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Old 11-16-10, 11:17 AM   #1
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Frugality Finest Practitioner: Edward Wedbush's Roof Leaks, But His Wallet Doesn't

http://www.latimes.com/business/la-fi-wedbush-20101116,0,3710239,full.story
(Including Local CW KTLA Television Station's Companion Video)

He kept his investment firm going in the recession. He drives a 1992 Town Car and brings lunch from home. The office carpet is patched with duct tape. One worker calls him 'the cheapest man alive.'

No expense is too small to track.

".....The peeling shingles atop his one-story stucco house in Ladera Heights are covered in blue and black tarpaulin. The bandaged roof has been an eyesore for years in a neighborhood of carefully tended mid-century homes. The 78-year-old Wedbush occasionally climbs onto the roof in bathrobe and slippers to rearrange them, neighbors say. The 3,400-square-foot house was the family's main residence for many years. Wedbush's principal home is now in Rancho Santa Fe, but he spends several nights a week at the Ladera Heights property......The company headquarters overlooking the 110 Freeway in downtown L.A. reflects Wedbush's peculiar combination of shining success and reflexive stinginess.

From the outside, the black-and-gray skyscraper looks immaculate and stylish.

Inside, the carpets are stained from years of spilled coffee and pacing feet. Sections in the trading room became so ragged that some women caught their heels in the holes. The hazard was removed, but not by replacing the carpeting: The tears were patched with duct tape, a fix reminiscent of the tarpaulin on Wedbush's leaky roof.....The company saved about $500 a month by eliminating a monthly pizza lunch for employees during the depths of the financial crisis in late 2008 — even though the company was doing well. Wedbush said the pizza was axed as a symbolic gesture and has since has been restored.

During the year-end holiday party season, Wedbush tells managers he will "pay for the meat" but nothing else, according to current and former employees.

"The image I convey here is that Ed Wedbush watches the expenses," Wedbush said....."


Or is an extremist in the other direction. Perhaps one should strike a nice balance between frugal & enjoying whatever financial gifts you are given. Perhaps not money itself is the root of all evil, it is rather the love of money (fixated too much on it in either extreme spending or the lack of it practice) is the real evil.

Would you work there and thrive in that sort of environment?

Last edited by folder fanatic; 11-16-10 at 11:30 AM.
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Old 11-16-10, 05:14 PM   #2
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He was to buckle down to even get close to Hetty Green.
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