Thread regarding Mutual of America Life layoffs

Fake news! Pathetic sourcing (never spoke to CFO or any senior executives): "We've heard some whispers"; "The impression is"; and "readout of tea leaves." LOL. So sad.

1. "MoA can't figure out ways to generate more revenue and executive management has been slow to roll out revenue generators and this is a massive concern." [False. New products have rolled out and more to come. New products take time to develop and get approval in heavily regulated industry.]

2. "There is too much leased real estate to the tune of $20M a year. Need to get out of these leases fast." [Reduction/consolidation of field offices has already started. But as a leasing/real estate expert, you should tell the company exactly what the right amount of leasing is.]

3. Sale of 320 Park and Boca eliminates assets and rental income and now forces company to pay rent. [Company has very long-term lease at well-below market rates at 320 Park. Company was paying 25% of that rent to joint venture partner even before the sale. Company gained needed liquidity from the sales proceeds to rebalance its portfolio. Best possible move under the circumstances. As for Boca, rent at a new location will be less expensive than the cost of maintaining that property. So again, good idea to sell.]

4. "Company is top heavy and whole divisions like Cap Management be sold for a big profit." [Only prior management thought selling Cap Management was a good idea - so yeah, let's go back to their ideas (sarc.) Cap Management is the crown jewel of the company.]

5. "Reinsurance treaties have been a big bust. No one ever, I mean ever, talks about Simpa Baye." [Again reinsurance treaties were negotiated by prior management. As for Simpa, I heard he plans to work at TruSpire when it is sold.]

6. "Salaries are too high for un productive executives" [Thanks for the circular reasoning. What is the appropriate amount to pay an unproductive executive? Please send market data for comparable companies.]

7. Our client facing platform is disastrous and more business will be lost without quick change. [Way to be precise, very helpful. Whatever your definition of "disastrous" is, issues with the platform were caused by prior management. These things are very costly to change and contractual obligations make it harder still. Company is working on solutions (and don't ask what those solutions are/might be - the Company can't advertise its strategies).]

8. "Risk management needs dramatic improvement." [Company recently hired a new risk manager - give him a chance.]

9. "Company reputation is in tatters." [False. Despite your best efforts to hurt the company by posting on this and other websites, the vast majority of our customers think highly of the company and its new management team.]

10. Board of Directors is useless. [This statement is useless. What is it based on? Do you attend the board meetings? Are you are upset that they turned to a new management team?]

11. "Company needs to be set up for sale for a buyers." [Great idea, Einstein. The "sell low, buy high" strategy is always a great bet.]

Did TruSpire ever write any business at all? Did it do anything in Bermuda? Or were these just id--tic moves by prior management to try to take the focus off of other failures within the Company?