hondasaurus
Member
the pic w/ brands pointed out was funny.
Chicago Traders Send A Message To The Protesters
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Chicago Traders Send A Message To The Protesters
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The protestors are preying on the fact that the recession exposed so much corruption and back room dealings that were going on in the financial community. What they refuse to realize is that this led to a great deal of reform (Sarbanes Oxley) and many of those companies went out of business (Arthur Andersen, Enron). There are so many people in the industry with their eyes wide open now, that no one is "getting away" with shit. The problems stemmed from a lack of due dilligence. That does not exist anymore. Are there still issues that need to be addressed? Yup. Just like with government, just like with ever professional sports league, just like with Jeffrey down at your local hippy co-op. Nothing is going to be perfect over night. Standing on a street corner waving a sign isn't helping either.
Wanna help? Take an auditing class and grab the financial report of the building your standing in front off. It's public information available to everybody. Find evidence that this particular company is ripping you off and come back with proof. "Proof? What do I need that for when I can just yell loudly."
What would have happened if the banks were never bailed out and they all failed? I dont agree with everything that has taken place but jesus, imagine people fighting to get money out of the bank only to find there accounts frozen or at 0.
Im sure life would be peaches right now.
I will keep working and paying taxes to a country Im free in, thats right Im free. Im free to choose what I want to do, I always have choices in this free country. Sit on your asses and I will keep paying taxes so you can do so....those are two choices we are free to make.
T. Boone Pickens is ridiculous. Bernie Madoff is Riculous. Hess gets a pass.These "members of the 99%" also fail to realize that the so called 1% work 10-18 hour days, wake up with the Journal, fall asleep to the market recap, work in some degree almost all weekend, and have training far beyond your French literature degree. Most may have a 50"+ TV, but it never leaves the financial channel. There is no secret to success. Get the proper education(not found in just a college) and apply it correctly and repeatedly.
T. Boone Pickens, Leon Hess, and Bernie Madoff. Names you know, or at least should know, that all started blue collar and worked their way up.
You missed the point 100%. They started with NOTHING. They raised their own capital, put it on the line, and made something for themselves. They are at the top of white color now, but they started blue/no collar. T. Boone Pickens started with a paper route and Bernie Madoff started Madoff Investment Securities with money saved from life-guarding and installing sprinklers. They didn't catch a hot tip from a broker walking off the floor, they have been making the right choices for decades.T. Boone Pickens is ridiculous. Bernie Madoff is Riculous. Hess gets a pass.
Those aren't people that create jobs, or capitalism. They move around money. Literally move around money.They come up with an idea, and buy into it, and their tiny corporation buys and sells it and rakes a profit. They're corporate raiders. Haven't you seen wall street?
He built a world renowned investment firm from nothing, the Nasdaq wouldn't exist without him, and he created the "Off-Wall Street" firm concept. You only know him because of a Ponzi scheme. I'm sure that breaks his heart. He did things people on Wall Street today are still not capable of. Then he cheated and got caught. Still doesn't discard his previous accomplishments. MIS was founding in 1960. It's alleged the Ponzi scheme started in the 90s. Guess he just guessed right for 30 years...Ya Bernie Madoff is a prime example of a hard working capitalist.
Definition of DUE DILIGENCE
1
: the care that a reasonable person exercises to avoid harm to other persons or their property
2
: research and analysis of a company or organization done in preparation for a business transaction (as a corporate merger or purchase of securities)
Not many people do any due diligence which is part of what has me frustrated with this topic.
Smart phones, google, limitless information at peoples fingers yet they pass judgement or opinion and join causes with no real info.
Bernie never would have been caught if people didnt start pulling their money all at one time because of the markets. He was making money, just not enough when a run was made on him. He had done some really great things and was a good manager until then. Yes what he did was illegal and terrible in some cases Im not saying that it wasnt. He did pay out to people what he told them they were earning until shit hit the fan.
FDIC backed up to $100k back then yes, how long would you have to wait for your money at that point? How would you eat waiting for that FDIC money? Small business owners or companies that employ us most likely would not have been able to get their money to pay payrolls. Do you not see how that would have been horrific?
Widespread panic and rioting would surely have started all over the country. Martial law, anarchy, and who knows what else would have happened.