California’s $100,000 Club’s Explosive Growth

While many clubs in our nation continue to suffer from declining membership rolls, there is one “club” experiencing explosive growth. What makes the entrance into this club so special is the ability of the members to curry favor with those controlling the purse strings. Smell a little funny? Just a little? See the real entrance into this club is effectively a circuitous system of ‘payoffs’ and ‘kickbacks’ with the ultimate costs borne by average American citizens.

What club is this?

Sense on Cents designates this California’s $100,000 Club and we get to take a harder look at the growth of this exclusive enclave thanks to the Sacramento Bee, which highlights Six-Figure Pensions Growing Fast,

While California’s $100,000 Club gains the greatest degree of attention, rest assured that there are similar clubs and organizations in each and every state in our union.

What do you think about these clubs? Me thinks that my children and your children are being stuck with bills and burdens which are inherently un-American. I am all for fair and equitable treatment of those who have provided real public service. I have little interest in providing massive lifelong payoffs to those who gamed the system and the politicians who benefited in the process.

Let’s shut these clubs down, throw out the bums who cut these deals, and renegotiate the terms by which they opened in the first place!!

About Larry Doyle 522 Articles

Larry Doyle embarked on his Wall Street career in 1983 as a mortgage-backed securities trader for The First Boston Corporation. He was involved in the growth and development of the secondary mortgage market from its near infancy.

After close to 7 years at First Boston, Larry joined Bear Stearns in early 1990 as a mortgage trader. In 1993, Larry was named a Senior Managing Director at the firm. He left Bear to join Union Bank of Switzerland in late 1996 as Head of Mortgage Trading.

In 1998, after 15 years of trading and precipitated by Swiss Bank’s takeover of UBS, Larry moved from trading to sales as a senior salesperson at Bank of America. His move into sales led him to the role as National Sales Manager for Securitized Products at JP Morgan Chase in 2000. He was integrally involved in developing the department, hiring 40 salespeople, and generating $300 million in sales revenue. He left JP Morgan in 2006.

Throughout his career, Larry eagerly engaged clients and colleagues. He has mentored dozens of junior colleagues, recruited at a number of colleges and universities, and interviewed hundreds. He has also had extensive public speaking experience. Additionally, Larry served as Chair of the Mortgage Trading Committee for the Public Securities Association (PSA) in the mid-90s.

Larry graduated Cum Laude, Phi Beta Kappa in 1983 from the College of the Holy Cross.

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