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Horrible economic news. This makes me sad

Discussion in 'Sports and News' started by poindexter, Sep 19, 2011.

  1. dooley_womack1

    dooley_womack1 Well-Known Member

    I hate it when Poin haz a sad
     
  2. cjericho

    cjericho Well-Known Member

    i'm a little confused and/or a little slow. if the paper closed how did those responsible for the implementation or execution of the business model still have their jobs?
     
  3. Baron Scicluna

    Baron Scicluna Well-Known Member

    Because they work for a media company that has more than just the one paper.
     
  4. J Staley

    J Staley Member

    Yep. Thanks.
     
  5. cjericho

    cjericho Well-Known Member

    gotcha. losing jobs does suck, have experienced it a few times. don't know your situation but i think some of them saying 'it's the business model' is just them trying to be less blunt, maybe sugarcoating a little bit.
     
  6. Ben_Hecht

    Ben_Hecht Active Member

    Heads, the banks win.

    Tails, you lose.

    Didn't you get the memo?
     
  7. Ben_Hecht

    Ben_Hecht Active Member

    He'd look good handing out the handtowels in some high-end club's men's room for pound tips.
     
  8. poindexter

    poindexter Well-Known Member

    I love Ragu's concept that some nefarious creature took down this lovely, benevolent firm.

    UBS was paying this guy bajillions to make trades. There were few if any controls on his trading. Now, when he loses, he's suddenly a "rogue" trader.
     
  9. deskslave

    deskslave Active Member

    Or, as I read somewhere last week, all losses are unauthorized.
     
  10. Stitch

    Stitch Active Member

    The CEO and every manager down to "rogue trader's" boss needs to be fired. The lack of internal controls is on them.
     
  11. The Big Ragu

    The Big Ragu Moderator Staff Member

    What the fuck are you talking about?

    It wasn't a nefarious creature. It was a trader. A guy who probably got in deep, forged trades, created false paperwork, or committed some other type of fraud.

    Sorry I shit on your laugh track by pointing out the fact that you were having a ha ha over something that is going to put thousands of people out of work.

    Does it really bother you that much that now you are going to lob post after post attributing your nonsensical bullshit to me?

    The guy was a trader. Traders get paid a lot. He lost more than $2 billion dollars. X has nothing to with Y. Their investment banking division was already facing huge layoffs. Now you can add to them, and add firm-wide layoffs.

    I know, it's fucking hysterical, because of the the fact that you know an AVP or VP at Goldman Sachs who doesn't get a million dollar bonus, which somehow makes it all funny as shit to you.

    That still has nothing to do with anything, and you still started a thread that a bunch of jackals jumped on with the usual cry "Ha ha, fuck the rich" party, when the real impact here is that thousands of people who just work normal jobs are now sweating their livelihoods.

    Very few people get the huge bonuses everyone here thinks float around a bank like UBS. The place was barely earning any money before having to write off more than $2 billion.

    I am sorry I pointed it out that the impact is going to be a lot of people getting fucked because of this guy and lack of oversight. That was ALL I said, not the stupid bullshit that follows your attributing "Ragu's concept" to me.
     
  12. deskslave

    deskslave Active Member

    Lost in all this, of course, is that "trading" is a zero-sum game, where gains are always balanced out by losses. Someone's losing the money that these banks are or aren't making. And a fair amount of that money is being skimmed off in "fees" paid to people who aren't offering much better returns than stuffing your cash in a shoebox under the bed.
     
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