?

Oh, about the same time, they allow short pants during competition, and limit beer sales at tournaments (oh wait, they already did that.

It’s time to dump caddies. Let technology takes it’s place in golf. There are fantastic electric bag haulers. If the PGA demands the players walk, let them use an electric cart that follows the player.

Let the players use the laser range finders to know the exact distance to the pin.

In addition to reducing overhead for the players, think of  how this would speed up play.  How many times during the long, long, long U.S. Open did you watch player and caddy agonize over a yardage book? How many times did you watch a caddy wave and point and wave and point and nod his head and then the player reached into the bag and pulled his own club?

Silly assistant. Silly PGA professionals. The PGA should eliminate caddies.

The PGA better start making changes now because sponsors are drying up, and unless they are willing to cut the amount they donate to charity, the prize money will be reduced. This means a less competitive field. This leads to lower TeeVee ratings and reduced purses.

Golf is in trouble. If the PGA doesn’t start making changes now, they are shanking an opportunity.

Days Like This Make Me Want to Move to Phoenix

Because it a dry heat, I would like to be shopping for Phoenix New Homes. If they continue to pay me for links, after 563 more posts I might be able to afford a down payment.

When we left Boston, earlier this week, where it was 58 degrees, cloudy, and windy, I actually thought getting back home, where it was 80 and partly sunny would be welcome.

Wrong foggy-glasses face.

Stepping into the humidity isn’t the same as being warm. I was as uncomfortable here as there.

Now the temp and humidity are climbing even higher.

I’m not really complaining, I just need to get 200 words so the people that build those “semi-custom luxury homes” will be happy.

Here are some humidity one liners I hadn’t heard before… humidity:

  • is looking for air and finding water
  • humidity contains everything from H to O
  • is saved up in cloud banks

How about some Phoenix dry heat one liners?

  • You can say 110 degrees without fainting
  • You realize that asphalt has a liquid state
  • You can drive your car with 2 fingers

This is true: I was dragging a suitcase across a parking lot in Phoenix and it kept getting harder and harder to wheel. I looked back and the hard plastic wheels were getting spongy from the heat and I was leaving tire tracks in the hot asphalt.

It’s not my fault, it’s the asphalt.

How I Spent My Summer Vacation

  1. Saw the sunrise over Nashvegas International Airport – 6:15 a.m departure meant leaving home at 4:00 a.m.
  2. Did a 360 on the runway at Reagan National – connecting to Boston, we started to roll for take off, slowed, did a 360 and stopped because there was bad weather in D.C.
  3. Stayed in a Dee-luxe Apartment in the Sky – Hotwire.com got us a room at the Hotel Intercontinental for $125 a night, right on the waterfront, close to everything. Five stars, highly recommended. Our room overlooked the Big Dig Ventilation station, and the conversion of the former Russian Mink and Sable Wharf to condos. We didn’t care. We were never there except to crash.
  4. Rode a water taxi from airport to Rowe’s Wharf. Could have gotten closer if we took the City Water Taxi, but I screwed up so we had to schlep our bags a couple of big city blocks.
  5. Ate a $17 softshell crab Po’Boy from Barking Crab. What a friggin’ rip off. Go there if you must, but order a coke or beer and leave.
  6. Walked most of the Freedom Trail (we ended up at Old North Church.) The first day. In the afternoon, because we arrived at noon. This was not in the plan. But once we got started we just kept moving forward. After all, the next historic site was “just in the next block.”
  7. Called a friend in Texas for directions on how to find Paul Revere’s house. Gotta love cell phones with free long distance. They had just returned from Boston and the Freedom Trail.
  8. Wandered around in front of Paul Revere’s house looking for Paul Revere’s house for thirty minutes. Of all the places on the Freedom Trail, this was the most poorly marked. It was closed which hid the fact that it was a signficant landmark and the sign is painted dark green, the same as the fence and is ten feet off the ground.
  9. Fell for the “I see Old North Church” tourist trick. I saw the New North Church (aka St. Stephen’s) and have a dozen pictures of it. Then I consulted the map and we walked to the Old North Church.
  10. Slept.
  11. Realized I left our Charlie Cards at home. The Metropolitan Transport Authority (Charlie and the MTA ring a bell?) offers the Charlie card for the T. I planned ahead and ordered them online pre-loaded with $10 on each ticket. (T rides are $1.70) I guess Rhea can always use them. Or if you’re planning a vakay to BOS, give me a shout. Yours for the asking.
  12. Watched Nancy hurl at Fenway Park. She has this thing about puking when we travel. I think it’s like a male dog marking his territory. We’re getting ready to enter the Press Box and she says she is going to “throw up.” I immediately looked for the bull pen, but we were closer to Broadcast Booth G, so I opened the door and we stepped inside and she hurled into the wastebasket. No pictures of the hurling, sorry.
  13. Pahked the Cah at Hahvahd Yahd. We didn’t have a cah, but we did go to Harvard Square to see the home of Dewey, Cheetham, and Howe in Cambridge (0ur fair city.) Harvard University is very nice, but Notre Dame University is nicer. But you can’t help but wander among the ivy covered halls and marvel at all the very smart people that have hung out there.
  14. Bought Nancy a $45 lobster at Legal Seafood. Another gigantic rip off. 1 – 1 1/4 pounder the menu said, which in translates to a quarter pound of edible meat. I’m sorry, I couldn’t help but think of the fourteen pounds of BBQ this would have purchased in KY.
  15. Took drugs for burning feet pain and slept.
  16. Ate Dunkin’ Donuts. Everybody was carrying around Mike’s Pastry boxes, but we only saw one Mike’s Pastry store the first day and never again. My theory? If Mike’s Pastry is so great why are people carry it around? Status symbol?
  17. Found a CVS and bought a knee brace.
  18. Looked for the site of the Great Molasses Flood
  19. Walked to the USS Constitution. (more of the Freedom Trail) Old Ironsides is a hassle to tour. Have to pass through security tighter than airport (I had to remove my belt.) Then there was a long wait. But Wow! My favorite part of the whole deal.  I love tall ships.
  20. Bought a little brass cannon and anchor souvenir. I think the cannon will hold a tiny firecracker. I intend to find out.
  21. Looked up the hill known as Bunker Hill and decided we were so close… Happy Bunker Hill Day! (6/17) The monument for the Battle of Bunker Hill isn’t on Bunker Hill it’s on some other hill.
  22. Climbed to the Top of the Bunker Hill Monument. I came, I saw, I perspired. It reminded me of the Jefferson Davis Monument just down the road from our house. Same design as the Washington Monument. I guess obelisks are easy to build?
  23. Walk back to Old Ironsides for ferry back to Long Wharf – $1.70 to ride the ferry, 85 cents for Senior Citizens. We became Senior Citizens from then on every place we went.
  24. Went into Paddy O’s Irish Pub because the sign said they had the best Chowdah (yes Boston merchants like to spell things fonnecktickly.)
  25. Left Paddy O’s without ordering. I was in a pissy mood, OK?
  26. Ate someplace else. Probably overpaid.
  27. Took drugs for shin and feet pain. Discovered blister. Watched Lakers win. Slept.
  28. Walked to Super Duck Tour trolley. Took trolley to Navy Yard to catch Ducks, were shown the real site of the Great Molasses Flood on the way. (We were close before…)
  29. Duck Tour. Amphibious vehicles work better in water than land. They have no shock absorbers on land. None. When they enter the water, they go really fast. “Brace yourself!”, Brace yourself? How about “hang on for dear life?” I almost did a nose dive over the seats in front of me. Almost. Boat driver was from Maine, the most pronounced accent of anyone. Foah = four, like mailman in the play On Golden Pond. Ayah.
  30. Watched Bag Pipe Band perform on the street. Twice. Unknown song the first time, Amazing Grace the second. Very kewl.
  31. Ate at Paddy O’s. Nancy had Shepard’s Pie and I had Bangers and Mash. It was delish.
  32. Told waitress that playing constant recorded country music at Paddy O’s was really stupid. Not exactly in those words, actually I was very nice about it, even though Nancy kicked me under the table. The waiter said it was the manager’s choice. What a load of cannon fodder! Especially since this was in a row of Irish Pubs and the bag pipers were playing two doors down.
  33. Froze my butt. The high this day was maybe 58 degrees and cloudy and windy. I couldn’t find anything larger than XXL, which I can wear once. Friction between Nancy, in her warm sweatshirt she bought, and me kept me going.
  34. Walked to No Name Restaurant. “Best seafood in Boston! Unload fresh fish below, serve it upstairs!” Great calamari, average fish platter, Red Lobster has better shrimp. Second most distinctive accent: eighty year old Greek-American waiter that could barely speak or  hear English. Nice guy, we had fun with him, the old codger probably owned the joint.
  35. Took drugs for knee, shin and feet pain. Slept.
  36. Took water taxi to airport – flew home via D.C. and had a great view down the mall to the capitol on approach to Reagan National. Camera in bag in overhead.
  37. Happy doggies at home.

Next: What I Learned on My Summer Vacation.

UPDATE: Emptied the suitcase and found the Charlie cards.

Banks That Have Repaid Bailout TARP Money


These banks have paid back the Bailout TARP money we lent them.

Remember, Bailout TARP money doesn’t get returned to Treasury or U.S./US. It’s put back into the fund to be lent to other lenders. And the Treasury said they would be using the money in the future.

Here’s a list of the banks that got Bailout TARP money. $700 billion to the bailout the financial system and another $400 billion to bail out Fannie Mae and Freddie Mac, mortgage guarantors.
$1,100,000,000,000.00

$70,049,589,000 has been returned to the Bailout TARP fund.

American Express $3.4 billion
Bank of New York Mellon $3 billion
BB&T $3.1 billion
Capital One Financial Corp. $3.6 billion
Goldman Sachs $10 billion
JPMorgan Chase $25 billion
Morgan Stanley $10 billion
Northern Trust Ill. $1.6 billion
State Street Mass. $2 billion
U.S. Bancorp Minn.$6.6 billion
HF Financial Corp S.D. $25 million
Berkshire Hills Bancorp Mass. $40 million
First Manitowoc Bancorp Wis. $12 million
First Niagara N.Y. $184 million
Washington Federal Inc. Wash. $200 million
SCBT Financial Corp S.C. $64.8 million
Somerset Hills Bancorp N.J. $7.4 million
Alliance Financial Corp N.Y. $26.9 million
Texas Capital Bancshares Texas $75 million
Sterling Bancshares Texas $125.2 million
First ULB Corp Calif. $4.9 million
FirstMerit Corp Ohio $125 million
Independent Bank Corp $78.2 million
TCF Financial Minn.$361.2 million
Shore Bancshares $25 million
Sun Bancorp N.J. $89.3 million
Bank of Marin Bancorp Calif. $28 million
Centra Financial Holdings W.Va. $15 million
IBERIABANK Corp La. $90 million
Old National Bancorp. Ind. $100 million
Signature Bank $120 million

Can Penske Make The Saturn Profitable?

Penske Automotive owns a whole crap load of car dealerships. 310 in the U.S. and around the world. Penske Automotive sells over 40 different car brands -  including the Smart car in the U.S.

Roger Penske is successful renting trucks and running racing teams. Can Penske Automotive sell Saturns? Yes.

Can he make a profit? Probably.

Will he still build Saturns in the U.S.? Doubtful.

He could form a venture with Nissan Motor Co., the Japanese affiliate of Renault SA, according to a source familiar with the talks. Automotive News, an industry trade publication, has reported that Penske plans to import vehicles made in South Korea by Renault Samsung Motors and sell them through the Saturn dealership network.

I wouldn’t bet on Penske Automotive in this deal.

Why?

  • Because the $2,500 Tata Nano is coming to the U.S. in two years.
  • Because he sells Smart.
  • Because he sells 39 other car brands.
  • Because Saturn never turned a profit in it’s whole existence under GM’s wing.

So GM invested billions to give Saturn independence. Saturn ran its own factory, employed its own engineers and made its own engines and transmissions. But the economies of scale never materialized. GM needed to sell half a million or more Saturns a year for this to all pencil out. In 1994, sales peaked at 286,000 cars.

Penske Automotive will have a two year deal with G.M. to buy Saturns. But then Roger can shop his car-building business around.

tata$2,500 Tata Nano
smart60 $20,000 Smart

2009saturnvue20239218-396x249 $25,000 Saturn Vue

Tata doesn’t have a dealer network currently. But that probably won’t stop them. There is already a demand for the car in the U.S. (IF it passes gummit standards – and I’m betting the standards will be relaxed to make it so.)

We have had people ask us if the Smart was a Tata. We have had people tell us they can’t wait until the Tata comes to the U.S. These same people don’t have a clue that the Tata

  • is put together with glue,
  • has opening in the back (a “trunk),
  • no air conditioning
  • only three lug nuts per wheel (gummit standards dictate four)
  • top speed of 43 mph

Many of these same people are concern that the Smart isn’t safe enough for them!

But that $2,500 price tag makes it very appealing to wedge in four teenagers and turn them loose or send Mama to church meetin’s.

Where will  Roger Penske and Penske Automotive wedge the Saturns in the marketplace? If G.M. still designs and builds the cars, they won’t change much. If Penske Automotive takes the design/build to another factory he doesn’t own, does this mean Penske Automotive takes on a whole new level of overhead?

Am I willing to bail out Penske Automotive eventually?

I might if he let’s me drive one of his racers.