OK, I stayed up late to see the Prez with Leno.  It’s clear that Washington libs have our industry in their crosshairs.  He said that AIG is a bunch of crooks that should not be paid, ML guys should go to jail, and college students should consider science and engineering rather than investment banking.  The Prez indicated the entire problem boils down to Wallstreet greed.  WHAT A BUNCH OF BULL sh*t!  When are they going to talk about the decision in the 1990’s to loosen lending standards to low income people and have the loans subsidized by GSE’s like Fannie and Freddie?  Meanwhile when the GSE’s were in trouble, blow me barney frank said all was OK.  And what about Clinton & Rubin repealing Glass Steagall which allowed the banks to buy the toxic crap created by bad legislation.  And what about the fact that derivatives and credit default swaps were traded in unregulated markets because of government legislation.  Meanwhile, the SEC did not have the balls to bring back common sense rules such as the uptick rule or jawbone FASB to eliminate or loosen mark-to-market accounting.  I am sick and tired of hearing DC people point their lying, incompetent fingers at us!  We have GOT to fight back!! 

OK, I stayed up late to see the Prez with Leno.  It’s clear that Washington libs have our industry in their crosshairs.  He said that AIG is a bunch of crooks that should not be paid, ML guys should go to jail, and college students should consider science and engineering rather than investment banking.  The Prez indicated the entire problem boils down to Wallstreet greed.  WHAT A BUNCH OF BULL sh*t!  When are they going to talk about the decision in the 1990’s to loosen lending standards to low income people and have the loans subsidized by GSE’s like Fannie and Freddie?  Meanwhile when the GSE’s were in trouble, blow me barney frank said all was OK.  And what about Clinton & Rubin repealing Glass Steagall which allowed the banks to buy the toxic crap created by bad legislation.  And what about the fact that derivatives and credit default swaps were traded in unregulated markets because of government legislation.  Meanwhile, the SEC did not have the balls to bring back common sense rules such as the uptick rule or jawbone FASB to eliminate or loosen mark-to-market accounting.  I am sick and tired of hearing DC people point their lying, incompetent fingers at us!  We have GOT to fight back!! 

congressman should have to pay back all of the politcial contributions from companies that got tarp funds. the clawback should go back 10 years.

How about someone on this board who is politically savvy, and doesn’t mind giving up a good career, run for office? Then, we can all jump on board and support that person for office. I’m sure a board full of salesmen (probably the ultimate salesmen) can get someone elected if they choose. We do have connections to some wealthy and powerful people as a whole. Just a thought.



I’ll throw all of my support behind someone who is willing to fight for us.

Here is a post on March 8th:

You hope this is not true, but it’s possible.   Ever notice the Obama commercials? he’s always taking a jab at business. expressing that good things are not created in skyscrapers. health care should be non for profit industry. the financial services industry is at the height of irresponsibility. there should be a windfall tax on the oil companies,

specific quotes:

"a corporate culture rife with inside dealing; questionable accounting practices and short-term greed;

"the real problem is not that someone who doesn’t look like you might take your job; it’s that the corporation you work for will ship it overseas for nothing more than a profit."

he stands for socialism, but that word never comes out of his mouth. He writes a several hundred page book and doesn’t mention that dirty word once.

once things meltdown more, he’ll say see this is why we need complete CHANGE because the old way wasn’t working[/quote]





Things are getting much worse and now Obama is egging on the general public to despise wall street. Now they want to target certain people at certain companies. The AIG thing is a tool for them to target certain groups in the future. America needs to wake up!! This is serious sh*tx.

Congress wants ta tax dem at 90%…Which leaves 10% fo’ state an’ local taxes

Lets not forget ta mention Congress usin’ tax policy as uh financial weapon

Ya’ll is mad stupid

Friend sent me this, was pretty good:

http://xkcd.com/558/

Shouldn't the leaders of our firms stand up and call BS.  Take a stand for America. 

Instead they are hiding and butt kissing.

You have to see the writing on the wall…This is a gamechanger for our industry. We are going to be under more scrutiny than ever and bonuses are going away or severly cutback or monitored by the government. We asked for this by our own stupidity, by putting our collective heads in the sand, and allowing excesses to escalate out of control.

How is everybody liking Obamanomics now?



this country is no longer a safe place to do business. Contracts mean nothing. Mortgages are being rewritten. Employment contracts are being rewritten. These things are being done after the fact. If you are a group not liked by federal gov watch out. This is only the beginging.

A whole new world. Get used to it.

[quote=footsoldier]A whole new world. Get used to it.

The way I look at it is this…Did your state get a bailout or accept stimulus money?  If they did then some of the college coachs (they are state employees at public institutions) should give some of their bonus money back…I am huge sports fan but don’t mess with my money.

unfortunately, no bonuses would have been paid for C, AIG, FNM, FRE, MER, and others if the government wouldn’t have stepped in and made major contributions of capital…i have no qualms with a huge shareholder or capital holder calling the shots one way or the other.



you guys don’t like it? tough sh&%…no one any executive who received a bonus at a bailout firm shouldn’t have it taken back. and no, I don’t consider FAs executives…mgmt made their own beds, bankers made their own beds…if they don’t have one to sleep in now, tough titty said the kitty

Does anyone know for sure if the FA recruiting deals are going to be included in the 90% tax plan?  If so, how would they be calculated?  Would it be just the current years repayment of the forgivable loan that would be taxed at 90%, or would the taxable amount be based on the full amount we received upfront which is to be forgiven over the next 6 years.  Either way it sucks but there is a huge difference.  Also if your current years forgivable portion and annual income are under 250k are you excluded?  Take from the rich, give to the poor.  Does the IRS tax the people at 90% on the Freddie and Fannie “Government Money” that they barrowed with their mortgages/credit cards/home equity lines, and then failed to pay back.  No, they try to figure out a way to renegotiate their loans or even reduce the principal amounts owed, because apparently it was all the banks fault that they took their home equity line of credit money and went out and bought a new Hummer.  Now that is free money, and that is what should be taxed at 90%.  However, they have a better idea, lets put our country further in debt, lets flood the banking system with tarp money, lets lower interest rates to historic lows, lets create more dept for the county and artificially try to lower interest rates though buying treasuries, so that we can get everything back on track, and consumers and our country can continue to dig deeper and deeper holes.   Lastly, lets hope that we will be able to tax the “rich” (that got us into this mess lol) enough, to repay all of our depts.    What a crazy couple of years. 

Don’t forget about the year end sales bonus for the top producers. We just got ours at Wachovia based on our A.G. Edwards fiscal year that ended February. It looks like that could fall under the legislation since that was paid the middle of March.

[quote=slouzcar]Didn’t C and BAC both get over $5 billion in bailout money? Will the retention bonuses paid to bac-merrill and citi-smith
barney reps be Fed taxed at 90%?

[/quote]

<span =“news_story_title”>…still not hearing anything specific out there regarding FA’s.  What are firms <span =“news_story_title”>that received over $5B <span =“news_story_title”>and that have paid a retention, and/or longevity bonus in 09 <span =“news_story_title”>saying to their FA’s<span =“news_story_title”>?




<span =“news_story_title”>Courts Unlikely to Strike Down AIG Tax Law, Legal Experts Say


"general language affecting all companies receiving more
than $5 billion in federal bailout money. Bonuses for employees
at Bank of America Corp., Citigroup Inc., JPMorgan Chase & Co.,
Goldman Sachs Group Inc. and Morgan Stanley would be affected. "

http://www.bloomberg.com/apps/news?pid=20601087&sid=aC_hgTeumc70&refer=worldwide

<span =“news_story_title”>Citigroup, Bank of America, JPMorgan Reassure Employees

http://www.bloomberg.com/apps/news?pid=20601087&sid=aPe8yIbgLpto&refer=worldwide

"The House bill would affect employees whose household
income is more than $250,000 at companies that received more
than $5 billion. JPMorgan took $25 billion as part of the first
round of infusions. Citigroup got $45 billion and agreed to
allow the government to become its biggest shareholder. Bank of
America, including Merrill Lynch, has received $45 billion in
cash and a backstop on $118 billion in assets. "
<span =“news_story_title”>
<span =“news_story_title”>

This bill will get watered down…it is unconstitutional…although I agree those who were directly involved with the CDO’s etc should give their bonuses back.

Retention bonuses are not loans.  Recruitment packages are not loans.  They are sums of money paid in exchange for a time commitment.  They are structured with a loan backstop in case you do not honor the time commitment and for tax deferral purposes.

The real problem with bonuses is that it handcuffs the advisor for the period of the payback and then forces the advisor either to find a new firm who will pay recruiting bonus or the existing firm pays the retention bonus.