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| Legal Expenses: Fighting
the Federal Government is expensive work, and FayComm spent $25,000 cash
in 1987 for legal representation. Counsel of record was Howry and Simon, a
Washington, DC firm specializing in government procurement cases, and Ms. Anne DeNovo,
co-counsel. Obviously this wasn't nearly enough money to beat the feds: they
have an unlimited supply of lawyers, all of whom are paid out of our tax dollars! |
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The present value
of these funds in 1997 dollars is computed as follows: $25,000 at 8% interest,
compounded annually over 10 years = $53,973.12
Thus, the federal government has arbitrarily confiscated $53,973.12 in productive capital
from a small, private enterprise! Great economic policy, Mr. Clinton! |
| Retirement Funds Liquidated: After
only a few years in business, Fay Communications staff had accumulated approximately
$36,000 in vested retirement funds. All of this money was "cashed in"
(with substantial IRS penalties) to meet the firm's legal expenses and operating expenses.
Since FayComm was cut off from all government contracting, the firm has never been
able to replace these funds. |
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The present value
of the lost retirement funds is computed as follows: $36,000 at 8% interest,
compounded annually over 10 years = $77,721.30 in
1997 dollars.
Thus, four innocent, productive individuals have $77,721.30 less
in their retirement accounts than they would otherwise due to racial preferences.
Small wonder Social Security won't be adequate, eh, Mr. Clinton?
| Retirement Funds, Unfunded
Since 1988: FayComm's exclusion from all future
government contract work because of Mr. Fay's race has resulted in such severely reduced
revenue that the firm has subsequently been unable to make any retirement contributions
for Mr. Fay, owner and sole remaining employee. |
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Thus,
as a direct result of his fight against racial preferences, ten years after he began the
fight Mr. Fay has no retirement funds at all! (Sure hope
that Social Security is fully funded when retirement time comes!)
Computations:
The corporation had been contributing 15% of Mr. Fay's modest 1988 salary of
$50,000, which amounted to a net annual contribution of $7,500. Conservatively
estimated, these funds would be worth $108,649.20 today.
The table below shows the calculation of the 'present value' of these funds in 1997
dollars.
| Year: |
Unfunded Retirement
Contribution: |
Compound
Interest: |
Present Value in
1997/1998 Dollars |
| 1988 |
$7,500.00 |
9 yrs @ 8% |
$14,992.53 |
| 1989 |
$7,500.00 |
8 yrs. @ 8% |
$13,881.98 |
| 1990 |
$7,500.00 |
7 yrs. @ 8% |
$12,853.68 |
| 1991 |
$7,500.00 |
6 yrs. @ 8% |
$11,901.56 |
| 1992 |
$7,500.00 |
5 yrs. @ 8% |
$11,019.96 |
| 1993 |
$7,500.00 |
4 yrs. @ 8% |
$10,203.67 |
| 1994 |
$7,500.00 |
3 yrs. @ 8% |
$9,447.84 |
| 1995 |
$7,500.00 |
2 yrs. @ 8% |
$8,748.00 |
| 1996 |
$7,500.00 |
1 yr. @ 8% |
$8,100.00 |
| 1997 |
$7,500.00 |
0 yrs. @ 8% |
$7,500.00 |
| |
|
Total
Unfunded Retirement : |
$108,649.20 |
| Home Equity Liquidated in 1987: As
principal owner of Fay Communications, Inc., Tim Fay also was forced to liquidate $20,000
in the equity in his small home. These funds were used for paying off bills and
debts, legal fees, and compensating for lost revenue -- all of which were a direct result
of the government's racial preferences! Fay has never been able to replace this
equity in his home. |
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In 1997 dollars,
the value of this lost equity is computed as follows: $20,000 @ 8% over 10 years = $43,178.50
Thus, as a result of his fight against racial preferences, if Mr. Fay were to sell his
house today he would collect $43,178.50 less than he would
otherwise. Is this fair and equitable treatment without
regard to race, Mr. Clinton?
| Labor Costs Fighting Racial
Preferences: The fight against the government's reverse
discrimination has required Tim Fay to devote thousands of hours
fighting to restore his constitutional protections against racial discrimination. As
a skilled professional, Mr. Fay could have been applying these
hours to economically productive pursuits! |
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According to his
time sheets, since 1987 Mr. Fay has logged 2,255 actual hours engaged in this battle for
his constitutional rights. This "lost productivity" is conservatively
estimated to have cost $111,489.00! The
table below illustrates this computation.
Computation: Very Conservative Hourly Cost Estimate
(a)
Base Salary $50,000 X 123% (insurance, vacation, medical expenses) = $61,500 gross.
(b)
Hourly Computation: $61,500 divided by 2,080 annual hours = $29.5673 per hour
(round to $29.57)
| Year: |
Labor Hours: |
Cost (at $29.57/hr.) |
Compound
Interest: |
1997/1998 Dollars
(8% annually) |
| 1987 |
750 hours |
$22,175.48 |
10 yrs @ 8% |
$47,875.20 |
| 1988 |
250 hours |
$7,391.83 |
9 yrs @ 8% |
$14,776.30 |
| 1989 |
200 hours |
$5,913.46 |
8 yrs. @ 8% |
$10,945.40 |
| 1990 |
100 hours |
$2,956.73 |
7 yrs. @ 8% |
$5,067.32 |
| 1991 |
75 hours |
$2,217.53 |
6 yrs. @ 8% |
$3,518.97 |
| 1992 |
60 hours |
$1,774.04 |
5 yrs. @ 8% |
$2,606.64 |
| 1993 |
105 hours |
$3,104.57 |
4 yrs. @ 8% |
$4,223.73 |
| 1994 |
90 hours |
$2,661.06 |
3 yrs. @ 8% |
$3,352.17 |
| 1995 |
90 hours |
$2,661.06 |
2 yrs. @ 8% |
$3,103.86 |
| 1996 |
85 hours |
$2,513.22 |
1 yr. @ 8% |
$2,714.28 |
| 1997 |
450 hours |
$13,305.29 |
0 yrs. @ 8% |
$13,305.29 |
| |
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|
Total
Labor Costs: |
$111,489.00 |
| Huge "Intangible"
Costs: If this were a civil law suit against, for
example, an auto manufacturer whose defective product had maimed the driver, the jury
award of damages could be in the many millions of dollars. Yet the Federal
Government refuses to compensate the victims of reverse discrimination one penny!
While the documented costs to Fay Communications are huge, the 'intangible costs' are
truly enormous: |
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- Over two dozen
logged cases of federal agencies refusing Fay the opportunity to do contract work because
of his skin color! This figure includes only "hot referrals" where the
agency has initiated contact with Fay! Normally these would be virtually guaranteed
"sales". Ask Bill Clinton how often he has been
offered a job and then turned down because of his skin color!
- Hundreds of thousands of dollars,
perhaps tens of millions of dollars, in lost contracting opportunities. Just the
1987 FEMA contract alone, with options, would have been worth over 1.4 million
dollars! (And remember, Fay was asking only for the right to bid competitively on
it!)
- Severely damaged reputation within
primary business market: the federal contracting community for small contracts.
- Enormous pain, suffering and
emotional hardship.
This is the incredible legacy of the Federal Government's racial
preferences! This is the cost our government has imposed on one individual who has
steadfastly refused to accept the government's illegal and unconstitutional racial
discrimination against himself and against other non-minorities.
| Recap and Summary of Costs: The
actual, documented costs imposed on Fay Communications by the Federal Government's racial
preferences has been very, very conservatively estimated at $395,011.00 The true costs may never be known, and the government will
continue to resist acknowledging these costs! |
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|
| Legal Fees 1987 |
$ 53,973.12 |
|
|
| Retirement Funds Liquidated
in 1987 |
$ 77,721.30 |
|
|
| Retirement Funds, Unfunded,
Since 1987 |
$
108,649.20 |
|
|
| Home Equity, Liquidated in
1987 |
$ 43,178.50 |
|
|
| Labor Cost Fighting Racial
Preferences Since 1987 |
$
111,489.15 |
|
|
| Huge "Intangible"
Costs: Pain and Suffering, Damaged Reputation, Lost Business Opportunities |
??? |
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