Posted on 12/09/2014 7:07:45 AM PST by BenLurkin
The panel found not only wrongful termination, but discrimination against military personnel, because Barra was “chastised and retaliated” against by the LA offices’ Branch Manager because he went on reserve duty.
(Excerpt) Read more at losangeles.cbslocal.com ...
Goldman are scum. Always have been.
” Goldman are scum. Always have been.”
Rinse & Repeat.
The only investment banking firm that sold billions in sub prime mortgages to their clients, and then turned around and “shorted” the very companies they sold the sub prime mortgages to, Scum? Oh yeah!
I never had any problem with Summer Camp way back when.In fact my employer supplemented my Army pay so that it equaled my civilian pay.I never knew it was actually illegal to deny Reservists and Guardsmen the time off.
I despise Goldman, but this time they should appeal.
Salesmen at this level of the industry service huge institutional and high net worth accounts. The client expects them to be available when contingencies arise, as they do — frequently at inconvenient times. When each account amounts to hundreds of millions in various investment positions, a lot of money is at stake, and it’s not unreasonable that clients should expect their concerns will be speedily resolved. It’s a basic job requirement.
Did this stockbroker and his partner cover accounts jointly, so that one could handle problems when the other was unavailable? That would have been reasonable — something physicians do so patients won’t be left in the lurch. But if you handle accounts individually, you can’t simply check out for a week or two and be surprised when things blow up and people are upset about it.
He says "WTF?", and his "buddies" say "That wasn't us, that was them on the merchant banking side of the house. We had nothing to do with it."
You will shortly hear for the many FReepers to whom Goldman, BOA, Countrywide and so forth are heroes to. They will enlighten you about how ‘Banksters’ perceived are cause by ‘evil government’ regulations, ‘Dead Beats’ and if you are luck they might just admit to one or two bad apples.
Unless Goldman didn’t know of the broker’s Army Reserve status they should just pay up.
I had a pay raise delayed due to reserve duty, and my civilian job was with the federal government. It was remedied quickly, but a numbe of reservists met resistance from my agency leading to legal action. The federal law is quite short and simple in this issue.
I too hope that they appeal the settlement seems hardly just and the award amounts to ‘pocket change’ which Goldman will soon ‘earn’ (steal) back for its clients or the government.
Managers always have back ups...see vacation time.
"...because Barra was “chastised and retaliated” against..."
Absolutely no excuse for this and the Reservists are protected under the USSRA. If Goldman scum had a problem with his Reserve status, they should have cut him loose...sorry, no excuse for not knowing the law and the circumstances of being a Reservist.
There is a law regarding reservists and employers. And the employer can’t say “yeahhhh,, but he’s a high level salesman”.
Goldman is corrupt. Why would they think they should obey this law when they got away with their subprime frauds without a scratch? They packaged crap loans and sold them as high quality investments.
But let a car dealer sell a flood car as new, or a food producer sell mislabeled food, and watch what happens.
simple. the business violated federal law concerning Reservists and National Guard personnel.
(clinton signed the bill.)
I must have missed the threads you’re speaking of. I have yet to read anyone extolling the virtues of the crony capitalists on Wall Street.
Well then you must be a ‘Dead Beat’. ;-)
What say you blam?
” “That wasn’t us, that was them on the merchant banking side of the house”
Exactly.
Yeh BABY!! Thank you for your service!! Finally, money well spent!
” You will shortly hear for the many FReepers to whom Goldman, BOA, Countrywide and so forth are heroes to. “
No doubt. Too bad for them that I know mortgage backed securities,and high finance. I spent 30 years in it. I got out in 06, after repeatedly warning FReepers that there will be a trillion dollar meltdown. I only sold “A” paper.....people with a 720 or higher FICO, and good debt to worth ratios. But the REAL money was in “toilet” paper.
Chris Barra is the kind of guy who also merits our respect and who we should go out of way to honor his service to our country. Someone who wears the uniform of our Armed Forces - this is a person we should always help. It not a matter of dollars and cents.
People who put their lives on the line for our country deserve its thanks. Too bad Goldman and Sachs did not have that attitude. Hopefully, the jury judgment will communicate to them on the proper way to treat an American serviceman or servicewoman. They deserve our last full measure of devotion.
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