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Wall Street Oasis » Blogs » Edmundo Braverman's blog
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Drug Legalization: Yea or Nay?
 

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Edmundo Braverman's picture
Edmundo Braverman
      ST
 
 
(Human, 14,386
 
Points)
 on 10/14/10 at 6:00am

We had a pretty interesting discussion the other day about Mexico and how large a part of the problem drugs are. Ever since, I've been curious about what the consensus would be on our current drug policy here on WSO. As if on cue, Harvard Econ prof Jeffrey Miron sat down with the TechTicker guys and laid out the case for full legalization:

So, where do you guys fall on this issue? I'm sure most of you know that I consider drug laws not only utterly ridiculous, but completely unconstitutional (not that what I think matters in the least). I'm interested to hear what you think.

If you think drugs should be legalized across the board, say so. If you think they should remain illegal, explain why. If you're in favor of some drugs being legal (pot, for example) but other drugs remaining illegal, tell us where you draw the line and why.

With California decriminalizing marijuana recently, I have a feeling we're on the cusp of a major shift in drug policy. Which way do you think it should go and why?

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Comments

happypantsmcgee's picture

There is some study that I

happypantsmcgee
      O
 
 
(Almost Human, 9,621
 
Points)
 on 10/14/10 at 6:35am

There is some study that I read a few weeks ago that for every dollar of tax revenue the government would get from legalizing drugs, they would spend 5-7 on increased healthcare costs. This particular study didn't include the affect on law enforcement as relates to how many would lose their jobs, how much governments would save in law enforcement salary, equipment, insurance, etc. I would be interested to see a comprehensive study that, somehow, at least attempted to address these aspects of the issue.

That being said, I personally think that the use of drugs shouldn't be wholly legal or illegal. I think one would have to admit the possibility that legalizing drugs would open the gates to a new portion of the population becoming addicted to drugs and using disproportionate amounts of their income towards their habit at the expense of other obligations. Realistically, I think the uptick in drug use would obviously lead to more needs in the form of addiction education and rehab facilities.

After all that, to answer your question I would advocate for a step by step type process. Weed being first because I think we can all agree that pot has been proven to be fairly safe. Then move on to other drugs, substances, etc. I would also advocate for taxes on these things greater than or equal to the taxes on cigarettes.

I do think that if California is able to legalize marijuana and do so successfully without far reaching effects on the population at large and use prop 19 to to raise huge tax revenue (especially in light of record deficits in that state) then there will be a massive push towards legalization on a macro level.

Side note: If this happens I am going to put every fucking penny I have into Frito-Lay stock.

Just my .02 cents

If I had asked people what they wanted, they would have said faster horses - Henry Ford

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Edmundo Braverman's picture

I have to take issue with the

Edmundo Braverman
      ST
 
 
(Human, 14,386
 
Points)
 on 10/14/10 at 6:58am

I have to take issue with the notion of legalizing for the express purpose of generating tax revenue. I hear the argument all over the place. In fact, it's a large part of the argument in favor in California right now. Look at all the tax money we can raise by making pot legal and then taxing the hell out of it.

It amounts to a moral violation on par with making something that grows in the ground "illegal" in the first place. If you don't have the right to make something natural illegal, then you certainly don't have the right to tax it just because you suddenly pulled your head out of your ass.

Are you taxed on the tomatoes you grow in your garden?

I'm not saying commercially procured drugs shouldn't be subject to the same local sales tax that every other product incurs, but to level an additional unconstitutional tariff on a product that amounts to nothing more than a "sin" tax is ludicrous. And before you ask, yes, I feel the same way about excess taxes on tobacco and alcohol.

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happypantsmcgee's picture

Edmundo Braverman wrote: I

happypantsmcgee
      O
 
 
(Almost Human, 9,621
 
Points)
 on 10/14/10 at 7:05am
Edmundo Braverman:

I have to take issue with the notion of legalizing for the express purpose of generating tax revenue. I hear the argument all over the place. In fact, it's a large part of the argument in favor in California right now. Look at all the tax money we can raise by making pot legal and then taxing the hell out of it.

It amounts to a moral violation on par with making something that grows in the ground "illegal" in the first place. If you don't have the right to make something natural illegal, then you certainly don't have the right to tax it just because you suddenly pulled your head out of your ass.

Are you taxed on the tomatoes you grow in your garden?

I'm not saying commercially procured drugs shouldn't be subject to the same local sales tax that every other product incurs, but to level an additional unconstitutional tariff on a product that amounts to nothing more than a "sin" tax is ludicrous. And before you ask, yes, I feel the same way about excess taxes on tobacco and alcohol.

Valid point to be sure, but I would respond thusly. At what point does the 'fruit of the earth' argument no longer apply? Weed, yes, absolutely. You can walk outside, pick it up and smoke it (basically). I think one would also have to include mushrooms in that category as well. But what about Cocaine? Comes from a plant but requires more processing. Or opium? Then at the opposite end of the spectrum the ecstasy and LSD stuff. I think the sin tax is a fantastic point and, admittedly, not something I have really considered to this point. I do enjoy a good cigar at times as well as dip whenever I feel like I can get away with it so I am acutely aware of the tobacco tax

Essentially what I am asking, since you are much more informed than myself on the issue, how would you draw the line so to speak on what would or wouldn't be legal?

If I had asked people what they wanted, they would have said faster horses - Henry Ford

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Edmundo Braverman's picture

Since no man has the natural

Edmundo Braverman
      ST
 
 
(Human, 14,386
 
Points)
 on 10/14/10 at 8:09am

Since no man has the natural right to tell any other man what he can and cannot ingest, nothing would be illegal. Let's not forget that the Declaration of Independence itself is written on hemp paper.

Where the law enters is what happens if someone under the influence impedes the rights of or causes injury to others. We have well established (though not particularly well thought out) laws in place to deter driving around while fucked-in-half drunk, so the same would apply.

I am much more in favor of a zero-tolerance DUI law (you blow even .01 and you go to jail for a year, do not pass Go, do not collect $200) than the current nebulous .08 policy that only benefits the cops, courts, and lawyers. In my perfect world, the law would apply equally to drug infractions.

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We waste so much money a year

eyelikecheese (not verified)
     
 
(Chimp, 0
 
Points)
 on 10/14/10 at 8:30am

We waste so much money a year on inmates in our prisons for petty drug crimes, we lose out on so much tax revenue from the illiegalization of marijuana, and we waste so much drug enforcement dollars on finding these thiefs for petty pot crimes, not to mention the war south of the border that will spill over into the US because of none other than weed. There is seriously so type of corruption going on in politics as to why marijuana is still not legal. They will wake up one day and realize how wrong they are about this, and it will truly become a free land.

The reason marijuana is still illegal is because these huge pharma companies like Pfizer, Elli Lilly, and Merck would rather manipulate you into thinking you have depression/ADD/ADHD/Bi-Polar and force you to be psychologically dependent on the drugs they manufacture with obscene profit margins and little substitutes rather than give you lost cost marijuana which will cure the minor back pain, depression.

Now, hardcore drugs are a whole different animal .I am from the south, and methamphetamine is a huge drug down here which can literally kill people in the process of manufacturing/recreational use. These hardcore drugs such as meth, cocaine and other opium derived products, extasy, can kill people. These drugs cause class warfare amongst the nation. The cause children to go unfed, families to lose savings and live on the streets collecting unemployment and other government benefits.

Lastly, the medical cost to treating such drug addictions is astounding. There are hospitals that go bankrupt because they have to treat AIDS from syringe use, overdose, and other addictions which is taking so much of our taxpayers dollars for what? So some poor redneck can get high. It;s absurd

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Cash4Gold's picture

An Ivy League academic I can

Cash4Gold
      ST
 
 
(Gorilla, 664
 
Points)
 on 10/14/10 at 8:46am

An Ivy League academic I can relate to. Stop the presses.

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kimbo's picture

This probably isn't a fair

kimbo
      ST
 
 
(Senior Baboon, 223
 
Points)
 on 10/14/10 at 9:51am

This probably isn't a fair question and by no means directed at anyone...

Say X years from now, you catch your kid (could be hs or college) doing heroin with friends. You confront him/her and the response is..."but dad, it's completely legal." What then?

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Edmundo Braverman's picture

kimbo wrote: Say X years from

Edmundo Braverman
      ST
 
 
(Human, 14,386
 
Points)
 on 10/14/10 at 10:01am
kimbo:

Say X years from now, you catch your kid (could be hs or college) doing heroin with friends. You confront him/her and the response is..."but dad, it's completely legal." What then?

It's definitely not to be taken lightly. I'm all in favor of age restrictions like we currently have (except that I would lower the drinking age to 18 yesterday - it's an absolute travesty that you can take a bullet for your country or put a fool in the White House but you can't go buy a beer).

The truth is it's all in how you raise your kids. There are plenty of kids out there who don't smoke or drink because of the way they were raised. And the scenario of a high school kid doing heroin only speaks to the fallacy that prohibition works - if someone wants to do drugs, regardless of age or legality, they're going to do them.

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I am in favor of taking steps

vanillathunder12 (not verified)
     
 
(Chimp, 0
 
Points)
 on 10/14/10 at 10:29am

I am in favor of taking steps to legalize drugs. I would start with marijuana and if that works well move to something a little higher up.

Reasons: Millions of Americans smoke pot every day while it is illegal. If it is made legal, the cigarette companies would commercialize it, and the government can tax it like cigarettes/alcohol. The taxes, combined with hiring less prosecutors/judges/prision guards would save hundreds of millions of dollars for taxpayers.

Also, while I am not a personal fan of marijuana, I have tried it and alcohol certainly impairs you more than weed. Alcohol is more addictive (pot is not physically addicting). I agree with Edmundo that you should not be driving while high.

I come from a pretty diverse town (we had the super rich, the super poor, and everyone inbetween), and gangs have most of their revenues from selling pot. If it is legal then they cannot compete with Altria or Philip Morris. I think there would be a huge decline in gang activity around the country. I cannot stress this point enough.

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Virginia Tech 4ever's picture

While I support the full

Virginia Tech 4ever
      EN
 
 
(Neanderthal, 2,319
 
Points)
 on 10/14/10 at 10:41am

While I support the full legalization of marijuana, the fact that the Netherlands is becoming more and more strict with its drug laws gives me pause. That nation at large has determined that un-restricted access to drugs and prostitution does not necessarily create the ideal quality of life. So I'm a little more reluctant to state matter-of-factly that full legalization of drugs is the best step.

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jhoratio's picture

Yay all the way.

jhoratio
      IB
 
 
(Senior Gorilla, 857
 
Points)
 on 10/14/10 at 10:52am

Yay all the way. Prohibition is stupid. Why do we feel the need to keep proving this to ourselves?

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evilbyaccident's picture

I would legalize everything.

evilbyaccident
     
 
(Senior Baboon, 239
 
Points)
 on 10/14/10 at 11:07am

I would legalize everything. The reasons are too many to list; it's utterly ridiculous that these archaic laws still exist in a "free" country.

I think it's pretty obvious that drugs should never have been made illegal in the first place. If alcohol prohibition is any indication, drug laws have realistically only encouraged the recreational use of narcotics, and the punishment handed down for drug crimes has done nothing to deter re-offenders. In other words drug legislation has been a failure.

@happypantsmcgee I would really like to see that study. If it doesn't include the savings related to law enforcement activities than the point is moot. Who cares if it costs an extra 5 dollars in health care if it saves 10 in legal?

@eyelikecheese you raise an interesting point with the pharmaceutical companies. Assuming drugs became legal, what kind of drugs would big pharma unleash? The things they kick out now, adderall, oxycontin etc., are simply derivatives of naturally occurring substances. If getting high became acceptable, what kind of terrible (awesome?) stuff could they cook up in the lab given free rein? Would Aldous Huxley's Soma become reality? Would that be a bad thing?

@edmundo braverman I wholeheartedly agree with you that they should not legalize marijuana because of the tax incentives, however they wouldn't do it if it would COST the government money - Government always grows, it never shrinks.

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In The Flesh's picture

About the only thing I can

In The Flesh
      HF
 
 
(Neanderthal, 2,811
 
Points)
 on 10/14/10 at 11:09am

About the only thing I can agree on is legalization of marijuana for medical purposes. If it helps ease someone's pain, then by all means. AND reduce the drinking age to 18, or leave it up to the states to decide an appropriate age instead of coercing them by denying them highway funding if they refuse. It's one of the tiny handful of things where I disagreed with Reagan.

However, I think it would be ridiculous to make the argument that if we legalize drugs, people won't abuse them anymore. Drugs are a huge issue that often gets swept under the rug. Legalizing hard drugs like cocaine/heroin would worsen the pain and suffering of families with drug abusers and make them available to a wider segment of the population. It's crazy. Do these academics seriously think about what they're proposing?

And as for the argument that we could make tons of revenue by taxing legalized drugs--as we all know, both Congress and states like California are the gold standard for fiscal responsibility, right? It won't matter how much revenue they bring in; they'll STILL be in the red. Dumbasses.

Head of Metal Website: www.headofmetal.com

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evilbyaccident's picture

Pfalzer wrote: However, I

evilbyaccident
     
 
(Senior Baboon, 239
 
Points)
 on 10/14/10 at 11:21am
Pfalzer:

However, I think it would be ridiculous to make the argument that if we legalize drugs, people won't abuse them anymore. Drugs are a huge issue that often gets swept under the rug. Legalizing hard drugs like cocaine/heroin would worsen the pain and suffering of families with drug abusers and make them available to a wider segment of the population. It's crazy. Do these academics seriously think about what they're proposing?

I don't think anyone made the argument that by legalizing drugs we will stop abuse. The argument is harm reduction.

The classic example is alcohol: When alcohol was made illegal, alcohol abuse actually increased, as did violent crime and incarceration. Today, alcohol is legal, and yes people still abuse it, however rival gangs aren't shooting each other over turf as the academic in the video so eloquently described.

It's pretty obvious that drug prohibition failed in the same way that alcohol prohibition did.

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spoonfork's picture

Portugal decriminalized all

spoonfork
      ST
 
(Senior Monkey, 98
 
Points)
 on 10/14/10 at 12:22pm

Portugal decriminalized all drugs in 2001. After 5 years, incidents of death by overdose dropped by 25% and HIV infections dropped by 75%. None of the crazy predictions of societal collapse came true.

@ kimbo -

You explain to your son that right/wise and wrong/stupid are not defined by the legal system. You shouldn't have to think too long to come up with examples of morally reprehensible laws.

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metalmoses's picture

Full legalization of pot

metalmoses
      ST
 
(Monkey, 50
 
Points)
 on 10/14/10 at 12:30pm
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kimbo's picture

Edmundo, I completely agree

kimbo
      ST
 
 
(Senior Baboon, 223
 
Points)
 on 10/14/10 at 12:38pm
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Bi-Winning's picture

For the lolz... "I thought

Bi-Winning
     
 
(Gorilla, 708
 
Points)
 on 10/14/10 at 12:52pm

I win here, I win there...

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ke18sb's picture

I am not for drug

ke18sb
      PE
 
 
(King Kong, 1,092
 
Points)
 on 10/14/10 at 12:52pm
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Midas Mulligan Magoo's picture

Nay. Saying that

Midas Mulligan Magoo
     
 
(Senior Neanderthal, 5,167
 
Points)
 on 10/14/10 at 1:09pm

Where I unload on Twits and take verbal S***s

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eokpar02's picture

Legalize and regulate all

eokpar02
      EN
 
(Senior Gorilla, 767
 
Points)
 on 10/14/10 at 1:35pm

I am not cocky, I am confident, and when you tell me I am the best it is a compliment.
-Styles P

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SAC's picture

I don't trust Americans to

SAC
      HF
 
(King Kong, 1,171
 
Points)
 on 10/14/10 at 1:43pm

Learn Financial Modeling
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eokpar02's picture

Midas Mulligan Magoo

eokpar02
      EN
 
(Senior Gorilla, 767
 
Points)
 on 10/14/10 at 2:06pm

I am not cocky, I am confident, and when you tell me I am the best it is a compliment.
-Styles P

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eokpar02's picture

SAC wrote: I don't trust

eokpar02
      EN
 
(Senior Gorilla, 767
 
Points)
 on 10/14/10 at 1:46pm

I am not cocky, I am confident, and when you tell me I am the best it is a compliment.
-Styles P

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eokpar02's picture

ke18sb wrote: I also do not

eokpar02
      EN
 
(Senior Gorilla, 767
 
Points)
 on 10/14/10 at 1:50pm

I am not cocky, I am confident, and when you tell me I am the best it is a compliment.
-Styles P

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liberty's picture

I'm absolutely for the

liberty
      O
 
(Monkey, 44
 
Points)
 on 10/14/10 at 1:52pm

"I don't know how else to put this, but... we're over." "Okay. I disagree."

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surferdude867's picture

Midas Mulligan Magoo

surferdude867
      O
 
(Baboon, 147
 
Points)
 on 10/14/10 at 2:04pm
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Frieds's picture

Let me appoligize now, as I

Frieds
      AM
 
 
(Neanderthal, 2,530
 
Points)
 on 10/14/10 at 2:04pm
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^^^^I like where you heads

eyelikecheese (not verified)
     
 
(Chimp, 0
 
Points)
 on 10/14/10 at 2:07pm
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spoonfork's picture

SAC wrote: I don't trust

spoonfork
      ST
 
(Senior Monkey, 98
 
Points)
 on 10/14/10 at 2:07pm
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surferdude867's picture

eokpar02 wrote: SAC wrote: I

surferdude867
      O
 
(Baboon, 147
 
Points)
 on 10/14/10 at 2:09pm
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spoonfork's picture

@ Frieds I'm not sure what

spoonfork
      ST
 
(Senior Monkey, 98
 
Points)
 on 10/14/10 at 2:19pm
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Frieds's picture

No, I would not argue that

Frieds
      AM
 
 
(Neanderthal, 2,530
 
Points)
 on 10/14/10 at 2:53pm
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levelworm's picture

Let me conclude, you are too

levelworm
      O
 
(Orangutan, 285
 
Points)
 on 10/14/10 at 2:57pm
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mr1234's picture

Marijuana

mr1234
      O
 
(Senior Orangutan, 490
 
Points)
 on 10/14/10 at 3:53pm

---
man made the money, money never made the man

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ibintx's picture

Wow, this thread is

ibintx
      IB
 
(Orangutan, 290
 
Points)
 on 10/14/10 at 3:23pm
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ibintx's picture

Ok, I just read through the

ibintx
      IB
 
(Orangutan, 290
 
Points)
 on 10/14/10 at 3:42pm
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mr1234's picture

ibintx wrote: Other drugs are

mr1234
      O
 
(Senior Orangutan, 490
 
Points)
 on 10/14/10 at 4:58pm

---
man made the money, money never made the man

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blastoise's picture

no because drugs are bad

blastoise
      O
 
(Senior Neanderthal, 4,380
 
Points)
 on 10/14/10 at 5:05pm
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happypantsmcgee's picture

mr1234 wrote: ibintx

happypantsmcgee
      O
 
 
(Almost Human, 9,621
 
Points)
 on 10/14/10 at 5:07pm

If I had asked people what they wanted, they would have said faster horses - Henry Ford

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ibintx's picture

haha my bad on that. Went

ibintx
      IB
 
(Orangutan, 290
 
Points)
 on 10/14/10 at 5:27pm
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mr1234's picture

ibintx wrote: haha my bad on

mr1234
      O
 
(Senior Orangutan, 490
 
Points)
 on 10/14/10 at 5:39pm

---
man made the money, money never made the man

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ibintx's picture

Dude, chill, i'm on the

ibintx
      IB
 
(Orangutan, 290
 
Points)
 on 10/14/10 at 5:58pm
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kimbo's picture

mr1234 wrote: ibintx

kimbo
      ST
 
 
(Senior Baboon, 223
 
Points)
 on 10/14/10 at 6:14pm
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mr1234's picture

I am picking on you because

mr1234
      O
 
(Senior Orangutan, 490
 
Points)
 on 10/14/10 at 6:31pm

---
man made the money, money never made the man

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eokpar02's picture

Frieds, thanks for kicking

eokpar02
      EN
 
(Senior Gorilla, 767
 
Points)
 on 10/14/10 at 6:33pm

I am not cocky, I am confident, and when you tell me I am the best it is a compliment.
-Styles P

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mr1234's picture

Ok, I just saw the "No on

mr1234
      O
 
(Senior Orangutan, 490
 
Points)
 on 10/14/10 at 6:54pm

---
man made the money, money never made the man

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Bondarb's picture

Yea. Its not even

Bondarb
      HF
 
 
(Neanderthal, 2,283
 
Points)
 on 10/14/10 at 10:36pm
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happypantsmcgee's picture

Interesting thing to consider

happypantsmcgee
      O
 
 
(Almost Human, 9,621
 
Points)
 on 10/15/10 at 3:55pm

If I had asked people what they wanted, they would have said faster horses - Henry Ford

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I don't know if anyone has

eyelikecheese (not verified)
     
 
(Chimp, 0
 
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 on 10/15/10 at 6:14pm
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These are the "Terms and Conditions" under which you may use WallStreetOasis.com. Please read this page carefully including the Privacy Policy below. If you do not accept the Terms and Conditions and Privacy Policy stated here, do not use this web site or any services offered by this web site. By using this web site, you are indicating your acceptance to be bound by the terms of these Terms and Conditions and Privacy Policy. IB Oasis Corp. (the "Company") may revise these Terms and Conditions and Privacy Policy at any time by updating this posting. You should visit this page periodically to review the Terms and Conditions and Privacy Policy, because they are binding on you. The terms "You" and "User" as used herein refer to all individuals and/or entities accessing this web site for any reason.

Neither WallStreetOasis.com, IB Oasis Corp. nor employees of IB Oasis Corp. are investment advisors. The purpose of this website is NOT to give any advice on your personal investment strategy. If you base your investment decisions on content of this website, you may lose part or all of your money.

You should not violate any other law or regulation, including, without limitation, the rules and regulations of the U.S. Securities and Exchange Commission and the national or other securities exchanges, especially including the rule against making false or misleading statements to manipulate the price of a security or the rule requiring you to disclose any compensation you may receive for describing a security.

You should not access WallStreetOasis.com by any means other than through the interfaces we provide for use in accessing our services or use any automated means, including, without limitation, agents, robots, scripts, or spiders, to access, monitor, copy, or harvest data from any part of our sites, except those automated means that we have approved in advance and in writing.

The Company, in its sole discretion, reserves the right to remove any postings, or deny access by any individuals, for any reason or no reason.

If you see something that you feel is a violation of the these Terms and Conditions, please notify us by emailing wallstreetoasis at wallstreetoasis.com.

We reserve the right to change the Terms and Conditions at any time. Changes will be posted on the applicable web page.

Use of Material.

The Company authorizes you to view and download a single copy of the material on www.WallStreetOasis.com (the "Web Site") solely for your personal, noncommercial use. By using the Web Site you are giving the Company the sole right to use any and all content you generate or publish on the site for commercial, non-commercial or promotional purposes. This includes any and all forum posts, comments, blog posts or any other material you generate on the Web Site.

The contents of this Web Site, such as text, graphics, images, logos, button icons, software and other items (collectively, "Material"), are protected under both United States and foreign copyright, trademark and other laws. All Material is the property of the Company or its content suppliers or clients. The compilation (meaning the collection, arrangement and assembly) of all content on this Web Site is the exclusive property of the Company and protected by U.S. and international copyright laws. Unauthorized use of the Material may violate copyright, trademark, and other laws. You must retain all copyright, trademark, service-mark and other proprietary notices contained in the original Material on any copy you make of the Material. You may not sell or modify the Material or reproduce, display, publicly perform, distribute, or otherwise use the Material in any way for any public or commercial purpose. The use of the Material on any other web site or in a networked computer environment for any purpose is prohibited.

You shall not copy or adapt the HTML code that the Company creates to generate its pages. It is also protected by the Company?s copyright.

Acceptable Site Use.

General Rules: Users may not use the Web Site in order to transmit, distribute, store or destroy material (a) in violation of any applicable law or regulation, (b) in a manner that will infringe the copyright, trademark, trade secret or other intellectual property rights of others or violate the privacy, publicity or other personal rights of others, or (c) that is defamatory, obscene, threatening, abusive or hateful.

Web Site Security Rules. Users are prohibited from violating or attempting to violate the security of the Web Site, including, without limitation, (a) accessing data not intended for such user or logging into a server or account which the user is not authorized to access, (b) attempting to probe, scan or test the vulnerability of a system or network or to breach security or authentication measures without proper authorization, (c) attempting to interfere with service to any user, host or network, including, without limitation, via means of submitting a virus to the Web Site, overloading, "flooding", "spamming", "mailbombing" or "crashing", (d) sending unsolicited e-mail, including promotions and/or advertising of products or services, or (e) forging any TCP/IP packet header or any part of the header information in any e-mail. Violations of system or network security may result in civil or criminal liability. The Company will investigate occurrences which may involve such violations and may involve, and cooperate with, law enforcement authorities in prosecuting users who are involved in such violations.

Specific Prohibited Uses.

The Company specifically prohibits any use of the Web Site, and all users agree not to use the Web Site, for any of the following:

  • Posting any incomplete, false or inaccurate biographical information or information which is not your own accurate resume
  • Using any device, software or routine to interfere or attempt to interfere with the proper working of this Web Site or any activity being conducted on this site.
  • Taking any action which imposes an unreasonable or disproportionately large load on this Web Site?s infrastructure.
  • If you have a password allowing access to a non-public area of this Web Site, disclosing to or sharing your password with any third parties or using your password for any unauthorized purpose.
  • Notwithstanding anything to the contrary contained herein, using or attempting to use any engine, software, tool, agent or other device or mechanism (including without limitation browsers, spiders, robots, avatars or intelligent agents) to navigate or search this Web Site other than the search engine and search agents available from the Company on this Web Site and other than generally available third party web browsers (e.g., Netscape Navigator, Microsoft Explorer).
  • Attempting to decipher, decompile, disassemble or reverse engineer any of the software comprising or in any way making up a part of the Web Site.
  • Aggregating, copying or duplicating in any manner any of the materials or information available from the Web Site.
  • Framing of or linking to any of the materials or information available from the Web Site.

User Information.

When you register for the Web Site, you will be asked to provide the Company with certain information including, without limitation, a valid email address (your "Information"). In addition to the terms and conditions that may be set forth in any privacy policy on this Web Site, you understand and agree that the Company may disclose to third parties, on an anonymous basis, certain aggregate information contained in your registration application. The Company reserves the right to offer third party services and products to you based on the preferences that you identify in your registration and at any time thereafter; such offers may be made by the Company or by third parties. Please see the Company's Privacy Policy below for further details regarding your Information.

Registration and Password.

You are responsible for maintaining the confidentiality of your information and password. You shall be responsible for all uses of your registration, whether or not authorized by you. You agree to immediately notify the Company of any unauthorized use of your registration or password.

The Company's Liability.

As a condition to your use of this site, you release the Company (and our agents and employees) from claims, demands and damages (actual and consequential, direct and indirect) of every kind and nature, known and unknown, suspected and unsuspected, disclosed and undisclosed, arising out of or in any way connected with such disputes. If you are a California resident, you waive California Civil Code d1542, which says: "A general release does not extend to claims which the creditor does not know or suspect to exist in his favor at the time of executing the release, which if known by him must have materially affected his settlement with the debtor."

We are under no legal obligation to, and generally do not, control the information provided by other users which is made available through the Web Site. By its very nature, other people?s information may be offensive, harmful or inaccurate, and in some cases will be mislabeled or deceptively labeled. We expect that you will use caution and common sense when using this Web Site.

The Material may contain inaccuracies or typographical errors. The Company makes no representations about the accuracy, reliability, completeness, or timeliness of the Web Site or the Material. The use of the Web Site and the Material is at your own risk. Changes are periodically made to the Web Site and may be made at any time.

You acknowledge and agree that you are solely responsible for the content and accuracy of any resume or material contained therein placed by you on the Web Site and you agree to let any users that are identified as recruiters (designated in the sole discretion of the Company) to have access to your resume.

The Company is not to be considered to be an employer with respect to your use of the Web Site and the Company shall not be responsible for any employment decisions, for whatever reason made, made by any entity posting jobs on the Web Site.

THE COMPANY DOES NOT WARRANT THAT THE WEB SITE WILL OPERATE ERROR-FREE OR THAT THE WEB SITE AND ITS SERVER ARE FREE OF COMPUTER VIRUSES OR OTHER HARMFUL MECHANISMS. IF YOUR USE OF THE WEB SITE OR THE MATERIAL RESULTS IN THE NEED FOR SERVICING OR REPLACING EQUIPMENT OR DATA, THE COMPANY IS NOT RESPONSIBLE FOR THOSE COSTS.

THE WEB SITE AND MATERIAL ARE PROVIDED ON AN "AS IS" BASIS WITHOUT ANY WARRANTIES OF ANY KIND. THE COMPANY, TO THE FULLEST EXTENT PERMITTED BY LAW, DISCLAIMS ALL WARRANTIES, WHETHER EXPRESS OR IMPLIED, INCLUDING THE WARRANTY OF MERCHANTABILITY, FITNESS FOR PARTICULAR PURPOSE AND NON-INFRINGEMENT. THE COMPANY MAKES NO WARRANTIES ABOUT THE ACCURACY, RELIABILITY, COMPLETENESS, OR TIMELINESS OF THE MATERIAL, SERVICES, SOFTWARE, TEXT, GRAPHICS, AND LINKS.

Disclaimer of Consequential Damages.

IN NO EVENT SHALL THE COMPANY, ITS SUPPLIERS, OR ANY THIRD PARTIES MENTIONED ON THE WEB SITE BE LIABLE FOR ANY DAMAGES WHATSOEVER (INCLUDING, WITHOUT LIMITATION, INCIDENTAL AND CONSEQUENTIAL DAMAGES, LOST PROFITS, OR DAMAGES RESULTING FROM LOST DATA OR BUSINESS INTERRUPTION) RESULTING FROM THE USE OR INABILITY TO USE THE WEB SITE AND THE MATERIAL, WHETHER BASED ON WARRANTY, CONTRACT, TORT, OR ANY OTHER LEGAL THEORY, AND WHETHER OR NOT THE COMPANY IS ADVISED OF THE POSSIBILITY OF SUCH DAMAGES.

Links to Other Sites.

The Web Site may contain links to third party web sites. These links are provided solely as a convenience to you and not as an endorsement by the Company of the contents on such third-party Web sites. The Company is not responsible for the content of linked third-party sites and does not make any representations regarding the content or accuracy of materials on such third party Web sites. If you decide to access linked third party Web sites, you do so at your own risk.

No Resale or Unauthorized Commercial Use.

You agree not to resell or assign your rights or obligations under these Term of Use. You also agree not to make any unauthorized commercial use of the Web Site.

Limitation of Liability.

The aggregate liability for the Company to you for all claims arising from the use of the Materials is limited to $1.

Termination.

The Company reserves the right, at its sole discretion, to pursue all of its legal remedies, including but not limited to immediate termination of your registration with or ability to access the Web Site and/or any other service provided to you by the Company, upon any breach by you of these Terms and Conditions or if the Company is unable to verify or authenticate any information you submit to the Web Site registration with or ability to access the Web Site.

Indemnity.

You agree to defend, indemnify, and hold harmless the Company, its officers, directors, employees and agents, from and against any claims, actions or demands, including without limitation reasonable legal and accounting fees, alleging or resulting from your use of the Material or your breach of the terms of these Terms and Conditions. The Company shall provide notice to you promptly of any such claim, suit, or proceeding and shall assist you, at your expense, in defending any such claim, suit or proceeding.

General.

The Company makes no claims that the Materials may be lawfully viewed or downloaded outside of the United States. Access to the Materials may not be legal by certain persons or in certain countries. If you access the Web Site from outside of the United States, you do so at your own risk and are responsible for compliance with the laws of your jurisdiction. These Terms and conditions are governed by the internal substantive laws of the State of New York, without respect to its conflict of laws principles. Jurisdiction for any claims arising under this agreement shall lie exclusively with the state or federal courts within New York, New York. If any provision of these Terms and Conditions are found to be invalid by any court having competent jurisdiction, the invalidity of such provision shall not affect the validity of the remaining provisions of these Terms and Conditions, which shall remain in full force and effect. No waiver of any term of these Terms and Conditions shall be deemed a further or continuing waiver of such term or any other term. Except as expressly provided in additional terms of use for areas of the Web Site a particular "Legal Notice," or Software License or Material on particular Web pages, these Terms and Conditions constitute the entire agreement between you and the Company with respect to the use of Web Site. No changes to these Terms and Conditions shall be made except by a revised posting on this page.

PRIVACY POLICY

The Company recognizes that you are concerned about privacy. We are committed to preserving your privacy and safeguarding your sensitive information. The following statement describes the general information-gathering and usage practices of our sites.

Our staff, contractors, Internet service providers and others involved in this site follow this policy or similarly strict policies regarding your Information.

Disclosure

The Company is committed to fully disclosing our policies regarding the collection, use, maintenance, disclosure and security of personal information obtained from users of our site. The term "personal information" includes a name, address, email address, or any other information which could be used to contact you directly or to identify you personally.

Use and Disclosure Limitations

The Company only uses personal information about its Web site users for specific purposes. We do not share user information with third parties except when we have told users about the disclosures, when we have prior consent, or when required by law.

Use Policy: When the Company gathers personal information from users, we ask for permission first. We also disclose, at the time of collection, how the information will be used by us. Personal information is used for activities such as auto-completion of commonly-used forms and helping us contact you when you solicit information from us.

Disclosure Policy: We do not normally disclose personal information to anyone outside of the Company unless we have previously informed users about the disclosures. However, some data may be used from time to time by outside contractors, including auditors or consultants, to assist us in carrying out necessary financial or operational activities. These uses will be consistent with this privacy policy and all contractors using this potential personal information must agree to safeguard it, to use it only for the authorized purpose, and to return it or destroy it upon completion of the activity.

The Company might be required to disclose personal information in response to a valid legal process such as a subpoena, search warrant or court order.

Although unlikely, it is possible that we may have to make certain disclosures to ensure the security of our Web site, to protect its integrity, or to take precautions against potential liability. In any of these situations, we will take any reasonable steps to limit the scope of the data disclosed.

Web Logs: The Company maintains standard Web logs that record basic information about visitors to our Web site. These logs contain: * The Internet domain from which you came to our Web site. * Your IP address. An IP address is a series of numbers which uniquely identifies your connection to the Internet. Although it is possible in some instances, certain types of IP addresses may be used by interested persons to identify users but we do not attempt to identify users in this way. * The type of browser (e.g., Internet Explorer or Netscape) and operating system (e.g., Windows 98) you use. * The date and time you visited the site, and the pages you saw.

We use Web log information to design our Web site, identify popular features, and in similar ways. We do not try to identify individuals from Web logs or to link Web logs to other user information. However, if someone tries to damage our Web site or use it in an unauthorized or illegal way, we may share Web log information with law enforcement agencies. The Company may provide aggregate information such as the number of users who visit particular pages of the site, or the number of people who link to certain external sites from our site, to other parties.

Changes to Privacy Policy

The Company's features and services will change over time and our information-gathering practices and policies may also change.

While our philosophy of protecting user information from inappropriate uses and disclosures will not change, this policy will be updated occasionally to include any change that materially affects the collection, maintenance, use, or disclosure of personal information.

Forum Topics

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  • If you work in banking - even as an intern - you obviously have access to everything in the IB share drive including the WGLs for all deals going on. Esp. for capital raising deals where there will be many banks working together. Less so or N.A. for M&A deals. Networking is how you lateral...
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  • Anyone know any lenders that still do long term, preferably 10 years, on interest only loans? We have an existing property, with $6 million in debt. I prefer to do I/O for like 5-10 years then have it convertible to amortizing term. I called several banks and many cringed at interest only unless...
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  • I have seen discussions relating to this topic before, and I have read through them, but I am going to get a little more specific with my questions. I am about to embark on a RE IBD Summer Analyst role at a BB and was wondering if what I read on this forum is correct - mainly that the only exit...
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  • What are some of the reasons people would want to work in this F500 function? From my reading on here, some people claim its a good alternative to IB given the fewer amount of hours worked.. Is Corp. Strategy something consultants would prefer and ex-bankers would opt for Corp. Dev? Can someone...
    Why Corporate Strategy?
  • I am trying to get a grasp on what this company actually does. The company description reads: CognoLink is an independent research firm that manages an expansive and rapidly growing global network of industry specialists. Founded in 2007 by two former Bain & Company consultants, we...
    Does anyone know anything about CognoLink
  • So, after 2 months of preparation and studying (a lot of credit due to Phantombanker's study guide) I got a 770 on the GMAT. So now I'm turning my focus to actually applying to schools. I'm wondering if I should get more work experience or have a reasonable shot at...
    To Get More Work Experience Before B-School...
  • Hi everybody, If I am interested in going into AM if given the option to take an internship with a big company outside of finance that isn't necessarily a market research position but will afford relevant experience such as market research, financial analysis and modeling, strategy...
    Got a career question
  • I guess this is kind of like the chicken or the egg argument, but I'm curious to see how people respond. From your personal experiences, have you chosen where you would like to live first, then go about finding a job in that area, or has it been more along the lines of taking the best offer...
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    Buyside recruiting article by the NYT
  • Hi everyone, I just have a quick question for anyone who is familiar with GE CAS and the path to that program. I was wondering if FMP is the only way to potentially get selected into into CAS later on or if other groups within GE also have a shot at getting in. Right now, based on the degree...
    GE Corporate Audit Staff
  • I remember reading an article a while back that was talking about how to successfully find and interview for a job without alerting your current coworkers and, obviously and most importantly, your boss. While many “tips” in these article seem obvious, I wonder if those in the WSO community can...
    Black Ops: Operation Find A Job While On The Job
  • Interesting...
    A Rush to Recruit Young Analysts, Only Months on the Job
  • Rising jr @ target, trying to squeeze in one last experience before recruiting (so this would be a fall internship) and lets say I had to choose between GS PWM and a no name IB. What should I choose? My prev. internship experiences would include startup, F500 Business Analyst and PE by this Fall....
    GS PWM vs no name IB
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This is the reaction any analyst who has ever worked in banking has when you say you want to leave banking for business school then come back as a post b school associate... <img src="http://epicpinterestfail.com/wp-content/uploads/2012/11/how-i-met-your-mother-barney-why.gif"...
Why You DON'T Leave Banking for B School Just to Come Right Back...
I get a ton of emails and answer a ton of posts asking similar questions so I thought I would answer the most common ones I get here and allow others to post their questions so everyone can see them and the subsequent answers. Hope this helps. <strong>Summer Analyst...
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Inspired by comments from this: http://www.wallstreetoasis.com/forums/basic-guide-ramping-up-on-a-company-with-public-information-part-1-of-3 Lets just jump in. <strong>Technology:</strong> In this space there are really two metrics that matter the most, sales growth and EPS...
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I'm currently a Private Equity Analyst in Shanghai, China. Academically, I graduated from a target school majoring in Economics and Chinese. I also spent my time at college as the president of an on-campus student organization related to Finance and Economics and a volunteer for a local...
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For better or for worse, there’s a very unique feeling when everything goes completely according to plan yet nobody seems to care or notice. Such is the case with our favorite company of the moment, Tesla Motors. For those unaware, TSLA has rocketed upwards since its Q1 earnings release,...
A Perfect Storm
I work as a long/short equity analyst at a large hedge fund. I've been lucky enough to be more than just a model monkey early on in my career, but have also been exposed to the stress of being measured on returns. I primarily cover consumer and TMT names. I went the typical path (target...
I'm a Hedge Fund Analyst - Ask Me Anything
Fellow Primates, We are looking for 1-2 students on each campus to help WSO in its sales efforts to student clubs/career centers, and overall promotion at your school both online and on the ground. Below is a description of the position and benefits...thanks in advance for your help! <a...
WSO is Looking for Campus Reps For Summer/Fall 2013 (and beyond)
<em>Mod note: Best of Bankerella - this was originally posted 10/1/12</em> I occasionally get PMed by people at colleges I’ve never heard of before, asking if they have a shot at IBD. Folks, why IBD? The finance world is broad and varied, and there are a million ways to...
My Biggest Career Mistake to Date: Prestige
This is just fantastic. After sitting through Carl Levin and John McCain spewing a bunch of nonsense about how Apple doesn't pay enough taxes (despite being the #3 taxpaying company in America behind ExxonMobil and Chevron), Rand Paul lit them up about what a travesty it was to blame Apple...
Rand Paul GOES OFF at Apple Hearing
Someone was asking me about this in PM and I wrote a long and detailed reply about what it is like to work in Big 4 and what advice I would give to people thinking about interning / working there. Thought it might be useful for others so my reply is below. Happy to answer any...
Working In Big 4 Audit in London
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