Kuroshin: You add no value or produce any viable product. Know when you've been had and suck it up like any other grifter.Shell game's over, folks.


Christ, I hope you're right.

Kuroshin: You add no value or produce any viable product. Know when you've been had and suck it up like any other grifter.

Shell game's over, folks.

You realize they'll only leave if they can get a position with better pay somewhere else? Good luck to them. No reason employees shouldn't endeavor to get paid fair market value.

Barricaded Gunman: Kuroshin: You add no value or produce any viable product. Know when you've been had and suck it up like any other grifter.Shell game's over, folks.


Christ, I hope you're right.

Were you short or long?

Go Galt dude, all the cool finance majors are doing it...


/would like to start a Survivor type reality show in a brutal wasteland between financiers and class action Lawyers...the only winners would be the venomous reptiles

Debeo Summa Credo: No reason employees shouldn't endeavor to get paid fair market value.

These dodos have so inflated, warped, and manipulated the "value" of this "work" that the only fair value is a negative number.

AlgaeRancher: Go Galt dude, all the cool finance majors are doing it...


/would like to start a Survivor type reality show in a brutal wasteland between financiers and class action Lawyers...the only winners would be the venomous reptiles

So both would be winners? I don't get it.

It sounds like they are starting their own little labor movement.

Jefferies Group's executives and employees at its prime brokerage unit have threatened to leave over several issues

Isn't that cute.

A banker's union?

Kuroshin: You add no value or produce any viable product. Know when you've been had and suck it up like any other grifter.

Shell game's over, folks.

Isn't buying and selling things the cornerstone of modern economies?

Kuroshin: Debeo Summa Credo: Kuroshin: You add no value or produce any viable product. Know when you've been had and suck it up like any other grifter.

Shell game's over, folks.

You realize they'll only leave if they can get a position with better pay somewhere else? Good luck to them. No reason employees shouldn't endeavor to get paid fair market value.

Nah, these are brokers. Arrogant egotists with no practical skill. They make bets with other people's money - win or lose, they still get paid. Exactly the kind of person who'd cut off their nose to spite their face.

Fark_Guy_Rob: Kuroshin: You add no value or produce any viable product. Know when you've been had and suck it up like any other grifter.

Shell game's over, folks.

Isn't buying and selling things the cornerstone of modern economies?

Yes, that is.

Brokering isn't that. Brokering is leeching off the buying and selling of others. Gambling without risk.

Fark 'em.

Isn't that true of everyone who plays a part in a transaction that isn't a buyer or seller?

mrlewish

So both would be winners? I don't get it.

I was thinking real venomous reptiles, class action lawyers and finaciers seem more like rats or weasels to me.

Save the venomous reptile analogy for Season 2: Congressmen versus Political Pundits

Sergeant Grumbles: Debeo Summa Credo: No reason employees shouldn't endeavor to get paid fair market value.

These dodos have so inflated, warped, and manipulated the "value" of this "work" that the only fair value is a negative number.

The fair value is what another firm would pay them. Whether that be a guaranteed bonus of $1m per year or minimum wage. You get paid what you are worth to your employer. If these guys are not bringing any value to Jefferies, Jefferies would fire them.

Fark_Guy_Rob: Kuroshin: Debeo Summa Credo: Kuroshin: You add no value or produce any viable product. Know when you've been had and suck it up like any other grifter.

Shell game's over, folks.

You realize they'll only leave if they can get a position with better pay somewhere else? Good luck to them. No reason employees shouldn't endeavor to get paid fair market value.

Nah, these are brokers. Arrogant egotists with no practical skill. They make bets with other people's money - win or lose, they still get paid. Exactly the kind of person who'd cut off their nose to spite their face.

Fark_Guy_Rob: Kuroshin: You add no value or produce any viable product. Know when you've been had and suck it up like any other grifter.

Shell game's over, folks.

Isn't buying and selling things the cornerstone of modern economies?

Yes, that is.

Brokering isn't that. Brokering is leeching off the buying and selling of others. Gambling without risk.

Fark 'em.

Isn't that true of everyone who plays a part in a transaction that isn't a buyer or seller?

Even middlemen can have value. In an ideal world, middlemen exist to connect sellers and buyers who wouldn't otherwise be aware of each other's existence.

That's what Wall Street should - middlemen for capital. This still goes on, of course, but it would be foolish to believe that there aren't a lot of people in the financial sector who do nothing but shuffle imaginary numbers around over and over whilst taking a percentage off of each transaction.

Fark_Guy_Rob: Isn't buying and selling things the cornerstone of modern economies?

Depends on the definition of "things".

When it gets to the point that vast swaths of your "modern economy" exist solely to buy and sell the purported value of pieces of paper and bits on the wire, that whole cornerstone starts to look it might be made out of something more akin to sand....

Robo Beat: That's what Wall Street should - middlemen for capital. This still goes on, of course, but it would be foolish to believe that there aren't a lot of people in the financial sector who do nothing but shuffle imaginary numbers around over and over whilst taking a percentage off of each transaction.

the problem is our economy has too many middlemen. wall street is supposed to be a sideshow that adds liquidity to the market, grease in the gears, so to speak.

now we have too much grease, and not enough gears.

Robo Beat: Fark_Guy_Rob: Kuroshin: Debeo Summa Credo: Kuroshin: You add no value or produce any viable product. Know when you've been had and suck it up like any other grifter.

Shell game's over, folks.

You realize they'll only leave if they can get a position with better pay somewhere else? Good luck to them. No reason employees shouldn't endeavor to get paid fair market value.

Nah, these are brokers. Arrogant egotists with no practical skill. They make bets with other people's money - win or lose, they still get paid. Exactly the kind of person who'd cut off their nose to spite their face.

Fark_Guy_Rob: Kuroshin: You add no value or produce any viable product. Know when you've been had and suck it up like any other grifter.

Shell game's over, folks.

Isn't buying and selling things the cornerstone of modern economies?

Yes, that is.

Brokering isn't that. Brokering is leeching off the buying and selling of others. Gambling without risk.

Fark 'em.

Isn't that true of everyone who plays a part in a transaction that isn't a buyer or seller?

Even middlemen can have value. In an ideal world, middlemen exist to connect sellers and buyers who wouldn't otherwise be aware of each other's existence.

That's what Wall Street should - middlemen for capital. This still goes on, of course, but it would be foolish to believe that there aren't a lot of people in the financial sector who do nothing but shuffle imaginary numbers around over and over whilst taking a percentage off of each transaction.

Who is allowing Wall Street to move their assets around while taking a percentage off each time? Exactly how does this work, in your estimation? Are you letting Ameritrade churn your account at their will, or do you initiate each transaction? Do fund managers, who's compensation and existence depend on total after-expense returns, allow brokers to just shuffle money around and take as many transaction fees as they want?

FTA: "Jefferies Group's executives and employees at its prime brokerage unit have threatened to leave over several issues"

Guess firing the guy that hands them their hot towels in the mens executive washroom was the deal breaker, huh?
/spare me

Debeo Summa Credo: Do fund managers, who's compensation and existence depend on total after-expense returns,

Their compensation and existence do not depend on returns, otherwise any fund and its associated manager and staff that performed below the index would disappear. Yet they, and their underperforming funds, continue to draw in customers every year. Stupid investors, one might say, or a more accurate depiction would be that there are financial incentives for institutions to continue to put their money where it underperforms.

Prime Brokerage is different from Brokerage. They aren't middle men, they are a service shop. And they don't trade.

Maybe they should rub the furry walls

Warlordtrooper: Fark_Guy_Rob: Kuroshin: You add no value or produce any viable product. Know when you've been had and suck it up like any other grifter.

Shell game's over, folks.

Isn't buying and selling things the cornerstone of modern economies?

Yes, when the producer or provider of a good or service sells that good or service to the consumer.

Middle men serve no economic purpose.

Not necessarily. The grocery store is a middle man. A distributorship is a middleman. These are economically necessary and productive middlemen.

Summer Glau's Love Slave: [www.myconfinedspace.com image 610x394]

they missed the part where he can magically divide the ball into 12 other balls, then rent them out to other kids.

AlgaeRancher: mrlewish

So both would be winners? I don't get it.

I was thinking real venomous reptiles, class action lawyers and finaciers seem more like rats or weasels to me.

Save the venomous reptile analogy for Season 2: Congressmen versus Political Pundits

Nah, it would never work. Why does a rattlesnake never bite a lawyer?

Professional courtesy.

Man On Fire: they missed the part where he can magically divide the ball into 12 other balls, then rent them out to other kids.

And the part where they can lend the ball to another kid, who then lends them back the same ball, and then they both pretend they have two balls.

Sergeant Grumbles: Man On Fire: they missed the part where he can magically divide the ball into 12 other balls, then rent them out to other kids.

And the part where they can lend the ball to another kid, who then lends them back the same ball, and then they both pretend they have two balls.

And when the ball deflates, mommy gives them a new ball at no charge.

Man On Fire: the problem is our economy has too many middlemen. wall street is supposed to be a sideshow that adds liquidity to the market, grease in the gears, so to speak.

now we have too much grease, and not enough gears

Succinct...

In the fiscal fourth quarter, Jefferies lost eight clients from its prime brokerage business, but some of them returned and 34 others transferred cash balances to other custodians.

If your PB unit is losing customers then lower bonuses are to be expected.

You add no value or produce any viable product. Know when you've been had and suck it up like any other grifter.

Shell game's over, folks.

I used to be a social worker. Now I'm a trader. Know why I switched?

You can't raise a family on a social worker's income.

Damn the Free Market! Why can't these hard working people be taken care of regardless of their or their companies performance?

Meh. If they really had any balls and brains they'd start their own funds. Trading OPM at a broker-dealer is no way to get rich.

/laughs

Debeo Summa Credo: You realize they'll only leave if they can get a position with better pay somewhere else? Good luck to them. No reason employees shouldn't endeavor to get paid fair market value.

But fark you unions when they do the same?

Robo Beat: Even middlemen can have value.

The telephone sanitizers union wholeheartedly agrees with your position.

FarkedOver: It sounds like they are starting their own little labor movement.

Jefferies Group's executives and employees at its prime brokerage unit have threatened to leave over several issues

Isn't that cute.

Yeah, several issues....

1) Money
2) Cash
3) Bonuses
4) Compensation
5) Hookers and Blow

The_Time_Master: Debeo Summa Credo: You realize they'll only leave if they can get a position with better pay somewhere else? Good luck to them. No reason employees shouldn't endeavor to get paid fair market value.

But fark you unions when they do the same?

No, unions are fine when they are acting ethically in pursuit of a fair market wage.

These are not job creators.

They are money sponges.

Wow, good ole' Jefferies. My SO used to work for them maintaining their mainframes. Sweet, sweet money.

The guys on the floor where making crazy money. The day Baxter retired, the CEO of the company, we just knew the gravy train has made its last stop.

When Baxter was in charge, it was a great company to work for. Then slowly after he left, the new CEO and all his underlings, started spending money on stupid stuff, cutting staff and acting like dicks basically.