Posts filed under ‘Occupy Wall Street’
I swear, guys like Bloomberg are legends in their own mind, divorced from reality, living in billion dollar bubbles.
Talk about dumbed down. Geezus. I’m thinking he might be delusional.
Here’s a fascinating confessional from a former Wall Street trader about his addiction to money and about how the perception of what a bonus or a salary should be is so out of whack in that world:
After graduation, I got a job at Bank of America, by the grace of a managing director willing to take a chance on a kid who had called him every day for three weeks. With a year of sobriety under my belt, I was sharp, cleareyed and hard-working. At the end of my first year I was thrilled to receive a $40,000 bonus. For the first time in my life, I didn’t have to check my balance before I withdrew money. But a week later, a trader who was only four years my senior got hired away by C.S.F.B. for $900,000. After my initial envious shock — his haul was 22 times the size of my bonus — I grew excited at how much money was available.
Over the next few years I worked like a maniac and began to move up the Wall Street ladder. I became a bond and credit default swap trader, one of the more lucrative roles in the business. Just four years after I started at Bank of America, Citibank offered me a “1.75 by 2” which means $1.75 million per year for two years, and I used it to get a promotion. I started dating a pretty blonde and rented a loft apartment on Bond Street for $6,000 a month.
I wanted a billion dollars. It’s staggering to think that in the course of five years, I’d gone from being thrilled at my first bonus — $40,000 — to being disappointed when, my second year at the hedge fund, I was paid “only” $1.5 million.
Wow. Walmart’s selling Occupy Wall Street posters. Could there be any purer example of cognitive dissonance than that?
Here’s the web page and here’s a screen shot (just in case they take the page down):
Wow. Just wow. And no, I am not making any of this up. This is the actual title of an op-ed that appears in Forbes this morning. This crowd is u-n-b-e-l-i-e-v-a-b-l-e:
Give Back? Yes, It’s Time For The 99% To Give Back To The 1%
It’s time to gore another collectivist sacred cow. This time it’s the popular idea that the successful are obliged to “give back to the community.” That oft-heard claim assumes that the wealth of high-earners is taken away from “the community.” And beneath that lies the perverted Marxist notion that wealth is accumulated by “exploiting” people, not by creating value–as if Henry Ford was not necessary for Fords to roll off the (non-existent) assembly lines and Steve Jobs was not necessary for iPhones and iPads to spring into existence.
Here’s a modest proposal. Anyone who earns a million dollars or more should be exempt from all income taxes. Yes, it’s too little. And the real issue is not financial, but moral. So to augment the tax-exemption, in an annual public ceremony, the year’s top earner should be awarded the Congressional Medal of Honor.
Imagine the effect on our culture, particularly on the young, if the kind of fame and adulation bathing Lady Gaga attached to the more notable achievements of say, Warren Buffett. Or if the moral praise showered on Mother Teresa went to someone like Lloyd Blankfein, who, in guiding Goldman Sachs toward billions in profits, has done infinitely more for mankind.
FBI Investigated ‘Occupy’ As Possible ‘Terrorism’ Threat, Internal Documents Show
According to internal documents newly released by the FBI, the agency spearheaded a nationwide law enforcement effort to investigate and monitor the Occupy Wall Street movement. In certain documents, divisions of the FBI refer to the Occupy Wall Street protests as a “criminal activity” or even “domestic terrorism.”
According to the documents, the FBI coordinated extensively with private companies, including banks, that feared they could be affected by Occupy protests. Occupy, which took root in New York City’s Zuccotti Park in September 2011 and spread to cities across the country, targeted corporations and other forces it believed to perpetuate social inequality. The FBI’s investigation included the movement’s manifestations in New York; Milwaukee; Indianapolis; Anchorage, Alaska; Jacksonville, Fla.; Richmond, Va.; and Memphis, Tenn., among others.
According to the new documents, the FBI began meeting with representatives of the New York Stock Exchange and other businesses as early as August 2011, a month before the Zuccotti Park protests.
I get it. The FBI is protecting the corporatocracy. Tea Partiers are essentially on the side of the corporatocracy, so they’re good.
Remember this from November when a rogue cop pepper sprayed seated students who were involved in an Occupy protest at the University of California-Davis?
The University of California regents have agreed to pay out roughly $1 million to end a lawsuit over last November’s pepper spraying of UC-Davis students, part of a deal that also calls for a personal written apology from Chancellor Linda Katehi to each person hit with the spray.
The details of the settlement, approved in secret earlier this month by the regents, are contained in documents filed in federal court in Sacramento this morning.
The deal, hammered out in mediation sessions after 21 students and former students sued last February, still must be approved by a federal judge.
It calls for each of the 21 plaintiffs to receive $30,000 for a total payout of $630,000. The agreement also transforms the suit into a class action, which will allow others who were hit with pepper spray during the Nov. 18 protest to submit claims for payments of up to $20,000.
That part of the deal envisions five to 10 additional claimants coming forward, with a sliding scale that reduces the payout for each of those depending on the final tally. Those claimants wil be paid from a pool of money limited to $100,000.
This photo was taken yesterday in NYC during a rally marking the first anniversary of the Occupy Wall Street movement. It says so much about the United States of America circa 2012.