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San Diego’s chronic structural budget deficit affliction
The Rolling Stone article indicates that most of the IPOs during the internet bubble were actually orchestrated by Goldman Sachs ("GS"). ===================== Goldman was #2 in IPO offerings, as I recall. Frank Quattrone at Credit Suisse was #1 in IPO offerings........— April 18, 2010 8:51 p.m.
Local Unemployment Rate Back to 11%
Oh yes, some with high incomes abuse leverage and get themselves into trouble. =================== You do know tha Calpers is upping their investment portfolio in hedgefunds and private equity-using that leverage. As you point out-leverage is a two edged sword. And Calpers found that out the hard way the past two years. Calpers needs to be stripped of their power to invest their pension fund money in leveraged/speculative investments. It is not prident with pension money. T-bills all the way.— April 18, 2010 8:47 p.m.
Michael Fanghella Seeking $150,000 Job
Generally speaking, the kind of employers who are looking for this kind of CEO/manager/employee are not going to be doing it over the Internet....but as Harmsway said-KFC Sanders is probably dumb enough to hire a clown like this....maybe he could appoint him to run the PD ro FD.— April 18, 2010 8:40 p.m.
Local Unemployment Rate Back to 11%
Many of those who have no wealth drive newer cars and are far more spendthrift. ================= I don't know what you mean by "many", but you are making broad generalizations that are certainly not true of the vast majority of Americans who have no wealth. Not everyone with a GED hits the employment lottery as a $200K comped muni fire fighter or cop.— April 17, 2010 8:25 p.m.
Local Unemployment Rate Back to 11%
====== Why is it obscene? If the wealth was ill-gotten, like in bootlegging during prohibition, then I completely agree with you ========== Come on, don't kid yourself-most the wealth is being created b/c the rich are getting all the breaks-breaks they bought and paid for through with campaign bribes to the Congress. Just look at Wall Street-you think they have all that money b/c they EARNED it?? Or because they are smarter than everyone else?? No way. They scammed the system. I have no problem with people who are self made-but that is certainly a minority.— April 17, 2010 8:22 p.m.
Road to the poorhouse
This is also why we have the gas tax-to pay for transportation projects-not to have that gas tax money diverted to state employee comp (6 figure salary and pensions), which then leaves transportation projects short and taxpayers getting taxed twice for the same thing. This is the reason why this state is so screwed up.— April 17, 2010 11:04 a.m.
Road to the poorhouse
One wonders if South Bay Expressway creditors have attorneys sufficiently wise regarding bankruptcy petitioner's transfers of assets within a given period of years prior to filing. ============== All of that money can be taken back by the BKtrutee/BKcourt/creditors.And the idiots that gave it away will be subject to felony fraud for making the transactions. You don't get to give away all of your asets and then file BK, it is that simple. The trustee/BK court will not alllow it. Not a bona fide transfer.— April 17, 2010 11:01 a.m.
Local Unemployment Rate Back to 11%
I don't have updated figures in front of me, but in 2001 the top 1% in wealth had 40% of financial assets =============== Here is something that is very commonly tossed out in the rich are taxed too much- The top 1% pay 50% of the income taxes- which is true-and that sounds out of whack until you learn that the top 1% is account for 70% of the income-which obviously proves they are paying a lower nominal rate than everyone else. Ronnie Rayguns tax cuts were NOT evenly distributed. Although all tax rates were cut-the bottom rates were cut minimally (as I recall 15%) while the top rate was cut dramatically ( as I recall 40%). Read David Cay Johnston's books "Prefectly Legal" and "No Free Lunch". He has it all laid out in black and white based on official IRS tax data. The rich have been getting richer and the poor have been getting poorer over the last 30 years. And if anyone thinks that is not true they must be koo koo.— April 17, 2010 10:54 a.m.
San Diego’s chronic structural budget deficit affliction
Most lawyers in San Diego have nite school law degrees and struggle for years to eke out a meager living and 95% will never be successful ========================== While not totally accurate, this is somewhat true, and is where stats really get skewed. Most law grads today-night school or otherwise- are finding it impossible to find legal -work as a lawyer. The work is just not out there-and won't be in the future either. There are 200 ABA law schools in America (and CA has at least 20 non ABA laws schools that allow them to sit for the CA bar exam), and they graduate about 50K new lawyers every single year, yet there are at most 20K new law jobs per year, so the vast majority of those newly minted attorneys will NOT get work as attorneys. And the jobs that are out there are paying peanuts, usually $25K-$40K for a 60 hour work week with virtually no benefits of any kind. Even the very top/elite law schools like Harvard and Yale are having problems finding employment for their grads. The state of Florida advertised a lawyer postition 4 months ago that paid minimum wage-yes you read that right, FL offered a state attorney job that paid minimum wage (they claimed the benefits made it worth it!). So the pay for lawyers has been decreasing steadily and I don't see that changing anytime soon-like pretty much most jobs in America (unless you are in on the gov employment lottery).— April 16, 2010 7:38 p.m.
San Diego’s chronic structural budget deficit affliction
It is not uncommon for a securities lawyer in New York to make $2 million a year. It is certainly less common in San Diego. ======================= I think maybe a **handful** of partners (as in less than 5) at a firm like Lerachs (now Coughlin, Stoia) MAY pull down $2 million, but the average partner in Big law in San Diego is not pulling in $2 million per yuear in comp, nor even $1 million. When Brobeck Phleger and Harrison were FEASTING during the dot com bubble in the early 2000's they had the HIGHEST paid partner comp in this state with $1 million per partner-and this was at the height of the dot com bubble. Of course we know what happened, that bubble burst and BPH went BK. No more million dollar partners. Now, if you want to say there are many people in the $400K range, 10K, 15K, I an\m not going to argue that point. But the $2 million claim is WAY over the top.— April 16, 2010 7:25 p.m.