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Michael Moore

  • Karma: +0/-0
Re: Northern Trust under pressure...
« Reply #250 on: March 02, 2009, 12:03:40 PM »
When Hurricane Katrina hit New Orleans, did just ONE foreign nation attempt to raise funds from their citizenry to assist the victims of Hurricane Katrina ?

Pat -

The good people of Guyana donated $7,000 to Katrina relief via a telethon.

Adjusted for population and per-capita income, this is like us giving over $27,000,000 to Guyana.
Metaphor is social and shares the table with the objects it intertwines and the attitudes it reconciles. Opinion, like the Michelin inspector, dines alone. - Adam Gopnik, The Table Comes First

Craig Van Egmond

  • Karma: +0/-0
Re: Northern Trust under pressure...
« Reply #251 on: March 02, 2009, 12:08:13 PM »

Craig S,

      Didn't Harry Reid's home state of Nevada get a $2 billion dollar rail project?  Is that not pork? I mean earmarked. I'd be willing to bet that there has never been a bill over 10 billion dollars that didn't have some earmark in it and that there never will be.

Craig Sweet

  • Karma: +0/-0
Re: Northern Trust under pressure...
« Reply #252 on: March 02, 2009, 12:09:28 PM »
Kalen...

Look....this spending bill is from the summer of 2008.... BOTH parties are guilty of putting earmarks into that bill...for you to continue to blame Obama is utterly wrong!  If you think government functions best in a state of continuous gridlock, and accusations over who did this and who did what,  then you are wrong.  You would probably love another 6 months of arguing this spending bill back and forth while the government goes unfunded and shuts down...and no work on fixing our future happens because guys like you want to make a political point.....you want your GOTCHA! moment....before you go writing letters to the editor that Obama is not keeping his promise, maybe you'll write a letter to explain how that bill got to where it is today, who put the alleged 9000 earmarks into the bill, and what would happen if Obama stuck to his guns and vetoed it.  I doubt you will....it's easier to cry "look..look...Obama is already lying and breaking his promises"  Give me a break...grow up.

I have not looked at Obama's budget...what I have heard from him, and what I have heard on TV, makes me think it is big, it is bold, and it is sure to piss off people that want government reduced to a size that can be flushed down the toilet....I happen to NOT agree with the philosophy that government is the problem....but I know there's a lot of sore losers and whiners that are never happy when they can't have their way...so government....on every level.....is the the problem.
We are no longer a country of laws.

Craig Sweet

  • Karma: +0/-0
Re: Northern Trust under pressure...
« Reply #253 on: March 02, 2009, 12:15:30 PM »
Craig E...

My god..that is the biggest MYTH out there....there is absolutely NO $2 billion dollar high speed rail project for Nevada in that bill....

By the way....billions of dollars worth of high speed rail projects have been identified and are awaiting future funding....many are in the mid west...Ohio to be specific....in Republican districts.

http://www.fra.dot.gov/us/content/203
We are no longer a country of laws.

Lou_Duran

  • Karma: +0/-0
Re: Northern Trust under pressure...
« Reply #254 on: March 02, 2009, 12:23:55 PM »
Steve Lapper,

Thank you for your thoughtful, objective response.  ???

I am sorry I wasn't dazzled like some others by your original piece.  Your reply was even less impressive, but, apparently, you don't have vey high expectations of me anyways.  BTW, for what it is worth, I had you for a much younger man.

As much as some of your industry prose may impress folks here, statmenst like "We supported a unchecked free-market and are now paying the price for our moral laziness." and "but given the  depths of the abyss which the laissez-faire practices of the past few decades have left us" might give a few besides Dick Daley and Craig Sweet reason to pause.  I don't know what country you've been living in, but if you believe that the U.S. government has been hands-off business and the economy, well, I guess I just better crawl into my cave of rants, sophistries, and conspiracy theories.  I mean, WOW, is the world flat or not!!!!

Really, some stuff I read on this site and I think, nah, the writer is just being caustic or provocative- David Schmidt does this from time to time.  Other times I am reminded of the old NAACP ad which ends with the refrain "the mind is such a terrible thing to waste".

Like you, I have no interest in a tit for tat.  On this thread as with many others, I think the subject has been thoroughly exhausted.  And though the positions have been staked, we are no closer to concensus than before we started.

Two more things before I go get my instruction from Rush and then off to the driving range.   Unlike you, my concern is considerably broader than my two children.  In fact, if I die tomorrow, I would go to the grave feeling confident that their future will be very personally satisfying.  They were both raised and equipped to shape their own destinies and to have genuine compassion and respect for their fellowman.

As I've discussed privately with a few GCAers via E-Mail and IM, my concern is for the left side of the Bell Curve, actually, probably a good distance to the right of center.  In a slow growth, anti-business, government dominatted economy, what are the job prospects for people with lower productive skills and initiative?  What happens when there is a "paradigm shift" and seven out of ten American students now aspire to a government job as opposed to starting their own business?

Lastly, I take no personal responsibility with the current state of affairs.  I've always lived within my means.  I have always paid the taxes I owed and probably much more (because I have never made tax minimization an objective), on time.  I have always voted, picking the candidate who I believed was best in terms of the long term interests of the country.  I suspect that my contributions to charity in money and time would place me in the top 5% to 10% of Americans for my income and wealth.  And, as I've demonstrated on this site to the dismay of some, I've spoken clearly and forcefully on issues that matter, often at some personal expense in terms of friendships, and social and business opportunities.  On this last point, I have ususally done so without being personally abusive or profane.

Craig Sweet,

While I do have considerable compassion for the poor single mother trying to make do with $20,000 or less, I may have asked why did she have a child she was unable to support?  You may be of the opinon that people can't help but to copulate without second thoughts to consequences, but when I was young, the pregnant teenager was relatively unusual.

Regarding Walmart, I suspect that the people who work there are happy to have a job.  Judging by its reported sales and the long lines I personally witnessed late yesterday afternoon at one of their stores (yes, I do listen to Rush AND I shop at Walmart), a lot of people must like the company.

BTW, the same is true of those "exploited" foreign workers who are the beneficiaries of Dick Daley's "economic terrorism".  Many of them receive wages that are multiples of the prevailing averages in the local markets and finally have jobs and money to feed their families.  They are happy to have a job even though it pays considerable less than if it was done in Detroit by a UAW member.  It is curious that you socialist and redistributionist types are so generous with other people's money unless it goes across American borders.  Are human beings in third world countries less human and deserving than the so-called "American worker" aka union member?   

Craig Sweet

  • Karma: +0/-0
Re: Northern Trust under pressure...
« Reply #255 on: March 02, 2009, 12:32:14 PM »
Lou....first of all it is not for you, or me, to speculate when, and why, anyone has a child....but for arguments sake...maybe that single mom was working in a local manufacturing plant, making $20 an hour, and doing alright... but that company decided it was better for their bottom line, and the shareholders, to manufacture in Viet Nam...so that single mom found herself out of work...or, working at WalMart.

But hey Lou...if you want to be King, and proclaim that no one can have a child until YOU feel they can afford that child...be my guest.  I'll start referring to you as Deng Xiaoping!
We are no longer a country of laws.

Kalen Braley

  • Karma: +0/-0
Re: Northern Trust under pressure...
« Reply #256 on: March 02, 2009, 12:35:06 PM »
Kalen...

Look....this spending bill is from the summer of 2008.... BOTH parties are guilty of putting earmarks into that bill...for you to continue to blame Obama is utterly wrong!  If you think government functions best in a state of continuous gridlock, and accusations over who did this and who did what,  then you are wrong.  You would probably love another 6 months of arguing this spending bill back and forth while the government goes unfunded and shuts down...and no work on fixing our future happens because guys like you want to make a political point.....you want your GOTCHA! moment....before you go writing letters to the editor that Obama is not keeping his promise, maybe you'll write a letter to explain how that bill got to where it is today, who put the alleged 9000 earmarks into the bill, and what would happen if Obama stuck to his guns and vetoed it.  I doubt you will....it's easier to cry "look..look...Obama is already lying and breaking his promises"  Give me a break...grow up.


Craig,

You've got to be kidding right?

I present facts, show where Obama is being inconsistent, show where he is not sticking to his promises to get America back on the right track, and all I get is "Give me a break.....grow up"?  I must admit I laughed out loud when I read this.

We all know Obama didn't write up the earmarks, but once again this isn't the point.  The point is he said he would expose those who included them in bills and not sign them into law.  And now he's doing the exact opposite?  He's also just told us last week in his speech, he's going to hold everyone accountable, yet not being accountable himself.  He also claimed it was out with the old Washington and in with the new, yet everything he's done is business as usual.  And to top it all off by pointing this out and that he has major credibililty problems right now I'm the one who needs to grow up? 

I must admit this thread is getting stranger and wierder by the minute as I see these type of responses that I can only guess are supposed to defend his actions??  ???

Craig, if you want to have actual real conversation on this thats fine, but you gotta bring something to the table.  I'll check in every now and then to see when your ready to get started.  ;)

Kalen

Craig Van Egmond

  • Karma: +0/-0
Re: Northern Trust under pressure...
« Reply #257 on: March 02, 2009, 12:40:03 PM »

Craig S,

   Their seems to be a real he said/she said about the rail thing.. someone from Reid's office was quoted as saying..

This news was welcomed by Nevada Senator Harry Reid, who has lobbied for a Las Vegas to Los Angeles railway for years. A spokesman from Harry Reid's office, however, denied this was an earmark, saying the funds are for competitive grants that would be awarded by the transportation secretary. He went on to say that "the proposed Los Angeles-Las Vegas rail project would be eligible to receive funds."

   Now the left is claiming that nobody said that and that it's not eligible. However, I wouldn't be  too surprised if some of that money ends up going to Nevada. 

Bill_McBride

  • Karma: +0/-0
Re: Northern Trust under pressure...
« Reply #258 on: March 02, 2009, 12:42:18 PM »
Kelly,

   More likely was the situation where Madoff stayed close enough to the SEC that he knew exactly how they worked, invited no disbelief, and would realize how to avoid their regulatory reviews. The SEC was, as Markopolis said during his recent Congressional testimony, pitifully inept ::). I don't think he "paid them off" in any way....didn't need to. His modus operandi was to play himself as highly esteemed, a former chairman of NASDAQ and a market innovator. That way, this highly political regulatory body wouldn't allow much to touch him. (Btw...just look at their recent Pequot-Morgan Stanley-Mack investigation kibosh...same style of nolo-regulation).

   FINRA (ex NASD) on the other hand...... that remains a story for private messages (and probably future trial discovery). :o

Wasn't the woman who ran the SEC's alleged security law enforcement group recently promoted?  This would speak volumes to the SEC's approach.

Craig Sweet

  • Karma: +0/-0
Re: Northern Trust under pressure...
« Reply #259 on: March 02, 2009, 12:44:30 PM »
Kalen..

Sorry Kalen...but you are just so much blah, blah, blah...

You seem to have no desire to discuss this unless I agree with you...and that isn't going to happen. I feel sorry for you because you will no doubt spend the next eight years criticizing every thing Obama does while being blind to the hypocrisy coming from your own right wing "leaders".

FORTY PERCENT of the earmarks in this bill came from republicans...when you and the other right wing hate mongers have cleaned up your own house, I'll be happy to talk with you about Obama...

We are no longer a country of laws.

Craig Sweet

  • Karma: +0/-0
Re: Northern Trust under pressure...
« Reply #260 on: March 02, 2009, 12:50:33 PM »
Craig E...

Well...regardless of what has been said..there is no line item for a high speed rail for Harry Reid in that bill...

Like I said, every state has been asked to identify shovel ready projects for their state...that is one thing...Federal Transportation projects are another matter....that link I posted shows the Federal Transportation dept. map of planned high speed rail projects, and you can see there is none in Nevada.

That said, there's a pool of money for these projects and there will be plenty of promoters for some of the money going to their project....that does not eliminate Nevada or Montana or anyone. 

Our Congressman...voted against the stimulus plan...now he is out here bragging how he got this money for Montana...
We are no longer a country of laws.

Patrick_Mucci

Re: Northern Trust under pressure...
« Reply #261 on: March 02, 2009, 01:09:41 PM »
When Hurricane Katrina hit New Orleans, did just ONE foreign nation attempt to raise funds from their citizenry to assist the victims of Hurricane Katrina ?

Pat -

The good people of Guyana donated $7,000 to Katrina relief via a telethon.

To whom was the check payable ?


Rich Goodale

Re: Northern Trust under pressure...
« Reply #262 on: March 02, 2009, 01:20:13 PM »
When Hurricane Katrina hit New Orleans, did just ONE foreign nation attempt to raise funds from their citizenry to assist the victims of Hurricane Katrina ?

Pat -

The good people of Guyana donated $7,000 to Katrina relief via a telethon.

To whom was the check payable ?


5 more posts Pat, and you're at 20K!  Keep 'em coming, as I've cornered the market for green ink. American jobs for (ex-patriate) American workers!

Rich

Patrick_Mucci

Re: Northern Trust under pressure...
« Reply #263 on: March 02, 2009, 01:37:13 PM »

maybe that single mom was working in a local manufacturing plant, making $20 an hour, and doing alright... but that company decided it was better for their bottom line, and the shareholders, to manufacture in Viet Nam...so that single mom found herself out of work...or, working at WalMart.

Craig, did you ever consider that the company where the single parent was making $ 20/hr could no longer compete due to:
imports,
regulatory burdens,
taxes,
etc.,etc..
and that the only viable choice, other than going out of business, was to move their production facilities to a more favorable environment ?

I have a client who is agonzing over having to close one of his plants because it's been running up huge losses over the last few years.

He doesn't want to see the people who worked for him for the last 10, 20 and 30 years unemployed, but, he simply can't afford to keep the plant open due to the reasons I cited above.

So, what's the solution, close the business, or move the production facility to a more favorable environment, be that another State or another Country.

Our failed trade policies are largely responsible for the demise of the Textile Industry and many others.

Whose fault is that ?  
It's the Governments, Local, State and Federal.


RJ_Daley

  • Karma: +0/-0
Re: Northern Trust under pressure...
« Reply #264 on: March 02, 2009, 01:43:58 PM »
Lou, your response to Steve L., seems more defensive than substantive on issues.  

You're always trying to paint me as a 'bolshevik' is amusing and no less boring than my use of the word sophistry to characterize some of these right wingnut arguements.  

I am however a person that believes in collective bargaining.  Your comment:
Quote
BTW, the same is true of those "exploited" foreign workers who are the beneficiaries of Dick Daley's "economic terrorism".  Many of them receive wages that are multiples of the prevailing averages in the local markets and finally have jobs and money to feed their families.

This is indicative of your overall pain and laborious toil at starvation wages is a virtue theme and you seem to always fall back on this theme that workers at Wall Mart at $6.50 and so forth should just be happy they have a job.  Well, you should be happy to support their entitlements of subsidizing Wal Mart's cheap labor theory when you have to pay taxes to pay medicaid , foodstamps and all the other things that they are entitled to in the 'great society' because they are at below poverty wages at your favorite store.  Or, of course you seem to believe they should just suck it up and suffer a little more with no health care, no 401K or pension or whatever and just be happy with their $6.50 because the pain is a virtue and afterall it will make them better people.  I'm sure all your generous charity will keep rags on the shelves at St Vincent de Paul and Salvation Army stores for them.  Don't forget to give to the food pantrys of your choice Lou, to make up for all the extra taxes the gov wants to take from your wallet.  Then you'll have done your bit on your own terms, right?  All of these underclass workers have the opportunity to go to school and become MBAs, right?  nOT...

It is a fact without question that the primary reason we have shockingly low and below poverty and certainly below the American ideal standard of living is because of CHEAP LABOR where consumerism is becoming more scarce, which are the result of people like you who hate any notion of collective bargaining by labor to achieve a proper value for their work.  And this idea of "economic terrorism" by me of third world countries is really pathetic.  Yes, I rail against American companies that do the unpatriotic thing and go for the move to cheap labor so you can buy 12 pairs of undies at $7.00 (rather than 3 pair at same COST American made) at your wonderful always low priced Wal-Mart.  (the same Wal-Mart that many feel killed your precious small business main street family run businesses, BTW)  My answer is not to have your kind further stamping on the throats of worker movements here or more importantly there.   I think we ought to let the third world define their own value by collective bargaining in their own third world countries, not by folks here supporting oppressive regimes that really do KILL people with such collective bargaining notion for workers in your worker paradises,  banana republics.  

Craig brought up an article that I think is gernerally more NAM or chamber of c BS (sophistry if you please).  One example in the disingenuous article is about a lady worker in my area.

Quote
Judy (NLN)  47, was devastated when she was laid off after 13 years of attaching handles to saute pans on the Mirro Cookware plant assembly line. But two years ago, Horkman took a job making industrial light fixtures for office buildings and warehouses at Orion Energy Systems Inc. She makes $12.50 per hour — not quite the $13.80 she earned at Mirro, but Horkman says she is fine with that.

I think I know people that know her.  What the article doesn't point out as relavant is that she made that 13.50- $28080yearly years ago when she was represented by a union, and had a competitive pension contribution, and a good health insurance plan.  Mirro went overseas to cheap labor with their jobs.  Lou would love this lady who is fine with the added pain... of more than $2000 a year less and probably less benefits.  What a virtue and race to the bottom of the drain.  Do you think she is purchasing more goods in the stores today to help our economy?

The bottom of it all is cheap labor overseas, and Pat's suggestion of too high corporate tax and anti-business initiatives as a very distant second-third cause.  A great article addressing this Pat:
http://www.entrepreneur.com/tradejournals/article/181486784.html

I don't see Obama doing anywhere near enough to stimulate more long term jobs, and recapturing lost jobs and manufacturing that has fled for higher profits and cheaper goods for sale here.  If he fails, he will be a one termer, I think.  But, I and I hope most of the American voting public will remember what kind of politicians gave us this mess and better people will step up to serve our country in years to come.  Unless the Limbonian sophistry again reigns...
« Last Edit: March 02, 2009, 01:50:24 PM by RJ_Daley »
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Michael Moore

  • Karma: +0/-0
Re: Northern Trust under pressure...
« Reply #265 on: March 02, 2009, 01:45:31 PM »
When Hurricane Katrina hit New Orleans, did just ONE foreign nation attempt to raise funds from their citizenry to assist the victims of Hurricane Katrina ?

Pat -

The good people of Guyana donated $7,000 to Katrina relief via a telethon.

To whom was the check payable ?


Pat -

The check was given to the Guyanese Red Cross, who gave it to Deputy Chief of Mission at the United States Embassy, who gave it to the American Red Cross.

I know this does not answer the burning question of who the check was made out to, but I hope that this information will help as you begin your research !
Metaphor is social and shares the table with the objects it intertwines and the attitudes it reconciles. Opinion, like the Michelin inspector, dines alone. - Adam Gopnik, The Table Comes First

Patrick_Mucci

Re: Northern Trust under pressure...
« Reply #266 on: March 02, 2009, 01:49:06 PM »
RJ,

It's more than just cheap overseas labor.

The entire playing field isn't level.

From regulatory practices, health care costs, zoning, etc., etc..

We're at a clear disadvantage.

And our trade agreements are unfavorable.

Donald Trump is correct about that.
Let smart, seasoned businessmen negotiate those agreements, not career bureaucrats.

Buy American, it's an investment in our future.

RJ_Daley

  • Karma: +0/-0
Re: Northern Trust under pressure...
« Reply #267 on: March 02, 2009, 01:52:07 PM »
Pat, I'm with you on that, completely (except that cheap labor is primary) ;) ;D.  See my added url on previous post.
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Patrick_Mucci

Re: Northern Trust under pressure...
« Reply #268 on: March 02, 2009, 01:53:13 PM »
Michael Moore,

Even if I accept your statement as fact, that still doesn't mean the money found its way to the victims of Hurricane Katrina.

The American Red Cross has many outlets for distribution.

And, as I'm sure you know, the American Red Cross isn't the most efficient charity for returning the percentage of dollars raised, for direct distribution.

How much did former Presidents Bush and Clinton raise for the victims of the Tsunami ?

Craig Van Egmond

  • Karma: +0/-0
Re: Northern Trust under pressure...
« Reply #269 on: March 02, 2009, 02:03:54 PM »
RJ,

   What motivation would those fine associated press reporters have for making a puff piece?  They are from Seattle and New York two hot bed liberal parts of the country. 

   Still no answers on what exactly we should be manufacturing that we aren't.  Tennis shoes?  baby toys?

   Here are some synonyms for sophistry just in case...  deception, fallacy, misconception, subtle argument.

   


RJ_Daley

  • Karma: +0/-0
Re: Northern Trust under pressure...
« Reply #270 on: March 02, 2009, 02:05:01 PM »
Dave, what is your position on "pro se" representation, besides the old saw of ' a man who has himself as a lawyer has hired a fool' or however that old saw goes? ::) ;D

And while your at it, what were your billable hours rates in 2000 and now?

Should para legal and boilerplate legal work be outsourced to India?  

http://www.washingtonpost.com/wp-dyn/content/article/2008/05/10/AR2008051002355.html

It is the next big thing...  :o
« Last Edit: March 02, 2009, 02:07:11 PM by RJ_Daley »
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Cliff Hamm

  • Karma: +0/-0
Re: Northern Trust under pressure...
« Reply #271 on: March 02, 2009, 02:06:42 PM »
Wal-Mart is China’s sixth largest export market. In 2006, Wal-Mart imported $27 billion of Chinese goods.  Wal-Mart’s imports are responsible for 11% of the growth of the total U.S. trade deficit with China between 2001 and 2006.  [Time, 6/19/05; EPI Issue Brief #235, 6/27/07]

Wal-Mart’s imports from China cost American jobs.  Wal-Mart’s trade deficit with China alone eliminated nearly 200,000 U.S. jobs between 2001 and 2006. On average, 77 U.S. jobs were eliminated for each one of Wal-Mart's 4,022 U.S. stores in 2006.  [EPI Issue Brief #235, 6/27/07]

Wal-Mart encourages American companies to open Chinese factories.  In order to obtain Wal-Mart contracts or to continue relations with Wal-Mart, American companies are coerced by Wal-Mart to open factories in China.  Lakewood Engineering and Manufacturing Company and Huffy Bikes were two such cases. [Los Angeles Time, 11/23/03; Mansfield News Journal, 12/8/03]

Wal-Mart abandons buy American program. In February 1985, Walton wrote 3,000 American manufacturers and wholesalers to announce that the chain wanted to buy more American goods. Walton said: “We cannot continue to be a solvent nation as long as we pursue this current accelerating direction. Our company is firmly committed to the philosophy by buying everything possible from suppliers who manufacture their products in the United States.” Today, however, over 80 percent of Wal-Mart’s 6,000 global suppliers are based in China. [Wal-Mart Press Release, 3/13/85; Wal-Mart Literature, 1994; PBS Frontline, 11/16/04]

Wal-Mart buys local outside of America but not in the United States. Amy Wyatt, of Wal-Mart's International Corporate Affairs division, discussed local sourcing efforts as compared to operations in the United States. “Wyatt confirmed this, saying 90-95% of products in Wal-Mart's stores outside the United States – besides Central America, the company now operates stores in Argentina, Brazil, Canada, China, Germany, Japan, South Korea, Mexico, Puerto Rico and the United Kingdom – are generally produced in the region. ‘In the United States , our local sourcing is not as high as 90%,’ she explained. ‘The manufacturing just doesn't exist (there).’ For example, apparel sold in U.S. Wal-Mart stores is often manufactured in Central America, she said.” [Tico Times (Costa Rica), 3/17/06]

Wal-Mart ruins Rubbermaid. In 1994, Rubbermaid won accolades as the most admired company in the United States—but five years later, its fortunes fell so hard that the company sold itself to a competitor. When the price of a key component of its products went up, Rubbermaid asked Wal-Mart for a modest price increase—but Wal-Mart said no, and stopped sales of Rubbermaid products. At a Rubbermaid factory in Wooster, Ohio, that meant the loss of 1,000 jobs. [PBS Frontline, 11/23/04]

Wal-Mart advises supplier: “Open a factory in China.” To land a supply contract with Wal-Mart, the Lakewood Engineering and Manufacturing Company—a Chicago fan manufacturer—had to locate manufacturing operations in Shenzhen, China. Workers there make $.25 an hour—while the company’s Chicago workforce earned an average hourly $13. [Los Angeles Times, 11/23/03]

Wal-Mart forces Huffy Bikes to brake US production. Despite decades of making bicycles in the United States, Huffy was forced by Wal-Mart price pressures to close three factories and lay off thousands of workers. The mayor of Celina, Ohio—where Huffy closed a large factory—said Wal-Mart’s “demand for cheaper bicycles drove Huffy out of Celina.” [Mansfield News Journal, 12/8/03]

Steve Lapper

  • Karma: +0/-0
Re: Northern Trust under pressure...
« Reply #272 on: March 02, 2009, 02:10:57 PM »
Kelly,

   More likely was the situation where Madoff stayed close enough to the SEC that he knew exactly how they worked, invited no disbelief, and would realize how to avoid their regulatory reviews. The SEC was, as Markopolis said during his recent Congressional testimony, pitifully inept ::). I don't think he "paid them off" in any way....didn't need to. His modus operandi was to play himself as highly esteemed, a former chairman of NASDAQ and a market innovator. That way, this highly political regulatory body wouldn't allow much to touch him. (Btw...just look at their recent Pequot-Morgan Stanley-Mack investigation kibosh...same style of nolo-regulation).

   FINRA (ex NASD) on the other hand...... that remains a story for private messages (and probably future trial discovery). :o

Wasn't the woman who ran the SEC's alleged security law enforcement group recently promoted?  This would speak volumes to the SEC's approach.


Bill,

   You are a bit mistaken. Linda Thomsen, he SEC"s former head of enforcement recently resigned (under quite appropriate pressure). She was replaced with Robert Khuzami, a former federal prosecutor and general counsel of Deustche Bank. He is generally considered to be a very effective guy....we'll see?

S
The conventional view serves to protect us from the painful job of thinking."--John Kenneth Galbraith

Patrick_Mucci

Re: Northern Trust under pressure...
« Reply #273 on: March 02, 2009, 02:11:14 PM »
RJ,

While I dislike the outsourcing of call centers, operations and manufacturing to India or anywhere else, what I really resent is when the person answering the phone says, "this is John Smith, may I help you ?"

That's an intentional attempt to deceive on the part of the Corporation.

It's an unethical business practice

RJ_Daley

  • Karma: +0/-0
Re: Northern Trust under pressure...
« Reply #274 on: March 02, 2009, 02:13:19 PM »
Dave, I'll wait on the India article.  But, you are saying that American worker Mirro of the 60s was undercutting American US Steel as equivalent to China cheap labor eating our lunch?  I don't get it, sorry...

I'll have to ask around to find those millionaire workers, not execs at Mirro.  That must have been some union!!!  ;D
No actual golf rounds were ruined or delayed, nor golf rules broken, in the taking of any photographs that may be displayed by the above forum user.