What is Digg?50 Comments
- SwissCamel, on 10/10/2007, -2/+35Is retiring at 53 that rare?
- downat420, on 10/10/2007, -0/+22If you would have said 35 then it would have been something to talk about.
- jmreid, on 10/10/2007, -3/+21Is he Jack Bauer?
- mikochu, on 10/10/2007, -1/+18dugg because I share the same last name..and I pretended "Mr. Reyes" in the article was me. I found it more exciting. :P
- Bdog2g2, on 10/10/2007, -1/+10you can't go back in time.
- inactive, on 10/10/2007, -3/+11BTW- I see George only sold 250 million dollars worth of Google stock. Are you guys aware that other Google executives, as well as lower-level employees, have sold 24 billion dollars worth of stock since their IPO?'
But hey- Google makes a lot of money, that's no big deal- right?
Wrong. Google has made exactly 5.9 billion dollars in TOTAL since the day it was founded. So in reality, Google's actual purpose is not to run a search engine, but to allow insiders to dump stock into the hands of suckers. Insiders have sold more than 4x the total profit Google has ever made as a company.
To put it in another perspective- last year Google employees sold more stock than the next 200 public Nasdaq companies COMBINED. Yet Google only had a profit that was equal to 1/380th of all those companies.
Google employees are selling more stock than everyone in the dot.com mania during the late 1990s, put together. Even their celebrity executive chef Adler sold 70 million dollars of stock and retired last year. Google is simply the biggest transfer of wealth in the history of the united states. nothing else comes close. - RetroRufio, on 10/10/2007, -3/+10I'm shooting for 30.
- DoctorC4, on 10/10/2007, -0/+7Retiring is all about money, not age. If you have enough money to retire at 35, freaking do it!
- tehpwnrate, on 10/10/2007, -1/+7People in the military can retire at 40... 53 is nice for private industry, I guess, but not that uncommon.
- Chompy, on 10/10/2007, -2/+8I'm aiming for 45 or 50 myself, depending on how my portfolio does. My wife and I intend to sail for a few years, then take an apartment in a different world city for a year or two each. What's the point of retiring if you're too old to really enjoy it?
Work to live, not live to work. - DiggzDE, on 10/10/2007, -0/+5If you handle your money properly, this is a realistic possibility for most people. The only problem is that most people don't handle their money the right way and thus end up working themselves to death.
- michaelb1, on 10/10/2007, -1/+6I'm looking to reitre at 97. Since I bought of stuff I read about on digg I have to put off retireing.
Every dollar spent on a gadget is a dollar that isn't invested. - Nicksname1, on 10/10/2007, -1/+5Yeah I work with a guy that retired from the military and he said he didn't get ***** so now he's a 51 year old IT guy. If that's considered military retirement then count me out.
- Error601, on 10/10/2007, -0/+4Have you ever seen pussy?
- inactive, on 10/10/2007, -0/+3You moron, you missed the point entirely.
If executives at a company are profiting 4x faster than the rate at which the company itself is profiting, then something is out of whack.
You either have no ***** clue as to what you're talking about, or you're a paid shill trying to excuse Google's executive behavior. - toast1226, on 10/10/2007, -0/+3My dad is the same way -- he was in the military for 20 years but now has a job in IT to make ends meet. 1500 a month doesn't cut it.
- JonRohan, on 10/10/2007, -1/+4Wow, I guess I should get my resume ready.
- Dohko_Xar, on 11/15/2007, -0/+2you brighten my day :)
- michaelGregoire, on 10/10/2007, -0/+2In Canada, 55 is the standard. It's sad that here "in the land of the free" it's more difficult to do.
- prockcore, on 10/10/2007, -2/+4Nope. Both my parents retired in their 40s.
- techpr, on 10/10/2007, -0/+2I'm 34 and will retire in the next 4 years. 2 Years doing Network Marketing business and for me it is the only way to make real money and retire sooner.
- inactive, on 10/10/2007, -3/+5Gregory Reyes, George's brother who was the CEO of brocade, was recently sentenced to federal prison for massive stock option fraud.
Gregory himself was sanctioned by the SEC for stock option fraud at his previous employer before google, but he settled with the SEC for an undisclosed amount and did not admit or deny guilt. Somehow he avoided prison.
I think it's safe to say that crime runs in the Reyes family. - Error601, on 10/10/2007, -0/+2I thought the Internet cliche when an execute quits is "rats jumping from a sinking ship."
- hokie47, on 10/10/2007, -1/+3He will be back working in a few years. Maybe not at Google but they tend to come back to do something.
- bloodguard, on 10/10/2007, -0/+2I plan on mostly being retired in about 5 years (@50). I'll only be working about 10 to 20 hours telecommuting. About the only reason I won't go 100% is health insurance. My company will let let me stay on their plush plan if I keep working part time. Solo health plans are freaking expensive and they'll push you under the bus (cancel) if you actually need to use it.
- trinest, on 10/10/2007, -0/+1in aus the standard is now almost 60, many people work into their late 50's.
- merreborn, on 10/10/2007, -0/+1Not at all. Especially not in the tech sector. My dad knows an early (very early, probably dating back to the 80s) AOL employee who retired at 35.
Retiring at 53 is pretty late for top exec at a massively successful dotcom. - pjose, on 10/10/2007, -0/+1i'm 27 and i'm (re)tired...
- antdude, on 10/10/2007, -0/+1Old fart. :P
- ThatsUnpossible, on 10/10/2007, -1/+1"Google is simply the biggest transfer of wealth in the history of the united states. nothing else comes close."
The transfer of wealth through income taxation is by far a greater amount of money, and a greater travesty, as the people supplying the money do so under the threat of force, and not with the free will associated with the stock market.
The rest of your commentary is pointless, and boils down to bitching about their P/E value. - isuisorisuaint, on 10/10/2007, -1/+1i had a comment but never mind...just too easy.
- SpykerSpeed, on 10/10/2007, -2/+2Again, I must reiterate: you've got no clue what you're talking about. Market capitalization (and by extension, share value) is higher than both profit and enterprise value for most American businesses. This is because it includes a premium based on the expected future growth of the business. Stocks trade on expectations, not past profits or book value. The guys who started Google have every right to sell out of it if they want to - they own the shares, and that's the price the market commands for those shares.
- inactive, on 10/10/2007, -1/+1Stephenhero,
In Silicon Valley its all about selling stock. Nothing else matters. - witwit, on 11/30/2007, -0/+0..and may he rest in peace :)
-Wit
http://www.Options-Calculator.com - CybrMike, on 10/10/2007, -2/+1psh. 53 is old. I'm 25 and retired.
- isuisorisuaint, on 10/10/2007, -2/+1here is another angle: http://img407.imageshack.us/img407/2300/neckpussyrf6.jpg
sfw - inactive, on 10/10/2007, -2/+1I retired at 53 and plan to NEVER get another job. You can do it too.
Dont buy new cars and big houses I work on my antique cars all the time now
. - jkharris07, on 10/10/2007, -2/+1I'm surprised hes not retired already.
- chrislongridge, on 10/10/2007, -2/+1Good on him. If I had the cash I'd retire now.
- SpykerSpeed, on 10/10/2007, -1/+0What about them? They broke the law. This is why you diversify your investments, so you can avoid a financial meltdown when one unforseen event occurs.
- SpykerSpeed, on 10/10/2007, -5/+3You're comparing profit with market capitalization, which just goes to show you have no idea what you're talking about. Corporate executives regularly sell the shares of the company they work for in order to diversify their investments, not because they think the company is crap.
- stephenhero, on 10/10/2007, -3/+1My dad retired at 56, and he certainly wasn't the CFO for anyone. It's all about being smart with your money.
- isuisorisuaint, on 10/10/2007, -3/+1it looks like he has pussy on his neck
http://www.google.co.uk/press/images/george_reyes_lg.jpg - digismack, on 10/10/2007, -8/+5My dad is 47 and he can already retire from his government job. He still works though, by choice.
- Kadoo, on 10/10/2007, -3/+0Good for him! We should all strive to be able to do that.
- yoda17, on 10/10/2007, -5/+1My grandfather retired at 30 (made $$$$). Try getting cancer - it is very helpful for retiring at a young age also.
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