Former NFL Football Coach Jim Mora was once quoted as saying.
"PLAYOFFS?! Don’t talk about—playoffs? You kidding me? Playoffs!?!"
Today is D-Day at MoA. Flags at 320 Park Ave are flying at half mast. Taps is playing.
"Layoffs ? Layoffs ? Were talking about practice here ! Layoffs ? It's not a game. It's practice. Layoffs ?"
Can you imagine if the NY Times did an investigation about the downfall of Mutual of America ? We are shocked that no mainstream media outlet has gotten a hold of the Mutual of America story. I'm sure the top Brass at 320 Park are shaking in their pots of mile high cash.
Someone should hunt Festog down and make him pay for the mess that he created. That a--hole is writing leadership articles for Forbes Magazine. What a joke! Except it's not funny at all.
From what I heard, the firm should have laid off about 50 more GARS then it could have. Out of 125 GARS, only 50 have brought in any money this year, and the average case size is about $3M. Revenue on a $3M plan must be around 80 bps. So, that plan will generate $24K in 1st year revenue, if it stays for 7 years, with compounding, it will generate about $250K over 7 years. A GARS total comp package with benefits is $130K. $130K x 2 = $260K. So, you do the math. Cut the GARS right away that are not generating at least, at least $50k-$75K in revenue per year ! Cut the fat and expenses. Get rid of the low performing dead wood and put half the savings to shore up the pension, ans give employees who work 60 ph--king hours a week a Godd Dam raise godd dommit !
It was a bloodbath yesterday. More to come. The only ones that survived were anyone that had money coming in at the moment.