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CEO Blows Away Congressional Hearing: 'I Was Fined for Hiring Too Many People!' (VIDEO)
FoxNation.com ^ | Sept 20 | Staff

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 ...


TOPICS: Business/Economy; Front Page News; Government; News/Current Events; Politics/Elections
KEYWORDS: bhoeconomy; ceo; regulations; schiff; sec; securitiesregs
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1 posted on 09/20/2011 7:04:48 AM PDT by JesseWatters
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To: JesseWatters

Schiff’s testimony was awesome.


2 posted on 09/20/2011 7:10:52 AM PDT by GlockThe Vote (The Obama Adminstration: The flash mob who wonÂ’t leave.)
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To: JesseWatters

CEO who and of what?........


3 posted on 09/20/2011 7:11:38 AM PDT by Red Badger ("Treason doth never prosper.... What's the reason? Why if it prosper, none dare call it treason.")
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To: JesseWatters

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.


4 posted on 09/20/2011 7:13:26 AM PDT by brownsfan (Aldous Huxley and Mike Judge were right.)
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To: brownsfan

Key word: “hiring”


5 posted on 09/20/2011 7:16:40 AM PDT by Darteaus94025
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To: JesseWatters

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.


6 posted on 09/20/2011 7:17:16 AM PDT by 4Speed
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To: brownsfan

>> He’s 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.


7 posted on 09/20/2011 7:17:24 AM PDT by freedumb2003 (California: Making Texas more Conservative one voter at a time)
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To: Darteaus94025

*** Key word: “hiring” ***

You have a point, while they aren’t productive, they aren’t really counter productive, like some lawyers.


8 posted on 09/20/2011 7:19:11 AM PDT by brownsfan (Aldous Huxley and Mike Judge were right.)
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To: brownsfan

Don’t give them that much credit. Financial brokers create nothing. At least class action lawyers create big headaches.


9 posted on 09/20/2011 7:19:55 AM PDT by Usagi_yo (Yet another troll has been trolled)
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To: freedumb2003

“It is a both important and useful profession.”

Blah.

It’s neither.


10 posted on 09/20/2011 7:21:12 AM PDT by brownsfan (Aldous Huxley and Mike Judge were right.)
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To: brownsfan

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......


11 posted on 09/20/2011 7:21:46 AM PDT by nevergore ("It could be that the purpose of my life is simply to serve as a warning to others.")
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To: brownsfan
#2 He’s hiring brokers, not workers. Not people who make something.

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'??

12 posted on 09/20/2011 7:23:51 AM PDT by SomeCallMeTim ( The best minds are not in government. If any were, business would hire them)
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To: Red Badger
Peter Schiff, CEO, Euro Pacific Capital, Inc.
13 posted on 09/20/2011 7:25:04 AM PDT by Servant of the Cross (the Truth will set you free)
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To: brownsfan

“He’s 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.


14 posted on 09/20/2011 7:26:22 AM PDT by detective
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To: nevergore; brownsfan
They get us the capital, we provide the expansion and jobs......

Blah... don't waste your time with reasoned arguments.. he's a "BrownsFan". ;-)

15 posted on 09/20/2011 7:26:44 AM PDT by SomeCallMeTim ( The best minds are not in government. If any were, business would hire them)
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To: JesseWatters

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.
Part 1
http://www.youtube.com/watch?v=FLmD9TeUC54&feature=youtube_gdata_player
Part 2
http://www.youtube.com/watch?v=xZbQGpf3D_Q&feature=youtube_gdata_player


16 posted on 09/20/2011 7:27:59 AM PDT by Presbyterian Reporter
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To: SomeCallMeTim

“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.


17 posted on 09/20/2011 7:29:34 AM PDT by brownsfan (Aldous Huxley and Mike Judge were right.)
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To: brownsfan

Ya....everbody knows if you don’t have a piece of steel in your hands 8 hours a day, you ain’t “working”..../sarc


18 posted on 09/20/2011 7:30:12 AM PDT by G Larry (I dream of a day when a man is judged by the content of his character)
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To: nevergore; brownsfan
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......

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

19 posted on 09/20/2011 7:30:34 AM PDT by tx_eggman (Liberalism is only possible in that moment when a man chooses Barabas over Christ.)
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To: SomeCallMeTim

*** 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?


20 posted on 09/20/2011 7:31:52 AM PDT by brownsfan (Aldous Huxley and Mike Judge were right.)
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To: brownsfan

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.


21 posted on 09/20/2011 7:32:18 AM PDT by Mr. Lucky
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To: nevergore

excellent point


22 posted on 09/20/2011 7:34:27 AM PDT by PMAS
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To: tx_eggman; SomeCallMeTim; brownsfan

Geez...I must have missed the memo that it was pile on brownsfan day

Ya’ guys are brutal :^)


23 posted on 09/20/2011 7:34:46 AM PDT by nevergore ("It could be that the purpose of my life is simply to serve as a warning to others.")
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To: tx_eggman

*** 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. :)


24 posted on 09/20/2011 7:35:00 AM PDT by brownsfan (Aldous Huxley and Mike Judge were right.)
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To: brownsfan

Brokers find homes for excess goods.
Wash your mouth out with soap.


25 posted on 09/20/2011 7:35:19 AM PDT by Eric in the Ozarks (I want a Triple A president for our Triple A country)
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To: brownsfan
He’s hiring brokers, not workers. Not people who make something.

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.

26 posted on 09/20/2011 7:37:23 AM PDT by 6SJ7 (atlasShruggedInd = TRUE)
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To: nevergore

“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.


27 posted on 09/20/2011 7:37:42 AM PDT by brownsfan (Aldous Huxley and Mike Judge were right.)
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To: brownsfan

>>>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.

Your opening post in the tread is evidence that you’re not qualified to judge others on your own “Law”.


28 posted on 09/20/2011 7:38:26 AM PDT by Keith in Iowa (Hope & Change - I'm out of hope, and change is all I have left every week | FR Class of 1998 |)
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To: Keith in Iowa

*** Your opening post in the tread is evidence that you’re 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:

http://www.rif.org


29 posted on 09/20/2011 7:41:29 AM PDT by brownsfan (Aldous Huxley and Mike Judge were right.)
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To: Eric in the Ozarks; brownsfan
Wash your mouth out with soap.

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

30 posted on 09/20/2011 7:41:46 AM PDT by tx_eggman (Liberalism is only possible in that moment when a man chooses Barabas over Christ.)
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To: JesseWatters

bkmk


31 posted on 09/20/2011 7:44:14 AM PDT by Sergio (An object at rest cannot be stopped! - The Evil Midnight Bomber What Bombs at Midnight)
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To: brownsfan

So

#1) What is a worker?

#2) When were you a broker?


32 posted on 09/20/2011 7:45:35 AM PDT by freedumb2003 (California: Making Texas more Conservative one voter at a time)
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To: JesseWatters

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.


33 posted on 09/20/2011 7:49:58 AM PDT by Attention Surplus Disorder (Madoff screwed the rich. Bernanke screwed us all.)
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To: All

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.


34 posted on 09/20/2011 7:50:26 AM PDT by Keith in Iowa (Hope & Change - I'm out of hope, and change is all I have left every week | FR Class of 1998 |)
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To: brownsfan

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.


35 posted on 09/20/2011 7:54:43 AM PDT by ilovesarah2012
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To: nevergore; brownsfan
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.

36 posted on 09/20/2011 7:58:24 AM PDT by lewislynn ( What does the global warming movement and the Fairtax movement have in commom? Misinformation)
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To: brownsfan

37 posted on 09/20/2011 7:58:46 AM PDT by Servant of the Cross (the Truth will set you free)
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To: brownsfan
The first one to call another freeper any of the above loses credibility.

Only a union member would suggest such a thing.

38 posted on 09/20/2011 8:01:09 AM PDT by Mr.Unique (Very generic, non-offensive, tagline.)
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To: brownsfan

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.


39 posted on 09/20/2011 8:04:07 AM PDT by vette6387 (Enough Already!)
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To: brownsfan

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?


40 posted on 09/20/2011 8:06:33 AM PDT by Portcall24
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To: GlockThe Vote

I agree. Very well developed and clearly outlined both the problem and solution.


41 posted on 09/20/2011 8:07:40 AM PDT by Portcall24
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To: G Larry

“everybody knows if you don’t have a piece of steel in your hands 8 hours a day, you ain’t “working””

You spend that kind of time at the range every day???!!! Oh, man, I’m jealous!

:)


42 posted on 09/20/2011 8:08:07 AM PDT by PastorBooks
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To: Usagi_yo

Let’s see you sell a stock without a broker.


43 posted on 09/20/2011 8:09:06 AM PDT by ctdonath2 ($1 meals: http://abuckaplate.blogspot.com/)
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To: brownsfan

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.


44 posted on 09/20/2011 8:10:45 AM PDT by RockinRight (Carter Obama and Reagan the nation!)
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To: Portcall24
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?

AND they need to wear a hard-hat and be carrying a 10 lb hammer. Or it doesn't count.

45 posted on 09/20/2011 8:12:00 AM PDT by agere_contra ("Debt is the foundation of destruction" : Sarah Palin.)
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To: sneakers

bttt


46 posted on 09/20/2011 8:12:08 AM PDT by sneakers (EAT YOUR PEAS!)
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To: GlockThe Vote; JesseWatters
Schiff’s testimony was awesome.

I agree. Excellent post!!!

47 posted on 09/20/2011 8:12:44 AM PDT by LuvFreeRepublic (Support our military or leave. I will help you pack BO!)
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To: G Larry

That’s the kind of attitude that fosters phrases like “Workers’ Rights”...


48 posted on 09/20/2011 8:13:10 AM PDT by RockinRight (Carter Obama and Reagan the nation!)
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To: brownsfan

What do you do?


49 posted on 09/20/2011 8:13:55 AM PDT by RockinRight (Carter Obama and Reagan the nation!)
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To: vette6387

“I guess in a group that’s 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.


50 posted on 09/20/2011 8:14:24 AM PDT by brownsfan (Aldous Huxley and Mike Judge were right.)
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