State employees - t'wasant their fault.
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State employees - t'wasant their fault.
BrickStreet has come a long way - Monday March 24, 2008
The state has moved some distance from calamity in only two years
THE transition from calamity to normal operations is often bumpy. Certainly it would not pay to overanalyze the early years of BrickStreet Mutual Insurance Co., the corporation the state set up in 2006 to handle workers' compensation claims.
The state-run workers compensation system had run up a more than $3 billion unfunded liability, which held back existing employers and deterred potential new ones - thus harming job creation.
BrickStreet, given a temporary monopoly on workers compensation insurance, a federal tax exemption, and a $200 million loan from the state, had to start privatized operations from scratch. And on July 1, it will face competition for workers compensation insurance in the private sector.
The corporation has had a relatively narrow window to establish itself as a going concern, but going it is.
In its first year, it reported a profit of $70.7 million. For 2007, it reported a profit of $185 million.
BrickStreet repaid $15 of the state loan in June, and is to make a $40 million payment in July. But with $39 million in underwriting gains, $61 million from a 5 percent return on investments, and the transfer of $85 million that had prudently been put in reserve, the corporation hopes to retire more debt this year.
http://www.dailymail.com/Opinion/Editorial/200803240104
GEEEEZE, now just what does those BrickStreet employees know that those old Workers Comp State employees didn't know, ........... huh?
And double GEEEZE, ...... if then can make $61 million from a 5 percent return on investments, ....... maybe they should take over the Teacher's Retirement Funds ........ or at least show those State employees on the Investment Board how to to their job.
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SamCogar- Number of posts : 6238
Location : Burnsville, WV
Registration date : 2007-12-28
Re: State employees - t'wasant their fault.
It's a hell of a lot easier to generate a profit when you get a $400 million dollar line of credit from the state, have a guaranteed customer base, have exclusive rights to the product you are selling, and have legal exemption from paying taxes on your profits- than when you don't.
And when you can compel your clients to pay their insurance premiums- which the coal company owned politicians controlling the state operated Workers Comp system simply wouldn't do- well, when your clients pay their bill it is easier to generate a profit.
Good work, Sherlock Cogar.
And when you can compel your clients to pay their insurance premiums- which the coal company owned politicians controlling the state operated Workers Comp system simply wouldn't do- well, when your clients pay their bill it is easier to generate a profit.
Good work, Sherlock Cogar.
ziggy- Moderator
- Number of posts : 5731
Location : Jackson County, WV
Registration date : 2007-12-28
Re: State employees - t'wasant their fault.
This just proves that private industry can succeed when government workers can't. So what's the next department to be taken away from the state and made profitable, public insurance programs or the DOH? Either or both privatized would save the taxpayers millions.
Aaron- Number of posts : 9841
Age : 58
Location : Putnam County for now
Registration date : 2007-12-28
Re: State employees - t'wasant their fault.
ziggy wrote:It's a hell of a lot easier to generate a profit when you get a $400 million dollar line of credit from the state, have a guaranteed customer base, have exclusive rights to the product you are selling, and have legal exemption from paying taxes on your profits- than when you don't.
HA, that is downright simple and silly if you compare what BrickStreet got to what the State Workers Comp Division had, to wit:
1. a $4 BILLION+ dollar line of credit from the state.
2. a guaranteed customer base.
3. exclusive rights to the product they forced employers to purchase.
4. total legal exemption from paying taxes on all revenues.
5. exempt from paying Workers Comp premiums for their employees.
6. exempt from providing / maintaining a health insurance or retirement system.
7. the Rule of Law to force employers to comply with Workers Comp Laws.
8. access to free or no-cost Legal advice involving litigations, etc.
"DUH", and you claim that BrickStreet "has it easier".
ziggy wrote:And when you can compel your clients to pay their insurance premiums- which the coal company owned politicians controlling the state operated Workers Comp system simply wouldn't do- well, when your clients pay their bill it is easier to generate a profit.
YADA, ...... YADA, ..... YADA, .......... it was all the fault of the coal companies, ...... right?
All of them didn't pay their WC Insurance premiums and that is what caused a $4 BILLION DOLLAR debt, ......... right.
HORSEPUCKY, ...... how can a group that employs LESS THAN 3% of the workforce in WV cause such a massive BILLION DOLLAR debt by not paying the WC premiums on a few of those workers?
State Fact Sheets: West Virginia - Employment
2004 - 895,244
2005 - 909,828
http://www.ers.usda.gov/StateFacts/WV.htm
The West Virginia Coal Industry provides about 40,000 direct jobs in WV, including miners, mine contractors, coal preparation plant employees and mine supply companies.
http://www.wvminesafety.org/wvcoalfacts.htm
And that is 40,000 MINUS the contractors and mine supply employees ..... which means there is only 25,000+- employees of the coal companies that WC premiums were required.
YEAH, right Ziggy, the lack of WC premiums being paid for part of those 25,000 employees ........ BROKE the Workers Comp System for all 800,000+- employees in WV.
Right on Zigster, ........ we believe ya, ........ we believe ya.
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SamCogar- Number of posts : 6238
Location : Burnsville, WV
Registration date : 2007-12-28
Re: State employees - t'wasant their fault.
This just proves that private industry can succeed when government workers can't. So what's the next department to be taken away from the state and made profitable, public insurance programs or the DOH? Either or both privatized would save the taxpayers millions.
I went by the BrickStreet offices when they were building them.
Not a hard hat on any one of them.
It is easier to make a profit when you can ignore the regs, I guess.
I went by the BrickStreet offices when they were building them.
Not a hard hat on any one of them.
It is easier to make a profit when you can ignore the regs, I guess.
TerryRC- Number of posts : 2762
Registration date : 2008-01-05
Re: State employees - t'wasant their fault.
Yeah, they saved BILLIONS from not wearing hardhats huh. Thing is, Brickstreet contracted out to Cornerstone for the construction you're referring to. Hardhats must not have been mandatory because Cornerstone's a union outfit and everyone know's that union outfits are always safer then non-union companies, right Zig!!!
Aaron- Number of posts : 9841
Age : 58
Location : Putnam County for now
Registration date : 2007-12-28
Re: State employees - t'wasant their fault.
Aaron wrote:Yeah, they saved BILLIONS from not wearing hardhats huh. Thing is, Brickstreet contracted out to Cornerstone for the construction you're referring to. Hardhats must not have been mandatory because Cornerstone's a union outfit and everyone know's that union outfits are always safer then non-union companies, right Zig!!!
Now Aaron, don't you know, .....Sherm, Ziggy and TRC all believe that the owners of the property is responsible for every person or worker on site doing their job, be they employees of the owner, Union employees, State employees, Federal employees or even School employees if one wanders onto the property.
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SamCogar- Number of posts : 6238
Location : Burnsville, WV
Registration date : 2007-12-28
Re: State employees - t'wasant their fault.
Now Aaron, don't you know, .....Sherm, Ziggy and TRC all believe that the owners of the property is responsible for every person or worker on site doing their job, be they employees of the owner, Union employees, State employees, Federal employees or even School employees if one wanders onto the property.
If a kid breaks his leg in your backyard, Sammy, trespassing or not, you will find that the property owner IS liable, most of the time.
The fact remains that the state played favorites. Let's privatize the DEP and give them to the Nature Conservatancy. Let's sell the WVCHIP program to CAMC. We will give them all a pile of money, not allow any competitive bidding and let them bend the rules.
In ten years, they can declare bankruptcy so that the state can't go through their records and see all of the embezzling and fraud that has gone on.
Privatizing has worked such wonders on a federal level... that is why we are still sending our soldiers things like wet-wipes and AC's, because KBR is such a model of efficiency.
With the government, there is some accountability. If we, the public, don't hold them to it, it is partially our fault. With private industry, they fold up shop and are gone, like a thief in the night, leaving the taxpayers and workers of this state holding the bag.
If a kid breaks his leg in your backyard, Sammy, trespassing or not, you will find that the property owner IS liable, most of the time.
The fact remains that the state played favorites. Let's privatize the DEP and give them to the Nature Conservatancy. Let's sell the WVCHIP program to CAMC. We will give them all a pile of money, not allow any competitive bidding and let them bend the rules.
In ten years, they can declare bankruptcy so that the state can't go through their records and see all of the embezzling and fraud that has gone on.
Privatizing has worked such wonders on a federal level... that is why we are still sending our soldiers things like wet-wipes and AC's, because KBR is such a model of efficiency.
With the government, there is some accountability. If we, the public, don't hold them to it, it is partially our fault. With private industry, they fold up shop and are gone, like a thief in the night, leaving the taxpayers and workers of this state holding the bag.
TerryRC- Number of posts : 2762
Registration date : 2008-01-05
Re: State employees - t'wasant their fault.
TerryRC wrote:If a kid breaks his leg in your backyard, Sammy, trespassing or not, you will find that the property owner IS liable, most of the time.
The fact remains that the state played favorites. Let's privatize the DEP and give them to the Nature Conservatancy. Let's sell the WVCHIP program to CAMC. We will give them all a pile of money, not allow any competitive bidding and let them bend the rules.
In ten years, they can declare bankruptcy so that the state can't go through their records and see all of the embezzling and fraud that has gone on.
Privatizing has worked such wonders on a federal level... that is why we are still sending our soldiers things like wet-wipes and AC's, because KBR is such a model of efficiency.
With the government, there is some accountability. If we, the public, don't hold them to it, it is partially our fault. With private industry, they fold up shop and are gone, like a thief in the night, leaving the taxpayers and workers of this state holding the bag.
TRC, your mind is FUBARed also, ........ but because it is ...... you don't realize that it is.
In your first 4 paragraphs of the above, ...... you either imply or accuse the government of "royal screw-ups", ......... and in your fifth paragraph you explicitly state the government has accountability.
And TRC, please don't attempt to tell me that you meant ...... "the government has accountability for their screw-ups".
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SamCogar- Number of posts : 6238
Location : Burnsville, WV
Registration date : 2007-12-28
Re: State employees - t'wasant their fault.
I said the state screwed up by privatizing.
How do you hold a company accountable, Sam?
They declare bankruptcy and duck out their obligations. Look at the problems that this state has with private pension funds not being paid to workers that gave their whole lives to mines and steel factories.
So, how about the kid in your backyard thing? Better check with your homeowner's insurance...
How do you hold a company accountable, Sam?
They declare bankruptcy and duck out their obligations. Look at the problems that this state has with private pension funds not being paid to workers that gave their whole lives to mines and steel factories.
So, how about the kid in your backyard thing? Better check with your homeowner's insurance...
TerryRC- Number of posts : 2762
Registration date : 2008-01-05
Re: State employees - t'wasant their fault.
TerryRC wrote:I said the state screwed up by privatizing.
How do you hold a company accountable, Sam?
They declare bankruptcy and duck out their obligations. Look at the problems that this state has with private pension funds not being paid to workers that gave their whole lives to mines and steel factories.
So, how about the kid in your backyard thing? Better check with your homeowner's insurance...
How about if the GOVERNMENT changes the bankruptcy laws so they can't duck their obligations?
Aaron- Number of posts : 9841
Age : 58
Location : Putnam County for now
Registration date : 2007-12-28
Re: State employees - t'wasant their fault.
TerryRC wrote:I said the state screwed up by privatizing.
.
You also said,
With the government (the State), there is some accountability
.
SamCogar- Number of posts : 6238
Location : Burnsville, WV
Registration date : 2007-12-28
Re: State employees - t'wasant their fault.
How about if the GOVERNMENT changes the bankruptcy laws so they can't duck their obligations?
I love the idea. Won't people cry about the fed interfering with businesses, however, and weep to the tune of "big bully government"?
Sam, screwing up and accountability are not mutually exclusive.
TerryRC- Number of posts : 2762
Registration date : 2008-01-05
Re: State employees - t'wasant their fault.
Why are all you libs so fixated on crying???
I personally know a guy that's ran at least 8 trucking companines in the ground, filed bankruptcy to escape punsishment and used government money to start at least 3 of them including one in WV and Ohio. As big a POS as this guy is, he's acting within the law.
Change the law and attach personal information to corporate information so these people can't do the things they're doing and put a stop to it and f%$# whoever don't like it.
I personally know a guy that's ran at least 8 trucking companines in the ground, filed bankruptcy to escape punsishment and used government money to start at least 3 of them including one in WV and Ohio. As big a POS as this guy is, he's acting within the law.
Change the law and attach personal information to corporate information so these people can't do the things they're doing and put a stop to it and f%$# whoever don't like it.
Aaron- Number of posts : 9841
Age : 58
Location : Putnam County for now
Registration date : 2007-12-28
Re: State employees - t'wasant their fault.
Why are all you libs so fixated on crying???
Being a civil libertarian doesn't make one a "lib" any more than being a fiscal conservative makes one a "fascist".
It just seems funny you talking about expanding the power of the fed to control businesses. Aren't you usually for less government?
If the fed tries further regulation, you just know your fellow "fascists" will gnash their teeth.
Being a civil libertarian doesn't make one a "lib" any more than being a fiscal conservative makes one a "fascist".
It just seems funny you talking about expanding the power of the fed to control businesses. Aren't you usually for less government?
If the fed tries further regulation, you just know your fellow "fascists" will gnash their teeth.
TerryRC- Number of posts : 2762
Registration date : 2008-01-05
Re: State employees - t'wasant their fault.
TerryRC wrote:Why are all you libs so fixated on crying???
Being a civil libertarian doesn't make one a "lib" any more than being a fiscal conservative makes one a "fascist".
It just seems funny you talking about expanding the power of the fed to control businesses. Aren't you usually for less government?
If the fed tries further regulation, you just know your fellow "fascists" will gnash their teeth.
How is changing the bankruptcy laws to keep people from increasing government. If anything, removing protection from US Bankruptcy laws and giving the feds less control is less government. For such a smart fellar, your struggling this morning.
Aaron- Number of posts : 9841
Age : 58
Location : Putnam County for now
Registration date : 2007-12-28
Re: State employees - t'wasant their fault.
How is changing the bankruptcy laws to keep people from increasing government. If anything, removing protection from US Bankruptcy laws and giving the feds less control is less government. For such a smart fellar, your struggling this morning.
You mean "you're" struggling this morning?
Isn't "deregulation" what you conservatives want, not more regulation (forcing companies to honor their debts)?
You mean "you're" struggling this morning?
Isn't "deregulation" what you conservatives want, not more regulation (forcing companies to honor their debts)?
TerryRC- Number of posts : 2762
Registration date : 2008-01-05
Re: State employees - t'wasant their fault.
TerryRC wrote:
Sam, screwing up and accountability are not mutually exclusive.
Well "DUH", ........ if they were then your above post would not have been asininely silly and I would not have critiqued said.
.
SamCogar- Number of posts : 6238
Location : Burnsville, WV
Registration date : 2007-12-28
Re: State employees - t'wasant their fault.
TerryRC wrote:How is changing the bankruptcy laws to keep people from increasing government. If anything, removing protection from US Bankruptcy laws and giving the feds less control is less government. For such a smart fellar, your struggling this morning.
You mean "you're" struggling this morning?
Isn't "deregulation" what you conservatives want, not more regulation (forcing companies to honor their debts)?
You'll have to explain to how holding a company accountable is 'deregulation'.
Aaron- Number of posts : 9841
Age : 58
Location : Putnam County for now
Registration date : 2007-12-28
Re: State employees - t'wasant their fault.
You'll have to explain to how holding a company accountable is 'deregulation'.
How do you hold them accountable if they fold up and go?
The only way you could make them accountable for things like pensions is to put the money in escrow. This will never be done unless the fed forces it - regulation.
How do you hold them accountable if they fold up and go?
The only way you could make them accountable for things like pensions is to put the money in escrow. This will never be done unless the fed forces it - regulation.
TerryRC- Number of posts : 2762
Registration date : 2008-01-05
Re: State employees - t'wasant their fault.
TerryRC wrote:You'll have to explain to how holding a company accountable is 'deregulation'.
How do you hold them accountable if they fold up and go?
The only way you could make them accountable for things like pensions is to put the money in escrow. This will never be done unless the fed forces it - regulation.
Do ya pose that if the Feds "forces it" .......... they will also force the States to do the same with all their "retirement accounts"?
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SamCogar- Number of posts : 6238
Location : Burnsville, WV
Registration date : 2007-12-28
Re: State employees - t'wasant their fault.
Do ya pose that if the Feds "forces it" .......... they will also force the States to do the same with all their "retirement accounts"?
That would be nice. Of course conservatives of the neo-con type will scream "states rights" and demonize the fed for "regulating" them. I wonder how long it will be before the phrase "activist judges" is used?
That would be nice. Of course conservatives of the neo-con type will scream "states rights" and demonize the fed for "regulating" them. I wonder how long it will be before the phrase "activist judges" is used?
TerryRC- Number of posts : 2762
Registration date : 2008-01-05
Re: State employees - t'wasant their fault.
TerryRC wrote:Do ya pose that if the Feds "forces it" .......... they will also force the States to do the same with all their "retirement accounts"?
That would be nice. Of course conservatives of the neo-con type will scream "states rights" and demonize the fed for "regulating" them. I wonder how long it will be before the phrase "activist judges" is used?
I'd be much happier if Congress forced this on themselves and stopped raiding the SS trust fund.
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