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?