IndyMac's new value: not enough to pay Rush Limbaugh
IndyMac shares are free-falling today, last quoted at 39 cents per share, as investors flee the troubled California thrift. That gives the company a market value of $39 million (the math is easy: 100 million shares outstanding), which is not even enough to pay Rush Limbaugh's salary for a year. The New York Times values Limbaugh's new contract at $50 million per year.
IndyMac still bills itself as the largest savings and loan in Los Angeles, but it is shrinking rapidly. And with a market value of just $39 million, IndyMac finds itself at the very low end of high finance. At that value, IndyMac is worth ...
-- Enough to produce about 24 minutes of the Will Smith box office hit "Hancock," which had a reported production budget of $150 million. Trouble is, the movie is 92 minutes long.
-- Enough to pay Tiger Woods for about four months. Sports Illustrated estimates Woods' earnings at $127 million per year.
-- Exactly enough to buy this trophy house in La Jolla, an 11,000-square-foot "architectural masterpiece" perched on an oceanside cliff. Trouble is, IndyMac would have no money left over for closing costs.
-- Enough to buy Bill Davis Racing, which Forbes values at $36 million, making it the 14th-most valuable team in NASCAR. The most valuable team, Hendrick Motorsports, is way out of IndyMac's budget, valued at $335 million.
Photo: Rush Limbaugh / Associated Press
Oh now really, Pete. That's just troll bait.
Besides, it's a pre-stomach surgery picture.
Then again, some also prefer to idolize the bolated Elvis over the younger, svelte version too.
Posted by: TakeFive | July 08, 2008 at 01:35 PM
Finally a picture more horrifying than Mozilla.
Posted by: Inland Empire | July 08, 2008 at 02:21 PM
I don't know what's harder to believe: that people would pay a windbag demagogue so much money for spewing words, or that someone of his elephantine stature and bank account is also addicted to tiny pills.
I mean, if you got the dough, wouldn't a simple tranquillizer gun be more effective and less time consuming?
Posted by: the problemwithcaring | July 08, 2008 at 02:25 PM
I guess assets have no value anymore?
Posted by: Wally Mouon | July 08, 2008 at 03:51 PM
Maybe can't pay Rush's salary;
but, it can pay the salaries of Randi Rhodes,
Ed Schultz, Tammie Bruce, and Stephanie Miller
with more than change for spare.
(they all are worth what they get).
Posted by: yours truly, Johnny Dollar | July 08, 2008 at 06:09 PM
I don't understand why Rush is even mentioned in this story since it's Clear Channel that Rush has a contract with. What's the point?
Posted by: Bob Tracy | July 08, 2008 at 07:37 PM
My mother cleared out her CD yesterday. Payed early withdrawl penalties and everything. If you did an audit of they're books today, you would see that they don't have the cash to buy a pack of chewing gum, let alone the annual salary of a McDonald's crewmember, or a job of lesser importance as previously pointed out.
Posted by: Crash and Burn | July 08, 2008 at 10:41 PM
Or 130 hours in Iraq.
Posted by: Miami Meltdown | July 09, 2008 at 06:26 AM