Not the Kind of Turkey You Eat
Thanksgiving is tomorrow, which makes it a great time to talk about turkeys—of the business variety; this year, there were a number of turkeys in the financial world, but you can avoid a turkey by getting payday loans. This time of year, when you think about turkey, images of your favorite foods and past memories with friends and family pop into your head. However, it’s time to switch gears and think about turkey from a business perspective. A turkey in the business world is something like a deal gone wrong or a bad business decision. Every year, Allan Sloan, senior editor of Fortune magazine, compiles his list of “Turkeys of the Year.”
Top Turkeys of 2008
Turkeys in the business world
Most years, Sloan’s challenge is finding enough turkeys worth mentioning, but this year is a different story. Sloan had to narrow down the field and focus on the biggest business blunders of the year; with so many options, the decision-making process wasn’t as easy, but there were a few turkeys that stood out from the rest. This year’s winners for biggest turkeys are…
1. LEHMAN BROTHERS: The Federal Reserve and the Treasury let Lehman Brothers go into Bankruptcy. When Lehman Brothers failed, the market froze, and it caused panics from which the U.S. financial system is still reeling.
2. YAHOO!: Microsoft offered to buy Yahoo! For $31 per share, which was 60% higher than the market value. Yahoo! rejected the $31-a-share offer and the ensuing $33-a-share offer. Yahoo! would take $35 per share and no less. Microsoft walked away from the table. Yahoo! is currently selling for about $12 per share. Ouch.
3. U.S. TREASURY: In fall of 2007, the Treasury proposed a superfund that banks could combine to buy securities from. Then there was a $700 billion Troubled Asset Relief Program. The superfund was canceled, and the Troubled Asset Relief Program has decided against buying troubled assets. The Treasury claimed the financial world was in desperate need of help, but then bailed. With all the flip-flopping, the public confidence in the Treasury weakened. I smell a turkey.
Blame the Turkey
Everyone loves a great turkey, that is, if it’s on the dining room table. The three afore mentioned turkeys are hard to swallow. The Yahoo! deal was a big turkey, but it probably didn’t affect you directly. However, the Federal Reserve’s and the U.S. Treasury’s turkeys have been felt across the nation. Those turkeys are wreaking havoc on the U.S. financial system, stock markets, and economy. The failure of Lehman Brothers has been blamed for catapulting the U.S. into the downward spiral towards financial crisis.
Gobble, Gobble
There were a number of bad business deals in 2008, but that doesn’t mean you have to follow the example set before you. You can avoid bad financial decisions in a number of ways. Managing your finances is especially important now that the United States is in a recession or whatever you like to call it. Budgeting, smart spending, and saving are all great ways to keep your finances under control. If you’re short on cash, payday loans are a convenient solution to your short-term financial problems. So, enjoy an oven-baked turkey tomorrow, and be thankful that payday loans can help you avoid financial mistakes.
Nicole, its a great post. Definitely saving budgeting and keeping debts under control will help in avoiding being a turkey in personal financial management. Consider seeking the help of a certified credit counseling agency to help you pay off your debts systematically. With the help of a credit counseling agency I was able to restructure my budget and save enough money to pay off my debts gradually. The debt management program has saved me from being a turkey on my credit report and now I am on my way to a financially secure and debt free life.
I smell a few turkeys myself. Lehman Brothers were circling the drain for a while, and continued to reject offers of a buyout. It was a fowl decision on their part.
I can’t believe Yahoo turned down Micorsoft! I bet they are really kicking themselves over that one.