Wednesday, September 28, 2005

On My Head

Well, I just had a huge bomb dropped on my head. The CEO of First Marblehead (FMD) resigned today due to gifts he exchanged with a client. Apparently, he spent some $32K of his own money (not corporate money) on gifts for a client. Who knows... maybe it's tied to some sort of romantic involvement. In any case, the stock's going to get pounded tomorrow. This news sure trivializes that 12 cent dividend that I was so looking forward to receiving. Hopefully, the company will be able to continue about its business. Fears about the company's ability to attract new clients and retain old ones have now been officially sparked. Bah.

I don't think there was any way I could have seen this particular matter coming. Bah, again.

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