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This hate of Wall St. people by New Yorkers is irrational. Wall St. as a business pulls in tons of money from elsewhere in the country and world by charging people a lot to manage their investments and charging companies a lot to raise them money. To pull-in money from elsewhere is all great for New York City.
Costs to compensate finance works that big amount of money that others resent is 40-50% of total revenues. If you waved your magic wand and forced the pay down of those workers and made yourselves happy, what would happen? Goldman Sachs and JPMorgan aren't going to charge less for these services - they are just going to keep it for themselves and make who richer? Faceless mutual funds and individual shareholders who generally are upper class citizens and don't need any more help.
There we go the wall street "haters" club... Talking mumbo jumbo on things they know nothing about, all fueled out of jealousy, everyone is capable of starting up an account on etrade. but not everyone has the minimal self respect to receive housing and food stamps from the goverment, Understand? or should I say "Figga deal me playa"
When I lose my money on eTrade, I don't take it out of pension systems that are mandated at 8% return rates by the city/state of New York and ultimately at cost to the taxpayers.
There's nothing wrong with the idea of the banking industry.
There is something terribly wrong with the absurd salaries that go along with it.
People who make tens of millions of dollars are generally a threat to a stable capitalist society. Their 'worth', be it fiscal or now social is capable of creating monopolistic strongholds.
Why would you hate on Etrade when your talking about the NYC Pension system? ? Private v public sector? No? What do you know about salaries about Banking industry wwhich is private? ? what say doe the average joe have in what a company should pay it top employees when it not goverment, please focu your attention to the BUMS in the city in Public Housing and stop worrying about the people that keep the economy running, if you ask for anymore they might just move to europe permanently and then YOU "MIDDLE CLASS" will REALLY be paying for the BUM/LOSERS Bills (AKA If the rich move oversea's (the 2% funding over 60% of fed budget, move overseas, Middleclass will take 10 inchea in the wazooo!!!"
Why would you hate on Etrade when your talking about the NYC Pension system? ? Private v public sector? No? What do you know about salaries about Banking industry wwhich is private? ? what say doe the average joe have in what a company should pay it top employees when it not goverment, please focu your attention to the BUMS in the city in Public Housing and stop worrying about the people that keep the economy running, if you ask for anymore they might just move to europe permanently and then YOU "MIDDLE CLASS" will REALLY be paying for the BUM/LOSERS Bills (AKA If the rich move oversea's (the 2% funding over 60% of fed budget, move overseas, Middleclass will take 10 inchea in the wazooo!!!"
The NYS Pension systems make up HUGE funds which are managed by bankers.
The pensioners (NYS cops / teachers / some civil servants) will automatically receive 8% on their TDA investments.
If bankers do not make the returns, they still get paid, but the deficit will be made up by taxpayers.
There are endless opportunities to reinvent yourself here with little risk of judgement. There is a peer group for pretty much everyone. And when you want to be alone it's so easy to go for a walk and be alone with your thoughts. Or curl up in your apartment and listen to the city sounds. The second you want social interaction or shopping or anything its at your fingertips.
Whether a person is convicted of insider trading or milking the system to receive affordable housing/welfare assistance, they're both exerting some type of greed. Let's move on.
Nope, the persons who brought the subject did NOT have "insider trading" as their first thought. Btw, insider trading is a crime that can be committed by anyone! Being a Wall Streeter is not a criteria. Martha Stewart and her doctor friend, both were convicted of insider trading.
You too can trade inside, all you need is to be privy to information that s/b exclusive to "insiders". The use of which is forbidden to be used as an advantage in buying and selling securities.
So, work with your CEO on a project which will boost the stock price, and with that knowledge you purchase stock in your company, before the project results are announced; and the stoxk shoots up, based upon the announcement, and you reap a windfall profit---that is insider trading.
Unfortunately, today, when Wall street bankers are evoked, it is to demonize and blame for creating/causing the "Mortgage Crisis", which the ignorant believe to be true, while being wholly ignorant of the truth.
Seventh, to be objectively accurrate, responsibility can lie, partly, upon the averrage person who bought more house than they could afford, bought ridiculously stupid mortgages, mortgage brokers who sold the mortgages, and bankers who created the mortgages, and then bought and packaged them into Bonds, to be sold to stupid people with a lot of other peoples' money. Oh, and let me mention the Government and the Progressive Democratrs who started the whole thing!
Do a little homework folks otherwise live your entire lives in ignorance!
When I lose my money on eTrade, I don't take it out of pension systems that are mandated at 8% return rates by the city/state of New York and ultimately at cost to the taxpayers.
I'm sorry, but the above is confused nonsense.
Quote:
There's nothing wrong with the idea of the banking industry.
There is something terribly wrong with the absurd salaries that go along with it.
People who make tens of millions of dollars are generally a threat to a stable capitalist society. Their 'worth', be it fiscal or now social is capable of creating monopolistic strongholds.
What? WHAT "monopolistic strongholds" are you talking about?
The only *near* monopolies which have been created in recent decads have been the liikes of Microsoft, Intel, Google, and the like. None of whom are Bankers!!
Quote:
Originally Posted by WithDisp
The NYS Pension systems make up HUGE funds which are managed by bankers.
Now here you are simply confused. Yes, they are HUGE, but they are "managed" by Pension Managers hired by the Pensions/Unions. Bankers do NOT run these funds. Bankers are guilty of suckering these funds into purchasing some crap Mortgage Bonds.
Unfortunately, the people who managed these sorts of funds are "Third Stringers/Bench Players"! If they had done the Due Diligence they were paid to do, then they w/h never been suckered; but, they did not! Not the fault of Wall Street Bankers, the Pensions ARE run by incompetents! If they were "First Stringers/Starters", then *they* w/b selling the bonds instead of managing funds.
Quote:
The pensioners (NYS cops / teachers / some civil servants) will automatically receive 8% on their TDA investments.
If bankers do not make the returns, they still get paid, but the deficit will be made up by taxpayers.
What does this have to do with Bankers? NOTHING whatsoever!
This is the deal Politicians made with the Unionists!! Politicians bought and paid for by the Unions!
Btw, the "bankers", when they do manage funds, receive a percentage of the funds assests which they manage. So, a performing fund will earn a larger fee amount than a underperforming fund.
Banker fees are NEGOTIABLE items. If the Manager, Union, or Politician negotiates a bad deal, whose fault is that? The Bankers??? Hardly!
****
The above quotes are an example of a little knowledge being dangerous!!
When you do your homework, you must do it completely; and VERIFY!!
Nope, the persons who brought the subject did NOT have "insider trading" as their first thought. Btw, insider trading is a crime that can be committed by anyone! Being a Wall Streeter is not a criteria. Martha Stewart and her doctor friend, both were convicted of insider trading.
You too can trade inside, all you need is to be privy to information that s/b exclusive to "insiders". The use of which is forbidden to be used as an advantage in buying and selling securities.
So, work with your CEO on a project which will boost the stock price, and with that knowledge you purchase stock in your company, before the project results are announced; and the stoxk shoots up, based upon the announcement, and you reap a windfall profit---that is insider trading.
Unfortunately, today, when Wall street bankers are evoked, it is to demonize and blame for creating/causing the "Mortgage Crisis", which the ignorant believe to be true, while being wholly ignorant of the truth.
Seventh, to be objectively accurrate, responsibility can lie, partly, upon the averrage person who bought more house than they could afford, bought ridiculously stupid mortgages, mortgage brokers who sold the mortgages, and bankers who created the mortgages, and then bought and packaged them into Bonds, to be sold to stupid people with a lot of other peoples' money. Oh, and let me mention the Government and the Progressive Democratrs who started the whole thing!
Do a little homework folks otherwise live your entire lives in ignorance!
my opinion is insider trading as opposed to stock manipulation which is fraud is much ado about nothing.
in every aspect of life everyone of us has better sources of information , better software,, better informed employees , better inside looks at things and it is all legal.
there is not a business out there that does not utilize the above to its advantage. thats how business functions and there is nothing not legal about it..
think about it, the fact i know xyz company has a new development about to be released and i buy that stock at 10 bucks has no bearing on anyone else.
whether i bought that stock low and sold when the news was announced or not that stock is still going to 50 bucks with or without me in the loop and anyone who buys it would have bought it at 50.00 anyway because the markets felt thats what it was worth and that is where the markets priced it.. .
the fact i benefited from it effects no one but myself and quite frankly if i had better sources of info i should be allowed to profit just like everywhere else in business.
more ofton then not these inside tips do not pan out at all.
remember we are not talking about pump and dump which is stock manipulation and fraud . we are talking about just having better info then the next guy at times.
there is a big difference between stock manipulation which is fraud vs just having better info .
but of course like most of the laws it is all smoke and mirrors so it looks like the gov't is doing something in your favor.
as usual they are not but it looks good that somehow this "level playing field" is in place even though it neither helps nor hurts you. it really is a non event in the price of the stock...
in the mean time the stuff they should pay attention to like the trillions going into credit default swap betting parlors that can throw us into hell again at any time or the lack of transparency of un-traded reits that finra turns it's head away on that has no laws . ... it doesn't make good news.
it wasn't until folks blew the whistle on david lerner (poppy) and their billions in un-traded reits they sold to elderly and unsuitable clients that finra finally stepped in.
even if you were a suitable client they streched the truth on the dividends, had statements without accurate pricing and even kept folks from reading the prospectus through trained manipulation of the sales call until after the client signed the documents.
all this went totally un-regulated outside of finra's watch and any laws and regulations since they were un-traded reits. it was not until after the fact lawyers got involved that finra had to act. they ended up banning poppy from the business for a few years and hitting him with heavy fines and penaltys both personally and against david lerner.
but the guy who works at a company and knows they have a great product coming out is a criminal. what a joke!.
the problem is the public is used to associating insider trading with pump and dump boiler room scams and they are 2 different things.
pump and dump is about lying about a stock and spreading false information manipulting it higher and higher because it is usually very thinly traded.
those at the top sell out and profit before the markets learn everything was a lie.
insider trading only has someone buying early in the game and selling on the news passively at whatever price the markets response to real news is .
that stock is still going to that price whether mr insider is in the loop or not.
Last edited by mathjak107; 01-09-2013 at 03:56 AM..
What? WHAT "monopolistic strongholds" are you talking about?
The only *near* monopolies which have been created in recent decads have been the liikes of Microsoft, Intel, Google, and the like. None of whom are Bankers!!
Now here you are simply confused. Yes, they are HUGE, but they are "managed" by Pension Managers hired by the Pensions/Unions. Bankers do NOT run these funds. Bankers are guilty of suckering these funds into purchasing some crap Mortgage Bonds.
Unfortunately, the people who managed these sorts of funds are "Third Stringers/Bench Players"! If they had done the Due Diligence they were paid to do, then they w/h never been suckered; but, they did not! Not the fault of Wall Street Bankers, the Pensions ARE run by incompetents! If they were "First Stringers/Starters", then *they* w/b selling the bonds instead of managing funds.
What does this have to do with Bankers? NOTHING whatsoever!
This is the deal Politicians made with the Unionists!! Politicians bought and paid for by the Unions!
Btw, the "bankers", when they do manage funds, receive a percentage of the funds assests which they manage. So, a performing fund will earn a larger fee amount than a underperforming fund.
Banker fees are NEGOTIABLE items. If the Manager, Union, or Politician negotiates a bad deal, whose fault is that? The Bankers??? Hardly!
****
The above quotes are an example of a little knowledge being dangerous!!
When you do your homework, you must do it completely; and VERIFY!!
The pensions are put into mutual funds, and groups like onyx, blackstone, and the likes of large banking firms. They are managed exclusively by bankers/investors and not in cash money markets or bond systems.
Frankly, they've done fairly well in the past, but again, even in years of poor economic swing bankers are not fired en masse.
When I refer to monopolies, it isn't simply corporate monopolies on an industry- but monopolies in bank lending, and even philanthropy. As you mention, we build a nation to survive on the taxes of a smaller amount, rather than a tax structure where everyone is earning and contributing.
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