I heard there’s very very grim news coming for us in the coming months. These aren’t just rumors, but actual planning inside the executive committee. Everyone’s best move would be to start preparing- don’t get caught off guard like the unfortunate groups that got laid off in 2024. With no pension, and no reward for longevity, why would anyone stay? I’m not.
From @mn+1jq3w5p4w, can somebody confirm this and/or provide more info?
@68m Big news announced last week. 170 people getting canned. Indian scabs taking American jobs.
Any updates on the very grim news coming in September ??
"So, that is our response to: @19q+1jqcdtybk. You have a lot to learn and we are not as stupid as you want us to believe so stop your gaslighting."
Ha! You are even more stupid. Learn how to write during your time out of work.
Here is an oldie but a goodie Irish Limerick in honor of Mr. Moran:
"There once was a girl named Irene,
Who lived on distilled kerosene.
But she started absorbing,
A new hydrocarbon,
And since then has never benzene."
Response to: @19q+1jqcdtybk
His response was:
"Fake News, please tell me that you are one of the people that was terminated. It would make me feel so much better to know that you have nothing to do with my retirement money.
Obtaining the right to put up 287 units on that land makes it worth more money when selling it. The buyer of the land will be building on it, not MOA.
Companies discuss 5-year plans with their regulators. They do not show those plans to the public and certainly do not do so simply because some toddler throws a tantrum online.
It isn't fake news that Boca approved. See #1 above. Thus, no need to correct anything. When the sale is announced, the new buyer can explain their plans.
Companies don't reveal their investment strategy."
Lets take one at a time:
So, that is our response to: @19q+1jqcdtybk. You have a lot to learn and we are not as stupid as you want us to believe so stop your gaslighting.
This company has lost hundreds of millions of dollars and hasn’t turned a profit in seven years. We’ve lost billions of dollars in AUM. Thousands of clients and hundreds of thousands of participants have walked away. We’ve lost our company headquarters. Every C-level executive has been fired in disgrace. There’s hundreds of millions of dollars in pending lawsuits. But REAL ESTATE deals are going to save us! Why not? We clearly can’t operate as a retirement company anymore! What an effing mess.
Fake News, please tell me that you are one of the people that was terminated. It would make me feel so much better to know that you have nothing to do with my retirement money.
"The incredible Wizard of Greed
Retired from his business
because,
Due to up-to-date science, To most of his clients,
He wasn't the Wizard he was."
This was recently posted in the Boca Online Newsites. It must be fake news !
"The Mutual of America complex, located across 11 acres at 1150 NW Broken Sound Parkway, will become home to 287 dwelling units. The apartments will span 355,055 square feet in area and would be mated to a seven-story integrated parking garage. Representatives for Mutual of America said the development would set aside 10 percent of the units for affordable housing and an additional 5 percent of units for workforce housing. The project will also include 2,000 square feet of retail space."
If DFS approved the 5 year plan, show us the 5 year plan
If Mutual doesn't plan to build in Boca, send out an email denying that Boca City Council didn't approve the development and the information on line about it is fake news ?
Finally, confirm how the $500M is being invested. Is it getting 5.25% or is it being invested in Cypto? If it is being invested, tell us what type of securities it is being "invested" in ?
Friends, Romans, simpletons, lend me your ears ..."
DFS approved the Company's new 5-year plan - that is why there is no new reserve.
The money from the NY building sale is not sitting in a bank account. It has been invested.
The company is NOT building anything in Boca or any other location in the world.
I know the above to be 100% true. I can't speak to anything else the gobshite is speculating about, but he clearly has a mouth that'd make an ar-e jealous with the amount of sh--e he spews.
April Fools !! It's not Rome wasn't built in a day, its:
"Rome is burning" or "fiddling while Rome burns" is an idiom that means to be oblivious to or disregard a crisis while engaging in trivial or unimportant activities, often implying a lack of concern or responsibility."
NYDFS didn't require more asset adequacy reserves because they know there if $500M sitting in a bank account earning 5.15%.
Now the firm can go out and spend that $200M on the 278 luxury condos in Boca. Instead of "Drill Baby Drill." It "Build Baby Build" as Rome Burns with a $140M hole to file.
More layoffs to come. My hunch says that several subsidiaries will be sold.
All the Executives are lining up for their "golden shower" parachutes.
In closing:
(stolen from Vonnegut)
"There was a young man from Stamboul
Who soliloquized thus to his tool:
"You took all my wealth
And you ruined my health
And now you won't p-e, you old fool"
If the company is not being sold or spun off (allegedly), and not going into receivership, then what is the grim news which will be announced after labor day ? The company isn't turning around. It's net outflows will be about -$1.5B this year and it's products, technology, and service continue to trail it's competitors by a wide margin. Add on top of that, that we only have a basic economy set up with FIS and don't want to pay a premium to build out the infrastructure needed. I don't know what planet you are on but your thought process is myopic. Rome wasn't built in a day, and its downfall took longer, but Mutual is between a Rock, A Hardplace, and Julies Ceaser's Ba--s.
The company is not going into receivership and is not being sold. Turnarounds take time (years, not months). The current CEO has had eight months to begin to clean up prior management's mess. Patience and perseverance - "Rome wasn't build in a day."
In this short time, new management has restored the company's credibility with the NYDFS, which just decided NOT to require that the company post any additional reserves. That was huge and indicates that the company is headed in the right direction.
This is only mere speculation, but of Mutual gets sold, 150 jobs will be gone day one. Most of the Field RVPs, GARs, 50% of the PARs, some CRMs. If the firm gets bought out by an advisor centric firm, this is who will be cut first. All those RVPs who just bought, refinanced, or built newer homes or bought luxury cars will be up schits creek without a paddle. Not that they worked an honest days living in many years, but they stand to get ph--ked the most, and for good reason.
Company has only written $53M in group takeover business this year. What are the group sales reps doing ? Time to can 80% of them. The 80% / 20% rule in this case could save the company $4-$5M.
Cut the fat !
I tell ya what. Something big came today and that was a thumping of the US stock market. Days like this gotta keep the CFO and CEO up at night. All that lost revenue. Today probably easily wiped out $1M in revenue. Mamma said there would be days like this, mamma said.
They just posted this VP Job for Head of Artificial Intelligence and "data." paying over $200K ! That's bullschit. There are several people in IT who already have experience in this area. Split the role up three ways and save $200K ! This job postings seem driven by knee je-k emotional reaction to news cycles and are not really needed by The Firm. Last year, they posted a position for "Head of Discretionary Consumer Stock Picking." What in the Living Ph--k ! Haven't they ever heard of Seeking Alpha for $500 per year ! That is all run by AI and you could save $195,950 in waste, fraud, overspending, and abuse. Seems like myopic decision making without thinking this logically all the way through. Who is making these decisions ? G-o-d dam-it !
What Color is Your Parachute, tenure doesn't guarantee higher pay. Most of the time at MOA it's the opposite. Hiring decisions made by Greed and Donaldson, with high-salaried, underqualified individuals, should be reviewed by Stephen Rich and Mehdi.
Also take into account the new job postings with inflated salaries
For every $500M of net outflows which are replaced by market gains, inflows, or premiums, that equates to about a loss of $4M in revenue which is equivalent to roughly 35 jobs. So YTD, if it had to, it could layoff 35 employees. If the natural attrition numbers state roughly already 30 people have retired this year, the natural attrition numbers break it near even. However, if the net outflows continue unabated, the company probably needs to cut 75 employees by 12/1 to stay on track with its fiscal goals.
By the way, how much is that IRA Logix scheme working out ? Worth all the headaches over $2000 account balances ?
Something Big Is Coming you say ? What happens if the Big Event is a stock market collapse caused by Trumps Tarriff Tactics. In 2008, even the "too big to fail" entities failed. Lehman Bros. Maybe the big event is another black Monday which forces many companies to layoff many employees.
The CEO did assure the employees there would not be any more layoffs for the foreseeable future a couple of months ago I agree, but he also didn't admit or deny that Securities, LLC could be sold off or merge with another company or be taken over in a receivership situation by NYDFS either. Mutual of America Life Insurance Company has to go through Demutualization, yes, but all of the subsidiaries can be sold off and don't have to go through Demutualization. When Greed was asked about this a couple of years ago he said Mutual of America Life Insurance was not up for sale but made no mention about obtaining suitors for the other Corporations and LLCs underneath the Umbrella.
The company assured employees that there would be no further layoffs for the foreseeable future, yet this seems to be yet another instance of misleading information.
Oh schit ! Is DOGE moving into to 320 Park or down at Broken Sound Parkway ?
I'm sure NYDFS can't be happy. Did talks with them breakdown ? Is NYDFS forcing a sale or forcing management out ? If there is any planning with this so called "Executive Committee" the only planning is how to save their own smelly A-S-S-E-S so they can maintain the cush $500K+ pay packages or how to secure their $2M-$3M golden parachutes if they are forced out or negotiating their own job security in the "new" company at the expense of everyone else who actually do the work and look their diques look long and cool. I can assure you, that is all the "real" planning going on.
Where is this information coming from, just curious.
The company could afford to cut about 200 more employees but that is about it. If they limit the cuts to the highest paid, longest tenured first, then if they cut 75 of these jobs it would be the equivalent of cutting 200 rank and file. My sense is that they have run the numbers and can't make the math work. Expenses outpace revenue by such a large margin that there is nothing more reasonable which can be done but to find a suitor who will take on a company and try to rehab it. If this sounds like a receivership, then call a spade a spade. If you want to term it a merger or a buy out, that is what it is too. If it is a merger or receivership then hopefully 500-700 jobs can be retained by the company (or State) buying us out. My resume is up to date