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Many of the investment bankers are ivy league grads. How many LI teachers and cops are ivy league grads?
...and many of them are there due to nepotism, etc. In general, I think the Wall St types are overcompensated and out of touch as well. I work with them in my field, and most are solid, but I'm certainly not in awe of their abilities.
With all of that said, and before you jump on me, you can read my posts on this thread and see where I stand on this issue.
...and many of them are there due to nepotism, etc. In general, I think the Wall St types are overcompensated and out of touch as well. I work with them in my field, and most are solid, but I'm certainly not in awe of their abilities.
With all of that said, and before you jump on me, you can read my posts on this thread and see where I stand on this issue.
Agreed - they should not have been paid "bucko-bonus lottery dollars" the year the Feds bailed them out, without the bailout they'd be up the creek without a paddle, much less a job.
The real measure of performance is what the company and individual do together over the long haul, these folks are being paid for short-term results. Sure, goose the numbers so my bonus at the end of the year is fantastic....two years later the business falls apart and they are long gone with the money.
Agreed - they should not have been paid "bucko-bonus lottery dollars" the year the Feds bailed them out, without the bailout they'd be up the creek without a paddle, much less a job.
The real measure of performance is what the company and individual do together over the long haul, these folks are being paid for short-term results. Sure, goose the numbers so my bonus at the end of the year is fantastic....two years later the business falls apart and they are long gone with the money.
Agreed - they should not have been paid "bucko-bonus lottery dollars" the year the Feds bailed them out, without the bailout they'd be up the creek without a paddle, much less a job.
The real measure of performance is what the company and individual do together over the long haul, these folks are being paid for short-term results. Sure, goose the numbers so my bonus at the end of the year is fantastic....two years later the business falls apart and they are long gone with the money.
For the most part this is what Wall Street has been about for a long time. It isn't about financing businesses that are built to last providing goods and services in a healthy economy..it's about a bunch of hotshots with slicked back hair making big money and retiring in 5 years on what they've basically stolen by squeezing companies and duping investors.
What's amazing is that a lot of people still buy the notion that keeping these guys rich is in all of our best interests as a nation.
..it's about a bunch of hotshots with slicked back hair making big money and retiring in 5 years on what they've basically stolen by squeezing companies and duping investors.
It's a cliche' but there are a lot of guys who aspire to be that person. The guys trading mortgage backed securities are some of the biggest scammers in history, but is anyone suffering and consequences? Sure they lost their jobs...millions in the bank later, so who cares?
It's a cliche' but there are a lot of guys who aspire to be that person. The guys trading mortgage backed securities are some of the biggest scammers in history, but is anyone suffering and consequences? Sure they lost their jobs...millions in the bank later, so who cares?
They are strangling the golden goose until it takes its last breath
Quote:
Originally Posted by FrmlyBklyn
NYS - is becoming California; or is it already? There is a way around it - again, it comes down to the governing politicians to claim a form of municipal bankruptcy - that would allow them to throw out the old contracts and institute new ones - irrespective of arbitration/mediation, what have you. But the spineless politicos don't have the moral backbone to do it. Keep raising taxes - soon it will be the municipal worker and the beach by themselves, everyone else will either be dead or moved to another low-tax state.
Perhaps some national Republicans will deal with it? Here is an opinion piece concerning subsidies like the one recently announced to rehire teachers on LI:
Quote:
If Congress fails to renew its subsidies, the more profligate states will face cash shortfalls in the current fiscal year. They'll threaten school closures, prison releases and all manner of mayhem if their subsidies aren't renewed. But the Republicans in Washington are likely to refuse -- asking why the responsible states should bail out the spendthrifts in Albany, Sacramento, Lansing and Hartford.
At that point, the bond markets will start eyeing state (and local) balance sheets more critically -- demanding higher rates or even refusing to lend. California won't be the only one trying to get by on IOUs.
But beyond this tale of woe lies a golden opportunity to reform state governments and redress the imbalance of power between elected officials and public-employee unions.
Absent endless federal subsidies, states will simply no longer be able to afford to give the unions everything that they want. And governors -- many of them newly elected Republicans -- will realize that they can't even afford to honor agreements their big-spending predecessors OK'd.
The GOP Congress should then amend the federal bankruptcy law to provide for a way -- now absent -- for states to declare bankruptcy. (Municipalities can do so under current law, but states have no such relief.)
Here's the key: The reforms must require that states abrogate their public-employee union agreements in the bankruptcy process, just as private corporations like Delta and Chrysler have done. The wage hikes, the work rules, the pension plans all go out the window.
Nassau/Suffolk firefighters are all on volunteer status... they get some perks including healthcare but... no salary.
If you consider Police, Teachers, 'General Staff' as 'new rich', you're standard of living sounds considerably low. The majority of those couples are still bringing in under 200K.
While that number does seem high, even when I write it- it's not out of line when you consider housing prices, taxes, and comparable salaries in the NYC metro region.
Remember, what's high in Baldwin is 1/10th the salary of what someone in Plandome or Cold Spring Harbor may be making.
What is true though, is that Union Jobs will continue to live the Middle, often middle-upper lifestyle, while others will drop down to working poor- not simply because of the tax base.
Unless your 10K of taxes a year are what separates you from being able to live well off.
That last statement is QOD for me on sheer gall alone.
You should consider taking a job in Europe. Most of those perks are standard availability.
In America those perks are only be for CERTAIN public sector employees while the private sector in America is forced to dig into their pockets and provide them.
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They are strangling the golden goose until it takes its last breath
There is a way around it - again, it comes down to the governing politicians to claim a form of municipal bankruptcy - that would allow them to throw out the old contracts and institute new ones - irrespective of arbitration/mediation, what have you. But the spineless politicos don't have the moral backbone to do it. Keep raising taxes - soon it will be the municipal worker and the beach by themselves, everyone else will either be dead or moved to another low-tax state.
