NakedPuts Wrote: ------------------------------------------------------- > I know about this one money manager who took in > like 50B but it was all a ponzi scheme and > everyone lost everything I guess we should shut > down the money management industry because it’s > completely corrupt and incapable of doing any > good. Great example. Naked. In Madoff’s case, the government (SEC) completely screwed up! The Ponzi scheme came to a point that, based on harry markopolos’ continous tips, all SEC needed to do is to check the trading records of Madoff. Madoff even said it himself that he is toast, at that point. You know what, SEC didn’t… Madoff was able to carry on for another 2-3 years. You tell me if govenment is the solution or the problem here… ??
mo34 Wrote: ------------------------------------------------------- > LBriscoe Wrote: > -------------------------------------------------- > ----- > > That’s par for the course for the tea partiers. > I > > love how they complain about these huge bloated > > salaries of public union workers but when you > look > > into it a little further it turns out they’re > > citing their last year’s salary which includes > > back pay for sick days or unused vacation time. > > > Now guys like Chris Christie want to take that > > away, which is nice, especially for the guy who > > worked his entire career without taking a sick > > day. > > > Regarding the sick days issue, in the private > sector there is a limit on how much vacation days > you can roll-over from year to year, why don’t > they apply a similar rule in the public sector ? > I’ve heard of people retiring with an extra 500K > in vacation time here in CA. ( Prison psychiatric > - now why would a guy like this be allowed to keep > rolling over his vacation days year after year ?) Agreed, and for the most part that is starting to happen in the public sector (it’s relatively new in the private sector), but you can’t change the rules at the end of the game. Also, the 500k number may grab headlines, but it doesn’t take into account the FV of all of the years the employer didn’t have to pay someone else to work on the days the employer didn’t. I don’t think it’s a great policy to allow employers to keep vacation or sick time as a mini saving account, but when you pour into the numbers it really make a difference? It’s essentially paying someone overtime without time and a half (although in most of these situations the employer gets his final year salary for the time off and not the rate he was making for the individual days). And of course I don’t consider 235k a year for a mentally challenged individual okay, but I also believe in strong laws that protect people. I’m sure this individual is free loading off of some protection that was given to workers who really need it. Does this suck, yes; are there drains on the system, of course; but I rather this than the alternative. And it doesn’t matter how many overweight senior citizens with warn out tight-fitting tee shirts with a US flag, an eagle, some sort of gun, and sign that says get your government off my medicare tell me otherwise, I’m not changing my mind.
LBriscoe Wrote: ------------------------------------------------------- > That’s par for the course for the tea partiers. I > love how they complain about these huge bloated > salaries of public union workers but when you look > into it a little further it turns out they’re > citing their last year’s salary which includes > back pay for sick days or unused vacation time. > Now guys like Chris Christie want to take that > away, which is nice, especially for the guy who > worked his entire career without taking a sick > day. Sick days are there to protect you IN THE EVENT THAT YOU ARE SICK. They are not intended to be a means of additional compensation if you don’t use them. I have no problem paying public employees for unused vacation time (up to a reasonable limit), but paying for unused sick time is a joke. One former school superintendent retired without ever having taken a sick day despite having had open heart surgery a few years before he retired. When he was asked about it, he said he worked from his hospital bed.
AlphaSeeker Wrote: ------------------------------------------------------- > NakedPuts Wrote: > -------------------------------------------------- > ----- > > I know about this one money manager who took in > > like 50B but it was all a ponzi scheme and > > everyone lost everything I guess we should shut > > down the money management industry because it’s > > completely corrupt and incapable of doing any > > good. > > Great example. Naked. > > In Madoff’s case, the government (SEC) completely > screwed up! > > The Ponzi scheme came to a point that, based on > harry markopolos’ continous tips, all SEC needed > to do is to check the trading records of Madoff. > Madoff even said it himself that he is toast, at > that point. > > You know what, SEC didn’t… Madoff was able to > carry on for another 2-3 years. > > You tell me if govenment is the solution or the > problem here… ?? You need the SEC to hold your hand for you? The SEC should be eliminated. Private enterprise will fill the void. People who lost money with Madoff have only themselves to blame for being irresponsible idiots.
higgmond Wrote: ------------------------------------------------------- > LBriscoe Wrote: > -------------------------------------------------- > ----- > > That’s par for the course for the tea partiers. > I > > love how they complain about these huge bloated > > salaries of public union workers but when you > look > > into it a little further it turns out they’re > > citing their last year’s salary which includes > > back pay for sick days or unused vacation time. > > > Now guys like Chris Christie want to take that > > away, which is nice, especially for the guy who > > worked his entire career without taking a sick > > day. > > Sick days are there to protect you IN THE EVENT > THAT YOU ARE SICK. They are not intended to be a > means of additional compensation if you don’t use > them. I have no problem paying public employees > for unused vacation time (up to a reasonable > limit), but paying for unused sick time is a joke. > One former school superintendent retired without > ever having taken a sick day despite having had > open heart surgery a few years before he retired. > When he was asked about it, he said he worked from > his hospital bed. The “fraud” part IMO is that they cash them at the highest pay rate they reach just before retiring. The logic is this is free-money and there is no problem taking what we can.
NakedPuts Wrote: > You need the SEC to hold your hand for you? The > SEC should be eliminated. Private enterprise will > fill the void. People who lost money with Madoff > have only themselves to blame for being > irresponsible idiots. Exactly, people should be resposonsible with their own decisions and actions. The govenment, other than resonsible a small # of public goods, should stay out of it.
mo34 Wrote: ------------------------------------------------------- > > The “fraud” part IMO is that they cash them at the > highest pay rate they reach just before retiring. > The logic is this is free-money and there is no > problem taking what we can. Excellent point mo. I wasn’t sure what rate they were compensated at. So employee X gets paid $650 a day for unused sick days he “earned” when he was $120 a day. Nice.
good for this guy, he found a way to make a ton of money
NakedPuts Wrote: ------------------------------------------------------- > AlphaSeeker Wrote: > -------------------------------------------------- > ----- > > NakedPuts Wrote: > > > -------------------------------------------------- > > > ----- > > You need the SEC to hold your hand for you? The > SEC should be eliminated. Private enterprise will > fill the void. People who lost money with Madoff > have only themselves to blame for being > irresponsible idiots. where’s Dog the Bounty Hunter when you need him. i smell sequel
The best way to reduce the size of govt. is to go after defense spending which should be cut by at least 50 percent or more, by a combination of closing overseas bases, troop withdrawal, eliminating contracts and programs (rife with fraud and corruption) and reducing some of the largesse at the top. This should be combined with cuts in entitlement programs.
^ That’s one problem dealt with, now there are only about 1000 more to go
Maybe the 770K is to compensate for this shitty job…supply and demand perhaps?