Skip to comments.CEO Blows Away Congressional Hearing: 'I Was Fined for Hiring Too Many People!' (VIDEO)
Posted on 09/20/2011 7:04:43 AM PDT by JesseWatters
"In my own business, securities regulations have prohibited me from hiring brokers for more than three years. I was even fined fifteen thousand dollar expressly for hiring too many brokers in 2008. In the process I incurred more than $500,000 in legal bills to mitigate a more severe regulatory outcome as a result of hiring too many workers. I have also been prohibited from opening up additional offices. I had a major expansion plan that would have resulted in my creating hundreds of additional jobs. Regulations have forced me to put those jobs on hold. In addition, the added cost of security regulations have forced me to create an offshore brokerage firm to handle foreign accounts that are now too expensive to handle from the United States. Revenue and jobs that would have been created in the U.S. are now being created abroad instead. In addition, I am moving several asset management jobs from Newport Beach, California to Singapore."
(Excerpt) Read more at nation.foxnews.com ...
Schiff’s testimony was awesome.
CEO who and of what?........
Two things strike me on this:
#1 2008? Bush’s fault.
#2 He’s hiring brokers, not workers. Not people who make something. A broker is just a step above a class action lawyer.
Key word: “hiring”
This is a trend, Government regulations forcing JOBS offshore. Friend of mine wife workds for a company that is doing cheap manufacturing offshore....that used to be in America. They don’t want to cross the 50 employee limit.
>> Hes hiring brokers, not workers. Not people who make something. A broker is just a step above a class action lawyer.<<
So what is a “worker” to you? A broker facilitates a transaction, connecting 2 parties in a way that is satisfactory for all. It is a both important and useful profession.
*** Key word: hiring ***
You have a point, while they aren’t productive, they aren’t really counter productive, like some lawyers.
Don’t give them that much credit. Financial brokers create nothing. At least class action lawyers create big headaches.
“It is a both important and useful profession.”
As a COO of a small regional broadband company, we utilize investment bankers to “broker” capital for expansion. Although they do not create a widget at the end of the day, without them we could not grow and expand our business.
My experience with them is they put in long hours to bring capital to the table with their client....
They get us the capital, we provide the expansion and jobs......
Brokers make something: MONEY
And, after they make it, they SPEND it... on stuff that keeps OTHER people employed.
You've completely missed the point of this article. Do you, by any chance, work for our governm.... oops, I mean, 'Federal Family'??
“Hes hiring brokers, not workers. Not people who make something. A broker is just a step above a class action lawyer.”
Your statement makes me think you know nothing about business or the economy. A broker is someone who facilitates economic transactions. If they do their job well they provide helpful information and add value to the economy. A class action lawyer is someone who tries to solicit supposed “victims” and uses them as pawns to extort money from productive members of society.
They are totally different.
Blah... don't waste your time with reasoned arguments.. he's a "BrownsFan". ;-)
Schiff did great. I got an email yesterday with these links to his testimony. Alert your friends by sending them an email.
Peter Schiff testified in front of Congress on Tuesday about the ridiculous jobs bill. Fantastic stuff. He embarrasses the Krugman clone next to him and the congressman who tries to challenge him.
“Do you, by any chance, work for our governm.... oops, I mean, ‘Federal Family’??”
Ahhh, the typical self righteous “conservative”. Anyone who isn’t in 100% agreement with you is:
A union member
A federal worker
An escapee from the DU
What we need at FR is a variant on Godwin’s Law. Brownsfan’s Law:
The first one to call another freeper any of the above loses credibility.
Ya....everbody knows if you don’t have a piece of steel in your hands 8 hours a day, you ain’t “working”..../sarc
Please ... don't confuse brownsfan with real world facts. His preconceived notions and trite little sterotypes are what makes what he does to earn a living better than what the scumbags do.
*** Blah... don’t waste your time with reasoned arguments.. he’s a “BrownsFan”. ;-) ***
And that NFL team you have in Kentucky... the Hillbillies? How are they doing?
The effecient allocation of capital was the engine of America’s market economy; an economy that created more wealth and more freedom than any other in history.
Geez...I must have missed the memo that it was pile on brownsfan day
Ya’ guys are brutal :^)
*** Please ... don’t confuse brownsfan with real world facts. His preconceived notions and trite little sterotypes are what makes what he does to earn a living better than what the scumbags do.
/sarc off ***
No need for the sarcasm tag... what I do IS more important than what they do. :)
Brokers find homes for excess goods.
Wash your mouth out with soap.
By this definition, one would not call a Doctor, Dentist, or auto machanics a "worker" because they don't "make" anything. In fact, they just move around and occasionally poke or prod at people/vehicles with tools.
“Geez...I must have missed the memo that it was pile on brownsfan day”
You give snark, you get snark, I can take it. Even though some of them seem to thing going personal is the way to prove a point.
>>>What we need at FR is a variant on Godwins Law. Brownsfans Law:
>>>The first one to call another freeper any of the above loses credibility.
Your opening post in the tread is evidence that you’re not qualified to judge others on your own “Law”.
*** Your opening post in the tread is evidence that youre not qualified to judge others on your own Law. ***
Really? That’s all you have?
My post conforms and calls no one a union member, government worker, or a DU escapee.
Here’s a site for you:
Sorry Eric ... Browns fans aren't familiar with soap.
... brownsfan, sorry - couldn't resist ... congrats on getting McCoy and thanks for putting another hickey on Indy yesterday
#1) What is a worker?
#2) When were you a broker?
Not the biggest Schiff fan here, but his testimony was awesome.
What strikes me is that the 3 minutes (or whatever it is) allocated for discussion of various points....it doesn’t matter if it’s Barry Bonds on steroids (which I imagine is important to some folks but objectively does not affect them one iota) versus banking rules and regulations that affect *everyone*...for years...and the same blithering idiots are in charge of both.
Folks, Don’t get into it with this arse-portal ‘brownsfan’.
When you argue with an idiot, people don’t know who’s who.
He’s made his idiocy self evident.
I’m with you. I am tired of the “self-righteous conservatives” on here who refuse to see any point of view but their own. There are at least two sides to every story - sometimes more. And yet conservatives are always accusing liberals of being intolerant. It doesn’t hurt to get another point of view. You may even learn something.
As a COO of a small regional broadband company, we utilize investment bankers to broker capital for expansion.That's because it's a law that if you want to loan YOUR money you have to use a broker...it's called usury.
Investment bankers don't have money. They (by usury law) use small investor's money to loan.
Only a union member would suggest such a thing.
While I completely disagree with you regarding the value of brokers, your comments relative to the deportment of some posters on FR is spot on! From my experiences here, I have found that FR has it’s share of morons who are so imbued with the “correctness” of own positions that when confronted with an idea that goes counter to their thinking, they resort to name calling. I guess in a group that’s as large as FR there are going to be some mental midgets.
So if one wanted to buy or sell a stock you would have that person physically go to the exchange and conduct the transaction themselves?
I agree. Very well developed and clearly outlined both the problem and solution.
“everybody knows if you dont have a piece of steel in your hands 8 hours a day, you aint working”
You spend that kind of time at the range every day???!!! Oh, man, I’m jealous!
Let’s see you sell a stock without a broker.
The notion that only people who work with their hands and produce physical goods qualify as “workers” is one step above the union hatred for anyone white collar.
I understand the jist of what you’re saying, but they’re still JOBS.
AND they need to wear a hard-hat and be carrying a 10 lb hammer. Or it doesn't count.
I agree. Excellent post!!!
That’s the kind of attitude that fosters phrases like “Workers’ Rights”...
What do you do?
“I guess in a group thats as large as FR there are going to be some mental midgets.”
Hmmmm... maybe Brownsfan’s Law has some merit? :)
In a rational discussion, I would offer that I was thinking stock broker, not financial broker. I’d further admit that I am unfamiliar with all that financial brokers do, so I’m unqualified to comment on them. Stock brokers, I know a bit more about them. And finally, I’d admit that most jobs are better than nothing, except class action lawyers.
That’s all assuming a rational discussion. It used to happen on FR, not very much anymore. It’s more of a food fight now. I’ve learned a lot here in the past. Sadly, not so much recently, and I’ll expect more zings than anything else for this post. I wonder how that translates to the GOP as a whole? Hmmmmmm.
BTW, 63 and 87 Vette? I had an 87 I sold last year, I miss it, but it was killing me on repairs! Might pull the trigger for a C5 this spring, if the economy doesn’t tank even further.