A Potent Illustration of the Problem With Our Country

By: inoljt, http://mypolitikal.com/

Enron was one of the biggest scandals to ever hit the business world. The failure of Lehman Brothers directly caused the financial crisis from which the United States is still feeling the effects. One would think that the directors of these failed firms – the worst failures in this decade – would have been punished by the market for their poor oversight.

Apparently not. This article indicates that many of directors on these failed companies have prospered quite nicely:

A few of the directors conveniently omit Enron from their biographies, but they do not appear to remain tainted, staying in their chosen professions…

The experiences of the Enron directors over the last decade would appear to offer great hope to the directors of Bear Stearns and Lehman Brothers.

…the Bear and Lehman directors are returning to public company service even quicker than the Enron directors. In part this reflects the old boy network on Wall Street, which keeps people in the same positions because of friendships. It is not a coincidence that two former Bear Stearns directors serve on the Viacom board.

The trend also underscores the decline in the importance of reputation on Wall Street — even since the time of Enron. Prior bad conduct simply is often not viewed as a problem.

The fact that these people have done so well constitutes a potent illustration of the problem ailing the United States. Simply put, the corporate world is no longer in any sense accountable to succeeding or failing. CEOs like Mitt Romney can personally lead firms to ruin and yet still get paid incredibly handsome “golden parachutes.” Meanwhile inequality continues to increase at an inexorable rate and the economy continues to flounder.

Reading about the denizens of big business succeeding to this extent while America as a whole flounders really strikes a bone of contention with me. There are few words in the English language to describe the wrongness of what is happening – how people who singlehandedly fail at everything that they are supposed to do still get tens of millions of dollars.

Here is one: unjust.




Photo credit: USW (Left), robertodevido (Right)

Republican National Committee Chairman Michael Steele has been called a lot of names. Here's another one for him: cheater.

It's not surprising Steele and the Republicans are embarrassed about their party. But Steele has hit a new low (insert Munch's "Scream" here): He's set up an RNC fundraising page on Facebook made to look like it's the United Steelworkers union.

The "United STEELE Workers Union" page even features a hard hat with an American flag sticker front and center.

Just curious, Michael: Doesn't a white hard hat clash with your designer suits?

There's more...

Tweedlydee and Tweedlydum

American political anylists and commentators love the horse race aspect of elections, after all what's more exciting than watching a race that could have an important impact on your life.  Obviously, a horse race needs at least two horses to be interesting and it could be argued that all the pundits are really analyzing a one horse race.

There's more...

Another Obama Lie: his Campaign Finances

I usually don't think that links make diaries.  Especially when the link is
to a forum that has turned into another Hillary Hate fest.  (They've
thrown out several HRC supporters. And I regret giving them hits.)

However, this post is atypical, and it looks like at least one HRC
supporter has managed to hang in:

Obama Lies about Campaign Finances 90% are $25-50

Last night Obama lied about the percentage of small donations which have been made to his campaign.
The Federal Election Commission figures are nothing like Obama states.
He gets around 70% from big business.
This statement is a lie."We have now raised 90 percent of our donations from small donors, $25, $50."

Presidential Campaign Finance
Through 01/31/2008
Individual $137,431,938
PAC $25
Party $0
Candidate $0
Transfers-In $0
Disbursements $113,291,436
Cash On Hand $24,940,159
Size of Donations
$200 and Under $47,323,742
$200.01 - $499 $10,452,546
$500 - $999 $11,440,957
$1000 - $1999 $21,130,641
$2000 and Over $49,472,185

http://www.iht.com/articles/2008/02/27/a merica/26textde...
"Now what I want to point out, though, more broadly is how we have approached this campaign. I said very early on I would not take PAC money. I would not take money from federal-registered lobbyists. That -- that was a multimillion-dollar decision but it was the right thing to do and the reason we were able to do that was because I had confidence that the American people, if they were motivated, would in fact finance the campaign.
We have now raised 90 percent of our donations from small donors, $25, $50. We average -- our average donation is $109 so we have built the kind of organization that is funded by the American people that is exactly the goal and the aim of everybody who's interested in good government and politics supports."
http://www.democraticunderground.com/dis cuss/duboard.php?az=show_mesg&forum= 132&topic_id=4806478&mesg_id=480 6478

There's more...

Our Constitution Works!

The recently passing of, former President Gerald Ford who said, "Our Constitution Works, We The People Rule", reminds us that our government is of law, one that represents WE The People, and it does work.

Our safety, our liberty, depends upon preserving the Constitution of the United States as our fathers made it inviolate. The people of the United States are the rightful masters of both Congress and the courts, not to overthrow the Constitution, but to overthrow the men who pervert the Constitution. Abraham Lincoln

One cannot look at the durable wisdom of our Constitution, and recall the deep commitment that unites our country, but one must think about the times that this same Constitution has come under attack.

There's more...


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