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Lerach: Don't Blame Public Union Members. Blame Wall Street
BTW-I hate GS with a passion, I am not in their corner. But the biggest threat to the poor and working class in this state are public employees. GS had 80 partners in the mid 90's, I am not sure what the count was yesterday when I posted.— March 1, 2011 12:24 p.m.
Lerach: Don't Blame Public Union Members. Blame Wall Street
OK, 450K PUBLIC employees IN ONE STATE vs a few hundred Goldman partners, the most profitable investment bank in the world-again, who is the biggest threat to the poor and middle class in CA??? Hint, it aint 300 bankers in the private sector 3K miles away.— March 1, 2011 12:22 p.m.
Lerach: Don't Blame Public Union Members. Blame Wall Street
By age 50, the Wall Street derivative salesperson has half a billion dollars. ======= CA has 300K plus cops and at least 150K ff's. That's 450K in just one state (I have no idea how many prison guards are in the state). How many Wall Street yahoo's are there making more than a million per year??? Goldmans Sachs has just 80 partners, and they are by far the biggest investment bank on Wall Street.— February 28, 2011 8:19 p.m.
Lerach: Don't Blame Public Union Members. Blame Wall Street
Obviously, when you get a huge hit like 2008, it takes a long time to make it up even if returns are good because you are starting from a lower base. ============== Calpers lost around $100 billion in 2007-2008-they went from $260 billion down to $160 billion. If you ran their ROI at 7.75% from 2008 to 2011 with a $260 billion principle you would have a total of $350 billion today. Calpers was at $220 Billion a few days ago. If Calpers had a 20% ROI for the next decade they would NOT catch up. And we know the dot com and real estate bubbles are not going to come back, or any other type of bubble- the real ROI the next decade is going to be around 5-6% MAX, nothing near 20%. And to top that off Calpers liabilities are rising exponentially, the are essentuially going BK. I don't follow the SDCERA balances, but I know they do not have the ROI that Calpers does and I would be lost more value in the recession, so they are in worse shape than Calpers, I am sure of that.— February 28, 2011 3:53 p.m.
Lerach: Don't Blame Public Union Members. Blame Wall Street
Don - Wall Street may be to blame, but you will never convice me that anyone deserves 90% of their salary in retirement!!!! ============== Don't leave out the BEST part-they get it at age 50.— February 28, 2011 1:13 p.m.
Trustee Plucked Trust Accounts to Gamble at Casinos
Nevada style casinos are prohibited in Ca. ....I don't think you can compare the impact of the commercial casinos in Nevada with the Indian casinos in the rest of the states. They are 2 completely different things. ====================== Actually they are not completely different, they are identical. #1- Nevada style gambling is the EXACT same as Indian casino gambling, there is no difference. Same games. Odds may be different though, but the games are the same. Slost are slots, 21 is 21, Texas Hold Em is Texas Hold Em, ROulette is Roulette, Craps is Craps. #2 The CA Constitution was changed to allow this. #3 The fact is there is only ONE style of gambling any of the casinos care about-slot machines, because ALL the revenue comes from the slot machines (80%-90%). The rest of the gaming is just window dressing.— February 27, 2011 8:20 p.m.
Letters
I went to a "Day on the Green" at the Oakland Coliseum, and it was the same way, two girls were seriously injured due to a stampede at one of the outer fences. It was Day On The Green #3: Aerosmith, Foreigner, Pat Travers, Van Halen, AC/DC. July 23, 1978. I really liked the concerts at Marriot's Gteat America. I saw "Pablo Cruise" there and really enjoyed ut. Hahhaha...who can remember Pablo Cruise!!!! Eddie Money was always one of my favorite singers back in the 70's and 80's, and still is.— February 27, 2011 8:16 p.m.
Trustee Plucked Trust Accounts to Gamble at Casinos
There is a huge social cost to having legal gambling in this state, and in Nevada ============= Exactly, and this story illistrates it perfectly. I do NOT think ANY gambling should have ever been allowed in CA, outside of the lottery and horse racing.— February 27, 2011 8:09 p.m.
Lerach: Don't Blame Public Union Members. Blame Wall Street
Yes, I am sure a convicted felon with a revoked law license is the beacon of truth. The fact of the matter is Wall Street engaged in MASSIVE fraud, and so did public unions when they engaged in so called "collective bargaining" with no opponents on the opposite side bargaining with them, in a legal monopoly, via a quid pro quo campaign cash traded for unearned, grossly overcompensated pay and benefits fraud trade off. Two wrongs never make a right. They BOTH engaged in massive fraud, and they are both responsible for the massive financial meltdown we have today. What Lerach is trying to claim is similar to saying that the get away driver in the bank robbery is not responsible because he is not actually robbing the bank, just driving the car. Baloney. On a related note, the documentary "Inside Job" won the Academy Award tonight for best documentary.— February 27, 2011 8:01 p.m.
Trustee Plucked Trust Accounts to Gamble at Casinos
The white man stole everything the Indians owned, so you really can't say they don't deserve some pay back.— February 26, 2011 11:10 p.m.