Home > Economy > Redwood Capital reports record earnings

Redwood Capital reports record earnings

While people across the country reconsider where to house their money, Humboldt County’s only local bank announces its sixth consecutive year of growth. (Press release below).

And after revelations that Coast Central Credit Union is paying its CEO a ridiculously high annual salary, Redwood Capital Bank’s CFO Fred Moore hopes you will consider the local alternative.

“No $1.2MM salaries over here, not even close,” Moore wrote in and email to the Humboldt Herald. “Unlike the credit unions, we pay income taxes (at a combined Fed/State rate of 41+%), we also offer great rates and even better service.”

Bank Transfer Day (BTD) is Saturday and already tens of thousands of people have moved their money to local banks and credit unions.  The big banks have already backed away from plans to initiate a $5 monthly debit card fee in response to Occupy Wall Street and the worldwide protests in support of #ows. BTD organizers encourage people to move their money before Nov. 5th rather than waiting for the final day.

More from Moore

We were founded (back in 2004) specifically to bring community banking back to Humboldt County (North Valley, out of Redding, had already purchased Six Rivers National Bank and, the week we opened, Umpqua purchased the only other Community Bank, Humboldt Bank).

Our shareholders were local to our area and nobody (even as of now) owns more than 5% of our stock [Redwood Capital is] truly local and collaborative.

A municipal bank is backed by the full faith and credit of the state in which it is formed…i.e….California….

Our deposit dollars come from Humboldt County and are reinvested in loans right here for our customers to build or buy a home or to grow and expand their business, benefiting the entire local economy. While Big Banks, Credit Unions, and Muni Banks all have their place in the world, we truly believe we’re the best local option.

We’re banking on the people and businesses of Humboldt County – shouldn’t they all consider banking with us?

[Press Release] EUREKA, CALIFORNIA – On November 2, 2011, REDWOOD CAPITAL BANCORP (OTC BB: RWCB.OB), Holding Company for Redwood Capital Bank, announced unaudited consolidated financial results for three and nine month period ended September 30, 2011.  The only locally owned and operated community bank holding company reported record year to date earnings during its sixth consecutive year of profitability.

John Dalby, President and CEO of the company, commented, “We are proud to again report such strong financial results to our loyal shareholders and the greater Humboldt County community.  In spite of the many economic challenges that continue to plague our local and state economies, our track record of outstanding financial performance and our proven ability to adapt to the realities of today’s financial marketplace has enabled us to outperform our competitors. We continue to grow and expand as our peers shrink or turn their attention to other markets. Redwood Capital is banking on Humboldt County and we’re grateful that Humboldt County is banking with us,” concluded Dalby.

While revenues are increasing and the company boosts it lending within the region, management continues to provide for any future economic uncertainties by adding to its loan loss reserves.  “Redwood Capital continues to maintain its pro-active and conservative approach with regards to economic uncertainties by adding to our loss loan reserves,” stated CEO Dalby.  “This strategy assures our shareholders and customers that the franchise is well-positioned to not only weather current economic conditions, but most importantly, to be successful for many years to come.”

The Company’s continued strong performance hasn’t gone unnoticed.  Earlier this year, The Findley Reports, one of the most respected and well known California bank research and rating firms, designated the Bank a Super Premier Performing Bank based on last year’s operating performance and management effectiveness. The rating of Super Premier Performance is the highest designation possible for California community banks to receive and places the Bank in the top 10% of all banks in the Western United States.

Total assets as of September 30, 2011 were $240.1 million, an increase of 6% and 12% over the June 30, 2011 and September 30, 2010 reported figures, respectively.  Total deposits stood at $215.6 million as of September 30, 2011, an increase of 4% and 11% over the June 30, 2011 and September 30, 2010 respectively.  The company also reported modest loan growth for the quarter. Total loans as of September 30, 2011, net of unearned income, were $146.7 million, an increase of 3% over the prior quarter and 2% over the quarter ended September 30, 2010.

Net interest income for the three and nine months ended September 30, 2011 totaled $1,989,000 and $5,938,000, respectively, representing an increase of 2% from the three month ended June 30, 2011 and 7% for the nine months ended September 30, 2010.   The Company also reported earnings for the third quarter of 2011 of $300,000 while earnings for the first nine months of 2011 were $1,017,000.  The earnings represented an 11% increase over the June 30, 2011 quarter and an impressive 986% over the first nine months of 2010.  While the Company’s income tax expenses increased, its loan loss provision expense decreased, contributing to the large increase in net income after taxes.  Book value per common share stood at $7.41 as of September 30, 2011, a 2% increase over the previous quarter and a healthy 13% increase over the September 30, 2010 amount.

  1. Mitch
    November 3, 2011 at 2:12 pm

    “No $1.2MM salaries over here, not even close,” Moore wrote in and email to the Humboldt Herald.

    That’s great, Mr. Moore.

    Could you list the pay packages for your CEO and top executives?

    I don’t think you have to; as far as I know, only credit unions are required to disclose that information. But it would be helpful. Also, who are your primary owners?

    I don’t think you need to disclose any of that, but why feel limited to doing only what is absolutely required by law? Don’t you think your prospective customers are entitled to know? Bankers sure want a lot of information about their customers. I’m sure you understand that it works both ways.


  2. Anonymous
    November 3, 2011 at 2:28 pm

    Go to the yearly audits to see who has been in leadership and involved in founding this bank.


  3. Mitch
    November 3, 2011 at 2:40 pm

    Thanks, 2:28.

    If you click the link and go to the 2010 report, you’ll find a list of names on the last two pages, after numbered page 30.

  4. Anonymous
    November 3, 2011 at 2:47 pm

    All of RCB’s financial information is available very transparently on their web site. The total number of shares, the ownership of shares by all directors, etc. is shown. Their financial statements indicate that the total salaries and benefits for all employees, including management, was about $2.8 million for 2010. Assuming (conservatively) about 50 employees among two branches, that’s about $56,000 per head (for salary and benefits). Or however else you choose to divvy up the pot. Sounds like a bargain to me. A satisfied depositor and loan customer. And former BIG bank customer.

  5. Deb
    November 3, 2011 at 2:53 pm

    could someone tell me if this in an Arkley company?

  6. Mitch
    November 3, 2011 at 2:55 pm

    Cut and pasted from the 2010 auditors report:

    Redwood Capital Bancorp Board of Directors
    Dr. John E. Burke, Chairman of the Board
    John J. Gierek, Jr., Vice-Chairman of the Board
    Russell N. Britt
    John E. Dalby
    Larry A. DeBeni
    J. William McAuley
    Craig L. Perrone
    James R. Seiler
    John R. Selvage
    Steven Strombeck
    Chet Albin
    Philip and Sally Arnot
    Stephen and Andrea Arnot
    Matthew and Elizabeth Babich
    Dr. Benny and Karen Brandvold
    Russell and Pamela Britt
    Dr. John and Deborah Burke
    Mark and Cammy Burtchett
    John and Margaret Campbell
    Dave and Jill Creech
    James and Teresa Creech
    John and Susan Dalby
    Larry and Lisa DeBeni
    Keith Demello
    Elizabeth Forrest
    John Gierek, Jr.
    Tony and Patricia Gilbert
    Dr. Jack and Karen Hemmert
    Denny and Joan Hess
    Pete and Shirley Hess
    Chris and Kay Johnson
    Dean and Susan Lewis
    Ed and Rosina Lewis
    Paul Lubitz
    Fred and Pam Lundblade
    Jill Macdonald
    John R. Macdonald
    Dale and Jill Maples
    J. William and Cynthia McAuley
    Craig and Jeanne Perrone
    Ronald Pileggi
    George and Peggy Schmidbauer
    James and Nadine Seiler
    John R. and Leslie Selvage
    The Shaw Group
    Dr. Robert and Mary Ann Spencer
    Steve and Tina Strombeck
    James and Edythe Vaissade
    Dennis Wendt Founders
    Jim and Bobbie Adams
    The Arnot Law Firm
    Robert and Janine Averill
    Timothy and Lisa Ayers
    Pete and Mary Ann Bansen
    Joseph and Patricia Biasca
    Hollis Blackwood
    Victor and Dolores Blanc
    Dr. Eugene Blum
    Rick Breen
    Beth Weller Byers
    Jerry Carlson
    Francis Carrington
    Richard and Sandra Case
    Patrick Cloney
    Coastal Care Centers
    Jon Cook
    R.H. Corky Cornwell
    Steve and Karla Darnall
    David Dibble
    Dick and Joyce Dollar
    Michael and Mary Dominick
    Dr. Brian Dorman
    Janice Dorrington
    Kenneth and Virginia Dunaway
    Tracy Dunaway
    Geoffrey and Carol Duncan
    Everette and Anita Ellingwood
    Bruce and Faye Emad
    Orvamae Emmerson
    John Feeney
    Bob and Virginia Felter
    Lawrence and Brooke Fox
    Leo and Louise Fredrickson
    The G & B Trust
    Ralph and Nancy Giannini
    Heather Gierek
    John and Joyce Gierek
    Robert Gierek
    Greg and Amy Gomes
    Rex and Chloe Gott
    Robert Guthrie
    Craig and Lisa Hansen
    Dan and Beverly Harper
    Michael and Rosemarie Hauger
    Nyle and Diane Henderson
    Rick Hess
    Tom Hiller
    Humboldt Land Title Company
    Humboldt Moving and Storage
    Dr. Jack and Margaret Irvine
    Daniel Viegas
    Michael and Marlene Jurkovich
    Timothy and Sherry Klassen
    Scott and Donna Kressman
    Janice Lewis
    Richard and Betty Littlefield
    Charlene Lundblade
    Frederick Lundblade, III
    Ronald Lundblade
    Rodney and Sonja Maples
    Michael Martin
    James and Janis McAuley
    Robert and Debra McBeth
    Ava McKenzie
    Barbara McMurray
    David McMurray
    Thomas J. McMurray, V
    Timothy and Kathleen McTague
    Rhonda Meehan
    Dr. Sheldon Meshulam
    Fred and Jackie Moore
    James Morrison
    Mary Murphy
    Kenneth and Marita Musante
    Gregory and Jennylee Nesbitt
    Edward and Joan Nilsen
    Matt and Pam Nilsen
    Pete and Sue Oringer
    Paul and Leslie Peeples
    Darrel and Patricia Petersen
    Catherine J. Phillips
    Michael and Judy Phillips
    Gregory and Sharon Pierson
    Susan Pileggi
    Lawrence Renner
    Thomas Rowe
    Steven and Machelle Scilacci
    Steve Sehon
    Eugene and Betty Senestraro
    John and Diane Senestraro
    Michael and Judy Serpilio
    Teresa Sims
    Richard and Judith Sloma
    Stanley and Claire Smith
    Alan Smyth
    Clifford Sorensen
    Janet Stanberry
    Robert and Carol Stewart
    William and Juanita Thompson
    Gary and Joanne Todoroff
    Gay Toroni
    Harry and Lois Turner
    Lee Ulansey
    Dr. John and Nancy Van Speybroeck
    Mitchell Wagner
    William Wagner
    Dr. Victor Wallenkampf
    W. Howard Wells
    Dr. Wesley and Jan Wieman
    Dr. Richard and Cheryl Wolven
    Paul and Leslie Ziegler

  7. tra
    November 3, 2011 at 3:02 pm

    650,000 Americans Joined Credit Unions Last Month — More Than In All Of 2010 Combined.


  8. Good Heavens
    November 3, 2011 at 3:14 pm

    Deb, are you serious? I hope your question is tongue-in-cheek.

  9. Mitch
    November 3, 2011 at 3:29 pm


    2/3 of a million people in a month? That is absolutely incredible! Thanks for passing along some wonderful news!

    It doesn’t take politicians, although it would be nice to find an affordable one. It just takes people finally refusing to put up with too much.

    As for Redwood Capital Bank, it may be wonderful. But unless it offers 2.26% on checking accounts, it isn’t a match for Provident Credit Union.

  10. jr
    November 3, 2011 at 4:02 pm

    The one drawback with banks, as opposed to member-owned credit unions, is that should a purchase offer be tendered to the Board of Directors, they alone will decide whether to accept it or not. Bank of Loleta was purchased by US Bank, Humboldt Bank was purchased by Umpqua Bank, Six Rivers was purchase by North Valley Bank. Redwood Capital could–probably–meet the same fate.

  11. Anonymous
    November 3, 2011 at 4:11 pm

    I believe Arkleys had something to do with the original purchase of the building and its renovation, but nothing to do with that bank that went in it.

  12. Anonymous
    November 3, 2011 at 4:13 pm

    Also, from my experience with local banks, the hope of the original investors is that.

    A. The bank does well and produces dividends
    B. The bank is eventually bought out by a large bank and they will see large profits on their original investment.

  13. Not A Native
    November 3, 2011 at 4:28 pm

    When I look over the ‘founders’ of RCB I see Christian fundamentalists(e.g. Dalby), a lot of political conservatives, and local low quality/high profit developer/apartment owners(e.g.Strombeck).

    And I remember that at the height of the financial credit squeeze when local non-profits were laying off and cutting back, RCB had a $50M stock offering that was oversubscribed by millions of dollars by these very folks. They ‘voted’ with their (mega)bucks, and I’ll vote with my (deci)bucks.

    No thank you. Even though its a little inconvenient, I do business with Provident credit union, where my money has a chance to do some good, not simply elevate the 1%

  14. November 3, 2011 at 5:39 pm

    Redwood Capital appears to be very well-managed, even if some of the principals do not meet Not-a-Native’s political litmus test.

  15. Not A Native
    November 3, 2011 at 6:38 pm

    Though Bank of America and JPMorgan Chase & Co exploit their depositors and borrowers, they appear to be very well managed by Joel’s economic litmus test.

  16. November 3, 2011 at 6:49 pm

    Jesus, Not-a-Native. You are a sad fuck.

  17. Not A Native
    November 3, 2011 at 7:16 pm

    Now that’s an honest and complete display of Joel’s intellect. When the BS behind his lame sarcasm is starkly exposed, he does what knows best, third grade schoolyard retorts. Good show Joel!

    Joel, my sincere advice: “Better to keep quiet and let others think you’re stupid, than to speak up and remove all doubt”.

  18. Anonymous
    November 3, 2011 at 7:47 pm

    NAN would do well to heed his own advice…

  19. jr
    November 3, 2011 at 8:19 pm

    It is easy to disassociate from the corporate establishment. For myself, my only credit cards are issued by credit unions, my mortgage is from a credit union which holds the paper, I have two bank accounts–both credit unions, and I utilize non-profits as much as possible (ISP from Jeffnet, phone service from Credo–not a non-profit, but better than ATT–and food from the Co-Op). Moreover, I have NEVER been in a Target or Costco, and my last and final time at a Wal-Mart was last May.

  20. November 3, 2011 at 8:28 pm

    jr you make a great point.

    Take AT&T for example, it was once a monopoly and we busted it into 6 pieces plus the Bell Labs and we had a period of great competition and innovation in the telephone business. Now that monster has reassembled itself like some late model terminator and the results are not good. Thanks for the tip I will try out Credo as I disconnected from AT&T forever last week.

    We need to stop doing business will ALL monopolies not just the bank monopolies.

    have a peaceful day,

  21. historic accuracy-monger
    November 3, 2011 at 8:32 pm

    Anonymous at 4:13 pm is spot on. The 1990’s showed that the way to make big money in local banking was to get bought out by a bigger bank. Doggone economy got in the way here, timing is everything. So, since the big banks ain’t buying little local banks at the moment, RCB remains truly local, and pretty responsive to local banking needs. Christian fundamentalists or not, these people are our neighbors.

    As for Arkley, the prior property ownership (Humboldt State, believe it or not) had bought the entire old Daly’s property, which included the old State Theater. The HSU idea was to develop a conference center or some such. The City of Eureka also was involved by redevelopment financing of HSU’s purchase. What is now the bank was bought by the bank and renovated to what it is now, and the old State Theater was bought by Arkley to become the Arkley center. Part of Daly’s was unsalvageable, and is now the parking lot.

  22. Plain Jane
    November 3, 2011 at 8:32 pm

    Oligarchy, American Style
    Published: November 3, 2011

  23. jr
    November 3, 2011 at 8:36 pm

    Bill, you still have to keep ATT as your carrier because Credo is only for long distance. But every call you make out of your local calling area would be carried by Credo. Credo also allows for Free Speech messages to legislators. Check out their Web site. Credo also has a wireless division too. It is amazing that ATT has basically reassembled itself from the 1984 court-imposed breakup.

  24. November 3, 2011 at 8:47 pm

    jr This week I learned how to use the Google phone from within my Gmail account to make a free phone call anywhere in the US using my laptop. I still haven’t figured out how to get incoming though. It seems like that will require me to get a cell phone. Google will give me a free local number but it has to ring through to some kind of real phone for google to verify it. I think I will figure something out. :)

    have a peaceful day,

  25. jr
    November 3, 2011 at 8:56 pm

    Bill, check out Credo wireless. They utilize Sprint for their service, but you can check the coverage map for Sprint, or call Credo and they will advise, if Sprint covers your area. I have to use Verizon wireless because there are no Sprint towers in my area, but I really like the benefits that Credo wireless offers. (Just do not sign up for a Credo Visa card as it is through Bank of America.)

  26. Walt
    November 4, 2011 at 5:28 am

    The re-unification of the “busted” trust is amazing. . .and the fact that if you want to use a landline, your choices are ATT and. . .oh. You CAN go with gmail, but you know they read your email to send you “appropriate” ads.
    And this from Wikipedia:
    “Although the Working Assets [now Credo: they rebranded] credit card is now offered through Bank of America, the product came under criticism when it was issued through the bank MBNA, the top contributor to George W. Bush’s 2000 Presidential Campaign.[citation needed] When asked about this, Working Assets’ employees have made differing claims. In one letter, it was stated that Working Assets chose MBNA regardless of its political views and entirely for its experience and quality customer service. In another letter, president Michael Kieschnick stated that Working Assets ended up under MBNA when the company purchased the credit card business of Fleet Bank, which had previously issued the card. Kieschnick said it was not Working Assets’ choice to select MBNA and cannot change banks without violating its current contract. MBNA was subsequently purchased by Bank of America.”

    So if it ain’t corporate now, just wait. . .

  27. Fact Checker
    November 4, 2011 at 7:52 am

    Redwood Capital Bank is the only local financial institution with transparency and no history of shenanigans. CCCU’s Dean Christiansen’s $1.2 million dollar annual pay? And from Wikipedia, “Provident Credit Union is a credit union serving San Mateo County, the San Francisco Bay Area, California, and beyond,…” Sure, Redwood Capital could be bought in the future. But since 2004, they have been local only, served the community well, and did not need nor use Federal Taxpayer Welfare Assistance. When is enough enough? When is someone or a business local enough? I am staying with Redwood Capital Bank. P.S. I was with CCCU for more than 10 years prior to switching to RCB.

  28. New Improved! Fact Checker
    November 4, 2011 at 8:00 am

    Trade in that nagging Troubled Asset Relief Program debt for a better deal with Uncle Sam.

    That’s the aim of most of the community banks participating in a U.S. Treasury investment program designed to increase loans to small businesses.

    As reported here Wednesday, the holding companies for Redwood Capital Bank in Eureka, Calif., and Pacific Coast Bankers’ Bank in San Francisco are taking part in the Treasury’s Small Business Lending Fund program.

    And both used some of the money they received to retire debts to the Treasury they had incurred through the Troubled Asset Relief Program, the financial crisis-era program with the acronym TARP, aka the bank bailout.

    The new program designed to stimulate small-business loans works like this: Uncle Sam buys preferred stock in the bank, which initially pays the government a 5% annual dividend but can reduce that to as little as 1% in return for increased business lending.

    That’s a better deal than the 5% dividend banks must pay the Treasury every year for their TARP funds. TARP also reined in executive pay sharply, enough so that an expansion-minded small bank might not be able to hire a first-rate but pricey CEO, said Anaheim banking consultant Gary Findley.

    The small-business lending fund “doesn’t have the same draconian restrictions as TARP,” Findley said. “And where else are you going to get capital at 1%?”

    The new program, which has $30 billion to invest in banks with less than $10 billion in assets, began letting go of the money in late June.

    A Treasury report Wednesday said that so far it had invested $590.5 million in 43 banks. They included five in California: Redwood Capital Bancorp, Pacific Coast Bankers’ Bancshares, First California Financial Group Inc. of Westlake Village, Security Business Bancorp of San Diego and Founders Bancorp of San Luis Obispo.

    All but Founders had been TARP recipients, a Treasury accounting report shows. Redwood got $7.3 million in new funds and paid off its $3.8-million TARP debt. Pacific Coast received $11.9 million and paid off $11.6 million in TARP funds. First California paid off $25 million in TARP money with a fresh infusion of $25 million. Security Business received $8.9 million in new funds and repaid a TARP debt of $5.8 million.

    Banks have to be in reasonably good financial shape to qualify for the more attractive small-business lending program, Findley noted. That means certain banks that received TARP funds and then were roughed up in the Great Recession “are out of luck,” he said. “They’re stuck carrying that TARP investment on their backs until they can find another way to pay it off.”


  29. Anonymous
    November 4, 2011 at 8:34 am

    It’s interesting reading the comments here about political leanings of RCB and other financial institutions. Why are they mostly republican types?

    The question I would pose is, “are people who lean more left” (and here, writers seem to always dislike those who lean right, are religious fundamentalists, are wealthy, have a BMW, shop at Safeway instead of Co-Op, and other stereotypes, etc etc etc )

    A. “more likely to have money and an interest or education in money management and thus more likely to invest or manage a financial institution.”


    B. “did left-leaning persons change their tune and their political leaning after making money and wanting to keep it?”

    Did they start out conservative or change to be that way after having money? I will tell you, I know many people who became more conservative after starting to pay taxes, watching people play bongo drums or get food stamps who were able to work, instead of look for a job, etc etc.

  30. High Finance
    November 4, 2011 at 8:40 am

    Part of the growing up process is becoming more conservative.

    I forget who it is that said something along these lines ; if you are 20 and conservative you have no heart. If you are 40 and liberal you have no brain.

  31. Mitch
    November 4, 2011 at 8:55 am

    No Hi Fi,

    Part of the growing up process is losing one’s idealism or, to put it in a different way, becoming more pragmatic.

    It’s a tragedy, because it’s always the push from the dreamers that powers societal moves forward.

    Conservatism and liberalism are not in conflict, anyway. Both are thoroughly credible philosophies. Just because the media always frames today’s conflict as between “left” and “right” doesn’t make it so.

    Today’s main conflict is between those who believe the country’s power centers have been overwhelmingly corrupted and those who either do not believe that (anyone?) or those who feel they personally benefit from the corruption.

    There’s a deeper level as well. Today’s conflict is about whether our society is most concerned with GDP or with the well-being of human beings. Some feel those are identical; the protesters recognize they are not.

  32. Anonymous
    November 4, 2011 at 9:08 am

    Thank you Mitch. I agree with that. People are corrupted because of their personal flawed values, not because of their political affiliation. Being labeled is misleading and perpetuates the problem.

  33. Anonymous
    November 4, 2011 at 9:09 am

    I also love HIFi’s quote. Can’t disagree with that (about being 20 and conservative shows no heart and 40 and liberal having no brains). I would reword it a little, but it is a good one.

  34. November 4, 2011 at 9:15 am

    “Part of the growing up process is becoming more conservative.”

    I think HiFi is talking about the “growing old,” which includes accumulating wealth and cleaving on to it, but there are a lot of people who age gracefully and hang on to their ideals more firmly than their assets.

  35. November 4, 2011 at 9:16 am

    Sorry about the errant article.

  36. Anonymous
    November 4, 2011 at 9:27 am

    It’s said that the last thing someone gives up in life is their fear.(see Fox news) That it’s a primal defense. Those afraid for their ability to provide food, warmth, shelter, and health are on a different level than those desiring only to impress their economic peers. There’s a moral value implicit to caring about the fairness of our economic system .That morality isn’t present in an argument for protecting vast wealth when it’s at the expense of the taxed.

  37. Thorstein Veblen
    November 4, 2011 at 9:34 am

    One of my favorite sayings, regarding those who personally benefit from the corruption;

    “It is difficult to get a man to understand something, when his salary depends upon his not understanding it!” – Upton Sinclair

  38. Walt
    November 4, 2011 at 9:49 am

    “You tell me whar a man gits his corn pone [or his news], en I’ll tell you what his ‘pinions is.”

    -[mostly] Mark Twain

  39. Plain Jane
    November 4, 2011 at 9:55 am

    Old quotes like that one from Churchill last because they appeal to the vanity of conservatives who like to believe they aren’t greedy curmudgeon’s. I personally don’t know anyone who changed from liberal to conservative when they “grew up,” but do know some who changed from conservative to liberal. Someone should tell Warren Buffet, Bill Gates and George Soros that it’s time to grow up and join the Greedy Old Party.

  40. Plain Jane
    November 4, 2011 at 9:57 am

    Off topic, but I heard the funniest label for Koch bros. supported politicians. Koch-roaches. :D

  41. Mitch
    November 4, 2011 at 10:43 am

    Anonymous 8:34,

    I can’t speak for others here, but I certainly don’t dislike those who are wealthy, and I don’t dislike conservatives. I don’t fall consistently on the same side of the arbitrary line drawn by the media to distinguish left from right. (That feels good to me, since I don’t believe the line is meaningful.)

    I dislike crooks and liars. They often side with big money, but not always. I like people who demonstrate, by their actions more than their words, concern for others.

    I make it a policy to offer respect to the honest and fair, without worrying about their wealth or credentials, and to withhold respect from persons who I feel are crooks and/or liars, regardless of which set of emperor’s clothes they happen to be wearing on any given day.

    I always find an intelligent conservative very refreshing, but intelligent conservatism is a completely different phenomenon than what the media calls “conservative.” Intelligent conservatives worry about the power of government to bully individuals. So do I.

    As for people who think everything will be solved if we all go Green, or all go Democratic, or all go Republican, or Libertarian… bad news. We’ll still be human — it’s a smell that doesn’t wash off with a winning political label. We’re all greedy/generous, kind/selfish, compassionate/impervious beasts. The best we can do is push our better sides forward, forgive ourselves for our failures, and recognize that our heroes and villains are all just as human as we are. I try and fail at that every day.

  42. High Finance
    November 4, 2011 at 12:00 pm

    Mitch, 8.55am. You & the media & the left have incorrectly framed the difference between the cons & the libs on the current conflict.

    The cons (like the libs) also believe that crooks on Wall Street & in the banks have caused a lot of the problems. But unlike libs they also believe that many politicians are equally guilty. Unlike libs, the cons do not feel ALL Wallstreet are crooks. Unlike libs, the cons do not feel ALL bankers are crooks.

    The cons (unlike many but not all libs) feel the current form of protests are disgusting and will not and really are not intended to produce any results. The cons feel the protests should be ended immediately.

  43. High Finance
    November 4, 2011 at 12:11 pm

    Joel 9.15am, Anon 9.27am, of course PJ at 9.55am and Mitch at 10.43am all misunderstand the reason why most people grow more conservative as they get older.

    It has nothing to do with “accumulating wealth and cleaving onto it”, “fear, primal defense”, “vanity of greedy curmudgeons” or “worrying about their wealth or credentials”.

    It does have to do with learning about the basic nature of people, what motivates people and how some people are only out to game the system. They learn that ever MORE welfare and free handouts only fosters dependence and saps initiative. They learn the kindest thing to do for able bodied people is NOT to give them free food, free showers, free places to live it is the easiest thing. That the kindest thing to do for those people is also the hardest. That is to deny them those things and force them to work.

    And that is just one example of the learning process that most people go through as they live and grow.

  44. Fact Checker
    November 4, 2011 at 12:18 pm

    High Colonic said:
    November 4, 2011 at 12:11 pm

    “Joel 9.15am, Anon 9.27am, of course PJ at 9.55am and Mitch at 10.43am all misunderstand the reason why most people grow more conservative as they get older.”

    Translation: Everyone is wrong, I am right.

  45. High Finance
    November 4, 2011 at 12:19 pm

    Other examples of the learning & growing process; Poor people are not anymore noble than anybody else and the rich are not anymore evil than anybody else. Most rich are that way because of a lifetime of working harder, making more short term sacrifices for the long term good, planning for the long term and taking more prudent risks than the average person.

    You make peace by preparing for war. The more drugs you use the greater the difficulty you have in being succesful in your career and in your life.

  46. Anonymous
    November 4, 2011 at 12:21 pm

    and inherited wealth?

  47. Anonymous
    November 4, 2011 at 12:24 pm

    tomorrow is bank transfer day.

  48. Mitch
    November 4, 2011 at 12:29 pm

    It does have to do with learning about the basic nature of people

    But the basic nature of people cannot easily be summarized. If you think they’re greedy and graspy, you’re right; if you think they’re generous and good, you’re right. And you’ll find their behavior is often influenced by your own behavior, though this is rarely immediate.

    If you mainly see the rotten side, maybe you’re spending too much time among others who mainly see the rotten side. If you’re mainly seeing the good side, you’re fortunate.

    If you think the rotten side belongs to one group of people and the good side belongs to others, you’re going to be disappointed. It just doesn’t work that way. That’s not to say that the 1% don’t need to start paying a lot more in taxes.

    You make peace by preparing for war.

    Oppenheimer and Einstein learned how wrong that turns out to be. The weapons you create will inevitably be used by people for goals of which you may not approve.

    You make peace by working for justice.

  49. Fact Checker
    November 4, 2011 at 12:39 pm

    High Colonic 12:19
    That Fair & Balanced propaganda couldn’t pass the muster of a 5th Grade debating class.

  50. Anonymous
    November 4, 2011 at 1:27 pm

    “Cleaving onto their wealth” and being careful with it could also be called a survival technique, Joel. Try buying food, medicine, and shelter with only good ideals instead of preserved savings and investments. Get real.

  51. Mitch
    November 4, 2011 at 2:03 pm

    Try buying food, medicine, and shelter with only a million sheets of paper, and nobody willing to trade for them. Get real.

    Or, if you prefer… after you’ve bought your food, medicine and shelter for yourself, your family, and your closest 1,000 friends, what do you do with the second hundred million?

    Nobody is objecting to preserved savings and investments. People are objecting to mental illness ruling over our society.

  52. tra
    November 4, 2011 at 2:23 pm

    Unlike libs, the cons do not feel ALL bankers are crooks.

    So how do you account for all the people who are closing their accounts at the “too-big-to-fail” banks (AKA the supposedly-too-big-to-not-bail-out banks) — you know, the ones that helped crash the economy — and instead moving their money to smaller community banks and credit unions. Are all of those people who are giving a vote of “no confidence” to the big banks and rewarding the small banks and credit unions just a bunch of “cons?” I doubt it.

    It will be interesting to see how many more people take action to move their money away from the big banks tomorrow…and the next day, and the next.

  53. Thorstein Veblen
    November 4, 2011 at 2:45 pm

    From hifi 12:11 pm

    “They learn that ever MORE welfare and free handouts only fosters dependence and saps initiative.”

    I don’t necessarily disagree with the general sentiment, but wonder why this applies only to poor and middle class people, and never to the wealthy or the corporations?

  54. Anonymous
    November 4, 2011 at 3:03 pm

    Mitch has posted a number of thoughtful, well-articulated comments here. I, for one, appreciate them.

  55. Anonymous
    November 4, 2011 at 3:04 pm

    “They learn that ever MORE welfare and free handouts only fosters dependence and saps initiative.” And that’s what “austerity” is all about: the rich welfare recipients, having mismanaged the country into recession, want the poor and middle class (here AND in Greece) to do without, so the banks can get 100 percent of their money back. And the poor and middle classes are saying GFY.

    $12 million/year makes the recipient dependent and robs him of his initiative to ACTUALLY WORK.

  56. Dolce Rita
    November 4, 2011 at 3:17 pm

    Redwood Capital got some nice free handouts from the taxpayers.

    Let’s hope that it doesn’t foster dependence or sap their initiative.

  57. November 4, 2011 at 6:13 pm

    “The learning & growing process,” insures that all right-minded people turn out more-or-less like HiFi.

  58. High Finance
    November 4, 2011 at 6:32 pm

    Mitch, 12.39. While everybody has greed within them, it is not by itself “rotten”. It is the reason why some go into medical research to invent the cure for cancer as well as why others go into bank robbery. Henry Ford’s quest to better himself led to a process that allowed the price of Autos to fall to a point the poor & middle class can travel.

    I also said (and have said many times before) the EXACT OPPOSITE of the “rotten side or good side” belonging to one group or the other. I HAVE said that “rotten or good” is irrelevant to income or class.

    Weakness invites the bad guys to attack you. It has been proven many times over during world history. Strength makes the bad guys more likely to move on to easier targets. Think about your childhood days on the school playground.

    Factless 12.39pm and a thousand other times. Do you realize that you make all liberals look bad by your posts ? Perhaps you should think about growing up and adopting a new avatar as yours is throughly discredited.

    What “free handout’ did Redwood Capital get Dolce Rita ???

  59. November 4, 2011 at 6:45 pm

    High Dolitry says

    “Henry Ford’s quest to better himself led to a process that allowed the price of Autos to fall to a point the poor & middle class can travel. ”

    High Dolitry, you have once again demonstrated either your ignorance or your willingness to lie without shame. Sure the price of a car went down every year, just like the price of pcs has in the past several decades. The difference is that Ford doubled the pay of his workers instead of screwing them down to subsistence slave wages like people like you advocate today.

    from wikipedia:

    Labor philosophy

    The five-dollar workday

    Time Magazine, January 14, 1935.Ford was a pioneer of “welfare capitalism”, designed to improve the lot of his workers and especially to reduce the heavy turnover that had many departments hiring 300 men per year to fill 100 slots. Efficiency meant hiring and keeping the best workers.[22]

    Ford astonished the world in 1914 by offering a $5 per day wage ($110 today), which more than doubled the rate of most of his workers.[23] A Cleveland, Ohio newspaper editorialized that the announcement “shot like a blinding rocket through the dark clouds of the present industrial depression.”[24] The move proved extremely profitable; instead of constant turnover of employees, the best mechanics in Detroit flocked to Ford, bringing their human capital and expertise, raising productivity, and lowering training costs.[25][26] Ford announced his $5-per-day program on January 5, 1914, raising the minimum daily pay from $2.34 to $5 for qualifying workers. It also set a new, reduced workweek, although the details vary in different accounts. Ford and Crowther in 1922 described it as six 8-hour days, giving a 48-hour week,[27] while in 1926 they described it as five 8-hour days, giving a 40-hour week.[28] (Apparently the program started with Saturdays as workdays and sometime later it was changed to a day off.)

    Detroit was already a high-wage city, but competitors were forced to raise wages or lose their best workers.[29] Ford’s policy proved, however, that paying people more would enable Ford workers to afford the cars they were producing and be good for the economy. Ford explained the policy as profit-sharing rather than wages.[30] It may have been Couzens who convinced Ford to adopt the $5 day.[31]

  60. Anonymous
    November 4, 2011 at 7:32 pm

    Some of us who get nailed here for somewhat conservative views do similar things, like keeping that extra employee when your bottom line says to lay off someone. Giving regular raises when you can, and if you can’t, making sure you try to give everyone enough hours. Just being a good boss. Maybe in the 1% too, but trying to do the right thing.

  61. November 4, 2011 at 7:37 pm

    if you are 20 and conservative you have no heart. If you are 40 and liberal you have no brain.

    I understood the saying to be “if you are 20 and conservative you have no heart. If you are 40 and liberal you have no money.

    And that makes way more sense since conservatives only care about money. They certainly don’t seem to care about intelligence (see Glenn Beck, Rush Limbaugh, Sarah Palin, Herman Cain, etc.).

  62. Anonymous
    November 4, 2011 at 7:47 pm

    You are one of those who generalize. Liberals and conservatives both suffer from the public and the media stereotyping them. It hurts both of their reputations and damages their credibility.

  63. November 4, 2011 at 7:50 pm

    You’re right, that was a generalization. But equating “brains” with Republicans is laughable given the buffoonery of their heroes.

  64. Anonymous
    November 5, 2011 at 12:18 am

    7:32 – Benevolent that you do all you do, being “maybe” in the top 1%. Rather than being defensive, maybe you should count yourself among the fortunate to even concern yourself with the concept of being considered a “good boss.” It sounds like your employees, along with yourself, must be patting you on the back. If there were more like you out there, perhaps our economy would be in a better place.

  65. High Finance
    November 5, 2011 at 7:43 am

    You are not telling the truth Heraldo when you claim you don’t care about money.

    You look at the market and you charge as much as you can just like anybody else.

  66. Anti Thug Campaign
    November 5, 2011 at 7:54 am

    Today is bank transfer day.

    If you have an account at Redwood Capital Bank please close it and transfer it to a local credit union.

    Redwood Capital is our local version of bankster thugs. They took the money from the federal government that was intended to be loaned out to local businesses to stimulate the local economy and used it to pay off their TARP loans so they could escape regulation.

    This is the reason that Obamas stimulus has failed. The money has been diverted by local bankster thugs as well as global banksters. Do not be fooled!


  67. Mitch
    November 5, 2011 at 8:04 am

    Anonymous 7:32 said:

    “Some of us who get nailed here for somewhat conservative views do similar things, like keeping that extra employee when your bottom line says to lay off someone. “

    This statement is true of many business owners, and it deserves to be heard widely and not dismissed. Keeping an extra employee through hard times is a quiet and admirable thing. It is a one-for-one gift that is far better than a handout, and it involves a substantial amount of money.

    Do that as a corporate executive in the Fortune 500 and you’ll be out on your butt. THAT is the problem — the corporation’s job is to make money for absentee landlords, the executive’s job is to maximize the profit, and the absentee landlords are so dispersed that they have no realistic say in the governance of the corporation.

    As so many people have pointed out, textbook corporate behavior is essentially sociopathic. As a society, we have turned our economy over to sociopaths, and we have to take it back.

    Smaller and local can be better than larger and transnational, because the executive and the worker and the consumer and the vendor are all in the same community and need to share the same air, water, and streets.

  68. Anonymous
    November 5, 2011 at 8:34 am

    So true, MItch. Having “extra fat” would get a corporate boss fired, for me, my return includes feeling warm and fuzzy, loyal employees, and the reputation of being a good boss, so when I open up applications I have lots of people apply. Maybe the business won’t get remodeled as often, and other non people oriented improvements won’t be on this year’s list. Maybe I might be looked at as falling behind in some ways, but for now, it’s worth it. People need to learn to sit tight and do the right thing.

  69. November 5, 2011 at 8:46 am

    When you actually run a small business like I have, unlike that lying poser High Dolitry, you soon learn that a good employee is not an “expense” but a good employee is an investment every bit as important as that piece of equipment. A good employee is human capital. You soon learn that the cheapest employee that you can hire is not neccessarily the most economic employee. Most times it is worthwhile to spend a bit more in wages to get a better employee- it is good for the bottom line even though the better employee costs more.

    It is when businesses grow large with multilayered bureaucracies – not unlike big government for example – that CEOs become completey isolated from the real work. It is then that the social capital investment in workers is transformed into mere “expense” by these greedy and shortsighted moguls.

    have a peaceful day,

  70. Plain Jane
    November 5, 2011 at 8:51 am

    Bravo, 8:34. There are a lots of small businesses who keep employees on when it would be more personally profitable to lay them off but that isn’t true of our corporate “people.” Corporate executives get pay raises and bonuses for finding ways to decrease labor costs without regard for the negative impact on country and community, in other words for being sociopathic. A country which grants corporate sociopaths super citizenship like the US has done will suffer the consequences until such idiocy is revoked.

  71. November 5, 2011 at 9:00 am

    “No Banker Left Behind”

    Ry Kooder, 2011

  72. Anonymous
    November 5, 2011 at 9:12 am

    Just remember. It’s not as simple as just hating corporations and “bankers”. My nephew works as a small town banker, but for a large bank, Wells Fargo. He is in management, thus, considered a banker. Also, my retirement is tied up with several large institutions. I depend on their solvency for my later years.

  73. Plain Jane
    November 5, 2011 at 9:16 am

    Not wanting corporations to rule the country isn’t based on hatred of corporations but on love of democracy.

  74. Mitch
    November 5, 2011 at 9:17 am


    I’ll tell you my belief, though I don’t expect you to agree with me. I don’t believe there’s an honest soul working in the financial industry above the level of a bank branch. It would take a LOT of evidence to convince me otherwise.

    Meanwhile, here’s the Bay Citizen on the second Iraq war vet hospitalized due to police brutality in Oakland:


    It’s also covered in the Guardian, which goes into more detail about how he was left on the floor of his jail cell for hours after bail had been made, because he was unable to get up and leave.

    This is the system that is supporting the crooks of the financial industry. It may not be as simply as just hating corporations and “bankers,” but, believe me, it is very hard not to be overwhelmed with hate for the scum on top.

  75. November 5, 2011 at 9:30 am

    Anonymous says:
    November 5, 2011 at 9:12 am

    “Just remember. It’s not as simple as just hating corporations and “bankers”. My nephew works as a small town banker, but for a large bank, Wells Fargo. He is in management, thus, considered a banker. Also, my retirement is tied up with several large institutions. I depend on their solvency for my later years.”

    OK Anonymous @ 912 let me address this. My comments are directed at your comment not at you personally. I am not calling you heartless or stupid OK?

    I agree its not that simple. But people on the poorer end of the spectrum get this kind of “simplicity ” directed at them all the time.

    Consider the “simplicity” of the idea of “personal responsibility.”

    Someone may say that they have worked all their lives but they worked for an employer that offered no health benefits and no retirement benefits, and now they are very poor and have no medical access. The usual conservate retort is that they should take “personal responsitbily”, that they should have worked for a different better employer, as if they had that choice.

    So would it not be fair to say to your nephew who works for a bank, well you have been working for this bank all these years, now they are losing buisness and they are going to lay you off….but that is your personal responsibility? And the same question for you, isn’t it your personal responsibilty of where your retirement funds are invested?

    I am not being belligerant I think these are fair questions.

    have a peaceful day,

  76. Anonymous
    November 5, 2011 at 10:41 am

    I think my nephew is an extremely decent human being, and when he is promoted above being in a local small town branch, he will not lose those ideals. I maintain there are many people in finance and corporate leadership who are good. I think washing them with an “evil” paintbrush shows closed mindedness. I don’t expect you to agree, Mitch. I think I just have a sunnier view.

    Bill, that person who works for an employer who cannot or will not provide expensive perks for their employees may be stuck in that job, and it is certainly unfortunate. The truth is many businesses cannot afford expensive health care and generous retirements for their entire staffs. One thing a person can do, is make sure they have their own retirement plan from the day they get their first job, and put something away each year. Leaving the job that pays without retirement bennies may not be possible until later.

  77. Mitch
    November 5, 2011 at 10:48 am

    The compromises that our system demands for you to rise in most corporations will eat away at your nephew. The circles he will circulate in will make it easy. I wish him well.

    I’m sure the head of PG&E is very sweet to his family, and his neighbors think he’s a stand up guy. He’s also a documented mass murderer.

    See? We do disagree.

  78. Mitch
    November 5, 2011 at 11:07 am

    I’m going to clarify my previous statement, since many people might not have a clue what I meant.

    There has been a good deal of reporting about the gas line explosion south of San Francisco. What it has shown is that, to maximize profits, the company was neither maintaining proper records nor making proper repairs. The explosion was not an accident, it was an inevitable outcome. People who saw the danger resigned — those are the decent people. The ones who were willing to look past it rose within the corporation.

    I can’t say this is universal. I’m sure somewhere there is a decent person who has risen in corporate America. But I think it’s close enough to universal, especially in the financial sector, that it’s a reasonable assumption that those at the very top have had their ethics compromised beyond repair.

    I understand that the charge of mass murderer does not mean that there will be a legal charge, or a trial, or a conviction. But the explosion was a mass murder, and the responsible person in every way is the head of PG&E. So the head of PG&E is a mass murderer, if English words mean anything.

    Someone who steals a sandwich will be punished more than the head of PG&E.

  79. High Finance
    November 5, 2011 at 1:57 pm

    Wow !

    Mitch has given us a classic example of bigoted prejudice right here on Heraldo. He uses the misdeeds of a few individuals and used it to demean and insult the tens of millions of people who work for corporations around the country.

  80. Mitch
    November 5, 2011 at 2:33 pm

    So, HiFi, do you think the CEO and Chair of PG&E should be prosecuted for mass murder?

  81. High Finance
    November 5, 2011 at 3:52 pm

    So Mitch, you think they should be hung first, convicted second, tried third and then have an investigation ?

  82. Mitch
    November 5, 2011 at 4:38 pm

    Prosecuted first, Hi Fi. Do you think they should be prosecuted, if the news reports you’ve read are accurate?

  83. Anonymous
    November 5, 2011 at 5:41 pm

    Well, I don’t. I think it’s far fetched to think that the person at the top could have predicted this. For one thing, if there were a lot of places where upgrading needed to happen, the company completes them as priorities given the best information, and this is a pretty rare situation. I would bet it was earthquake damaged and that there are other places they are looking at as well.No CEO would choose this and I don’t believe that one did.

  84. High Finance
    November 5, 2011 at 6:02 pm

    At the very least some PG&E people should be fired Mitch. But I would welcome a legitimate investigation before advocating criminal charges.

    like 5.41pm says, it sounds far fetched to think that the person at the top could have predicted this. But there very well may be some mid level people that are criminally negilate in this sorry episode.

    Which has nothing at all to do with the topic at hand which is Redwood Capital, a local bank, doing well. More power to them, I am glad to see them succeed.

  85. Mitch
    November 5, 2011 at 7:26 pm


    The reports I’ve seen say that the head of the records division resigned when he could not get management to pay for the upgrades that would let them operate legally. They also say that there are 26 cause-unknown leaks on the line, that the testing they performed would not locate the flaws that existed on the line, and that they didn’t want to do the correct testing because it was expensive. This is a company that is transporting flammable gas through underground pipes in residential areas. The experts that have been brought in have said it was a matter of when not if.

    There are times when the top management might have plausible deniability. This isn’t one of them.

    And HiFi, why anyone would think “firing” is an appropriate penalty for mass murder, I don’t know.

    What this shows is not that the leaders of corporations are evil, but that the incentives inherent to the corporate system eats away at good people’s ethical sense. In situations where human lives are at stake, or where someone fears for legal liability, the good people leave. The ones that are willing to be yes-men and put quarterly performance above legal requirements or concern for human life rise to the top. Fortunately, not all corporations transport gas underground. The tragedies are not always as obvious.

  86. Anonymous
    November 5, 2011 at 7:56 pm

    Mitch, that is overly dramatic. It just didn’t happen that way. You have no faith in people’s core values. There are many great ones out there, even in corporations. How did you become such a cynic?

  87. Mitch
    November 5, 2011 at 8:33 pm

    Bopal, Chernobyl, Three Mile Island, BP, Exxon, Enron, and the Bush non-elections for starters.

    But here’s some reporting on PG&E.



  88. Anonymous
    November 5, 2011 at 8:50 pm

    You blame the admins for those? or the workers?

  89. Mitch
    November 5, 2011 at 9:20 pm

    In the cases of “accidents,” I feel that quarterly profits trumped safety, and that the general public was lied to as to the risks involved. In the case of Enron, the thievery was more direct.

    There’s often an individual worker who does something wrong, but we are always promised in advance that the system will have enough engineered protection to prevent a worker’s mistake from causing enormous tragedy.

    Then, it generally seems to turn out that the safety system wasn’t quite what we’d been promised. The good safety system usually turns out to have cost too much. Often, a regulatory agency turns out to have let things slip a bit, perhaps in exchange for an open-door policy inviting them to retire to a sinecure at the regulated outfit.

    I’d bet if the PG&E executives’ families had lived on top of those lines, they would have been properly inspected, regardless of the cost.

    Read up on BP and blowout preventers. It’s truly mind-boggling stuff.

  90. jr
    November 5, 2011 at 10:03 pm

    I have never liked building businesses through the issuance of stocks, because then decisions are made based on what is best for the stockholders.. Better that businesses are established as non-profit, not-for-profit, cooperative, or employee owned company. Stockholders are basically only interested in the performance of the stocks and not the well being of the employees that make the stock gains possible.

  91. November 6, 2011 at 9:30 am

    Since it’s against the law to do anything that would hurt profits in today’s corporate world; the argument could be made that safety standards are illegal if they reduce the share price by even a fraction of a percentage.
    “Dramatic?” Yeah, we live in dramatic times.

  92. Thorstein Veblen
    November 6, 2011 at 10:48 pm

    Hang in there Mitch. PGE may be sacred, but I wonder, what if it was your kin who were killed or maimed? Corporate culture starts at the top, and follows the ‘trickle down’ theory; top management to underlings who obediently follow.

  93. High Finance
    November 7, 2011 at 8:06 am

    “I have never liked building businesses through the issuance of stocks, because then decisions are made based on what is best for the stockholders” (owners).

    So Jr, how many businesses have you “built” ? Why don’t you ask Heraldo if he makes decisions in his business based on what is best for him ?

  94. November 7, 2011 at 8:11 am

    How many businesses have you built, poser? We are still waiting for an answer.

    have a peaceful day,

  95. November 7, 2011 at 8:18 am

    Give it a break HiFi. Look to our own backyard.
    Junior is absolutely correct, the stockholders
    interests do not always align with the best interest
    of the organization. Consider the Fisher family stewardship
    of Scotia, compare to Maxxams Board (stewardship).

  96. High Finance
    November 7, 2011 at 3:31 pm

    Bill, for an unemployed black jack dealer you sure pretend to be qualified to give advice. You gave away your lies about being some former big shot vegas executive with 50 + employees when you admitted you didn’t even have an assistant or a secretary. So go cash your disability check, smoke some “medicinal” pot and take a nap.

    Arbitrager, I don’t blame you I blame the educational system for your ignorance about the wonders that corporations have done for the world. Our standard of living, our quality of life have been vastly improved. The corporate model allows businesses to raise the level of funds for R & D and production efficiency that cut costs that were impossible before.

    The stockholders interest ALWAYS are in the best interest of the company. However, bad management sometimes mislead investors to look at the short term rather than the long term. When that happens they are not looking out for the best interests of the company. Investors who invest for the short term are not investing, they are just gambling.

  97. Big Boss Man
    November 8, 2011 at 2:31 pm

    Other than 2 of you who seem to have horse sense, if I’m the banker (and I should be) I wouldn’t want the deposit base of the rest of you morons- shit, my housekeeping budget would go through the roof each time one of you protestin’ idiots entered the building…we’d never get the stench out much less attract more decent good-smelling depositors who we’d glady give low interest loans. Hell, the Bank of Big Boss Man would finance all kinds of business, social conscience or not, and shut all of ya up with the big fat local tax base it would create- none of which would go any of you whining, drum beating, pansy ass hippies.

  98. November 8, 2011 at 2:39 pm

    How much TARP money did the Bank of Big Boss Man suck out of the taxpayer’s teats?

  99. November 8, 2011 at 2:54 pm

    Been a month High Dolitry you coward. We are still waiting to see your bona fides.


    highboldtage says:
    October 11, 2011 at 3:43 pm

    Tch Tch Hi Fi you have positively confirmed that old adage, “There is no such thing as a stupid question…..” and you know how the rest of it goes.
    Since even the dumbest student deserves a second chance, here it is: “Do you believe in freedom?”
    have a peaceful day,

    highboldtage says:
    October 11, 2011 at 3:47 pm

    I believe you hi fi when you say you aren’t an elected official because no one could get elected saying the things you say. Even if you were careful some of the crazy would slip out of your mouth in the heat of the campaign.

    I do think though that you might work in the government bureaucracy at some level or if not there then in some tax farming non-profit.

    In 100s of comments here I have never seen one indication that you have any idea how to run a company in the private sector competitive environment. It is just beyond your knowledge and it shows. And your math skills are rudimentary. Sorry bro (or sis.)
    have a peaceful day,

    High Finance says:
    October 11, 2011 at 4:28 pm

    LOL. I have been in the private sector all my life.
    Everyone professes their devotion to freedom even though many do not believe in it. Many of those, like you, don’t even realize their non belief. The biggest threat to our freedom is the federal & state government.

    I want to limit the power of the government except to protect people and provide a few basic services, like roads, that the private sector cannot. Almost by definition, liberals want to increase it.

    High Finance says:
    October 11, 2011 at 4:30 pm
    But do pray tell us Bill, why don’t you expand on your vast & successful experience in running businesses ?

    All I can see from hundreds of your comments is a total lack of understanding of how the business world or real world works. If you are employed, you have never worked for anything other than government.

    highboldtage says:
    October 11, 2011 at 4:44 pm

    High Finance,
    I was a casino executive in Nevada for 15 years, managed departments with 50 employees, $10 million a year revenues, and over $1 million annual payrolls. I did it all the scheduling, hiring and firing and promotion all by myself without a secretary or an assistant manager.
    My department operated 24/7, that’s about the scale of running the EPD for 15 years, except my employees were unarmed.

    Your turn. You tell all of us your accomplishments now, we are all ears.
    have a peaceful day,

  100. tra
    November 8, 2011 at 3:48 pm

    Hi Fi said: “…bad management sometimes mislead investors to look at the short term rather than the long term. When that happens they are not looking out for the best interests of the company. Investors who invest for the short term are not investing, they are just gambling.”

    Change “sometimes” to “frequently” and I agree with that statement 100%.

  101. pete
    November 8, 2011 at 4:40 pm

    HiFi is a well known local elected offical. He is also a CPA. His public persona is polite and mild unlike his internet troll self.

  102. Plain Jane
    November 8, 2011 at 7:30 pm

    650,000 Americans Joined Credit Unions Last Month — More Than In All Of 2010 Combined

  103. Plain Jane
    November 8, 2011 at 7:31 pm

    That presumably doesn’t include those which joined between 11/1 and 11/5.

  104. Goldie
    November 8, 2011 at 9:23 pm

    Heard from a friend who manages a credit union in the Bay Area that new members for just one branch were very high, almost 1,000 she said in the last two weeks.
    Friends who I thought did not pay that much attention to political conversation were in the process of transferring funds. One friend was going to pay down her mortgage and refi away from Wells Fargo. I know this is a small sampling but it suggests to me that families are tired of being taken advantage of by big banks.

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