if you've owned stock in in last few years of PCBC , ~Pacific Capital~ parent company of Santa Barbara Bank and Trust, then you've no doubt been on a roller coaster ride...it was selling for less than a dollar when the CEOs ran it into the ground, then it shot up to about $5, then back down..then a Texas billionaire infused millions in PCBC, then a reverse stock split put it to about $30 per share..and now we learn the company got sold to Union Bank for about $46 per share...so if you held on and added, then you did pretty well..unfortunately, many locals lost their age-old investments due to the mismanagement...and Pacific Cap took a bailout..ie the taxpayers bailed the CEOs out..the conservatives don't want to pay public workers, but they have no problem bailing out banks and watching the CEOs take the money and run....welcome to corporate America where greed rules...
now I love the stock market but too many people think it's a casino.... a healthy stock market is essential to healthy pensions..ie honest people running things...NO MORE BANK BAILOUTS.....fire the CEOs instead
and...there are unscrupulous people everywhere that want to steal your savings from you....
as I reported here on this gossip blog that the anti-worker pension reform initiatives failed to gather the required signatures and/or money to make the 2012 ballot, I found an old interview from the guy who was responsible for trying to remove rights from the public workers....
now who would try to remove the bargaining rights from public workers..well Wisconsin Gov Scott Walker would, the little weasel and Koch Bros kiss ass....the great state of Wisconsin took exception to these lilly white collar never worked-a-day-in- their -lives- kinda guys lecturing them on work ethics...Scott Walker should be recalled soon as the recall effort got over one million signatures....of course Scotty is running to his Koch daddies to protect him..just like Lanny Ebenstein runs to mommy Wendy to protect him.. and I found this interesting piece
an interview with Lanny by Patt Morrison, the chick with the hats seen on public TV...she shreds Lanny's suppositions about public workers and even gets him to admit he wants the Koch Bros to help him....Patt Morrison http://www.wgnradio.com/news/local/breaking/la-oe-morrison-lanny-ebenstein-20111015,3,3675722.column?page=1
October 15, 2011
Are you mismatching cause and effect? Taxpayers are making up the defined-benefit pension differences because the markets the pension funds were invested in flopped. Isn't it the markets' fault, not the unions?
If, as I believe, you don't think the market is going to grow at the 3% or 4% rate, then there has to be a recalibration. But the crucial question is whether public employees are overcompensated, and I believe unequivocally is that they are.
Did your father get a pension from UCSB?
He died at 65, so I don't believe he ever did.
Do you get one for the time you taught at Santa Barbara Community College?
I do.
Some people disagree with your numbers, and with your dislike of collective bargaining in the public sector. You cite a 1937 letter from FDR: "The process of collective bargaining, as usually understood, cannot be transplanted into the public service."
I believe the principle of collective bargaining was never meant to pertain to public employees. The public sector unions have been able to exert undue influence on the political system to receive an undue share of resources from government.I am not one who would say we're paying public sector teachers too much -- that's an area where it may be of benefit to pay more
Are you asking the Koch brothers? They controversially put money against public employee unions in Wisconsin.
We haven't gone to the Koch brothers yet, but we may. In the same way that the problem was created by Democrats and Republicans, the solution is going to be created by Democrats and Republicans. You have to unite Republicans who are concerned about taxes with Democrats who are concerned about public services.
well , all the initiatives proposed by Lanny and his wealthy pals FAILED to get on the ballot...and reading his simple-minded responses to Morrison's questions leaves no doubt that Lanny and his pals simply live in another world....a bailout world of easy money...
3 comments:
I think I heard L.E. on a local radio show state that his live in disabled brother receives benefits from the U.C. system because of his father tenure.
The facts re SBBT stock are that local investors (and even my broker in LA) were buying it for $35 in "good" times and after management applied their fix it and dealt with the Texans it is now 45 CENTS!!!
dude, if you bought after the restructuring you made money. the reverse split meant all the previous stock holders were handed their heads in a plastic bag.....so no, not everybody made money. just the opposite.
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