Potential Pricetag for Wisconsin’s Protesting Teachers: $9 Million
- Posted on February 22, 2011 at 10:19am by
Meredith Jessup
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Wisconsin’s McIver Institute has been closely following the developments in Madison over the last week as government workers rally to protect their collective bargaining privileges against state budget cuts. But as teachers have abandoned their classrooms to picket at the state capitol, the state’s taxpayers are the ones paying the real price. 
In Milwaukee, public school teachers who skipped out on work to engage in the protest have earned an estimated $3 million while not teaching students in Wisconsin’s largest school district.
Similarly, in Madison, a school district closed for three days due to teacher shortages, the district stands to lose about $2.7 million. To close the school on Monday alone, McIver estimates the school district paid more than $900,000.
If all the teachers in Milwaukee and Madison are paid for the days missed, the protest related salaries for just the state’s two largest districts would exceed $6.6 million dollars.
Using a figure of $100,005 for average teacher compensation in MPS and an average yearly workload of 195 days, these teachers cost approximately $513 per day in salary and benefits to employ. Spread over 5,960.3 full-time licensed teachers in the district, this adds up to $3,057,634 in daily expenses.
The average teacher’s total compensation in Madison is $74,912, according to the Department of Public Instruction. Each day costs $384.16 per teacher. The district has 2,370 teachers.
These figures don’t include administrators and support staff, many of which got an unexpected paid days off thanks to the week’s protests.
The problem of paying for absent teachers is one that extends far beyond Milwaukee and Madison, however. McIver also notes that more than two dozen school districts across the state were closed for at least one day last week as teachers called in sick, further adding to the total cost burden carried by taxpayers.
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Comments (154)
psst
Posted on February 22, 2011 at 11:03amWhy can’t their unions funds their retirement and health costs?
Report Post »I mean, the unions spent 80 + million getting Soetoro elected. And unions around the country spends even more millions upon millions funding leftist pols across the nation.
They spent mucho millions in Arkansas last year targetting a soft leftist dem to put an even more radical dem in the Senate. They lost.
These marxist union goons bosses pays themselves princely salaries and squanders millions on dem pols.
They should put those millions into helping to fund their rank and file retirements and health-care costs..
But what da hey. These idiotic rank and file think their union goon bosses are looking out for them.
Trumka said just a couple weeks ago he’s not interested in the interest of union workers,but he’s interested in fringing about World socialism.
I have no sympathy for union workers. I made my own way in life. I did not need to pay someone to get/keep a job. When I got a merit raise, it was because of my own initiative and skills.
eat-more-bacon-USA
Posted on February 22, 2011 at 11:02amThese union teachers should be fired immediately and replaced with teachers who want to teach and who put children first.
Report Post »SMALL GOVT
Posted on February 22, 2011 at 10:57amWhat do you guys think about the hidden provision in Walkers bill that would allow the state to sell or contract out any state-owned energy asset in no-bid deals with private corporations? heres the provision
16.896 Sale or contractual operation of state−owned heating, cooling, and power plants. (1) Notwithstanding ss. 13.48 (14) (am) and 16.705 (1), the department may sell any state−owned heating, cooling, and power plant or may contract with a private entity for the operation of any such plant, with or without solicitation of bids, for any amount that the department determines to be in the best interest of the state.
So if this goes through, the Koch brothers would benefit handsomely because of course they would get the bid..they already own several companies in the state, including a coal subsidiary, timber plants and a large network of pipelines.
Also, consider this: During the 2010 election cycle, Walker received $43,000 from the Koch Industries PAC, his second-largest contribution. The PAC also gave significantly to the Republican Governors Association, which in turn helped out Walker considerably in his race. Koch also contributed $6,500 to support 16 Republican legislative candidates in the state.
And all of this talk about unions busing members in from out of state to the rally…The Koch-funded group Americans for Prosperity has also been standing with Walker throughout his budget battles, busing in Tea Party activists and launching the site, Stand With Walker.com….Walker and other Republican governors received guidance from the American Legislative Exchange Council, a group that is also funded by Koch dollars and has pushed anti-union measures..DONT BELIEVE IT? DO YOUR HOMEWORK like glen always says.
So, why isnt beck shining the light on this conspiracy? because its actually a real one thats happening? thats my guess.
Report Post »GEW
Posted on February 22, 2011 at 12:32pmYou know what, this is a exactly what I thought a lib would do. Instead of addressing the issue at hand, you turn and attack the other side. Not surprising.
This is my new banner. Private sector employee UNITE, we are tired of supporting the UNION and their bosses.
What I don’t understand and maybe you could shine some light on this “why in the heck do Union peps, continue to pay their Union bosses all their monies they get? ACCESS to the WHITEHOUSE with you Union dues. LOOK at all that monies going to those points known and unknown. Turkma(s) visits white house 1 a week and talks on phone 3-4 times.. You dont want to go there REALLY…do you?
Report Post »GEW
Posted on February 22, 2011 at 12:40pmopps —sorry I mis-spelled union dudes name, I dont much really care for him but I should of looked up the correct spelling….so here it is…Trumpka.
Report Post »GhostOfJefferson
Posted on February 22, 2011 at 1:47pmIf there are problems in the legislation, then it behooves representatives to appear in the state house and debate those issues, and vote them down if possible. What’s not acceptable is fleeing like a whipped dog.
Report Post »SMALL GOVT
Posted on February 22, 2011 at 2:12pm@gew
How am I attacking the other side? I simply stated an obvious connection to the Koch bros and Walker. How am I attacking anyone? I didn’t pull it out of thin air and its well documented. This is exactly what conservatives would do, you ignored the connection between the Koch bros and Walker’s campaign and completely started talking about something different. all repubs do is side step a question or fact they dont like and go on some tangent that has nothing to do with the original argument of why isnt beck exposing this obvious connection b/t walker and the koch bros? He seems to only have a knack for doing that on the dem side…why is that?
If this was about balancing the state budget then thats fine. But its not. If it was then why did Walker, in his first 5 days in office, give his business pals 20M in tax breaks? this is a political move that the koch brothers want as a return on their investment. without union power, dems have no firepower to compete in elections, and thats what the koch bros want. Just look at all the money that was spent from these outside groups the bros own on repubs in the mid term…they outspent dem groups 2-1.
So ill ask again, what does everyone think about the hidden provision in Walkers bill that would allow the state to sell or contract out any state-owned energy asset in no-bid deals with private corporations? And why isn’t beck busting this connection? I mean, thats what he does, right? He shines the light on conspiracies…Cmon, glen! dont let us down ol great one!
Report Post »SMALL GOVT
Posted on February 22, 2011 at 2:22pm@ gew
Ya know, you’re right, lets get rid of all unions. and while we’re at it, lets get rid of the 40 work week, 8 hr work days, pensions, benefits, child labor laws, minimum wage. weekends off, and safe working conditions too..The unions are ready to sit down like real people and negotiate, but of course, Walkers a repub and that means no compromise whatsoever, just like we see day in and day out with congressional repubs..
Report Post »smithclar3nc3
Posted on February 22, 2011 at 3:13pmSounds to me like the Governor is getting the state out of an industry that should privately owned in the first place. And at the same time would create private jobs that actually pay taxes instead of consuming them.
Report Post »smithclar3nc3
Posted on February 22, 2011 at 3:31pmHey small govt, Hours,age restrictions,job safety issues, have actual laws that enforce them as well as agencys that over see them. Benefits packages are sometime available some company give match 401k and or stock options. Of course most don‘t however it doesn’t stop individuals from investing in their own retirement packages.Small govt more like small minded. And governor Walker isn’t ending total collective bargining rights although he should after all this crap. He’s ending special bargining benefit rights like the $758,000,000 Michigan unions bargined to get viagra for the unions members. But why let honest enter a truely single minded bias post.
Report Post »SMALL GOVT
Posted on February 22, 2011 at 4:10pm@smith
those are all of the things unions fought for during the labor movement. We might not even have these types of worker protections if it were not for unions. Whos going to stand up against businesses to oversea these protections are still enforced? Why is walker solving this budget crisis on the backs of unions and workers? these are the workers who saw their 401ks vanish during the financial crisis due to all of the toxic products wall st bundled and sold them knowing they would explode..so why does walker have to screw these people again? why does this have to be done solely on the workers back? dont we all have to make sacrifices? I know walkers 20M in tax cuts to state businesses could of helped out with this crisis. But the tax cuts for the rich create jobs though right? Well, where are they? oh yeah, that theory is complete BS. But I guess the private sector doesnt have to make any sacrifices, only the middle class.. really sad. its so easy to sit here and say you support walker because he is not coming after your money, or your rights as a worker. and hes ending ALL collective bargaining rights for ALL employees for good. hence he wants to dismantle unions because his bosses, the koch bros. told him to
But yet again, no one can speak of this connection between walker and the koch bros., which is the main topic of my post…
Report Post »rbac1025
Posted on February 22, 2011 at 10:53amScott Walker for President!
Report Post »Gonzo
Posted on February 22, 2011 at 11:16amIf he wins this battle, you won’t be the only one saying that.
Report Post »tbolt71
Posted on February 22, 2011 at 10:53amBy: Tim Powers
Since the members of the teachers union have decided to stage a sick-out in order to protest against Gov. Walker, I would like to see a question answered. As we have seen the teachers now getting bogus doctor’s notes on a street corner,my observation is that they were not actively working for the school district on the days in question.
Therefore,if they were not working that day,they should not have brought students with them to the demonstration. If they decided to call it a feild trip,I’m sure that it was not authorized by the school district and there was no parental permission slip offered or granted. That,in my mind would constitute a form of kidnapping. Plus,we also must consider the fact that if these teacher’s did in fact call out sick,the students that they brought with them would not be covered by the school district insurance in case of injury.
These teachers should be fired and possibly face criminal charges of kidnapping and face the full penalty of the law. If they want to risk thier jobs,thats for them to decide. But,they should keep the children of Wisconsin out of it and not place them in harms way. comments welcome
Report Post »vennoye
Posted on February 22, 2011 at 11:02amI like the way you think!!!
Report Post »smithclar3nc3
Posted on February 22, 2011 at 11:05amThat’s a pretty good argument? If a teacher took my kid off school grounds without my permission that would technically be kidnapping.
Report Post »tbolt71
Posted on February 22, 2011 at 11:16ami think someone should check into the laws in Wiconsin and see if this has merit…our children should not be used as union pawns and these people whom we trust our childrens education to should be held accountable as well as being better role models….they have our kids at least 6 hours per day and 5 days per week…most parents screen babysitters…i think it’s time our teachers were screened and held accountable
Report Post »Class2000Generation
Posted on February 22, 2011 at 11:34amhttp://legis.wisconsin.gov/statutes/stat0118.pdf
I’m looking through it … eyes are crossing, any help would be appreciated!
Report Post »rightwingheroes
Posted on February 22, 2011 at 10:52amNot only do we pay their salaries, healthcare and pensions we also have to pay for them to protest. Unions are good? How? Why?
Report Post »Class2000Generation
Posted on February 22, 2011 at 10:44amSome of my liberal friends who are teachers in the Madison area claim that the 5 states without collective bargaining have the lowest test scores while WI placed at #2. Does anyone else find this a ridiculous excuse — err, reason– why collective bargaining is a must for teachers??
Report Post »I raise my 2 little girls on a $24k wage – I pride myself in their knowledge and manners.
Class2000Generation
Posted on February 22, 2011 at 10:45amNo collective bargaining was necessary.
Report Post »rightwingheroes
Posted on February 22, 2011 at 10:55amsame here man
Report Post »IntheKnowOG
Posted on February 22, 2011 at 10:56amI think the bell curve has more to do with those scores than anything else….
Report Post »ImahaIngttta
Posted on February 22, 2011 at 11:00am@Class2000
Report Post »#2? Can they explain this? http://education.usnews.rankingsandreviews.com/education/high-schools/articles/2009/12/09/americas-best-high-schools-state-by-state-statistics
IntheKnowOG
Posted on February 22, 2011 at 11:01amNot to mention, that argument presents a great argument for you to make to your “friends”. If that is the case, they should be open to a pay scale that is outcome performance based. Watch their faces turn to disgust and then blame the parents for the failing students. Tell them to choose an argument: either they ARE responsible or ARE NOT responsible for testing results. They, being liberals, are guilty of “cherry picking”, yet another logical fallacy commonly employed by leftists.
Report Post »Class2000Generation
Posted on February 22, 2011 at 11:19am@ ImahaIngttta
I will forward that link on to those teachers ~ thanks!!
@ IntheKnowOG
They don’t really want to discuss … get upset and tell me they’re only posting their opinions and quotes for “positivity” (insert laugh and/or eyeroll).
This week I’ve started a course with my 1st grader on our founding fathers, consititution and beginning our lessons our presidents. I took it for granted that they taught these to my child. “Is George Washing.. um is that ‘washington’ on our penny” ?? I want part of their paycheck.
Report Post »ImahaIngttta
Posted on February 22, 2011 at 11:36am@Class200
Now I see where they got their #2 number: http://blog.bestandworststates.com/2009/08/25/state-sat-scores-2009.aspx
It is their SAT ranking. The only problem is that only 5% of WI high-schoolers took that exam. And those would be the top performing students who wanted to back up their ivy-league resumes with another solid score. WI students tend to take the ACT exam. In my state, 76% of high schoolers take the SAT.
So it is not an accurate represtation.
Report Post »Class2000Generation
Posted on February 22, 2011 at 11:43am@ ImahaIngttta
What state are you in – and where does your state place?
Report Post »ImahaIngttta
Posted on February 22, 2011 at 11:50am@Class2000 – NJ, 36th
Report Post »GEW
Posted on February 22, 2011 at 12:20pmBetter than other states…I read someplace yesterday that WI 6 or 8th graders could not read proficiently. Just what a I read…I don‘t know and I don’t care. Teachers don’t teach well anymore and that is what is wrong with all our public school systems even at University level.
Report Post »5410amh
Posted on February 22, 2011 at 10:41amI have the perfect solution, BAN ALL UNIONS.
Report Post »Killa From Wasilla
Posted on February 22, 2011 at 10:39amLet the governor pay the bill, along with the rest of the Republican elected officials in Wisconsin.
Report Post »This fight is far from over and this 9 million dollars is not even close to being the final price tag that this is going to cost Wisconsin.
GdaddyTejas
Posted on February 22, 2011 at 11:21amThe biggest cost is going to be to the Dems come 2012.
Report Post »Gonzo
Posted on February 22, 2011 at 11:37am“Let the governor pay the bill”?? Killa that is typical liberal thought, any money the Gov. has is the tax payers/voters money. The people spoke in November as I recall. Every liberal thinks the government has some secret stash of cash, it‘s all the people’s money genius.
Report Post »GEW
Posted on February 22, 2011 at 12:06pmNow lookie here a UNION dude…no you caused you pay. Protesting but you just dont want to protest.
Report Post »SEE I TOLD YOU ALL SO…its all for ME ME ME.
GhostOfJefferson
Posted on February 22, 2011 at 12:41pmWe‘re so happy to hear how you’re for keeping Wisconsin from going bankrupt.
You people are so anti-social it doesn‘t even occur to you that you’re screaming for your own destruction. The unions will have a lot of teachers fired so that a few can keep their benefits, and the teachers are proving too dense to grasp this. It‘s so sad that they’re charged with educating children.
Report Post »starman70
Posted on February 22, 2011 at 10:37amAdditional to my first comment – - – let the state of Wisconsin sue the unions to recoup the losses. The state didn’t cause the losses, the unions did. the unions are the culpable party.
Report Post »Gonzo
Posted on February 22, 2011 at 10:36amAs I recall, everyone said that if Reagan fired the air traffic controllers, air travel would be unsafe for decades to come. Keep pushing unions, you’re going to find out exactly how unnecessary you are.
Report Post »starman70
Posted on February 22, 2011 at 10:34amLet the UNIONS pay the bill.
Report Post »fourfreedom
Posted on February 22, 2011 at 10:33amThey work 195 days out of the year and get paid very WELL, they need to pull up their big boy and girl pants and do the job they are paid to do and TEACH. @hauschild agree Privatize the education system and you will truly get those who are actually called to be teachers.
Report Post »Thunderstorm 316
Posted on February 22, 2011 at 10:32amOH, thoughs poors teachers dont make much money, I am suprised they are not living on the streets! And Bidden thought he had a easy job!
Report Post »Hugh Williams
Posted on February 22, 2011 at 11:40amFor years we have been told we are not spending enough money on our kid’s education. We are told teachers pay is so low many people will not go into teaching. I think getting paid $513 per day in salary and benefits proves teachers are overpaid especially with the low test scores by the students. They are getting a lot of money with little results.
Report Post »randy
Posted on February 22, 2011 at 10:31amFire every single GD one of them!!!
Report Post »nacilbuper
Posted on February 22, 2011 at 10:30amI wonder why Obama got rid of vouchers in DC? Now why would you not want those poor children to have a better education. After all, it is all about the kids right?
Report Post »PuntoVistaSur
Posted on February 22, 2011 at 10:29amYou don’t show up for work…you’re fired!
Report Post »nacilbuper
Posted on February 22, 2011 at 10:29amHow much does it cost the Parents of those kids that have to miss work?
Report Post »Rashomon
Posted on February 22, 2011 at 10:28amunpaid makeup days in the summer? Hell, bring em in to do building maintenance or cut grass
Report Post »vennoye
Posted on February 22, 2011 at 10:52amNo, no, those jobs would take them outside of the union position and then they would claim they had worked in areas that would make them eligible for social security. Knew a teacher, years ago that exploited some loophole in social security………she worked for years under government retirement, but her last week before retirement she worked in maintenance so she could draw both social security and teachers retirement. Thankfully, they closed that loophole, but I am sure there must be others.
Report Post »TRONINTHEMORNING
Posted on February 22, 2011 at 10:28amAlways this way; when libs do their “thing” the conservatives foot the bill. Pathetic, selfish libs.
Report Post »LLATPOH
Posted on February 22, 2011 at 10:27amA superintendent in Wausau, WI is coming out saying she will hold all teachers that skipped out accountable.
Don’t know what that means, but both shoes haven’t dropped yet – so I’m hopeful for now….
Report Post »integrican
Posted on February 22, 2011 at 4:00pm“Accountable” probably means an awards banquet! ; )
Report Post »hauschild
Posted on February 22, 2011 at 10:26amFire the lot of ‘em.
If teachers were payed based on market demand, the compensation wouldn’t be 75k, but more around 50k. They‘re frighteningly overpaid because results prove they certainly aren’t doing a very good job.
Privatize the education system. It will increase competition, which ultimately gets rid of the people that aren’t cut out to be teachers, which is probably about 60% of current teachers.
Why do people get teaching degrees? Because it’s a cupcake major.
Report Post »smithclar3nc3
Posted on February 22, 2011 at 10:29amexactly
Report Post »WILLIAM E.
Posted on February 22, 2011 at 10:30amAbsolutely, Fire them now !!
Report Post »smithclar3nc3
Posted on February 22, 2011 at 10:25amScott need to fire every teacher who called in sick to protest. If they want to reapply for a teaching job they can but they will recieve an entry level salary and benefits package.
Report Post »nacilbuper
Posted on February 22, 2011 at 10:29amDamn good idea, that would make up the spread.
Report Post »dmforman
Posted on February 22, 2011 at 11:11amAwesome Idea!!!!!!!!!!!!!!
Report Post »Angie
Posted on February 22, 2011 at 2:07pmI’m all with you on that entry level salary! What are they crying about making 70 some thousand dollars as their compensation package?? For the love of pete, I make less than that and have to save for my own retirement and pay for healthcare!!! Aren’t these the same people that complain about the rich having to pay more because they have more? Well, they have more than me, when is my first check coming to even up the difference? I’m from Illinois, and I know how much houses cost up there! They must all live in McMansions making that kind of dough. They don’t even see what kind of greedy, selfish gimmegimme kind of people they are! What really scares me, is they look like anyone, not the monsters they are. Anyone ever see the movie “Fraility”?
Report Post »smithclar3nc3
Posted on February 22, 2011 at 3:09pmAngie never forget that according to the bible Lucifer was the most beautiful angel in heaven and basicly God’s right hand man. I guess the message that sent is never judge a book by it cover.
Report Post »bullcrapbuster
Posted on February 22, 2011 at 10:25amFire them
Report Post »Son_of_Liberty
Posted on February 22, 2011 at 10:29amNo, make them work off this debt then fire them!
Report Post »RightUnite
Posted on February 22, 2011 at 10:36amI agree! Fire their sorry *sses!
Report Post »13th Imam
Posted on February 22, 2011 at 11:10amDeduct this from their paychecks first . Then confiscate their retirement fund Then fire them. Any teacher that stayed in school should have this money added to their retirement fund.
Report Post »tinydd
Posted on February 22, 2011 at 11:23amIt’s all for the children!
Really? Break them up or fire them Govner.
Report Post »Bluebonnet
Posted on February 22, 2011 at 10:18pmWas wondering how their students tested on the exams? Heard today that someone looked it up and the majority were scoring very low on the exams. Is this being a great teacher as they’re claiming? Or is it being a teacher who’s there for the perks and paid pension plans paid for by the taxpayers? Good Gig if you can get it and remain committed to your sham. Shame on you staying from school, it shows me you are the low-grade teachers who have the gall to pretend you really care. Bull crappie. On the other hand, you aren’t at school to corrupt our children any more with bad teaching skills.
Report Post »GEW
Posted on February 22, 2011 at 10:23amOk, this is just another reason why the Unions need to go. They care nothing at all for their “children” Only themselves and their bennies.
Report Post »IntheKnowOG
Posted on February 22, 2011 at 10:33amCharge the districts, make the superintendents layoff those who were “sick” beginning last week to make up for the budget shortfalls. The unions need to realize, we have had enough.
Report Post »smithclar3nc3
Posted on February 22, 2011 at 10:33amThey’re just another level of the entitlement society. They produce substandard students at a cost that 5 to 20 times higher than other countries who produce much better students. And yet somehow they feel entitled to much better standards of pay and benefits than the actual tax payers who pay their salaries.
Report Post »grandmaof5
Posted on February 22, 2011 at 10:35amTake those teachers, workers, administrators, etc. absent from their jobs without a valid excuse – figure out how many hours they missed per person, subdivide and take the amount of money they cost the state out of their next paycheck. Why should the citizens of WI have to pay for these delinquent adults, and I use the word “adult” loosely. Teachers who took their students to protest should be fired for putting their students in potential harm’s way. Parents should be raising hell with the administrators of the educational system demanding reimbursement for time lost in the classroom. Actions need to have consequences.
Report Post »what4
Posted on February 22, 2011 at 10:52amPrivat schools are the best answer, no union better teachers and smarter kids! Get the government out of the business of brainwashing our children!
Report Post »Rogue
Posted on February 22, 2011 at 10:53amDon’t forget to add in the cost to taxpayers who had to take those days off work to care for thier young kids, or had to arrange for daycare. And don’t be surprised if all these teachers ask for reimbursement of “art supplies” for making those pretty signs and banners!
Report Post »drbage
Posted on February 22, 2011 at 10:58amJust wondering how many of the teachers who took their students to “watch democracy in action” got permission from the parents to do that…..
WHITE LOTUS2x
Posted on February 22, 2011 at 11:01amGew: Looks like some more stimulus`s are going to be needed. Wouldnt it be wonderful if that money was going to the children to help give have a better education. That money is just wasted. This just shows they are in this for themselves, no one else. If they are not ashamed of themselves, I am ashamed for them. This is still the greatest country in the world, even after all the effort to make it otherwise.
Report Post »Kurty C Wipe
Posted on February 22, 2011 at 11:05amThose who can……do Those that can’t…..teach!
Report Post »UlyssesP
Posted on February 22, 2011 at 11:18amFire them.
Report Post »Publicize their names on the web to warn any future employers that these people can’t be counted upon to act mature under trying circumstances, and fire them.
No pension, no nothing.
Break any contract just like GM did with shareholders and fire them with no pension or health care.
cnsrvtvj
Posted on February 22, 2011 at 11:29amYou’re exactly right Gew, they don’t care about the children at all. I kept getting posts on Facebook last week from relatives and friends in Wisconsin about how teachers were doing this and that for the kids. The unions are just plastering the airwaves with ads about the poor teachers. Yet where are the teachers? They’re calling in sick so they can protest with signs that have a Hitler mustache on Scott Walkers face. What kind of example is this teaching the kids?
http://www.donsmithshow.com – see the unions in Wisconsin video
Report Post »proudconservative
Posted on February 22, 2011 at 11:30amThey bill for this unauthorized strike needs to be given to the Union and if they do not pay they need to be taken to court.
Report Post »HUGGINGMYBABIES
Posted on February 22, 2011 at 11:33amCHA CHING! Now we have to lay even more of them off to make up for it! WTG…..smart move….
Report Post »So here is my story today. A few weeks ago we got the mother of all snows and yes it was hard to get about but I can say that even with 18 inches I made it to my office by noon…..Sunday we got some sloppy snow sleet stuff, about 5 inches but it melted sort of……it didn’t seem to be leaving the streets as fast as it had with the BIG blizzard….and then today……I didn’t see a plow all morning…..the streets are a MESS and I think they are trying to, dare I say it…..make a point. Well here’s my personal message to you city funded plow drivers…….I don’t really mind being at home for the day, or even a few….I like MY house and I have a decent back up plan for cash……but when I don’t work, I don’t get paid, and when I don’t get paid, I don’t pay taxes (aka YOUR paycheck) and when I don’t work, my company can’t sell things…..things you need, things your children need, and when my company can’t sell those things, it can’t pay taxes (aka your paycheck) either…….SO with no tax revenue…….well you get my drift…….now PLOW IT!
sissykatz
Posted on February 22, 2011 at 11:40am@ Kurty I hate that saying because I was a teacher and I can do. That does not apply to everyone. I haven’t looked up how it got started but I think it would be like ball players that could no longer play but at least they could still teach their craft. Anyway to reply to topic,,,, they are also going to have the cost of making up those days missed and all the extra accounting processing and it is going to be a mess. They should get back into the class rooms and do their jobs. What I would love to see is each one protesting to be fired but that won’t happen.
Report Post »abc
Posted on February 22, 2011 at 12:07pmWhy is this the price of protesting teachers? What is the Governor’s role in this? He could have asked for wage concessions, as they did in Michigan, without attempting to undermine collective bargaining rights. But his political donors, like the Koch brothers, who GB serves as a puppet for, pushed him to go much farther than necessary. Why does he carry no blame? Most of the fools here have wages that are at parity with or even below that of organized labor, yet they attack their own, while praising the people who seek to lower their standard of living. The Koch brothers must laugh all the way to the bank knowing that their record profit margins are boosted by ignorant folks who do not even know what their interests are. Collective bargaining is a necessary mitigating force in a capitalist system. Don’t believe the myths told here. If unions are so bad, then why is Germany the world’s leading exporter with unionization rates far in excess of our own?? If you cannot answer that question, you know little about these matters, and so you shouldn’t think you have an informed view on what is happening in WI or anywhere else corporate interests and GOP propaganda seek to destroy the unions.
Report Post »Class2000Generation
Posted on February 22, 2011 at 12:14pm@ cnsrvtvj
Report Post »I’ve seen the same type of posts on my “friends” pages on facebook! ” A teacher’s job teaches others to do their jobs”… “make a change in my students’ lives”… We get it, you teach. But if you chose this career to make a difference in a child’s life, why are you out of the classroom to protest??
BTW, parents make a difference in their childrens lives everyday 24/7 without pay or bargaining rights.
BecksTheMan
Posted on February 22, 2011 at 12:15pmFire the teachers and take it out of their pay.
Report Post »HUGGINGMYBABIES
Posted on February 22, 2011 at 12:15pmWhat’s worse…..is that they are saying the capital building is trashed, that is smells of booze and pot and human unwashed stench. this building is GORGOUES and I think Governor Walker should fill 400 balloons with some Dawn Antimicrobial soap, chuck them over the Rotunda rails and then call in the fire trucks to hose the filth out! How much will that cost? I’m tempted to walk the halls there gathering names and union local numbers and then supply them to Walker so they can be billed for clean up……Oh and there’s a local pizza place that is taking donations from across the country to provide food for these slobs too. Bet they are not picking up the boxes so it will be easy to bill them for the pollution and mess.
Report Post »GhostOfJefferson
Posted on February 22, 2011 at 12:15pmThank you for smug condescension directed at us all ABC. We always appreciate you taking time off from conversing with the Olympic Gods to deliver the Infallible Word to us from On High.
Nobody makes anybody show up to protest anything. When people show up to protest and cause manpower and cleanup costs to incur, it is because they showed up, not because somebody proposed a law.
I won’t read your response, though I know you feel compelled to get the last word in. Good day.
Report Post »DrFrost
Posted on February 22, 2011 at 12:16pmThere was a time when unions were a necessary and wonderful thing. At this point, however, I‘m going to have to agree with Gew that they’ve gone too far. And, in general, I don’t think state and federal employees should be allowed to unionize. Why? Because there’s no appropriate feedback in the system. In the commercial world if the unions push too hard the company goes out of business and the workers lose their jobs. The system rights itself. With government employees, they raise taxes to pay unionized workers until the whole economy fails…. It’s a bad idea.
Report Post »HUGGINGMYBABIES
Posted on February 22, 2011 at 12:28pmWe have Koch and you have GE, BP, and a bunch of others…..seems Liberals have the most interesting AMNESIA when it comes to campaign contributions.
Report Post »HUGGINGMYBABIES
Posted on February 22, 2011 at 12:44pmI’ll gut this one for you ABC, since your memory seem to have lapsed: Why is this the price of protesting teachers? ARE WE NOT PAYING FOR A SERVICE WE ARE NOT GETTING? What is the Governor’s role in this? WEEKS AGO HE OFFERED HIS AGENDA FOR COMMENT He could have asked for wage concessions, as they did in Michigan, without attempting to undermine collective bargaining rights. BECAUSE ASKING A UNION TO GIVE UP SOMETHING WORKS…..WHERE DO YOU LIVE? But his political donors, like the Koch brothers (GEEZ DON’T GE AND BP OWN OBAMA?), who GB serves (INSERT ANY LAMESTREAM MEDIA NAME HERE) as a puppet for, pushed him to go much farther than necessary. Why does he carry no blame? AGAIN…..HE DIDN’T FORCE THEM TO WALK OFF NOW DID HE? Most of the fools here have wages that are at parity with or even below that of organized labor, yet they attack their own, while praising the people who seek to lower their standard of living. The Koch brothers must laugh all the way to the bank knowing that their record profit margins are boosted by ignorant folks who do not even know what their interests are. AND RICHARD TRUMKA MUST GIGGLE IN HIS BRITCHES EVERYTIME HE DOES THE HUMPTY IN THE LINCOLN BEDROOM Collective bargaining is a necessary mitigating force in a capitalist system. NO THEY WERE THE BEDROCK OF THE SOCIALIST SYSTEM….GET IT RIGHT Don’t believe the myths told here. WE WALK IN THE LIGHT HERE NO LIES SORRY If unions are so bad, then why is Germany the world’s leading exporter with unionization rates far in excess of our own POST HITLER COMMUNIST BLOCK MENTALITY ?? If you cannot answer that question, you know little about these matters, and so you shouldn’t think you have an informed view on what is happening in WI or anywhere else corporate interests and GOP propaganda seek to destroy the unions. ****And we don’t seem to think the Liberal Progressives have any sort of negative agenda? Seriously? You need to put down the Kool-aid and step away from the Rachel Madcow show.
Report Post »Cobra Blue
Posted on February 22, 2011 at 12:45pmGood…simple solution. Let the teachers and their union bosses pay the bill. If you are going to play…then you better be able to pay. Nuff said.
Report Post »HUGGINGMYBABIES
Posted on February 22, 2011 at 12:46pmJust have to add this: I freaking LOVE that poster in the picture……she’d never regret 12 paid six days in a 9 month work load, but I know I totally regret it :D!
Report Post »abc
Posted on February 22, 2011 at 12:47pmGhost, you’re absolutely right. Nobody makes anybody protest anything. When the Tiananmen Massacre occurred and people who had never marched a day in their lives came out to protest all over the world. The lost productivity was their fault, not that of the repressive regime in Beijing. When precious hours of work were lost when MLK drew hundreds of thousands out, that was his and their fault; the racist segregationists had no part in the matter. Nice logic.
But know this. If any government, Republican or Democrat, were to unfairly lock you up, I will blame them rather than you for the worktime I lose marching and protesting on your behalf.
Report Post »watchtheotherhand
Posted on February 22, 2011 at 12:51pm@ ABC….Germany has a somewhat strong economy with many exports NOT because this is promoted by unionization but because Germany has been the beneficiary of currency differences that increased their currency standing in Europe when the Euro was instituted. This then fed their economy and led to increased job and material production as is seen any time a nation gets a boost like that. You are the one who always tells half truths and misleads people with your rhetoric. Maybe you should be doing a little more studying my friend. Just look how some of the smaller countries of the EU have complained about this very thing. That some countries like Germany are helped greatly while other smaller economies are harmed.
Report Post »abc
Posted on February 22, 2011 at 12:54pmHugging,
Nice try, but wage concessions were won in Michigan, so the premise that you cannot get wage concessions without taking away collective bargaining rights is totally false and proven so just weeks ago. Also, the WI Governor was specifically asked if he would drop the demands for the loss of collective bargaining rights if he won the wage concessions, which many have reported that the unions are willing to discuss, and he said no. The end of collective bargaining, as he himself has admitted, is not a means to an end. It is the end. You have no idea what you are talking about. By the way, that was reported in multiple papers and CNN picked it up. I do not watch Maddow, so I’ve no idea what she is saying about this issue, but do go on and try to put me in your little ideological box. You can pretend to chaulk up a victory by arguing with the strawman you know rather than a thinking independent that might actually have a more nuanced (and fact-based) view. But enter that lion’s den at your own peril. Ghost is already warming up the ad hominem attacks and bullying tactics, since he’d rather claim me to be a condescending elitist than actually address the facts at issue. You, I fear, will follow this playbook as well. And that’s too bad.
Report Post »GhostOfJefferson
Posted on February 22, 2011 at 12:57pm@watchtheotherhand
He’s attempting to pull a sleight of hand. This isn’t about unions, it’s about public unions. Public unions export nothing to any other country, they are not representatives of the private sector by definition. You have to watch the way he phrases things, he’s always trying to slip in false assumptions.
Slainte friend.
Report Post »abc
Posted on February 22, 2011 at 1:08pmWatch,
How much economics have you studied? You claim I am telling half-truths, but you write totally incoherent stuff. So I am left wondering how the heck you would know…
You wrote:
“@ ABC….Germany has a somewhat strong economy with many exports NOT because this is promoted by unionization but because Germany has been the beneficiary of currency differences that increased their currency standing in Europe when the Euro was instituted.”
Germany is a huge exporter within the EU, but it is just as much an export powerhouse outside of the EU, where a very large and growing percentage of its exports are going. It is Israel’s largest trade partner, although Israel uses the Shekel, which trades independently of the Euro–so no currency benefit there. Also, it’s exports to the US are very large, and we don’t use the Euro. And China is big and growing very fast. So your little story doesn’t explain any of that.
Nor does it address in any quantifiable way how the higher wages won by union workers in Germany hasn’t made the country less competitive in selling products abroad versus less unionized countries like the UK or the US.
To make matters worse, even within the EU it is hard to explain how the currency benefit helps Germany. That would have been a one-time event, assuming that the D-mark harmonized against the Lira or the Franc at a depreciated level, but that was so long ago that it shouldn’t be showing up now, as Germany has posted double digit export growth coming out of this recession. Moreover, the fact that the EU contains lower-cost labor pools in the East (e.g., Poland), the south (e.g., Spain), and the north (e.g., Ireland), which should make Germany unionized labor uncompetitive even within the EU. But it doesn’t. And you cannot explain it. The same foolish arguments used to attack unions in this country do not apply in Germany, so those arguments are WRONG. And no one here can apparently salvage them because they cannot answer my question. So they will ignore them and pretend they are right. How is that cognitive dissonance working for you??
“This then fed their economy and led to increased job and material production as is seen any time a nation gets a boost like that.”
Yes, that one-time boost from nearly two decades ago. That must be it.
“You are the one who always tells half truths and misleads people with your rhetoric.”
Not rhetoric. Facts. Get used to them. You’ll be confronted with them everytime I post here, and perhaps a few of you are not totally impervious to reality, will take notice. The rest of you, well your ears must be ringing.
“Maybe you should be doing a little more studying my friend. Just look how some of the smaller countries of the EU have complained about this very thing. That some countries like Germany are helped greatly while other smaller economies are harmed.”
Which countries have complained about this very thing? And what thing are you talking about. Once the currencies are harmonized, currency is no longer an issue. Countries in the EU complain about certain trade practices, but mostly they focus on government subsidies that give a country an advantage over another. But Germany is one of the most fiscally solvent countries in the EU, so they cannot be subsidizing their export success. I have a strong theory on why they have enjoyed that success, but conservatives will not like it. Hint, hint…it has to do with strong unions, strong workers’ rights and less CEO pay, among other things. Germany is the Wirtschaftswunder that conservatives do not want you to know about, since it runs totally counter to the narrative that they have been pushing since Goldwater and Reagan. But go on and claim that the problem is my half-truths. That is easier for you to handle.
Report Post »abc
Posted on February 22, 2011 at 1:12pmGhost, you don’t know much about the law do you? The laws that grant collective bargaining to private and public unions are the same. The NLRA was originally written for private sector labor unions and was made to apply to public unions under JFK. And talk about misdirection, you totally ignore all the good data economists have supplied on how public wages lag private sector ones when you adjust for educational attainment.
Methinks you have studied too many non-quantitative subjects in school (e.g., philosophy), so you can cleverly use words to delude yourself into thinking you understand reality. But reality is borne out by the numbers, which means that if you cannot test empirically and statistically, you cannot understand much of anything. When you start addressing facts and numbers, rather than playing rhetorical games, then you might have a case. Until then, your comments are not worth the pixels they are written on.
Report Post »abc
Posted on February 22, 2011 at 1:15pmGhost, oh, and by the way, Germany has strong public sector unions too, so you won’t be able to take that counter-example off the table so easily.
Report Post »AmericanSoldier
Posted on February 22, 2011 at 1:21pm“Don’t make me regret being a teacher”? If the fact that you think you are underpaid is what makes you regret being a teacher then perhaps you shouldn’t have become a teacher. No one becomes a teacher to be rich, especially of grade school. I‘m sure there are plenty of high paid professors teaching at Harvard but if you aren’t good enough to be one of them then regret it all you like and find a different job.
I say fire all the teachers that don’t teach in their classrooms at 800AM tomorrow morning. Good luck scrounging around for money then. Will you still complain about how low your pay was teaching when you’re unemployed? I‘m sure there are plenty of out of work teachers around the nation that’ll be willing to move to Wisconsin to have a guaranteed job this week. If I were unemployed and had this opportunity, I would do it in a heart beat and I wouldn’t complain about pay.
Report Post »copper
Posted on February 22, 2011 at 2:19pmThe BIG PROBLEM is GOVT Education. The govt does NOTHING right.
Since teachers became unionized test scores have plummeted. Thank GOD for home schooling. I home schooled my ADHD son and he worked for 7 years before attending art college. He has been on the President’s list for 7 semesters, he’s now in his last semester. He had to TUTOR other students to help them pass a dumbed down high school version of geometry or they would’ve FAILED… products of the UNIONIZED propaganda camps they like to call schools.
Get the govt OUT of education, it’s a FAILURE!
Let the Private Sector DO IT RIGHT and millions of $ cheaper.
Report Post »proudconservative
Posted on February 22, 2011 at 2:35pmSend the bill directly to the Union and those teachers should not be given one taxpayer penny for the time they were out.
gofigureinternational
Posted on February 22, 2011 at 2:36pmThere are some great comments here…Problem with some of these analogies relating to unions is it requires a person to be or have been a business person. Many people in the unions think that business owners just go out in the back yard and pick the money tree. They have zero concept of S.S. Insurance, Workman’s Comp, Liability Ins, Overhead, Fed/State Taxes, etc., etc. They see the business owner receive the gross and erroneously only see that figure, not the ‘net’ or the amount of hours required to build that net (then further complain about them receiving a write-off for those costs)! A union member will openly refuse to do job, as he is not “classified” to do that job or “That is not ‘my’ job”. They small business owner does not have that luxury; they take out the garbage, plow snow or meet with the C.E.O.’s of their customer base when necessary. Meanwhile, the media holds up the few scumbags in Goldman Sachs and related who truly did scam the system as examples of big business. Of course they fail to point out their political ties on BOTH sides of the isle. Most business owners do not own any of those money trees; they work hard for the dollars they earn and lay awake sweating in the early hours of the morning under heavy stress wondering how they will keep it afloat next month for their family AND the families of their employees! Curious when Clinton granted China “Most Favored Nation” status, how this helped the local manufacturing union employee? How many Union leaders and even rank and file voted for him and now for BHO? The shell game the government has played for years with everyone else’s money is about up. You think Bernie Madoff was the largest Ponzi scheme you ever witnessed, wait until all of these programs start running out of money. At least the Wisconsin Governor is holding to his campaign promise of balancing the budget. Washington needs to follow soon and it will require cuts from EVERY program or America is done for. Wisconsin is just a preview of what is going to happen when someone finally awakens everyone to the fact that Lyndon Johnson (D) put the Social Security Trust fund on budget, rather than that mythical lockbox referenced by so many politicians (both Dems and Repubs) in the past. Yes most here already know it, but they have SO many people believing they are now entitled to OPM (other people’s money) that there likely will be riots. Of course I am sure BHO will step in to save the day…Probably get some help from the U.N. or China as “peacekeepers” as well! And as an aside, I know many MANY small business owners that hit nowhere near $513/day in salaries with ZERO risk!
Report Post »integrican
Posted on February 22, 2011 at 3:44pm@Kurty C Wipe, ” Those who can….Do Those who can’t …teach”
Forgot this one: Those who can’t teach……teach. ; )
Report Post »abc
Posted on February 22, 2011 at 3:49pmInt’l,
“There are some great comments here…Problem with some of these analogies relating to unions is it requires a person to be or have been a business person. Many people in the unions think that business owners just go out in the back yard and pick the money tree. They have zero concept of S.S. Insurance, Workman’s Comp, Liability Ins, Overhead, Fed/State Taxes, etc., etc.”
No, they are aware of all of those cost items, but they also can see that EBIT margins for the S&P 500 are at record highs going back 40 years. Margins are higher now than pre-crisis for many companies. Congrats, you can name a bunch of cost items, just like anti-gov’t spending folks can name a lot of departments, but that is merely misdirection. Do you even know what corporate profitability looks like right now?
“They see the business owner receive the gross and erroneously only see that figure, not the ‘net’ or the amount of hours required to build that net (then further complain about them receiving a write-off for those costs)!”
Wrong. Equity owners and corporate executives have seen great increases in compensation, while worker salaries have stagnated. They understand enough.
“A union member will openly refuse to do job, as he is not “classified” to do that job or “That is not ‘my’ job”. They small business owner does not have that luxury; they take out the garbage, plow snow or meet with the C.E.O.’s of their customer base when necessary.”
Unionized labor has shown flexilibity in many places, including the US. And there are a lot of CEOs that have not been very facile in meeting changing competitive dynamics. You make up generalities and state them like facts to make your case. I watched Youngstown steel die because management decided to try to rely on tariffs rather than adjust to Japanese and later Korean competition. They also failed to invest in the needed capex to keep mills lowest cost in the world. How was this related to unions?? You tell a very slanted story, and one that doesn’t fit with facts or circumstances I witnessed first hand.
“Meanwhile, the media holds up the few scumbags in Goldman Sachs and related who truly did scam the system as examples of big business. Of course they fail to point out their political ties on BOTH sides of the isle.”
That is beside the point. The issue is that government serves the interests of the monied elite, while much of the media, owned by that elite, dupes the rest into thinking that the unions are the problem, rather than the tax code and laws that hurt workers while helping the wealthy. You can distract from these issues, but the real problem isn’t the graft at Goldman, which was relatively minor, but the bribes that the pharma industry presented to the GOP to immunize themselves from health care reform. And that is just one example.
“Most business owners do not own any of those money trees; they work hard for the dollars they earn and lay awake sweating in the early hours of the morning under heavy stress wondering how they will keep it afloat next month for their family AND the families of their employees!”
Nobody believes in money trees. Please drop the strawman argument. And understand that there is a big difference between the small businesses that never would have unions and the very large companies that are seeking to break them. Let’s stop talking about shoveling snow for clients, since the CEO’s of Pfizer, Verizon and Citibank have servants of servants to do that. Get real!
“Curious when Clinton granted China “Most Favored Nation” status, how this helped the local manufacturing union employee?”
It didn’t. Clinton was the best Republican President the US has ever seen, according to many liberal friends of mine. But the reality is that Dole would have been even less labor friendly.
“How many Union leaders and even rank and file voted for him and now for BHO?”
Because McCain would have been worse as well.
“The shell game the government has played for years with everyone else’s money is about up. You think Bernie Madoff was the largest Ponzi scheme you ever witnessed, wait until all of these programs start running out of money.”
This is total nonsense. When a public worker processes your DMV registration, puts out your fire, fights for freedom in Afghanistan, ensures that your water is clean, paves your roads, checks drug safety and efficacy, educates your child, or does one of millions of other jobs, they create value…unless you are deluded enough to think that those thinks would happen for free in a private market. It is why GDP accounts include domestic product from the government. It creates economic value and is measured that way. So there is no shell game here. The problem is that Americans expect to order $5,000 worth of services per person but only want to pay for $4,500 of it, while putting the rest on their grandkids’ credit card. This is not a shell game. It is theft. And those that seek to cut taxes further or continue tax cuts that envision only $4,500 worth of services while not being able to cut the other $500 are aiding and abetting that theft. So, please stop with the twin lies, namely that: 1) government doesn’t provide services that have economic value; and 2) that tax cuts are not the major cause of that funding gap, at least at the national level.
“At least the Wisconsin Governor is holding to his campaign promise of balancing the budget.”
Not quite. He cut taxes for corporations, which widened the gap significantly. You have to blame him for cutting taxes where there was no way to pay for those cuts, but you strangely refuse to do that. Further, he seeks more than wage concessions to balance the budget. He has said publicly that even if he gets the wage concessions desired, he will still seek to eliminate collective bargaining rights, so this isn’t about the budget at all. It is a ruse to bust unions, which his biggest donor (the Koch brothers) want ever so desperately.
“Washington needs to follow soon and it will require cuts from EVERY program or America is done for. Wisconsin is just a preview of what is going to happen when someone finally awakens everyone to the fact that Lyndon Johnson (D) put the Social Security Trust fund on budget, rather than that mythical lockbox referenced by so many politicians (both Dems and Repubs) in the past.”
Perhaps Americans need to pay for what they demand in services, and those Bush tax cuts need to go away. That solves much of the problem with everything except the big four programs. The military is easy to cut, since it has increased some 65% under Bush and now is larger than the rest of the world combined. SS is the next easiest, and it merely requires means testing and an increase in retirement age, which, while reducing “returns” to those that pay in, will return to its proper role as a safety net rather than a comprehensive retirement program. Medicare and Medicaid are the toughest to fix, but if the special interests can be defeated, and drug companies, insurance companies and doctors are made to become cost conscious, then perhaps we can get medical cost inflation down to the levels of France, Japan, Germany or Korea. By the way, Medicare’s cost inflation is about one-half of that in the private sector, so don’t start with free market solutions. THey do not work. Now, if we could just keep Palin from falsely yelling “death panels” in a crowded ER, we might be able to turn Obama care into a much more effective cost saver than what was already achieved.
“Yes most here already know it, but they have SO many people believing they are now entitled to OPM (other people’s money) that there likely will be riots.”
When you drive on roads, you automatically turn a bit of your money into OPM. The same goes for all the other services that are provided to Americans from their government. Please stop. I don’t complain when gas prices go up, alleging (falsely) that Exxon is stealing OPM. This rhetoric is so stupid. If you cannot put numbers around it, and identify where you can find roughly $1B in savings from programs that people really don’t want or need, then by all means, state them. The problem is, no one can do it. So we need to cut what we like, but even that starts to turn from fat to muscle and bone really quick. And then we need to raise taxes. There is no other way.
“Of course I am sure BHO will step in to save the day…Probably get some help from the U.N. or China as “peacekeepers” as well! And as an aside, I know many MANY small business owners that hit nowhere near $513/day in salaries with ZERO risk!”
Obama cannot and will not save the day, nor will Paul Ryan or Cantor or Boehner. And I am glad you know small business owners of limited means, just like you probably know workers of even more limited means. What of it?
Report Post »BecksTheMan
Posted on February 22, 2011 at 4:08pmEasy solution fire all the teachers who didn’t show up for work and the State of Wisconsin needs to take the union to court and sue them for all expenses incurred.
Report Post »tower7femacamp
Posted on February 22, 2011 at 5:10pmhttp://seekingalpha.com/article/137571-treasury-accepts-lowball-price-for-tarp-warrants
9 Million is pocket change
In fact, it is alleged that Goldman Sachs and the employee who set up and marketed the deal, Fabrice Tourre, misled ACA into believing that Paulson was actually investing $200 million in the CDO (i.e. taking a long position) via the equity tranche, which allowed ACA to believe that Paulson’s interests were aligned with others investing in the ABACUS CDO. With its short position via Goldman CDS, Paulson’s interests were not aligned, but were, in fact, adverse to those of ABACUS investors.
According to the SEC, shortly after the deal closed more than 80% of the portfolio was downgraded and the remainder of the portfolio was placed on negative watch, and less than a year after closing 99% of the portfolio had been downgraded. As a result, investors in the ABACUS transaction experienced significant losses while Paulson & Co., with its allegedly undisclosed short position via CDS, yielded significant profits.
It is alleged that Goldman Sachs was well aware of Paulson’s adverse interests to the ABACUS CDO as well as its participation in the selection of the reference portfolio, yet continued to market the deal as if ACA had undertaken a truly independent selection process to benefit potential investors. According to the SEC, after marketing the deal to investors, Goldman Sachs sold Paulson the CDS protection it needed to allow the hedge fund to short the ABACUS CDO.
Based on the above allegations, the SEC has filed claim against Goldman Sachs for breach of Section 17(a) of the Securities Act and Section 10(b) and Rule 10-b(5) of the Exchange Act.
In its defense, Goldman Sachs has stated, among other things, that the offering materials did, in fact, disclose all material facts, that the investors in the ABACUS CDO were sophisticated market players who understood the transactions they were investing in, and that participation by entities with long or short positions in selecting the reference portfolio was a “regular feature of synthetic CDO transactions” and that “participants in CDO transactions routinely provided input on the selection of the portfolio securities…” Goldman maintains that it did nothing wrong.
UPDATE: On July 15, 2010, the SEC announced that Goldman agreed to pay $550 million to settle the ABACUS CDO litigation, with $300 million being paid to the U.S. Treasury and the remaining $250 million to the investors that were harmed. Meanwhile, the SEC’s litigation continues against Fabrice Tourre, a vice president at Goldman. Additionally, numerous civil cases as well as a criminal probe continue. Click here for the SEC press release announcing the settlement.
the Scum got off cheap
Hollow
Posted on February 23, 2011 at 6:17amPretty much. There mad because their budget is being cut if happened to other people the probably wouldn’t care.
Report Post »suttonea76
Posted on February 23, 2011 at 12:03pmFolks, what ABC fails to realize is that taxing the entire state more to satisfy the public sector unions is irresponsible and stupid. If entitlements to public sector employees grows, your taxes grow with it. The problems that liberals FAIL to understand is that taxes are meant to be spent on programs within the state that ALL citizens can take advantage of not just some or few. Private sector unions started under a credible premise and then some of these unions began to lobby and associate with legislators to have subsidies associated. Basically, public sector unions are in bed with Democrat lawmakers. They have stretched budgets to the brink and then over. Public sector unions then began to grow and become more of an influence on contracts and monetary associations. This became the downward spiral and then it became an entitlement program for state employees. The problem is that all public sector projections for sustainment involve raising taxes for all state residents. If no tax increase, then the state acquires a budget deficit every year and has to borrow money from elsewhere which causes our current economic collapse and the dwindling of our dollar. The motto for liberals should be “Screw the many for the few”. I say restructure CB efforts and make public employees pay into their retirement, pay into their medical premiums and reduce the state dependancy. THAT alone will assist and FIX budget deficits and our spiraling economy. Good luck debunking these facts ABC as you cannot possibly come to a different credible conclusion.
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