Tornburg Mortgage executives quit ami...

Tornburg Mortgage executives quit amid charges

There are 43 comments on the The Santa Fe New Mexican story from Sep 17, 2009, titled Tornburg Mortgage executives quit amid charges. In it, The Santa Fe New Mexican reports that:

After a federal watchdog asked for an investigation of alleged improprieties in the Thornburg Mortgage bankruptcy case, company president and CEO Larry Goldstone and CFO Clarence Simmons resigned this week.

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Apples to oranges

Albuquerque, NM

#52 Oct 14, 2009
Yeah wrote:
<quoted text>...and that's what hundreds of investors though about Madoff!
Madoff didn't have Board oversight, SEC regulation, or 10-Q and 10-K reports from a Big Four accounting firm. Business ventures and investments shoulder risk.

United States

#53 Oct 15, 2009
Elizabeth Renant wrote:
If Goldstone and Simmons were too greedy or too stupid to know that using Orrick, which was advising TMST debtor, to advise SAF, Orrick, as their counsel, should have. My guess is that Orrick saw a chance to pick up a high-flying client to replace the moribund TMST and felt that the big fees down the road were worth riskig a slap on the wrist from the SEC. Orrick is a big, long established firm - they should know better.
And don't you just love how Goldstone and Simmons kept getting paid their "pre-banktruptcy" salaries while 100 employees got let go, and then they used TMST employees to help them start up SAF?
Ahhhh, nothing like the sterling values of our corporate leaders.
And how about the chick that replaced Goldstone at $65,000 a MONTH!!! A bankrupt company paying salary like that. We are indeed a stupid lot.
Santa Fe Native

Cerrillos, NM

#54 Oct 19, 2009
It will be interesting to see what comes out of the investigation. There were so many employees that stayed till the end because they believed in the company, and the top brass.

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