People Who Should Retire But Don't

[retire@40]

By TRAVIS REED, Associated Press Writer Wed Jul 16, 2008



ORLANDO, Fla. - Lou Pearlman and federal authorities have finally agreed on how much the former boy band promoter swindled from banks and investors in a decades-long scam: a staggering $300 million.


That's how much creator of the Backstreet Boys and 'N Sync will have to repay, at a minimum, for restitution on the fraud conviction for which he's serving a 25-year prison sentence.

Boy band promoter ordered to repay victims $300M - Yahoo! News

[HFWR]

That's almost as bad as creating Backstreet Boys and 'N Sync...

[Marquette]

Originally Posted by HFWR

That's almost as bad as creating Backstreet Boys and 'N Sync...

Hopefully he'll go on trial for that next.

Or maybe this is like the IRS finally getting Capone since the feds couldn't.

[Nords]

Originally Posted by Marquette

Hopefully he'll go on trial for that next.
Or maybe this is like the IRS finally getting Capone since the feds couldn't.

If we're really lucky they'll go after Simon Cowell & Paula Abdul next...

Oh, wait, we got what we paid for there.

[retire@40]

At age 84, I don't think he needs this headache. He could have retired at 65 or sooner and enjoyed his life and lived off his fat government pension.

Instead, he'll live the last few years of his life in torment.

Alaska senator indicted on criminal charges - MarketWatch

Sen. Ted Stevens indicted on criminal charges

Justice Department alleges he didn't report more than $250,000 worth of gifts

By Robert Schroeder, MarketWatch
Last update: 2:18 p.m. EDT July 29, 2008

WASHINGTON (MarketWatch) -- The Justice Department indicted Alaska Republican Sen. Ted Stevens on Tuesday on criminal charges related to inproper disclosure of gifts and services valued at more than $250,000 in his home state.

Matthew Friedrich, acting assistant U.S. attorney general, said Tuesday that the U.S. is charging the senator with seven felony counts of making false statements between 1999 and 2006.
The Justice Department is alleging that Stevens, 84 years old, accepted gifts from oil services company VECO in the form of material and labor to renovate his private residence in Alaska. The value of the gifts is more than $250,000, the government said.
"These items were not disclosed" said Friedrich.
Stevens, the longest serving Republican in the Senate in the party's history, is up for reelection this year and has served in the Senate for 40 years. He has been one of the Senate's most influential lawmakers, and served as chairman of the powerful Senate Appropriations Committee from 1997 to 2005, except for the 18 months when Democrats controlled the chamber.
Stevens chaired the United States Senate Committee on Commerce, Science and Transportation during the 109th Congress. He is currently the ranking member on the committee.
The senator's lawyer has denied any wrongdoing by Stevens.
Robert Schroeder is a reporter for MarketWatch in Washington.

[friar1610]

Originally Posted by Sandy

It wasn't that long ago that company policies included a mandatory retirement at 65. Many successfully fought to eliminate this prejudice, in part, with the sound argument that older workers can be valuable producers. For those who love what they do, it is a win win for everyone.

One organization that still has mandatory retirement is the military. Depending on your rank, you are required to retire at a certain point. For example an E-6 or O-4 must retire after 20 years. An E-9 or O-06 can stay for 30 years then must retire. There are other cut-off points (known as "high year tenure") as well. The only way you can stay longer than 30 years is to be a flag or general officer and even then the service tells you when it's time for you to "go home".

Of course, the majority of retired military people have a "second career" of some sort, so it's not like they permanently retire after reaching high year tenure.

I could have stayed in the Navy for two more years before reaching high year tenure, but knew in my heart it was time to go. I then worked 6 years as a civilian before retiring for good at 58.

[haha]

Originally Posted by friar1610

One organization that still has mandatory retirement is the military. Depending on your rank, you are required to retire at a certain point. For example an E-6 or O-4 must retire after 20 years. An E-9 or O-06 can stay for 30 years then must retire.

If an O6 gets passed for flag once or twice, can s/he still hang around for the full 30, or is it "up or out"?

[friar1610]

Originally Posted by haha

If an O6 gets passed for flag once or twice, can s/he still hang around for the full 30, or is it "up or out"?

Things may have changed since I retired, but an O-6 was able to remain for the full 30. Not being selected for flag is not considered a "passover" in the sense that failing to be selected at lower grades is.

At one time, during the post-Cold War drawdowns, there were "Selective Early Retirement Boards" (SERBs). These were essentially reverse promotion boards where you were selected for to be mandatorily retired short of your high year tenure. I was a board member for one of them (looking at O-5's who had not yet hit the 26 year point). All who were selected were those who had not been selected for O-6.

[huusom]

McCain is the one who should retire and spend more of his remaining time to learning how to use computer. Maybe then he'll join this forum and exchange ideas with us.

[Nords]

Originally Posted by friar1610

Things may have changed since I retired, but an O-6 was able to remain for the full 30. Not being selected for flag is not considered a "passover" in the sense that failing to be selected at lower grades is.
At one time, during the post-Cold War drawdowns, there were "Selective Early Retirement Boards" (SERBs). These were essentially reverse promotion boards where you were selected for to be mandatorily retired short of your high year tenure. I was a board member for one of them (looking at O-5's who had not yet hit the 26 year point). All who were selected were those who had not been selected for O-6.

Still the same this year. I've been waiting to see if the 40-year pay tables mean that O-6s can stay past 30, but it only seems to happen on an individual basis for the really tough-to-fill jobs.

After that last O-6 command tour, though, the choices start to dwindle and the follow-on tours get progressively uglier.

This O-6 is going to have to hire security guards and enter a witness protection program:
U.S. Naval Institute

[friar1610]

Originally Posted by Nords

This O-6 is going to have to hire security guards and enter a witness protection program:
U.S. Naval Institute

Yeah; one of my buddies sent me that story a while back. But the author makes a point.

When I was in the 5-sided building quite a while ago (I was a mid-grade, restricted line O-5), I used to feel sorry for the URL guys. They'd just come off a successful CO tour as the CO of a DD, SSN or squadron and were either looking to get picked up on the next board or had just been selected for CAPT. Although I didn't like my assignment there, I thought it must have been a lot harder for them squirreled away in little offices, not having nearly the clout they did when they were in command and having (if their jobs were anything like mine) much less satisfying things to do every day.

Must be even harder for the post-major command guys who don't make flag. (And even for those who do - there are some really crappy O-7 jobs in OPNAV and OSD)

[haha]

Originally Posted by friar1610

Things may have changed since I retired, but an O-6 was able to remain for the full 30. Not being selected for flag is not considered a "passover" in the sense that failing to be selected at lower grades is.

Thanks, Friar.

Ha