American Home Mortgage chief Michael Strauss takes stand -

Full story: Newsday

American Home Mortgage founder and chief executive Michael Strauss took the stand Tuesday for the first time in the bankruptcy proceedings of the Melville company that he turned into one of the country's top ...

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Mike

United States

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#1
Aug 7, 2007
 
40 percent bonus indeed ! The executives are the ones who got AHM into trouble in the first place. How dare they ! The bankruptcy judge should have laughed them out of court.
Good for Mike

Elizabeth, NJ

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#2
Aug 7, 2007
 
As a former employee I am glad Mike is supporting the people that are left at AHM. These people are putting their neck on the line to help him through the closing and putting their careers on hold to help him tie up ends. They should be compensated.
Sal s Opinion

Middle Island, NY

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#3
Aug 7, 2007
 
Was he there with his PA/GAL PAL ?
I wonder if she w h o r e I mean wore the Victoria's Secret thong he bought her two weeks ago.
humbug

Brooklyn, NY

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#4
Aug 7, 2007
 
*snort* I love it. How are they "putting their necks on the line" by collecting double pay and hanging on to their jobs while most everyone else is left with nothing? Earning double pay doesn't sound like a career on hold to me. Maybe they should close the place up for free as some sort of karmic repayment for having screwed thousands of people due to their incompetent management. It seems that these people are pretty much out for themselves anyway so I;m sure they would find that idea absurd.
Read Carefully

Fort Lee, NJ

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#5
Aug 7, 2007
 
When does the SEC investigation start?

Double pay won't begin to cover those legal bills.
JailBird

Westbury, NY

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#6
Aug 7, 2007
 
Did the creditors attorneys ask Mr. Strauss why he sold almost $3.5 million in AHM stock the day before the company shut down?

Strauss is a douchebag, pure and simple.
Fair Play

United States

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#7
Aug 7, 2007
 
Mr. Strauss needs to go to jail, directly to jail. And he should have to give the money he made selling stock options in the 11th hour back to his creditors.
He's given the risk-mortgage business an even worse reputation than it already has, if that is at all possible.
John Q Public

New York, NY

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#8
Aug 7, 2007
 
JailBird wrote:
Did the creditors attorneys ask Mr. Strauss why he sold almost $3.5 million in AHM stock the day before the company shut down?
Strauss is a douchebag, pure and simple.
Amen brother,this is the type of ****bird who uses insider info to save his ass while he smiles and screws his employees and the public. Put him up against the wall and give him what he deserves.
Read Carefully

Fort Lee, NJ

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#9
Aug 8, 2007
 
John Q Public wrote:
<quoted text>
Amen brother,this is the type of ****bird who uses insider info to save his ass while he smiles and screws his employees and the public. Put him up against the wall and give him what he deserves.
Tell him to bend ovah and give him what he deserves. BTW, there's a long line.
former employee

AOL

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#12
Aug 8, 2007
 
Michael, the 'Executive Team', and the remaining employees should not be benefiting from the company's demise by getting double their salary and big bonuses. Had the executives run the company properly, the company would still be standing. There were lots of opportunities for them to see trouble coming and to have handled it sooner and more professionally.

The rest of us (including SVPs, VPs, Managers, administrative staff) lost our benefits with one day notice but can't afford COBRA since we are getting no severance and are not even sure we're getting paid for vacation time earned.

At my current salary I'd be happy to help with the shutdown while I work so that I have time to find a job and can ensure that I don't lose my house.
AHM-er

Jamaica, NY

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#13
Aug 9, 2007
 
In all fairness, that $3.5 million "cash-out" was actually a margin call. Strauss was forced to sell those shares at market (shares that had been pledged as collateral for loans) on demand of investors who wanted to recoup as much as they could in the face of how far their collateral had been devalued.

Believe me I was as pissed as anyone here when I read about that sale last Wednesday, but once I discovered the truth, it made complete sense. I'm no defender of Strauss, however, the man should not be condemned for what was completely out of his control. There's plenty of other things that were within his control for which we can slam him!
Former employee

AOL

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#14
Aug 10, 2007
 
I hope he get what he deserve, i work for him for 2 yrs and when i ask for raise i was fiered. Strauss is a assh.le fill in the blank.
Salt that Rusts

Houston, TX

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#15
Aug 10, 2007
 
Me and my family knows how difficult it is b/c we are w/o emergency needed medical coverage, but we also know that bitterness corrodes like salt eats away at metal. So, we are trying to forgive as we move on. We hope all can do the same knowing that it is impossible and undesirable to forget, but necessary to let go and move on with alertness and openness for the next opportunity/ies. Peace out :)
vendor out of pay

United States

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#16
Aug 10, 2007
 
does anyone know who is AHM's bankrupt lawyer's name??? the creditor's lawyer's name??
Bob

East Hampton, NY

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#17
Aug 13, 2007
 
Whaaa. I ran my company into the ground. Whaa. I have to sell my estate in the Hamptons. Whaa.

Bye Bye, Mikey
Justice

New Hyde Park, NY

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#18
Aug 13, 2007
 
I think that all of AHM ex-employees should get together and file a class action law suit against Michael Strauss/American Home Mortgage. Human Resources did not represent our interests at all. We were basically blackmailed into signing a piece of paper giving away our rights to continue with medical coverage and two months severance pay. We were told if we didn't sign the paper we would not be able to collect unemployment. We were lied to and taken advantage of in a moment of duress. I don't know what the law says in these matters, but someone should open up an investigation. What's up with our governor?
AHM Employee

Milpitas, CA

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#19
Aug 13, 2007
 
We all got messed over. Now time to move on...
It's a shame, now the market is flooded with LO's and others from the industry, so our offers are getting really slim. There has to be an answer to "where did the money go?"
We sure did not get it, or even a tiny portion of it. I'm hearing that bills were unpaid for months, wondering where all that money went?
And why did we not have a clue?
Ahm Employee

AOL

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#20
Aug 14, 2007
 
What 2 months severance pay & benefits? We didn't get that.
Ex ABC er - Fl

Key West, FL

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#21
Aug 15, 2007
 
WE at ABC did not sign anything plus we did not get any severance either. We still have not received the promised Benefits package yet either. It said somewhere that 2 employees have already filed a class action suit that can include up to 4000 employees. Does anybody have any info on that.
Oh please

United States

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#22
Aug 15, 2007
 
AHM-er wrote:
In all fairness, that $3.5 million "cash-out" was actually a margin call. Strauss was forced to sell those shares at market (shares that had been pledged as collateral for loans) on demand of investors who wanted to recoup as much as they could in the face of how far their collateral had been devalued.
Believe me I was as pissed as anyone here when I read about that sale last Wednesday, but once I discovered the truth, it made complete sense. I'm no defender of Strauss, however, the man should not be condemned for what was completely out of his control. There's plenty of other things that were within his control for which we can slam him!
He is a scum bag who was scrambling to save his own ass and if he kept the company afloat as well that was ok by him. This dirt bag is no hero and would steal from anyone he could. He is a dirt bag pure and simple. I worked for him and heard him lie so often I think he started thinking it was the truth. I quit after a year of his BS, I was once a blinded loyal schmuck too.

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