You know the recession is in full swing when a CEO goes from $750,000 a year to a measly $7.29 an hour as a pizza delivery man. A former CEO of his own hedge fund, Ken Karpman went bankrupt and lost more than $500,000 of his own investment during the credit crisis.
After taking a line of credit on his house to fund his business, he tried to pay back his debt with no source of income. Desperate for work he decided to apply at a Mike’s Deli and Pizzeria, after a potential bartending gig fell through. Although, extremely over qualified, the pizza owner gave him a chance. Karpman, an MBA from UCLA and former stock trader is fairly positive about his new position and looks to it as more of a growing process.
At times, he finds himself delivering pizza to former colleagues and employees, but he doesn’t really let it get to him. Although understanding, Karpman’s wife puts most of the blame on him since he left his high paying job to start his hedge fund endeavor. He gladly accepts the blame and understands his faults.
I must say, even though this isn’t the prettiest story ever, there’s a sense of realism and humility that makes you appreciate what you have.
Comments
dan
March 21st, 2009 - 8:13:28 AM
Any one that faults Kens attempts to "do better in life" such as open a hedge fund that failed , fails to uderstand what freedom is all about, win or loose. I have been down in the S&P 500 at the CME since the 1985 and taking risk is always going to be part of moving up in life. Yes in bad times this seems out of whack but what would have happend if the credit crisis never came about. Ken , your timing was bad your idea wasnt. If you want to contact me about a potential job office please do so. I am 50 years old and have been on the floor since I was 18. I didnt go to collage but you do have to to understand whats going on around us. Dont stop fighting Ken.
rob
March 21st, 2009 - 9:29:57 AM
His wife's a bitch. Publicly blaming him. As part of his new life, he should dump that golddigger and get himself a real wife.
Cheryl
March 21st, 2009 - 9:32:55 AM
Good for you!
rey
March 21st, 2009 - 9:35:16 AM
Things don't always go as planned in life. Yes he's at fault but he is not to blame. He wanted freedom and a better life and he took a risk. Most importantly he didn't let his pride stopped him from doing what he had to do to feed the family. Not many CEO's could have done that...Dan, can I have an office job too?
Trent Black
March 21st, 2009 - 10:33:07 AM
This is happening all over. Does he cut way back, go to cheaper cars and houses, and save some of his money with less expensive stuff, or does he keep the same lifestyle, keep his marriage, and try to make it all work. It is a rough choice. I been in his shoes. Next time, the marriage goes, cause it will be lost anyway. Get cheaper diggs and cars, and ride it out, and go a different direction.
Gman
March 21st, 2009 - 11:22:57 AM
WHAT A MORON! He didn't plan ahead or budget sufficiently when he started his own business by having cash reserves or cutting back his expenses to account for the lesser salary he's receive while starting his business. They still lived high on the hog and burned through over HALF A MILLION dollars in 2 years, living their extravagant lifestyle while he had no income from his business. They didn't budget to account for the change in income, nor could they delay gratification by cutting back on their jet skis, mercedes or ski trips. The kids seem old enough to take care of themselves after school, so why doesn't the lazy, unskilled wife look for a job! They're on food stamps! How do they qualify for that? They must have had equity in their home, and they still have the jet skis, mercedes, etc. Those are assets. There are people out there with far less who DON'T get welfare. Forget this idiot. He was greedy and stupid, and he was a terrible father to have gotten his family in this situation. Now we're partially supporting him. This is what's wrong with corporate leadership in America.
Joey
March 21st, 2009 - 3:35:56 PM
I must say, I admire Mr. Karpman, he doesn't let other people's views influence what he has to do. You can't fault a man for just trying to feed his family.
coffee maker
March 21st, 2009 - 10:06:13 PM
Ken Karpman is doing an admirable thing, as far as I'm concerned, by taking that pizza delivery gig
anne
March 22nd, 2009 - 3:51:01 AM
I'm curious - what does the wife do for a living? Is she out there trying to put food on the table too? Publicly blaming her husband for their current situation is not supportive at all!
argos
March 22nd, 2009 - 6:22:34 PM
look forward Ken, there´s more in life....
kennypride
March 22nd, 2009 - 8:14:00 PM
I feel ZERO sympathy. I am FRUSTRATED and ANGRY to see that most people feel "sorry" for this loser who use to live a lavish life. You people should be ashamed of yourselves. I do NOT understand why you would EVER think that this loser is a "True American". You're definition of "True American" is a person who made sh*t load of money, lived a lavish life, took a huge risk investing all his saving compelled by GREED and when things go bad, collect food stamps? Wake up and smack yourself on your head. This loser deserved everything. If you really want to help, give a little to hungry people in India/Africa. Do NOT feel any sympathy forward people like Ken Karpman.
carl Zimmerman
March 23rd, 2009 - 1:34:25 PM
He'll make a come back frm current temporary set back for a few years. It's a norm for a trader.
gadgetboy32
March 26th, 2009 - 8:37:35 PM
NO savings, No 401k no nothing? WTF tent city here we come! No joke they will end up there for sure
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