CEO 750,000 a year To 7,50 an hour pizza man

[David_Thompson]

Just saw this on yahoo.com about a CEO turn pizza man...OMG

Yahoo!

--David

[Nathan Hangen]

I couldn't get the video to load, but you'd think he would have saved enough to start his own pizza shop. Or was he a Madoff victim?

[David_Thompson]

Nathan, the video loads automaticlly for you or it should anyway...
I'm not sure how to embed video in the forum...

I would have have thought a bigtime businessman like that would
atleast look at other ways to make money...

--David

[Nathan Hangen]

Originally Posted by David_Thompson

Nathan, the video loads automaticlly for you or it should anyway...
I'm not sure how to embed video in the forum...

I would have have thought a bigtime businessman like that would
atleast look at other ways to make money...

--David

We have stone age internet where I'm at on this side of the world, but let me see if I can try again.

[AfteraDream]

Now that sucks... It must be very tough for him now!

[David_Thompson]

Well hell yeah it's rough for him and his family but the man got balls
he's gone back to minimum wages to take care of his family that
commands respect...but at the sametime this dude has so much
experience and knowledge and not doing **** with it...

--David

[K2SMedia]

I was driving through one of the middle-class suburb towns on the outskirts of town here (Phoenix, AZ) the other day...

I ended up next to a car that really caught my attention.

It was a 2007 or 2008 Black Cadillac CTS-V on 20" deep dish rims. It was a SICK car. (you car lovers know what I'm talking about)

Inside was a middle-aged man (probably 40-45) that was real clean-cut... One of those guys you can just picture in a suit.

On the roof of the car...

A big Papa John's delivery sign.


You know he got laid off. lol

If I could have, I would have stopped to talk to him. I'm sure he didn't buy a half a million dollar home and a sick car like that from Papa John's. I bet he is loaded with information that could be useful for something.

What a shame.

[Nathan Hangen]

Well, the Army is always hiring

However, that's how I ended up in this beautiful place lol.

[AfteraDream]

Originally Posted by David_Thompson

Well hell yeah it's rough for him and his family but the man got balls
he's gone back to minimum wages to take care of his family that
commands respect...but at the sametime this dude has so much
experience and knowledge and not doing **** with it...

--David

Yeah, he should go back to stock trading. He was good so he should be able to get back on the right track. Maybe he's even doing that now...

[jasondinner]

He should create his own Stock Trading Info Product.

I'm sure there are some solid strategies he knows that are more sound
than MARL the Stock Trading Robot and all the other shady investing
products you can find in CB marketplace.

[Nathan Hangen]

Maybe he's just positioning for his WSO:

How I went from making almost 1 million per year, to delivering pizzas, to becoming a billionaire.

[Sean G.]

OMG! I saw that video too. At least his kids are still in private school, wonder who's "anonymously" paying for that though

[GuruGazette]

We watched this story on TV last night, think it was 20/20.

What amazed me the most?
- They're still living in their house even though they haven't made a mortgage payment in 2 years
- They still have room sized closets full of clothes/shoes/etc that haven't been sold
- They still have piles of toys and recreational type stuff that hasn't been sold
Apparently they're planning to start selling the stuff on craigslist, it just seems really weird it took two years to finally decide to do that.

I don't quite get it. It almost seems to me as if they've been sitting around waiting for two years. Granted the man has continued looking for jobs and it's wonderful that he's willing to deliver pizza if that's what it takes, but it's also obvious their reality revolves around having a job and paycheck and to me that's a little sad.

I was also surprised to hear no mention of the wife trying to find a job or make money in some way. She does work the concession stand to pay for the daughter's baseball but if she does other stuff I apparently missed it.

[Johnathan]

1. It sounds like a news story simply to promote him... Remember, he's obviously not stupid (Watch out for his book in the upcoming months "How a CEO went from ... to ..."). Or his $50,000 speaking engagements on Oprah, etc.

2. Just because a guy makes a lot of money, and then decides to deliver pizza, doesn't mean he isn't still making a lot of money. Heck, there are millionaires that decide to open a variety story and be a clerk, simply because they find it more 'relaxing' and want to take a break from the "corporate" world.

Bottomline, this guy isn't stupid, and he either is making money other ways, and/or will be making money other ways soon. He didn't become a CEO by 'chance'.

[raynman]

Originally Posted by GuruGazette

We watched this story on TV last night, think it was 20/20.

What amazed me the most?
- They're still living in their house even though they haven't made a mortgage payment in 2 years
- They still have room sized closets full of clothes/shoes/etc that haven't been sold
- They still have piles of toys and recreational type stuff that hasn't been sold
Apparently they're planning to start selling the stuff on craigslist, it just seems really weird it took two years to finally decide to do that.

I don't quite get it. It almost seems to me as if they've been sitting around waiting for two years. Granted the man has continued looking for jobs and it's wonderful that he's willing to deliver pizza if that's what it takes, but it's also obvious their reality revolves around having a job and paycheck and to me that's a little sad.

I was also surprised to hear no mention of the wife trying to find a job or make money in some way. She does work the concession stand to pay for the daughter's baseball but if she does other stuff I apparently missed it.

In denial. They have this hope that at some moment, just around the corner, their old life will be waiting. They aren't ready to move on just yet.

It is very similar to someone who has lost someone dear to them, whether through death, divorce, or a child that has run away. Some people just have a harder time letting go of the way it used to be and think that it can be the same again if they hold on just a bit longer. Things are going to turn around.

He takes a job that is just a temporary solution and a "bridge" to the new job or career opportunity that is sure to come. They are also having to deal with a lot of pride issues as well, most likely. Moving from the big house to the poor house can be a huge self image killer, for them as adults but also for their kids. It's bad enough that he lost his job but having to leave that whole world behind can be another wound entirely.

Most likely he (or his wife) is trapped into this idea that he has to find a 'job' and doesn't know how to use his knowledge and experience or the connections he gained over the past many years to create a new opportunity.

He'll probably get a job offer as a result of the TV segment but it will be nothing close to what he had or is capable of doing on his own. It will be more than a pizza delivery man, though.

[raynman]

Originally Posted by Johnathan

1. It sounds like a news story simply to promote him... Remember, he's obviously not stupid (Watch out for his book in the upcoming months "How a CEO went from ... to ..."). Or his $50,000 speaking engagements on Oprah, etc.

i think there is some truth to that. a book deal and tv mini drama are sure things. plus i'm willing to bet he got some money just from that show and will be getting invites from other talk shows looking for a good 'human interest' story to capitalize on how much the economy is hurting the every day former millionaire.

15 minutes of fame will allow him to go into debt just a little bit more.

[4morereferrals]

Yeah ... the guys brilliant!

Paid $750k a year for how long? and now he's delivering pizzas?

I call BS on something somewhere ... Seems to me he was way over paid if he cant roll out of a job @ $750k a yr and have to resort to delivering pizzas!

He didnt see the writing on the wall? Kept the house and didnt pay the mortgage for 2 yrs? Kept the kids in private schools?

1. How do you make $750k a yr and piss it all away on "lifetsyle" BS?

2. Earth to McFly ... savings?

3. Dump all the extra crap on ebay, like the rest of the world who lives in reality would have to do.

A wealth of knowledge? On what NOT to do.

$750k a yr and now Im broke ... ohh woe is me ... Screw that guy. There are millions of families in America and elsewhere getting bye just fine on fractions of what those idiots spent on sushi lunches in a year.

Delivering pizzas is what this former high powered brainiac has ended up doing? Thats the best this dude has got left in the tank? Bahhhh....

No wonder hes still unemployed and delivering pizza. How totally and utterly unimagineative and frankly - straight up... IN THE BOX - STUPID is this guy? Thats his problem solving skills during tough times?

So NOT impressed.

Maybe it just pisses me off that he hasnt paid his mortgage for 2 yrs and gets to stay in the pad.

[derekwong28]

Here is a written text of the story

ABC News: Down But Not Out: From Hedge Funds to Pizza Delivery

I think it is very fishy and possibly a publicity stunt. He may well have been paid for the interview.

It reminds me of Lech Walesea going back to work at his old shipyard in order to make a complaint that his presidential pension was not enough to live on.

[David_Thompson]

Guys, isn't the real world full of these stories but since the downturn
of the economy they are getting more media play....

Maybe it some kind of stunt by the TV stations to use the bad economy
to their advantage and create stories like this with the big CEO loosing
his home soon and all that!!!

--David

[Shane Dolby]

If you had really paid attention to the video you would of seen that he quit his job to start his own business which failed and he used all his savings trying to make it work before giving up and getting a job again.

Shane Dolby

[yesacpow]

What a story?

I am sorry for the poor guy

But how could someone making so much money per year end up so much in dept?

He needed some money management skill.

[zerivabella]

Yes I think there is something not quite right here. He was an employed trader who thought he could start a hedge fund and make it big. Trouble is he couldn't but could keep the bank waiting for two years on a mortgage repayment. That takes some skill.
Maybe there is going to be a lot more of this kind of thing to get the public feel sorry for the bankers, traders and financial salesmen. No they should be hunted down like dogs.

[richinca]

Unfortunately there will be thousands of stories like this and even worse than this. Until you have been in a situation where your skills are no longer valued or needed, you don't know what it is like.

I don't know if this guy is a scammer (I suspect something with all the media hype) but there are plenty of people on the street looking for work, behind in their mortgages, and desperate. Many never saw if coming.

Reinventing oneself is one solution to these problems and starting an internet business is a great way to reinvent.

[Sean G.]

Sometimes, life just don't work out the way you intended to. I don't think this guy is a scammer. It takes guts to go live on television and admit you're a failure.

It is difficult to believe that some can go from a 750k job to 0. But there are many cases like this.. former big-shot executives whose skills are no longer valued. And take note that this guy is in his 40's. With the job market as it is today, it's not surprising that nobody wants to hire him.

[Johnathan]

Yes, I believe it is a publicity stunt. If it is genuine, it can still be turned into a money maker.

1. First of all, realize the point of the story is to get people to talk about it. If they said "Here is a guy, who although he has a bunch invested in mutual funds, a diversed portfolio, with his home fully paid off -- but with the savings he had, spent it" -- would you be interested in hearing about it? No. It is more 'sensational' how it is written.

2. Realize everything you read in print and/or see on t.v. MIGHT NOT ACTUALLY BE TRUE! Now I'm not saying that this story isn't -- but media has been known to take 'artistic' liberty when reporting on the "news".

3. It could also be designed to make the "average joe" feel 'sympathy' for the millionaire that has 'screwed' them (of course there are a lot of "good" millionaries -- but if you recently heard about AIG's "bailout" package and how some people decided to "pay" themselves $76 million in bonuses, or the politician that decides it's time for a 100% pay raise this year because they went to two meetings instead of one this year) -- then it puts it a little more in context. Another spin might be it is designed to make the "average" joe "afraid" -- afraid of questioning bailout packages, afraid of questioning his position in society, etc -- because he should be 'grateful' for the money/job that he 'does' have. So -- instead of asking politicians "Why did you just give billions of dollars to a car company that sells stuff that people don't need, designed cars to break down ('forced obscelence') so people turn to foreign cars that last longer, doesn't listen to customer requests" -- and instead just gulps down whatever information they are fed, grateful that they have a job.

4. At the very least, this is an excellent jumping point for this particular guy. He can spin it into talk shows, speaking engagements, a book deal, his own website, etc, etc -- so that he won't have to worry about funds.

5. Donald Trump comes to mind as an example of a "billionaire" who "allegedgly" lost pretty much everything he had when he was getting divorced from his first wife (in reality according to a few books he decided to spend/invest pretty much most of his money in a number of investments that would not pay off until his divorce was finalized -- so "technically" he was broke during his divorce -- but as soon as it was over he saw millions in dividends from his efforts).

Bottom line -- for this particular guy -- unless he got his position because of nepotism -- he is not stupid -- and he can turn it around.

[livebig!]

Yes, I saw this on 20/20 last night. They were pretty much in denial about the whole thing, trying to hide all of their troubles from their kids. I honestly think this guy is just stuck on the idea of a steady paycheck, as so many people are in America. I know my family and friends has harped on me endlessly to get a job! That's the safe and secure thing to do, they said.

I just laugh to myself and think about their ignorance, but the truth is, many people in America have and will always have that mindset.

Changing the subject slightly, but what do you do when people you know and care about tell you to get off the Internet and find a real job?

[Jakehyten]

Originally Posted by chester43

You would think a man like that would come up with something better than a pizza deliver job...

I'm sure hes thought of trying to get something better than that. He obviously cant. Someone making 750k a year doesnt go to delivering pizzas unless he HAS to

[zerivabella]

Hey I know all about being rejected, I was turned down for a job as shelf stacker in Wall Mart. If that is not one of the lowest points of your life nothing is.

[Chris Kent]

Now correct me if I'm wrong but the guy was not a trader. The media are saying he was an "institutional equity sales trader".

In investment banks, most do not refer to a sales trader, instead either a salesman or a trader. I am thinking that he was in sales which entails phoning up clients and recommending they buy specific stocks and taking a commission. Even most traders in banks don't have a clue how to make money by guessing what the market will do - very few traders are "prop traders" in this sense and get to trade however they want to. Most of them make their money by securing a price for their salesmen that is slightly worse for what they can get it for, thus multiply this tiny margin by a few million and they make their money.

So it does not surprise me that this guy cannot just personal trade his way out of debt, it really doesn't work that way.

[Ricky Parker]

What matters is that he is still working. There are many people who just simply give up. He has not. It doesn't matter where he is at now.

What I hope is he learns from his mistakes. Because then he will have gained so much more than any possessions that could ever be owned.

And if he does this he will rise again. Perhaps not in the "material/money" area. But he will gain tons somewhere. Perhaps in just appreciation for his family and the little things life has to offer. Which are WAY more important at the end of the day than any amount of money.

[JoeCool]

Originally Posted by livebig!

Changing the subject slightly, but what do you do when people you know and care about tell you to get off the Internet and find a real job?

Ask them if they would like to go for a ride in your new Ferrari when they get home from work.


~JoeCool

[zerivabella]

Come come Jo Cool,

you only use your Ferrari to take them to your private jet surely.

[Oscar D]

WOW, that is a serious and shocking.

I just goes to show that everyone is feeling the pinch. The current economic times are not a joke!

[Chris Kent]

btw does this remind anyone else of the great classic "Arthur 2: On The Rocks"?

Arthur 2: On the Rocks (1988)

[Mark Riddle]

Here are a few detail that are in the story that illustrate the root of the problem.

His TOP income was $750K as an institutional trader....

Truth behind the story, $750K for an institutional trader is fairly low, I would think he was the lowest rung at his firm for this position.

He Started managing his on Hedge Fund.....
and it failed.

This is additional evidence that he was / is not a top performer.

Works for $7.29 an hour plus tips.

That is a part time job, and generally tips are much better than the hourly wage.

The comments that he should to something online are just way too out of his skill set,

Robert Kiyosaki would have a field day with this guy.

He would tell him Sympathy is the quickest route to self defeat.

He also would tell him to get rid of his peasant thinking.

Get a good education, Get a good Job and life will be great.

That's just a lie, that far too many fall for.

With the right school, right connections and right education is the core of why he is in this current situation.

Remember this is the same media that picks and chooses what it wants the world to think.

"The US economy is fundamentally sound, and should recover within a year, mid 2010 at the latest" Media called this stupid and dumb, the person has to be an idiot to believe this (Oct 2008)

"The US economy is fundamentally sound, and should recover within a year, mid 2010 at the latest" Media called this uplifting and showing how the President is turning the country around. (March 2009)

If you went to the right schools have the right education, that is a formula for entitlement attitude to bring you to such a level of denial and self absorption causing a mind numbing blindness to set in.


When's my entitlement check coming in the mail

Mark

[jasonl70]

LOL - creat an info product.. funny one. The world does not want a 'real' info product on investing/trading. They will only buy BS stuff that claims they can triple their money in a week.

[Black Hat Cat]

Originally Posted by livebig!

Changing the subject slightly, but what do you do when people you know and care about tell you to get off the Internet and find a real job?

I tell them I can't afford the pay cut.

I'm sure hes thought of trying to get something better than that. He obviously cant. Someone making 750k a year doesnt go to delivering pizzas unless he HAS to.

There's nothing obvious about his situation at all. If this story were a boat, it would sink in 20 seconds due to all the holes. He may have to settle for a pizza delivery job, but it ain't because that's the only job available.

I feel little sympathy for the guy.

[spyxx]

Well I would easily hire him for $10-20 an hour. Come on! Whats wrong with him? Get a better JOB!

[Craig Fenton]

Hi David:

Thanks for letting people know about the plight of not only the gentleman but so many others. There info was on Yahoo the past 24 hours. The only thing that could be beneficial from the world knowing about his situation is the hope a company will want to see his resume from the corporate days.

May better times be here for all soon.

[GoogleSearchToday.com]

He was on 20/20 last night...very sad story!

[Bruce NewMedia]

I saw the story too.

Frankly I think we're only getting part of the story. There's got to be more to it as far as how his income dissolved and he had no savings?...and his wife doesn't work? ....yet they continue to send their child to an expensive private school?

I'm sorry for his situation, but there are others FAR worse off.
_____
Bruce

[Jeremy Kelsall]

Bruce,

An anonymous donor coughed up some dough to keep his kids in school.

He was a high ranking exec with a company and then decided to venture
out and start his own company. When he did so, he had almost 500K in savings.

2 years later -- It is gone. Between trying to get a business going and supporting his family and paying for credit bills in excess of 100K plus his
home he is now broke.

Unfortunately, for some Job Titles there just isn't any demand and even fewer companies that are willing to higher people for a considerable salary.

I ran a mobile home dealership here in Delaware for a couple years and was making 100K plus just in commissions. Unfortunately, when the credit companies started to **** the bed, we were forced to close down.

Luckily, I got this going about 6 months before that started to happen so I didn't really feel it as much as some of the people that I worked with.

It's tough seeing guys with families go from making 100K and being able to support their families to being on food stamps and having their vehicles repossessed.

This ****ty economy is hurting a lot of people.

[jblack]

I also watched this on television, WOW what a story. I just didn't understand why he was still living in a home he hasn't made a payment on in 2 yrs. Others have not been so lucky.

[Justin Mandel]

OMG, what a story!

At the very least his wife isn't leaving him (yet).

Talk about a slice of humble pie.

[Floyd Fisher]

This guy made a big mistake in quitting his day job until his business took off. I know it was a hedge fund, but burning your bridges until you're really ready to do so is always a bad idea IMHO.

Go read money magazine some time and see for yourself. Putting that kind of pressure on you is almost always a prime recipe for disaster.

[valerieSONORA]

I didn't watch the video (yet) but at least he gets respect from me for swallowing his pride and taking whatever job he could get-even if it's a pizza delivery instead of sitting around all day thinking he's "too good" for certain jobs. He cares more about his family than his ego.

[Floyd Fisher]

Originally Posted by Younggates88

lol you'd think they would tell him he is over-qualified.

Are you kidding? Believe it or not, most minimum wage places are still hurting for workers....who wants to make $7.25/hr when staying on welfare actually pays more?

[valerieSONORA]

In USA welfare doesn't pay that much and you are required to work or volunteer 20 hours a week unless you are disabled or have a young child at home. You can be on it a max. of 5 years. With 2 kids they may get $400 a month. Not a lot.

And I just watched the video and the family is getting $500 a month in food stamps so that's helping them. And they will be forced to leave their home in a few months. And they have 100K in credit card debt Wow, lesson to always put some aside no matter what.

And no I'm not on welfare, but I have done research into it for articles.

Ps- UK-another story, wow. You get free house, free everything over there, no volunteer or work requirements, no limits If it wasn't so cold I'd move over there

[gareth]

Originally Posted by Nathan Hangen

Well, the Army is always hiring

However, that's how I ended up in this beautiful place lol.

Funny you should say that - my re-enlistment tests are wednesday ;-)

[Gorilla]

Though I am not cold hearted, this is the result of grossly negligent decision after grossly negligent decision.

I like that this guy will now do whatever it takes to put that food on the table, as many of us have been in that place before.

But even now, it seems the horrible decision making is still going on.

They still live in that house. He has been living waaaaay beyond his means for years. This is the fruit of very poor choices.

After the necessary compassion and pity we should have for such folks, please let this be foremost a lesson for those who are tempted to follow in the same footsteps. They had everything they needed to live a good life and more than enough to get back on their feet and more. Instead, they blew it all with their lifestyle.

I'm no icy heart for sure, but that is what I saw in that vid.

...