HP'ers we have our answer - the first REIC CEO to serve jail time will be KB Homes FORMER CEO Bruce Karata! He resigned in shame last night, haven stolen money from KB shareholders by backdating his own stock options, inflating his greed-fueled pay by over $13,000,000.
Just think what was in this swine's mind as he went to work the past few months, knowing he'd get found out, knowing he'd be on his way to jail. Having $100 Million in the bank doesn't help much when you're wearing the orange jumpsuit and you're Rocky's new girlfriend.
Is Bob Toll next? Can this be any more dot-com-collapse deja-vu?
KB Home CEO resigns after backdating probe
KB Home CEO, President and Chairman Bruce Karatz has resigned after an internal investigation found that he backdated his own stock-option grants to increase his pay and will forfeit about $13 million in gains from the backdating, according to a media report Sunday.
Since 1992, Karatz has reaped nearly $180 million from exercising options, The Journal said, citing Standard & Poor's ExecuComp, a service that tracks executive compensation. Last year, Karatz made more than $150 million from salary, bonus, restricted stock grants and options exercises, The Journal said ExecuComp reported. The options exercises accounted for the bulk of Karatz's pay, The Journal said
November 13, 2006
FLASH: How the mighty will tumble: KB Homes CEO resigns in embezzlement scheme - backdated his own options
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48 comments:
Do not ask for whom the bell tolls, it tolls for thee
Bob Toll is next
First of many
Duh, Nuh, Nuh, Nuh, Nuh,
Hey, Hey, Hey,
Goodbye.
Duh, Nuh, Nuh, Nuh, Nuh,
Hey, Hey, Hey,
Goodbye.
Yes and KB Homes said in a statement filed October 10th 2006 that they only had $400 million left on their line of credit.
They will burn through that by the end of January.
By the way, KB Homes had a moonlight madness sale here in Northern California. Do you know what their results were.
2 Sales, 2 Cancellations.
A net sales of 0.
2 Sales, 2 Cans.
= 0.
KB Homes said they had 400m left.
Bob Toll said last week at the Homebuilder conference that Toll has 1 Billion left on their LOC and 400m in cash. Toll will be lasting longer than KBH.
KB and TOL also have wildly overstated balance sheets
just the tip of the iceburg.
Keith,
How many Millions would he have retired with had he been honest and just done his job?
Reminds me of Martha Stewart in a Panic over $250,000.00 because of insider stock information, when she was worth Billions on paper. We all know what happened to her.
What a distorted perception of wealth this man has.
Disgusting.
Ahh, das ist doch Schadenfreude!
Looking foward to the Domino Affect!
Crumble Crumble Crumble!
WTF !! and the stock is up today!!!
10:32 am
The bankers are simply paving the way for the collapse. They always set up one or two of their lackeys as poster boys of greed. They did the same thing with ENRON. They made Ken Lay and his boys appear to be rogues when in fact it was the bankers who put them in their positions at ENRON. Ken Lay certainly didnt create de-regulation which of course made ENRON possible. It was the financiers who abolished regulations all so they could steal legally.
But the bankers have to manage the publics perception. You'll now here comments like "things were going real well until that crook at KB Homes ruined eveything".
But we are not faced with a housing correction or collapse per se. What your seeing is a total collapse of the post Bretton Woods monetary system which President RMN created (with help from George Schultz) back on August 15, 1971.
Remeber that site kbhomesucks.com? What happened to it? It's not up anymore?
If he goes to jail (money+good lawyers= 60 days to serve and 3 years probation) he'll do time at a country club prison instead of a County Jail where he wouldn't last 10 min. before he's Bubba bitch.
I met him. He's a nice guy.
"...when in fact it was the bankers who put them in their positions at ENRON"
and Fastow.
here is a nice site I found for those facing trouble iwth their mortgages, but in any case it is always wise to speak directly with your lender...good luck out there.
http://tinyurl.com/y6qyyd
"just the tip of the iceburg."
Beat me to it!
Hper need assistance - I sold my overpriced crap box in 2005 thanks HP.
Now I have a problem that I'm sure you guys can help me with. It is my lazy neighbor in my rental. He lives upstairs and likes to shower and pound around at 12:30 AM every morning, because hiz lazy ass does not go to work until 10 AM. So I went upstairs and starting pounding on his door last night he said he is going to do whatever he wants. Here's the catch they have a newborn baby. Any suggestions guys?
"Any suggestions guys? "
Be thankful he showers.
Any suggestions guys?
Play basketball off the ceiling at 3:00 a.m.
Bwahaha!!
Hper need assistance - I sold my overpriced crap box in 2005 thanks HP.
Now I have a problem that I'm sure you guys can help me with. It is my lazy neighbor in my rental. He lives upstairs and likes to shower and pound around at 12:30 AM every morning, because hiz lazy ass does not go to work until 10 AM. So I went upstairs and starting pounding on his door last night he said he is going to do whatever he wants. Here's the catch they have a newborn baby. Any suggestions guys?
_________________________________
Yeah, move.
Be thankful it is not your landlord you are at war with.
Any suggestions guys?
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Go into the basement and shutoff his hotwater tank, its your house, tell him to be more respectfull or no hotwater, eventually he will either get the hint or have to move.
Threaten to sneeze on his doorknob when you catch a cold. His kid gets a cold and he doesn't sleep for a week or two while the baby is suffering.
Fight fire with fire!
I am the renter so is he. This is an apartment complex. His water heater is upstairs BORKAFATTY. SO keep going with the suggestions. Remember ctying baby = MISERY
Its not his house, He's renting and can't do anything about the noisy beast upstairs. HA HA HA, renting sucks. Starting calling 911 and say there is a women screaming for her life and you heard gunshots in the upstairs apartment. He will get 10 cops crashing through his door at 100am catching him in the shower.
BTW anonymous,
How is going in to work at 10 AM being lazy? I have worked all kinds of shifts. But if you really want to get him, when you wake up at 6 am blare your stereo. Continue to do this until he relents, sleep schedules are hard to change and he will feel it after a week of 5 hour sleep nights.
BTW the sneeze thing was just a threat. Tell him just how much you need your sleep and come to some arrangement where he can make noise until. Otherwise morning "Flight of the Valkyrie" on #11
Tell the landlord. It's his responsibility to make it right.
if that doesn't work, be a big enough pain to the landlord and get out of your lease. Move to a better place.
I am the renter so is he. This is an apartment complex. His water heater is upstairs BORKAFATTY. SO keep going with the suggestions. Remember ctying baby = MISERY
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Oh my bad I thought you were the owner and he was the renter..sorry long days and tired...I dont know on this one..go to the landlord and tell him/her when you hear him et up and he starts bouncing around, your obviously up so..hit the car alarm..but this has its draw back also..or crank the tunes..I mean unless you love the place option to move i guess..best of luck
Ok I need more suggestions on ways to make noise on my ceiling that will drive him nuts.
It 's the longest threadjack in HP History.
Buy a yippy dog.
So what we are talking sweet revenge here!
Landlords enter into these disputes. Normally, the LL will call and warn, followed by a written warning, then eviction if it continues. There normally is a "quiet enjoyment" clause in your lease. Read your state's Landlord Tenant Act (or whatever name your state uses for the law). State laws give you leverage for such issues. Formal, written complaint to your LL will work wonders usually.
To the renter:
Quit being such a puss....you wanted to brag about selling your crapbox in 2005, but in the same breath now complain about a noisy neighbor. Being a renter means putting up with noisy neighbors, part of the price you pay.
This is America, if he wants to shower at 1am, so be it, it's his right. Only option for you, MOVE and this time rent a house vice an apartment.
Ok I need more suggestions on ways to make noise on my ceiling that will drive him nuts.
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Get a roommate preferabally a person with turrets :)
Or you could hire Borks Bitch to stand in your hallway every morning with thong underware on and a megaphone saying:
"He Sells Sea Shells By the Sea Shore"
With the Homo Lisp like the one he has the whole neighborhood will probally move.
perfect example of a threadjack. Good discussion going about KB Homes ruined by an HP'er who didn't understand that BUBBLETALK would have been a great thread for the "problem renter" discussion.
HP'ers - ignore the trolls and ignore threadjack.
Back to the KB conversation please
Dear Fooked Renter,
KB Homes has some really good deals on your own home. Stop renting today, buy a KB Home. You can trust KB.
Ok Keith- Yeah I thread jacked ya, but let's make this a topic for tommorow. KB story though is quite interesting since most realtors and new home buyers don;t know anything about this. Any way we can leak the news to the main stream?
Keith,
You have to see the pics of the shanty town that is being built in Miami in protest to the Housing Bubble. The link is on the Bubble Talk Thread.
and here: http://tinyurl.com/y7wavv
KB stands for KISSING BORK
Just the thought makes me want to masturbate, on Borks face. Kind of like the monkey domination when they hump your face. Sound good borkafaggy.
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HOMO! Reference confirmed..and he is an animal lover ..hmm must be about that time for the visit to the zoo IE: monkey domination...or the nearest sheep farm.
Just do what a relative of mine might or might not have done, something I think I heard about, but can't confirm...
The last day at your rental, put a ripe fish on a hot-plate, set it on simmer, and .... leave
Whad'ya expect from a bunch of hairless monkeys!
I remember reading in the WSJ online article that Karatz paid back the difference, resigned, and now the company is being headed up by the COO who has been there a little less longer than him. Doesn't sounds scandalous to me. The stock went up due to the accountability of the company to recognize and correct their mistakes. I think overall the market is 'more honest' in that the SEC data is available to a wider audience and wider scrutiny.
The Mortgage Real estate Debacal will make the S&L Crisis look Like a Sunday School Picknick.....
when it is finished their will be
1000 Ken Lays
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