Wallstreet pay vs Teacher pay

[John Galt?]

Now suppose a private company gave the power to hire and keep in employment the Comptroller who set wages and benefits for the employees, to the employees, and the company could not legally financially reorganize or go out of business and could only borrow, without limit, new capital to pay those wages and benefits and the shareholder or owners were forced to assume all liability for all outstanding debts, ad infinitum.

You would then have the private sectors version of a public employee union.

How would this work out?

Im not following you (who is given the power (the Comptroller??).  Can you seperate the sentences.  Im not trying to be a forum moderator, I tried to read it several times and couldnt get past all the commas.

Do you need help with this sentence, it has just as many commas?

When, in the course of human events, it becomes necessary for one people to dissolve the political bands which have connected them with another, and to assume among the powers of the earth, the separate and equal station to which the laws of nature and of nature's God entitle them{,} a decent respect to the opinions of mankind requires that they should declare the causes which impel them to the separation.
                                                                                                                   

honestly, the one I marked should be a semi colon.

[shawn731]

I can only speak for myself, but if someone had a problem understanding what I've said I would simply attempt to oblige them by anwering them in a way for them to understand..  What is there to gain by being condescending???  But hey whatever floats your boat.  I just move on. 

But the Homer Simpson explanation was creative.   And I understood what he was saying.

[kevabuc]

I can only speak for myself, but if someone had a problem understanding what  said  would simply attempt to oblige them.  What is there to gain by being condescending???  But hey whatever floats your boat.  I just move on. 

But the Homer Simpson explanation was creative.   And I understood what he was saying.

Sorry, my bad. I just can't help myself sometimes but I'm working on it.

It was too much of a coincidence and I always love a chance to quote the Declaration.

 

[kevabuc]

Now suppose a private company gave the power to hire and keep in employment the Comptroller who set wages and benefits for the employees, to the employees, and the company could not legally financially reorganize or go out of business and could only borrow, without limit, new capital to pay those wages and benefits and the shareholder or owners were forced to assume all liability for all outstanding debts, ad infinitum.

You would then have the private sectors version of a public employee union.

How would this work out?

Im not following you (who is given the power (the Comptroller??).  Can you seperate the sentences.  Im not trying to be a forum moderator, I tried to read it several times and couldnt get past all the commas.

Do you need help with this sentence, it has just as many commas?

When, in the course of human events, it becomes necessary for one people to dissolve the political bands which have connected them with another, and to assume among the powers of the earth, the separate and equal station to which the laws of nature and of nature's God entitle them{,} a decent respect to the opinions of mankind requires that they should declare the causes which impel them to the separation.
                                                                                                                   

honestly, the one I marked should be a semi colon.

Are you saying spellcheck is wrong?

[John Galt?]

It wasn't that hard to read. but it could use some cleaning up. I know this is a MB and not a Textbook...wait, some textbooks are worse.

Now suppose a private company gave the power to hire and keep (in employment) the Comptroller (who set wages and benefits for the employees) to the employees.  Also the company could not legally financially reorganize or go out of business and could only borrow, without limit, new capital to pay those wages and benefits. And on top of that, the shareholder or owners were forced to assume all liability for all outstanding debts, ad infinitum.

You would then have the private sectors version of a public employee union.

How would this work out?

kevabuc's original version was technically correct. just harder to read because of the way this MB is set up (background color, font size, etc.)

[shawn731]

No problem, kevabuc. No offense taken, just don't let it happen again (LOL).

[The White Tiger]

WT-Im not in a union.  Let me ask this question.  Why it is that now after the economy has taken the turn it has that this is an issue?  If the unions were swindling the "taxpayers" as some have put it why hasn't the issue been addressed when they (unions) began overstepping? Why wait till now?  That is my gripe. 

Because it deflects the attention from the people who put the country in this mess and are still raking in the bucks.

I know what you mean - fortunately for us the Obama administration appointed heads of the SEC, Tresury, IRS, and OMB that knew exactly what to look for - unfortunately that was because THEY are the ones who MADE the mess to which you refer:

http://economicwarrior.org/2010/05/27/you-must-be-kidding-mary-shapiro-a-sheriff-on-wall-street-what-are-the-editors-at-time-magazine-smoking/

"...(Mary)Shapiro (SInce leaving as CEO of FINRA, Shapiro has been head of the SEC) may have not looted shareholders like Stan O’Neil from Merrill Lynch, **CENSORED** Fuld from Lehman Brothers, Jim Cayne from Bear Stearns– but  she did not leave the self-regulator Finra with an empty pail. Finra is the self-regulatory body that missed Bernie Madoff’s $50 billion scandal and the  R. Allen Stanford  $7.2 billion fraud. It has huge oversight of over 4,900 broker dealers and more than 664,975 registered representatives. Often Finra has been accused  of letting the big Wall Street broker-dealers get away with miscreant behaviour while crushing the little guy[/u].  I know, some years back  Finra’s  predecessor the NASD put me through hell on a mistake they made. It was a traumatic experience and they never apologized. While investors see all red in their retirement accounts, self-regulators at Finra see all green.

In 2008,  the last year Mary Shapiro was CEO  Finra she made $3.2 million at the not-for-profit regulator. In 2009, Shapiro received $7.2 million as part of her accumulated retirement plan benefits package ( not-for-profit?). Shapiro’s compensation package also included $20 thousand for club memberships, $20 thousand for personal and financial and tax consulting–as well as a car and driver in Washington D.C. and New York.  Yet Shapiro’s compensation is not the highest, Robert Glauber, Shapiro’s former boss and now a law professor at Harvard Law School, got $6 million in 2006. But get this one, Salvadore Sodano, who retired from the NASD in 2005, got his final $3 million of his $22 million exit package he got in 2005! Oh yeah, Douglas Shulman, who is now the Internal Revenue Service Commissioner, received $2.74 million for working a partial year at Finra in 2009.  Total benefits and compensation costs for Finra jumped to $541.7 million in 2008, with 2,800 employees, brings average compensation to $204 thousand per employee.

Mary Shapiro, while she was at Finra appointed Mark Madoff, Bernie Madoff’s son, to the National Adjudicators Council–the regulatory body that reviews disciplinary action by Finra. Shana Madoff, Bernie’s niece, was the compliance officer at Madoff’s firm, but also a member of the compliance committee of Finra

Throw in current Obama administration's Secretary of Treasury, Timothy Geithner, chairman of the New York Federal Reserve Bank during the financial meltdown. He made millions off his secret purchase of Goldman Sachs stock in violation of Federal Reserve policy, at a time when the N.Y. Fed was ostensibly overseeing the antics of the Wall Street firm. Goldman also received an additional $8.1 billion that will not have to be returned to taxpayers. This is a result of the bailout engineered by then-N.Y. Fed president Geithner of AIG, which listed Goldman as its top insured credit-swap customer

Oh yeah, how about Jacob Lew, Obama's head of the Office of Management & Budget (OMB is the White House budget director), who bet against the housing market in his capacity as chief operating officer of Citigroup Alternative Investments during 2008? And not just any bet - one of the business units overseen by Lew, the Multi-Adviser Hedge Funds Portfolio LLC, invested in a fund set up by John Paulson. Paulson, of course, is the notorious hedge fund king who convinced Goldman Sachs to create mortgage-backed security derivatives that were purposely designed to collapse in value, so that he could bet against them. During Lew's short tenure at Citigroup, the Multi-Adviser unit more than doubled its investment in the Paulson fund.

Isn't it funny that the guys who created the meltdown are the very guys that got to direct the Wall Street bailout AND the financial reform legislation!

How lucky for us.

[John Galt?]

Now suppose a private company gave the power to hire and keep in employment the Comptroller who set wages and benefits for the employees, to the employees, and the company could not legally financially reorganize or go out of business and could only borrow, without limit, new capital to pay those wages and benefits and the shareholder or owners were forced to assume all liability for all outstanding debts, ad infinitum.

You would then have the private sectors version of a public employee union.

How would this work out?

Im not following you (who is given the power (the Comptroller??).  Can you seperate the sentences.  Im not trying to be a forum moderator, I tried to read it several times and couldnt get past all the commas.

Do you need help with this sentence, it has just as many commas?

When, in the course of human events, it becomes necessary for one people to dissolve the political bands which have connected them with another, and to assume among the powers of the earth, the separate and equal station to which the laws of nature and of nature's God entitle them{,} a decent respect to the opinions of mankind requires that they should declare the causes which impel them to the separation.
                                                                                                                   

honestly, the one I marked should be a semi colon.

Are you saying spellcheck is wrong?

Wouldn't be the first time.

According to my spellcheck, "spellcheck" is spelled wrong. LOL

[kevabuc]

It wasn't that hard to read. but it could use some cleaning up. I know this is a MB and not a Textbook...wait, some textbooks are worse.

Now suppose a private company gave the power to hire and keep (in employment) the Comptroller (who set wages and benefits for the employees) to the employees.  Also the company could not legally financially reorganize or go out of business and could only borrow, without limit, new capital to pay those wages and benefits. And on top of that, the shareholder or owners were forced to assume all liability for all outstanding debts, ad infinitum.

You would then have the private sectors version of a public employee union.

How would this work out?

kevabuc's original version was technically correct. just harder to read because of the way this MB is set up (background color, font size, etc.)

If I knew I was being graded on my posts I would have put a little more effort into it. And why is my paper being singled out, the same thing happened to me in school. I hate school.

[kevabuc]

Now suppose a private company gave the power to hire and keep in employment the Comptroller who set wages and benefits for the employees, to the employees, and the company could not legally financially reorganize or go out of business and could only borrow, without limit, new capital to pay those wages and benefits and the shareholder or owners were forced to assume all liability for all outstanding debts, ad infinitum.

You would then have the private sectors version of a public employee union.

How would this work out?

Im not following you (who is given the power (the Comptroller??).  Can you seperate the sentences.  Im not trying to be a forum moderator, I tried to read it several times and couldnt get past all the commas.

Do you need help with this sentence, it has just as many commas?

When, in the course of human events, it becomes necessary for one people to dissolve the political bands which have connected them with another, and to assume among the powers of the earth, the separate and equal station to which the laws of nature and of nature's God entitle them{,} a decent respect to the opinions of mankind requires that they should declare the causes which impel them to the separation.
                                                                                                                   

honestly, the one I marked should be a semi colon.

Are you saying spellcheck is wrong?

Wouldn't be the first time.

According to my spellcheck, "spellcheck" is spelled wrong. LOL

Try, Spellcheck, the proper noun. But, you knew that, didn't you.

[John Galt?]

WT-Im not in a union.  Let me ask this question.  Why it is that now after the economy has taken the turn it has that this is an issue?  If the unions were swindling the "taxpayers" as some have put it why hasn't the issue been addressed when they (unions) began overstepping? Why wait till now?  That is my gripe. 

Because it deflects the attention from the people who put the country in this mess and are still raking in the bucks.

I know what you mean - fortunately for us the Obama administration appointed heads of the SEC, Tresury, IRS, and OMB that knew exactly what to look for - unfortunately that was because THEY are the ones who MADE the mess to which you refer:

http://economicwarrior.org/2010/05/27/you-must-be-kidding-mary-shapiro-a-sheriff-on-wall-street-what-are-the-editors-at-time-magazine-smoking/

"...(Mary)Shapiro (SInce leaving as CEO of FINRA, Shapiro has been head of the SEC) may have not looted shareholders like Stan O’Neil from Merrill Lynch, **CENSORED** Fuld from Lehman Brothers, Jim Cayne from Bear Stearns– but  she did not leave the self-regulator Finra with an empty pail. Finra is the self-regulatory body that missed Bernie Madoff’s $50 billion scandal and the  R. Allen Stanford  $7.2 billion fraud. It has huge oversight of over 4,900 broker dealers and more than 664,975 registered representatives. Often Finra has been accused  of letting the big Wall Street broker-dealers get away with miscreant behaviour while crushing the little guy[/u].  I know, some years back  Finra’s  predecessor the NASD put me through hell on a mistake they made. It was a traumatic experience and they never apologized. While investors see all red in their retirement accounts, self-regulators at Finra see all green.

In 2008,  the last year Mary Shapiro was CEO  Finra she made $3.2 million at the not-for-profit regulator. In 2009, Shapiro received $7.2 million as part of her accumulated retirement plan benefits package ( not-for-profit?). Shapiro’s compensation package also included $20 thousand for club memberships, $20 thousand for personal and financial and tax consulting–as well as a car and driver in Washington D.C. and New York.  Yet Shapiro’s compensation is not the highest, Robert Glauber, Shapiro’s former boss and now a law professor at Harvard Law School, got $6 million in 2006. But get this one, Salvadore Sodano, who retired from the NASD in 2005, got his final $3 million of his $22 million exit package he got in 2005! Oh yeah, Douglas Shulman, who is now the Internal Revenue Service Commissioner, received $2.74 million for working a partial year at Finra in 2009.  Total benefits and compensation costs for Finra jumped to $541.7 million in 2008, with 2,800 employees, brings average compensation to $204 thousand per employee.

Mary Shapiro, while she was at Finra appointed Mark Madoff, Bernie Madoff’s son, to the National Adjudicators Council–the regulatory body that reviews disciplinary action by Finra. Shana Madoff, Bernie’s niece, was the compliance officer at Madoff’s firm, but also a member of the compliance committee of Finra

Throw in current Obama administration's Secretary of Treasury, Timothy Geithner, chairman of the New York Federal Reserve Bank during the financial meltdown. He made millions off his secret purchase of Goldman Sachs stock in violation of Federal Reserve policy, at a time when the N.Y. Fed was ostensibly overseeing the antics of the Wall Street firm. Goldman also received an additional $8.1 billion that will not have to be returned to taxpayers. This is a result of the bailout engineered by then-N.Y. Fed president Geithner of AIG, which listed Goldman as its top insured credit-swap customer

Oh yeah, how about Jacob Lew, Obama's head of the Office of Management & Budget (OMB is the White House budget director), who bet against the housing market in his capacity as chief operating officer of Citigroup Alternative Investments during 2008? And not just any bet - one of the business units overseen by Lew, the Multi-Adviser Hedge Funds Portfolio LLC, invested in a fund set up by John Paulson. Paulson, of course, is the notorious hedge fund king who convinced Goldman Sachs to create mortgage-backed security derivatives that were purposely designed to collapse in value, so that he could bet against them. During Lew's short tenure at Citigroup, the Multi-Adviser unit more than doubled its investment in the Paulson fund.

Isn't it funny that the guys who created the meltdown are the very guys that got to direct the Wall Street bailout AND the financial reform legislation!

How lucky for us.

Couple things,

1. FINRA (and the NASD) are not government agencies and they receive NO tax dollars.
2. FINRA is a SRO (Self Regulating Organization) so of course it's leadership is composed of people from member firms. Just like the Bar is all lawyers and the AMA is all doctors.
3. "Often Finra has been accused  of letting the big Wall Street broker-dealers get away with miscreant behaviour while crushing the little guy." Accused by who? Do I hear an axe grinding?
4. "I know, some years back  Finra’s  predecessor the NASD put me through hell on a mistake they made. It was a traumatic experience and they never apologized." Well, looky there...an axe, ready to be ground.

[The White Tiger]

re: addressing your Couple things,

Quote from the end of the link:

...An internal report by Finra’s board of governors [after Mary Shapiro's departure to head the Securities & Exchange Commission ], entitled “Report of the 2009 Special Review Committee on Finra’s Examination Program in Light of the Standford and Madoff Schemes,” was not  kind to Finra either.  It revealed that the self-regulator was bogged down in bureaucracy and  inept staff  that  lacked the basic understanding of the scope of their jobs. In February 2010, the Project on Government Oversight (POGO) slammed Finra as well for its incestuous relationships  between self-regulatory agencies (SROs) and the financial service industry..."

I'd say that the "staff" problem wasn't dealt with - it was promoted - to head the SEC.

Of course, what would I know.

We keep allowing the same stuff, from the same people, expecting different results...

[The White Tiger]

The guys who wrote the Financial Reform Legislation - are the guys who created the need for it.

They were the top fund managers, the top financial houses, the chief self-regulatory body, as well as the President of the New York Federal Reserve - they fostered an environment where the big guys feasted on the smaller guys - they stuck a knife in their competitors when they got the chance, and then they went to jobs in the government where they wrote a law that would have given them even more power to do what they had been doing.

I believe they actually found better ways to cheat the people/shareholders - wrote that into law - so that future regulators, fund managers, and all the right investment houses can make even more money.

...they're feathering their nests...so to speak...