Heads are rolling at JP Morgan. That's a sign of the the times.....new accountability. Heck.....I was a sales leader at my former company......annually ranked nationally in the top 8 of a nationwide sales force of 150 or so. I had even landed all of the Ford business in Sept. of 2008 but by Dec. of 2008 it was apparent that 2/3 of my book of business was on very shaky financial ground and probably headed for bankruptcy so......out I went. My firm was accountable then....to it's bank. These guys resigning at JP Morgan have learned there is accountability........no matter what they did last year.
I have to ask you BT....in your mind did we even have a severe financial crisis back in 2008 on a world wide scale? Did Wall Street actions play any part at all in the deepest recession since the Great Depression? Lastly....is someone in your family deeply involved in Wall Street? The last question I ask because you are such an ardent defender of everything that has gone down on Wall Street this decade.....preferring it seems to absolve the Streeters from any and all bad behaviors and missteps.
Totally false comment. BT has not defended Wall Street's wrongs and has admitted they occured and condemned them. What he has done is defend Wall Street against inaccuracies and false accusations (no need to mention by whom). He has pointed out that many of the "wrongs" were already illegal and that politicians are using those as an excuse to pass new laws and regulations that he feels will be harmful to the well being of this country.
Yeah....what happened in 2007-2008 was just pretty standard stuff.... Like hell it was. 15.5 trillion dolllars in household wealth including many people's home equity.....including mine. Just standard everyday stuff.......no need for any changes or anything. Let fat boys be fat boys and we'll all prosper..... :roll: :lol:
Are you deaf? All I said was that BT has not condoned wrongdoing. Nobody is defending that stuff. It was already illegal and certainly improper. Much of it was actually fostered by shenanigans that the government (congress) was pulling. But you want more from them. What we need is someone (else) to regulate congress...that would be a novel idea. You continue to distort what folks are saying. You hear what you want to hear...and throw it back as something we did not say.
Stu, when he starts that nonsense I find it better to just not respond. He becomes his own worst enemy because folks here see it for what it is....pure unadulterated bullsh!t and then it becomes impossible to have an adult, rational discussion
What B/S BT? Have you not been a staunch defender of all things connected to Wall Street and vehemently against regulation and watchdogging of the firms and their activities? We came very close to a Depression in this country and I can't see where you place any of the blame on the Street.
As opposed to yourself, who blames only the Street instead of all of the many worldwide factors that precipitated that crash...greed from many different entities including the generalpublic...Fannie Mae...Freddy Mac, etc. You have only a couple of bogeymen...and you blame them for everything. Meanwhile you talk to us like you think that we are happy seeing the world go to hell in a handbasket...just because we have different ideas of what we think are the solutions to the problems. Yeah, and we like to drown kittens, too.
I am on record and therefore you either have not looked, if you looked you have not seen, and if you've seen you have not read, if you have read than you have simply ignored...... I'm not surprised, you don't see anything that doesn't confirm the fairy tales and conspiracy theories in which you surround yourself.....
Now that......is not the truth Stu. I have recognized all of the causative factors at work before on this board but I don't think I am wrong in that BT has been a supporter and advocate of those on Wall Street with regard to paying them their exorbitant if unearned bonuses and less regulation of their activities which as we know can sometimes jeopardize and dearly cost the rest of us who aren't on the "inside". Effective analogy on the kittens.....I appreciate what you are saying but we sure do have a different idea about just who has profited in all this mess and who has paid out the ass.
BT has never been a blind supporter of Wall Street. You see him that way because he is a stunch supporter of keeping government out of our buiness. If we could have done that 30+ years ago, we would not be in this situation. It was government dictating to lending institutions that they provide financing to people that could not afford that financing that has us where we are today... or at least, govenment has the highest blame in that game. The housing financial industry is just one example of buying votes by giving to those that choose not to work, or at least not excell to their full potential. We may be beyond the point of turning this around since the takers are outnumbering the wage earners. What happens when the wage earners are at such a low percentage that there is no more money left for those on the dole?
So you think that all of those that are currently underpaid, underemployed or have had their wages frozen since the recession are simply underachieving? I hope that's not what you are saying.
I thought of a driving anaolgy for the situation corporate America is in today: I have a vehicle that shows my average and instant MPG. I can let off the accelerator and watch the MPG climb but cars start passing me like I am sitting still. It costs me less to get there, but I may be very late for appointments. Corporate America has been letting off the accelerator to save profits instead of reinvesting. This makes the P&L statement look good in the short term to stock holders. Meanwhile, the foreign companies are accelerating wildely to gain global market share. Corporate America needs to be supported by a government that promotes corporations that supply jobs to the American public and stop buying votes by redistribution of wealth. Wake up America. It's time to return to prosperity.
Good analogy Tom. Sometimes I think the instant world of the real time internet is partly responsible for today's strategy of showing a profit NOW....at all other costs. I wonder if sound long term strategies take a backseat to the SHOW ME state we seem to be in today. I have thought before that some of this stockholder impatience and instant news feed could have been a reason that companies like GM could not embark on long term strategies that while painful in the short term would have been better in the long term.
Dave, do you think everyt[hing is black or white, no shades of grey? Not everyone can excel in this economy. It takes someone that is determined to succed and not fall back on the dole. My younger brother got his Associates degree in 2009. He had student loans to pay, a family (wife and two kids) to support, and the normal bills to pay. He pounded the pavement in the worst economy we have seen in our lifetime. He landed a job using his degree in 2010 while working lesser jobs until that opportunity happened. He has now been promoted to an excellent paying position. I would love to have his work ethic in my organization and as soon as positions are available, I hope he still is. I see people like Jimmy every day. I also see the parasites on society that still populate our streets of Austin that are remnants of Katrina.
I have brought at least two million dollars of additional annual business into my company in the three years I have been there in addition to managing and increasing business in companies we already dealt with but that doesn't translate into any significant increase in my income because it's still an employer's job market and our small firm is still gun shy and cautious like many in the aftermath of the Great Recession. I'm still working harder for half the money as are many who lost their job in this recession.......but that half is better than many are able to earn. Your brother is doing well and lucky to be with a firm able to compensate his achievements.
If you are saying that I a) believe that compensation and incentive policies are a private matter between a worker and his management and business owners ONLY , that is correct and b) central government bureaucrats don't have a role in private matters such as compensation and incentive policies, I also agree. Trust me, there is already more than enough federal bureaucratic meddling in executive compensation and as always with it's crazy and often tragic unintended consequences...... The notion that some politically appointed "Salary Czar" in Washington DC is going to tell a business owner how much his management team is worth and therefore, in effect, make resource allocation decisions for the entire economy is a very chilling thought for any body with half a brain.....