ExiledInIllinois Posted January 18, 2010 Share Posted January 18, 2010 Possibly true. Did those guys who approved all the CDS have a good credit score? I bet theirs was astronomical. What does CDS mean? Link to comment Share on other sites More sharing options...
/dev/null Posted January 18, 2010 Share Posted January 18, 2010 What does CDS mean? Can't Define Sh_t Link to comment Share on other sites More sharing options...
Booster4324 Posted January 18, 2010 Share Posted January 18, 2010 What does CDS mean? Credit default swaps, although I like Devs answer better. Link to comment Share on other sites More sharing options...
/dev/null Posted January 18, 2010 Share Posted January 18, 2010 The Zeitgeist Movement Go towards the light Carol Anne Oh wait, that was Poltergeist. Nevermind Link to comment Share on other sites More sharing options...
Jim in Anchorage Posted January 18, 2010 Share Posted January 18, 2010 Don't you think those issues can spill over into work performance? ANY personal problems can affect workplace performance. How much they do depends on the individual, not a arbitrary, secret formula credit score. Should I not hire someone because he was late on a child support payment 3 years ago? Link to comment Share on other sites More sharing options...
ExiledInIllinois Posted January 18, 2010 Share Posted January 18, 2010 Go towards the light Carol Anne Oh wait, that was Poltergeist. Nevermind Don't get me wrong... I find it entertaining and interesting, but there is a guy I work with that is really into it! Link to comment Share on other sites More sharing options...
ExiledInIllinois Posted January 18, 2010 Share Posted January 18, 2010 ANY personal problems can affect workplace performance. How much they do depends on the individual, not a arbitrary, secret formula credit score.Should I not hire someone because he was late on a child support payment 3 years ago? Exactly. Then on top of it,the credit system makes it worse... It is a game of chicken that the creditors will surely lose in the end. Say somone does pay on their unsecured debt, the company keeps calling and harasssing the person at work... At that time, on the job performance slips and they get fired because they "have bad credit" and then can't get hired because they have "bad credit." Then most certainly the company will NEVER collect. Seems real smart, they already got the 1,000 pound Gorilla on their back and they then go ahead and make it a ton. Real smart. Link to comment Share on other sites More sharing options...
/dev/null Posted January 18, 2010 Share Posted January 18, 2010 Don't get me wrong... I find it entertaining and interesting, but there is a guy I work with that is really into it! You may find it interesting and entertaining now. But after a while it'll annoy the snot out of you. I have a coworker who is into Intelligent Design and another who is hardcore into Global Warming Try having a conversation with Conner twice a day Link to comment Share on other sites More sharing options...
keepthefaith Posted January 18, 2010 Share Posted January 18, 2010 Spoken like someone who's never had to manage a business and deal with the high cost of a bad hire. People who are too irresponsible to maintain a reasonable credit rating are absolutely less likely to be responsible in other areas of their life. To suggest credit scores are discriminatory is complete bullsh--. Exactly. It is a reflection of character and character matters. Same as a driving record which is also used often as a screening tool. Link to comment Share on other sites More sharing options...
ExiledInIllinois Posted January 18, 2010 Share Posted January 18, 2010 Exactly. It is a reflection of character and character matters. Same as a driving record which is also used often as a screening tool. No, far from it. So why not hire or fire on the issue of divorce. I find people who get divorced to have less charcacter. /sarcastic What if you hate the system and don't want to play by it. What if you are devote Muslim and don't have a credit score or it is poor because of that fact? Link to comment Share on other sites More sharing options...
ExiledInIllinois Posted January 18, 2010 Share Posted January 18, 2010 You may find it interesting and entertaining now. But after a while it'll annoy the snot out of you. I have a coworker who is into Intelligent Design and another who is hardcore into Global Warming Try having a conversation with Conner twice a day Ya there was another guy at work who was watching it (the DVD) and all into it right off the bat... "Yah, stick it to the Federal Reserve... Those filthy whores!"... Then they started slammin' religion and he got all indignant and stopped watching... Huffing away... Link to comment Share on other sites More sharing options...
Magox Posted January 18, 2010 Share Posted January 18, 2010 Possibly true. Did those guys who approved all the CDS have a good credit score? I bet theirs was astronomical. You mean CDO's? Link to comment Share on other sites More sharing options...
Jim in Anchorage Posted January 18, 2010 Share Posted January 18, 2010 Exactly. Then on top of it,the credit system makes it worse... It is a game of chicken that the creditors will surely lose in the end. Say somone does pay on their unsecured debt, the company keeps calling and harasssing the person at work... At that time, on the job performance slips and they get fired because they "have bad credit" and then can't get hired because they have "bad credit." Then most certainly the company will NEVER collect. Seems real smart, they already got the 1,000 pound Gorilla on their back and they then go ahead and make it a ton. Real smart. The thing that always amazed me[and I have excellent credit-I have no personal Axe to grind here] is how a person with a CC balance at say, 9.99% faithfully pays their $200 minimum payment every month till one payment comes in at 12.02 AM EST instead of12.01, and the company jacks their interest to 29.99% with the new minimum payment at $300. [$100 being strictly interest] now the creditor defaults. What a lose/lose situation. I am just a small potato's landlord but I swear I have more business sense than Citi/Chase. Would I double the rent on a good tenant because they where a day late on the rent? Seems like a great way to go out of business. Oh wait then I could get bail out money Link to comment Share on other sites More sharing options...
ExiledInIllinois Posted January 18, 2010 Share Posted January 18, 2010 The thing that always amazed me[and I have excellent credit-I have no personal Axe to grind here] is how a person with a CC balance at say, 9.99% faithfully pays their $200 minimum payment every month till one payment comes in at 12.02 AM EST instead of12.01, and the company jacks their interest to 29.99% with the new minimum payment at $300. [$100 being strictly interest] now the creditor defaults. What a lose/lose situation. I am just a small potato's landlord but I swear I have more business sense than Citi/Chase. Would I double the rent on a good tenant because they where a day late on the rent? Seems like a great way to go out of business. Oh wait then I could get bail out money I totally agree. I don't have a personal axe (not to say it is a public axe) to grind either being the same boat... I would just love to see the system come crashing down... The system itself is very parasitic. Link to comment Share on other sites More sharing options...
Booster4324 Posted January 18, 2010 Share Posted January 18, 2010 You mean CDO's? I meant Credit Default Swaps, as those seem to be the biggest culprit in the financial screw up. But whichever, my point stands. Those guys had excellent credit ratings. Ahh I get what you mean, you missed my point entirely though. Link to comment Share on other sites More sharing options...
Jim in Anchorage Posted January 18, 2010 Share Posted January 18, 2010 You may find it interesting and entertaining now. But after a while it'll annoy the snot out of you. I have a coworker who is into Intelligent Design and another who is hardcore into Global Warming Try having a conversation with Conner twice a day You just gave me a great idea for a new trendy shop selling kitchen appliances and Woman's Winter wear. "Where did you get that espresso machine?""Why from intelligent Design" "And that lovely fur coat?" " From Global Warming-They explained the poor animals don't need their fur anymore, so I bought these Gorgeous Mink coats". Link to comment Share on other sites More sharing options...
Magox Posted January 18, 2010 Share Posted January 18, 2010 I meant Credit Default Swaps, as those seem to be the biggest culprit in the financial screw up. But whichever, my point stands. Those guys had excellent credit ratings. Ahh I get what you mean, you missed my point entirely though. I missed your point? ok CDS is what got AIG into trouble, and this is what protected Goldman more than others. They hedged their bets better than the rest, but it's also a reason why the public is so upset with Geithner. AIG gets bailed out, and with the bailout funds they pay Goldman 100% of the value, because they were the buyer of the CDS and AIG was the counterparty, meanwhile the taxpayer is on the hook. They do have a legal contract with one another, but once again this is something that should of been discussed and resolved by the three parties. Link to comment Share on other sites More sharing options...
Booster4324 Posted January 18, 2010 Share Posted January 18, 2010 I missed your point? ok CDS is what got AIG into trouble, and this is what protected Goldman more than others. They hedged their bets better than the rest, but it's also a reason why the public is so upset with Geithner. AIG gets bailed out, and with the bailout funds they pay Goldman 100% of the value, because they were the buyer of the CDS and AIG was the counterparty, meanwhile the taxpayer is on the hook. They do have a legal contract with one another, but once again this is something that should of been discussed and resolved by the three parties. Brother, I wouldn't dare argue financial matters with you. My point is, the idiots who did that, had great credit scores. Link to comment Share on other sites More sharing options...
keepthefaith Posted January 18, 2010 Share Posted January 18, 2010 No, far from it. So why not hire or fire on the issue of divorce. I find people who get divorced to have less charcacter. /sarcastic What if you hate the system and don't want to play by it. What if you are devote Muslim and don't have a credit score or it is poor because of that fact? Believe me, you can learn a lot about someone by looking at their credit report and driving record and yes it can help you make a hiring decision. In my experience the blemishes you find on driving and credit reports do often translate into behavior and performance in the workplace. Link to comment Share on other sites More sharing options...
Chef Jim Posted January 18, 2010 Share Posted January 18, 2010 Who cares about a credit score... It should have no bearing on employment. If it does, isn't that just a downward spiral... What I mean is how can somebody improve (even if they really want to) their credit score without a job? Credit scores are not indicators of an individual’s honesty or integrity and several studies by well respected, unbiased groups have confirmed that credit history does not predict job performance. Me personally... I don't believe in the credit system or have faith in it... I am totally indifferent to it. If you need credit in this consumer world, you don't need the product. There should be a full blown consumer/debtor revolt... Let me ask you a question. If I can't manage my money do you want me managing yours? Poor credit often, not always, shows some level of irresponsibility. I don't think there are many companies that use this as their sole criteria when making a hire but it should be taken into consideration. Link to comment Share on other sites More sharing options...
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