Fixed for ya.

 

The exchange-traded derivatives market, the one much more commonly used, is highly regulated, and wasn't a contributor to the meltdown.

 

Which contains far less than 1 tenth of 1 percent of all trades done in commodities, and pretty much nothing that the regular public would ever even be allowed to do because of their lack of capital. And this is coming from a person who made the routing decisions for commodities for a major trading firm right here in Chicago.

So here is a really fascinating story about the Obama administration's main guy who dove into GM and Chrysler prior to the auto bailout. Its interesting because, in addition to all the factors we discussed in why the US automakers were in such trouble - union labor contracts, lack of agility in release hybrid/alt technology, overseas competition, price of raw materials, price of gas, etc. - there was a big huge one we really didn't touch on very much. Finance and accounting.

 

Apparently, the financial and accounting practices, as well as the overall management and leadership of both companies was "shockingly poor".

 

Worth reading.

 

Fixed for ya.

 

The exchange-traded derivatives market, the one much more commonly used, is highly regulated, and wasn't a contributor to the meltdown.

 

Thanks for that extra detail I missed.

 

 

By the way, for anyone interested in learning more about the derivatives world and the exchange-traded one specifically, a new documentary film is debuting later this month, called "Floored", about the last open outcry trading pits in Chicago. Looks interesting.

 

So here is a really fascinating story about the Obama administration's main guy who dove into GM and Chrysler prior to the auto bailout. Its interesting because, in addition to all the factors we discussed in why the US automakers were in such trouble - union labor contracts, lack of agility in release hybrid/alt technology, overseas competition, price of raw materials, price of gas, etc. - there was a big huge one we really didn't touch on very much. Finance and accounting.

 

Apparently, the financial and accounting practices, as well as the overall management and leadership of both companies was "shockingly poor".

 

Worth reading.

And this is the Union's fault because?

And this is the Union's fault because?

Who said it was? My post was making the point that this aspect was NOT about the unions and labor, or getting better cars to market faster, etc.

 

Who said it was? My post was making the point that this aspect was NOT about the unions and labor, or getting better cars to market faster, etc.

Think for a moment...which am I more likely to do...bash the union, or use an article pointing out how management sucked to highlight the people who continue to blame everything that went wrong with the automakers on the Unions and those crazy middle-class wages and health care that the workers get.

Think for a moment...which am I more likely to do...bash the union, or use an article pointing out how management sucked to highlight the people who continue to blame everything that went wrong with the automakers on the Unions and those crazy middle-class wages and health care that the workers get.

So your comment was directed at those business leaders, then?

 

So your comment was directed at those business leaders, then?

Actually I'd say it was directed at the folks, some who visit these threads, who continue to insist it's all the union's fault and if they'd have gone away we'd have kicked Toyota's arses.

Actually I'd say it was directed at the folks, some who visit these threads, who continue to insist it's all the union's fault and if they'd have gone away we'd have kicked Toyota's arses.

Well, the unions and more importantly the labor contracts they wriggled out of the Big 3 are definitely PART of the problem. Just not all, not by a long shot.

 

Well, the unions and more importantly the labor contracts they wriggled out of the Big 3 are definitely PART of the problem. Just not all, not by a long shot.

I'd also like to note that the CEO of GM received what, a $10-20 million golden parachute when we kicked him out?

 

Because you know, you gotta retain top talent to keep the books in order.

Yes, but he earned that money! How dare you try to rob him with your socialist greed!

 

Those union chumps, however, are just organized crime. Extorting the hard-working industrialist at all opportunities. How absurd for workers to band together to share some collective power when they would otherwise have none!

 

But, once we have good wages for American workers, we're right back to what ss2k5 said earlier: we don't want to pay for the cost of those workers. We'll just buy cheap Chinese crap instead. It seems like keeping American manufacturing jobs has a few options: heavy protectionism and large tariffs, waiting for the standard of living and pay to rise in China/ India/ etc. to levels comparable to America or reducing American manufacturing wages to Chinese levels.

Actually I'd say it was directed at the folks, some who visit these threads, who continue to insist it's all the union's fault and if they'd have gone away we'd have kicked Toyota's arses.

 

Even more than that I blame the people who claim to be in favor of unions and all of the gains they get, and then don't support the companies that have them.

ObamaCo does the right thing here: executives at 7 companies who were bailed out and haven't paid it all back yet are ordered to slash their bonuses and pay.

 

ObamaCo does the right thing here: executives at 7 companies who were bailed out and haven't paid it all back yet are ordered to slash their bonuses and pay.

ObamaCo does the right thing here: executives at 7 companies who were bailed out and haven't paid it all back yet are ordered to slash their bonuses and pay.

 

So if you're Executive 25 and get your pay slashed by as much as 90%, you'll probably end up making less than Executive 26.

ObamaCo does the right thing here: executives at 7 companies who were bailed out and haven't paid it all back yet are ordered to slash their bonuses and pay.

 

this is outrageous. those best and brightest at AIG earned their pay! after all those negotiations to land lucrative bailout contracts, now they don't even get that bonus they wanted.

Maybe we'll get a bunch of op-ed articles from VP's whining about their pay cuts. Remember the Jake DeSantis guy who wrote a whole letter talking about how altruistic he was for staying on with no pay while simultaneously b****ing about not getting the $750k he was promised? That was great.

We've topped 100 banks on the year!

We've topped 100 banks on the year!

 

Maybe we'll get a bunch of op-ed articles from VP's whining about their pay cuts. Remember the Jake DeSantis guy who wrote a whole letter talking about how altruistic he was for staying on with no pay while simultaneously b****ing about not getting the $750k he was promised? That was great.

I wonder if he was expecting sympathy? Most of the rest of us were rolling our eyes at the tone he was taking, the sense of entitlement to our money. I was thinking "oh f*** you." Probaby not what he intended for me to feel.

Im taking Labor Relations (LER) 100 at U of I for an easy A and I must say Im so close to just going nuts and blasting at these people (its all online so its just angry posting really, I wouldnt yell at a teacher or a student in a class, ever). Im a pretty moderate person when it comes to politics, I have alot of views on both sides of the spectrum but these people are ridiculous. They are comparing our labor relations to that of European countries while completely keeping out the financial troubles that have resulted due to many of these programs or the cost to have such laws. I also hate the blind drones who follow every word the TA or prof says just to look good.

Im taking Labor Relations (LER) 100 at U of I for an easy A and I must say Im so close to just going nuts and blasting at these people (its all online so its just angry posting really, I wouldnt yell at a teacher or a student in a class, ever). Im a pretty moderate person when it comes to politics, I have alot of views on both sides of the spectrum but these people are ridiculous. They are comparing our labor relations to that of European countries while completely keeping out the financial troubles that have resulted due to many of these programs or the cost to have such laws. I also hate the blind drones who follow every word the TA or prof says just to look good.

 

if you want your easy 'A' you'll just have to memorize your professors opinion and disconnect yourself from any sense of intellectualism. anything else will cost you.

 

 

I wonder if he was expecting sympathy? Most of the rest of us were rolling our eyes at the tone he was taking, the sense of entitlement to our money. I was thinking "oh f*** you." Probaby not what he intended for me to feel.

 

Hey man, he was sacrificing for the public good!

 

Oh and 3/4's of a million dollars--after taxes.

“socialism for the rich and free enterprise for the poor”.