The Boston Herald reported O’Connell was given a bonus of more than $6 million in 2004 and his total compensation in 2004 more than doubled. THEN, within six months he was fired. How is that possible? What does that say about MassMutual?
I was reviewing the GAAP RCGs for derivative open positions as of 4/30/05. It appears as though there were huge gains recognized in April, as the balance at 3/31/05 was $215 million loss and the balance at 4/30/05 was $6 million loss, a difference of $209 million gain
Part of the mismatch was due to a misinterpretation of ALM results during the quarter; and adjustment for equity-related assets was double counted (i.e. incorrectly applied on the asset side, since the liabilities already incorporated the adjustment).
Certainly individuals deserve to be terminated for abuse of authority. What about public employees and judges who abuse their power? What can one do? In the Town of Winthrop they have a building inspector who continually revokes building permits without just cause or reasonable reasoning. The Town is being bludgoned with law suits, boarded up buildings and homeowners who are reluctant to repair or remodel their homes because of a desire not to deal with this unreasonable individual. Even when certain projects are approved by the Board of Appeals or by the Courts, he still refuses to refuses issue the appropriate permits. The town refuses to take action against him because he is currently sueing his former employer, The Town of Dracut MA., for allegedly violating his free speech rights when them repremanded him and imposed restrictions on him as a result of his behavior, conduct and demenor in that town. Currently, he has been reported for illegally and secretly installing a recording device in his Town Hall office that he shares with other departments to record conversations and telephone conversations that occur in his absence and, as a source of intimidation, he brings his guns into his office and cleans them at his desk during working hours. When confronted with the discovery of the recording device I was told that he responded that he placed it there because his secretary made an accusation of sexual harrassment at her former place of employment and he wanted to avoid a similar situation for the town.
It certainly is refreshing to see a Board taking a stand after all the other scandals that have plagued business.
The Boston Herald reported O’Connell was given a bonus of more than $6 million in 2004 and his total compensation in 2004 more than doubled. THEN, within six months he was fired. How is that possible? What does that say about MassMutual?
I was reviewing the GAAP RCGs for derivative open positions as of 4/30/05. It appears as though there were huge gains recognized in April, as the balance at 3/31/05 was $215 million loss and the balance at 4/30/05 was $6 million loss, a difference of $209 million gain
Part of the mismatch was due to a misinterpretation of ALM results during the quarter; and adjustment for equity-related assets was double counted (i.e. incorrectly applied on the asset side, since the liabilities already incorporated the adjustment).
Certainly individuals deserve to be terminated for abuse of authority. What about public employees and judges who abuse their power? What can one do? In the Town of Winthrop they have a building inspector who continually revokes building permits without just cause or reasonable reasoning. The Town is being bludgoned with law suits, boarded up buildings and homeowners who are reluctant to repair or remodel their homes because of a desire not to deal with this unreasonable individual. Even when certain projects are approved by the Board of Appeals or by the Courts, he still refuses to refuses issue the appropriate permits. The town refuses to take action against him because he is currently sueing his former employer, The Town of Dracut MA., for allegedly violating his free speech rights when them repremanded him and imposed restrictions on him as a result of his behavior, conduct and demenor in that town. Currently, he has been reported for illegally and secretly installing a recording device in his Town Hall office that he shares with other departments to record conversations and telephone conversations that occur in his absence and, as a source of intimidation, he brings his guns into his office and cleans them at his desk during working hours. When confronted with the discovery of the recording device I was told that he responded that he placed it there because his secretary made an accusation of sexual harrassment at her former place of employment and he wanted to avoid a similar situation for the town.
Robert J. O’connell Stole millions of dollars. And he is not in jail?
Something is fishy in Mass.