American Home Mortgage chief Michael Strauss takes stand -

Full story: Newsday

WILMINGTON, Del -- As more than 60 attorneys representing American Home Mortgage's creditors gathered Tuesday in a federal bankruptcy courtroom, the Melville lender's attorney James L. Patton Jr.
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Fort Lee, NJ

#1 Aug 7, 2007
Yet another round of executive "I don't knows" and "I don't recalls". The Kenny Boy,'Berto and Rummy defense.

When is someone, anyone, going to be held to account for these spectacular screwups?
F Strauss

Haledon, NJ

#2 Aug 7, 2007
Doubling 250 employees salaries? Least the judge denied the 40% bonuses. Meanwhile the rest of the company got no severance pay and August benefits were cancelled. We're still not sure if unused vacation days will be paid out, it wasn't included in today's paycheck.
Big n Angry

Bridgeport, CT

#3 Aug 7, 2007
SCUMBAG wrote:
would double 250 employees' salaries for the coming week and would grant high-paid executives 40-percent bonuses for the duration of their time with the company.
He's gona need more than 2 body guards. Someones gona find this dude in a mens room stall and make him their bitch!!!
AHM ex employee

Brooklyn, NY

#4 Aug 7, 2007
It was a terrible week but I am amazed how our benefits were cut and expenses incurred on behalf of the company have not been paid and the executives get double there salary and bonuses. Where is the justice for the worker who made AHM the great company it was suppose to be?
Marilyn

Lindenhurst, NY

#5 Aug 7, 2007
AHM ex employee wrote:
It was a terrible week but I am amazed how our benefits were cut and expenses incurred on behalf of the company have not been paid and the executives get double there salary and bonuses. Where is the justice for the worker who made AHM the great company it was suppose to be?
I with you on that one!! Alot of good "little" people got royally screwed. But Karma's a bitch and I'm pretty sure that the ninth circle of hell has a VIP room for bogus executives.

But- money makes the world go round, right? >:[
MED-Former AHM Employee

Virginia Beach, VA

#6 Aug 7, 2007
Were you aware that those "dedicated employee's" were not even given a severance package when Michael Strauss kicked them all to the curb on Friday. These dedicated employees and there spouses and children weren't even offered medical insurance either. They were told their coverage ended on August 3, 2007.

Yet Michael Strauss presents to the Judge a proposal that doubles the pay of the remaining 250 employees to close down the operations and wants to give his top executives a 40% bonus? Why do you suppose that information was not in his his press release "It is with great saddness that we must releast over 6000.00 employees statement?"

What is the polite word for Shyster? What's the expression, "The rich get richer and the poor get poorer".

Thank you for sharing this information in your article. I'm sure he will be getting alot of "fan mail in club fed" after the jury trial with the SEC.
servicer

Plano, TX

#7 Aug 7, 2007
the executives got denied the bonus, however, the remaining staff of 700 or so does get the bonus. i do feel for the rest of the company in how everything came about.
Cynthia

Port Jefferson Station, NY

#8 Aug 7, 2007
I doubt that the judge will allow the
increases to the remaining employees.
It seems like an incentive to "cover
up" records from the SEC.
A former AHM employee

Teaneck, NJ

#9 Aug 8, 2007
Cynthia wrote:
I doubt that the judge will allow the
increases to the remaining employees.
It seems like an incentive to "cover
up" records from the SEC.
I am amazed at how bitter all of you people are - a company went under plain and simple - I am sure it was not the intention of Strauss to go belly up so that he can screw his employees and "kick them to the curb" and I am also sure that there is no "cover up". Grow up people. AHM just hit a string of bad luck and they could not recover. What about the fact that over 100 top mortgage companies have been forced to close their doors in the last year due to the ailing market. There really is no scandal here despite what you want to beleive.
A former AHM employee

Teaneck, NJ

#10 Aug 8, 2007
MED-Former AHM Employee wrote:
Were you aware that those "dedicated employee's" were not even given a severance package when Michael Strauss kicked them all to the curb on Friday. These dedicated employees and there spouses and children weren't even offered medical insurance either. They were told their coverage ended on August 3, 2007.
Yet Michael Strauss presents to the Judge a proposal that doubles the pay of the remaining 250 employees to close down the operations and wants to give his top executives a 40% bonus? Why do you suppose that information was not in his his press release "It is with great saddness that we must releast over 6000.00 employees statement?"
What is the polite word for Shyster? What's the expression, "The rich get richer and the poor get poorer".
Thank you for sharing this information in your article. I'm sure he will be getting alot of "fan mail in club fed" after the jury trial with the SEC.
You have access to cobra like the rest of us and not for anything most of what Newsday has posted in the last few weeks has been less that "factual". I know a lot of there content has been incorrect. You should not beleive everything you read. What is the nice word for niave?
Oh Please

Garfield, NJ

#11 Aug 8, 2007
This guy sold some of his stock the day before announcing filing for bankruptcy - lining his pockets before the final crash!!!!!!!!!!

Didn't we learn anything from Enron? This guy should be strung out and the bankruptcy court should disallow the petition!!!!!!!!!!
GREED

San Francisco, CA

#12 Aug 8, 2007
This type of thing happens far to often in America today. It just shows how broken down and corrupt the Legal system and Govt is. Ultimately its up to them to stop these crooks right away not at the end of the housing boom. Today in New york I don't trust any one, but my oldest friends. Money and greed has ruined New York.
servicer

United States

#13 Aug 8, 2007
"This guy sold some of his stock the day before announcing filing for bankruptcy - lining his pockets before the final crash!!!!!!!!!!

Didn't we learn anything from Enron? This guy should be strung out and the bankruptcy court should disallow the petition!!!!!!!!!! "

Grow up and do your due diligence idiot, he sold $3m or 65% of his stock because he was CONTRACTUALLY under obligation to do so. Guess where that money went? Not his own pockets, but TO PAY FOR DEBT, JUST AS THE CONTRACT STATED. you are truly ignorant and will believe anything you read.
JIm

Buffalo Grove, IL

#14 Aug 8, 2007
While select employees get double pay and probably benefits as well, some of us are fighting to get our regular pay due to us through August 3rd, let alone July 31st. This whole situation is one giant joke, and that joke is on the employees let go.
The employment prospects for all the operations staff are slim to none, and it still remains to be seen if other A paper and/or Alt A paper lenders are going to suffer the same fate as AHM. Why the heck should executives get bonuses anyway? Some of us had them coming too!
william brody

United States

#15 Aug 8, 2007
is there any legal opinions relating to the payment of the mortgage held by what was american home corp? should the money be set aside in an escrow account at the bank. what about the portion of the payment that is escrow for taxes? as a 72 year old senior, i am very confused about this. all types of investigations are going on with the State of New York, the State of Delaware
JIm

Buffalo Grove, IL

#16 Aug 8, 2007
While select employees get double pay and probably benefits as well, some of us are fighting to get our regular pay due to us through August 3rd, let alone July 31st. This whole situation is one giant joke, and that joke is on the employees let go.
The employment prospects for all the operations staff are slim to none, and it still remains to be seen if other A paper and/or Alt A paper lenders are going to suffer the same fate as AHM. Why the heck should executives get bonuses anyway? Some of us had them coming too!
also a former employee

United States

#17 Aug 8, 2007
Oh Please wrote:
This guy sold some of his stock the day before announcing filing for bankruptcy - lining his pockets before the final crash!!!!!!!!!!
Didn't we learn anything from Enron? This guy should be strung out and the bankruptcy court should disallow the petition!!!!!!!!!!
You need to educate yourself before you speak. The courts/creditors sold the stock to cover debt. He never received any of the proceeds.
servicer

United States

#18 Aug 8, 2007
jim, hang in there, but employment opportunities abound in other industries. it sucks about the employees situation, it really does. the execs get bonuses cause put simply, their job is more valuable business-wise (but they dont get the bonuses now). it is called retainment or a high risk/high reward situation to put it in economic terms. fact is, the company had no cash, when i mean no cash, i mean nothing. they are borrowing money to keep operations going and paying salaries.
sad

Auburn Hills, MI

#19 Aug 8, 2007
i don't think he realizes who he got left working for him now.People who never did anything till they announced the company was going down.Meanwhile everyone that worked hard all these years did not even get a good bye from some executives don't even mentioned benefits and money.
Rich from Babylon

Ridgewood, NJ

#20 Aug 8, 2007
It all started with the Air Traffic Controllers forced to work outrageously long hours without recourse by our then President Ronald Reagan. Since then, NAFTA, Enron, MTA and the likes are driving the American work force into poverty. The outrageous part is that our legal system allows it. Money talks, everything else walks.........

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