Wednesday, February 11, 2009
I have to say, not telling staff that there wouldn't be matching funds for their retirement was a stroke of genius. It must have saved millions...okay, hundreds of thousands. And it shored things up for this year, while keeping the contribution level higher.
And it showed that Essent is still in charge, under whom backdating has become an artform.
What the heck, already contributed? Tough. So what if you lost 40% of your investment last year. Essent had its fingers crossed when they made that promise.
They could have mentioned this year before last, when they lost--what, $5 Million? If there was that much of a difference, I can't wait to see the results for '08.
Wonder if Browder took the 10% management cut, or the matching funds cut....