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"Too big to ...", Continuing the "new era" thread

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Re: "Too big to ...", Continuing the "new era" thread

Postby Blue&White » Thu Oct 27, 2016 8:28 am

From what I read, there was outright fraud involved, specifically by recruiters. Seems many of them offered enlistment and reenlistment bonuses to people they knew were not eligible in order to hit their quotas and get their bonuses. Sound familiar? There also seems to be examples of people who took the money who were fully aware that they should not be receiving it.

It's one thing if you can prove someone took it knowing they were not eligible. But, my impression is the vast majority of these people did not know and acted in good faith. A blanket policy that goes after people who volunteered to serve because of someone else's mistake is pretty awful.

Btw, no one commented as to where I decided to put this story. But, I hope my thread choice logic is obvious.
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Re: "Too big to ...", Continuing the "new era" thread

Postby psu_dad » Thu Oct 27, 2016 9:34 am

How does this work from a contract law perspective?

Hypothetically, suppose a car salesman offers me lifetime free service if I buy the car. So I buy it. Then I show up some time later for an oil change and I'm told "Sorry. That salesman wasn't authorized to offer you free service". What happens?
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Re: "Too big to ...", Continuing the "new era" thread

Postby LioninVa » Thu Oct 27, 2016 10:01 am

For the military, they take the money back. 20 years ago, I was transferred to Pearl Harbor as an E-4. I was told that I would get roughly $1,100 per month housing and cost of living allowances so I rented an apartment (2 bedroom/1 bath) for right around that price. 3 months later, after getting the promised amount, I was informed that it was incorrect and I should only get $850. The next month, I got $100 because they took the overage back.
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Re: "Too big to ...", Continuing the "new era" thread

Postby psu_dad » Thu Oct 27, 2016 10:19 am

I'd guess that once you are ALREADY IN the military, contract law is irrelevant. I assume you didn't contractually agree to go to Pearl Harbor, but rather you were ordered. Still sucks, though. It wouldn't have killed them to at least eat the 3 mistaken payments they made.

I knew a retired AF Colonel. He worked with defense contractors, monitoring their progress on large AF projects. He told me that the AF had no qualms about spending millions on projects that had little chance of success, but if one of his expense reports was off by $5, they'd nail him to a wall.
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Re: "Too big to ...", Continuing the "new era" thread

Postby Blue&White » Thu Oct 27, 2016 10:26 am

psu_dad wrote:How does this work from a contract law perspective?

Hypothetically, suppose a car salesman offers me lifetime free service if I buy the car. So I buy it. Then I show up some time later for an oil change and I'm told "Sorry. That salesman wasn't authorized to offer you free service". What happens?


In that example, the salesman would be an authorized agent for the dealer. If they gave you a signed contract that said you got free service for life with the car purchase, then the dealer has to honor that. Usually, though, you get a bill of sale for the car and an unsigned pamphlet about what they give you for free for buying that car, and in the corner in print that you can only see with an electron microscope is a disclaimer that says all service offer additions are subject to change at the sole discretion of the dealer.

This isn't exactly a contract issue, though, as there are statutes involved. As to Lion's point about the military truing up on a mistake, I get that but this is them coming after people legally for bonuses paid. Not exactly the same thing.

Regarding your point about expense reports, that's not just the military. At my job we piss away money all the time, but mess up an expense report and you come under an internal investigation that can lead to termination.
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Re: "Too big to ...", Continuing the "new era" thread

Postby Nat@PSU » Fri Jan 20, 2017 9:02 pm

The Russians! They're here. It has begun. Hahaha.
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Re: "Too big to ...", Continuing the "new era" thread

Postby Blue&White » Sat Feb 04, 2017 10:54 am

So, if (and really "when) we have another major financial crises that, worst case craters the world's economy and best case just leads to a bunch of people, mostly retirees, getting fleeced out of their life savings, you can mark February 3, 2017 as the starting point for it all.
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Re: "Too big to ...", Continuing the "new era" thread

Postby PittGradPSUMad » Sat Feb 04, 2017 11:04 am

Yes indeed, fearless leader is really sticking it to those nasty wall street banking types just like he said he would. I can see them now in their mahogany lined sanctuaries, consoling one another with big, cuban cigars and fifty year old single malt scotch. Poor bastards. Jesus Christ....where can I move my retirement saving before that great, loud sucking noise begins?
Yeah, well...you know...that's just like, uh, your opinion, man.
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Re: "Too big to ...", Continuing the "new era" thread

Postby psu_dad » Sat Feb 04, 2017 11:36 am

B&W's girl friend (Elizabeth Warren) is having a cow.
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Re: "Too big to ...", Continuing the "new era" thread

Postby Blue&White » Sat Feb 04, 2017 12:54 pm

The best was the explanation for getting rid of the rules imposing a fiduciary duty on investment managers.

“We think it is a bad rule. It is a bad rule for consumers…. This is like putting only healthy food on the menu, because unhealthy food tastes good but you still shouldn’t eat it because you might die younger.”

Oh. My. God.

Seems some investment firms complained that this rule prevented them from offering certain products to investors. I'm sure it did. But, if you can't offer your customer a product without violating your duty as a fiduciary, how is that a bad thing? I mean, the mental gymnastics in play here defy understanding. And, this is the guy who (correctly) highlighted how Ted Cruz and Hillary Clinton were pawns of Wall Street and doing fuqall for middle America. And, now he goes and does this? How does this help anyone on "mainstreet"? It doesn't.

If you voted for this guy because you thought that this is the type of crap Clinton was absolutely going to do and you though just maybe he would be different, well, I guess now you know. But, if you voted for him because you believed him, well, click here for a message on what happened to you.
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