Robert Benmosche, the CEO of American International Group (AIG) recently offered some blunt advice to college graduates searching for work.
“You have to accept the hand that’s been dealt you in life,” Benmosche said in an interview on Bloomberg Television. “Don’t cry about it. Deal with it.”
As is typical of one-percenters, Benmosche blames willing-to-work college graduates for the refusal of rich employers to offer jobs instead of excuses.
AIG’s way of “accepting the hand that’s been dealt you in life” was to go crying to the Federal Government for a bailout loan–which eventually ballooned to $182 billion.
If college graduates should “deal with” the hardships of finding a responsible, hiring-inclined employer with a stiff upper lip, as Benmosche advises, the same advice should work wonders on greed-fueled CEOs.
Greed-test CEOs for future government loans.
After all, drug-testing welfare recipients has become the new mantra for Republicans.
Some bills have even targeted people who seek unemployment insurance and food stamps, despite scanty evidence that the poor and jobless are disproportionately on drugs.
The concept of background screening is actually sound. But Republicans are aiming it at the wrong end of the economic spectrum.
Since 2008, the government has handed out billions of dollars in bailouts to CEOs of the wealthiest corporations in the country.
The reason: To rescue the economy from the calamity produced by the criminal greed and recklessness of those same corporations.
In 2008, Alan Greenspan, the former chairman of the Federal Reserve, testified before Congress about the origins of the Wall Street “meltdown.”
He admitted that he was “shocked” at the breakdown in U.S. credit markets and said he was “partially” wrong to resist regulation of some securities.
“Those of us who have looked to the self-interest of lending institutions to protect shareholder’s equity–myself especially–are in a state of shocked disbelief,” said Greenspan, who had ruled the Fed from 1987 to 2006.
As a disciple of the right-wing philosopher, Ayan Rand, Greenspan had fiercely held to her belief that “The Market” was a divine institution. As such, “it” alone knew what was best for the nation’s economic prosperity.
“Enlightened self-interest,” he believed, would guarantee that those who dedicated their lives to making money would not allow mere greed to steer them–and the country–into disaster.
As he saw it, any attempt to regulate greed-based appetites could only harm that divine institution.
Greenspan proved wrong. And the nation will be literally paying for such misguided confidence in profit-addicted men for decades to come.
So if Republicans want to protect the “poor, oppressed taxpayer,” they should demand background investigations for those whose addiction truly threatens the economic future of this country.
That is–the men (and occasionally women) who run the nation’s most important financial institutions, such as banks, insurance and mortgage companies.
Thus, in the future, all CEOs–and their topmost executives–of financial institutions seeking Federal bailouts should be required to:
- Undergo “full field investigations” by the FBI and IRS.
- Submit full financial disclosure forms concerning not only themselves but all members of their immediate families.
- Be subject to Federal prosecution for perjury if they provide false information or conceal evidence of criminal violations.
- Periodically submit themselves for additional background investigation.
- Be subject to arrest, indictment and prosecution if the background investigation turns up evidence of criminal activity.
In addition:
- If a bailout-seeking financial institution refuses to comply with these criteria, it should be refused the loan.
- If a CEO and/or other top officials are judged ineligible for a loan, the company should be asked to replace those executives with others who might qualify.
- Those alternative executives should be subject to the same background investigation requirements as just outlined.
- If the institution refuses to replace those executives found ineligible, the Government should refuse the loan.
- If the Government is forced to take over a troubled financial institution, its CEO and top executives should be replaced with applicants who have passed the required security screening.
The United States has a long and embarrassing history in worshipping wealth for its own sake. Part of this can be traced to the old Calvinistic doctrine that wealth is a proof of salvation, since it shows evidence of God’s favor.
Another reason for this worship of mammon is the belief that someone who is wealthy is automatically endowed with wisdom and integrity.
Following these beliefs to their ultimate conclusion will transform the United States into a plutocracy–a government of the wealthy, by the wealthy, for the wealthy.
Every day we see fresh evidence of the destruction wrought by the unchecked greed of wealthy, powerful men.
When they–and their paid shills in Congress–demand, “De-regulate business,” it’s essential to remember what this really means.
It means: “Let criminals be criminals.”

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HYPOCRITES UNITED
In Bureaucracy, History, Politics, Social commentary on May 23, 2013 at 12:37 amTed Cruz voted against federal aid for victims of Hurricane Sandy–three times.
But the United States Senator from Texas quickly announced he would seek “all available resources” to assist victims of the April 17 explosion at as fertilizer plant in West, McLennan County, Texas.
The blast killed 13 people, wounded about 200 others, and caused extensive damages to surrounding homes.
Last October, Hurricane Sandy killed around 150 people and caused an estimated $75 billion in damage across the Northeast.
The Republican legislator stood foursquare against the Sandy Aid Relief bill, claiming that it was loaded with “pork”:
“Hurricane Sandy inflicted devastating damage on the East Coast, and Congress appropriately responded with hurricane relief,” said Cruz.
“Unfortunately, cynical politicians in Washington could not resist loading up this relief bill with billions in new spending utterly unrelated to Sandy.
“Emergency relief for the families who are suffering from this natural disaster should not be used as a Christmas tree for billions in unrelated spending, including projects such as Smithsonian repairs, upgrades to National Oceanic and Atmospheric Administration airplanes, and more funding for Head Start.
“This bill is symptomatic of a larger problem in Washington–an addiction to spending money we do not have. The United States Senate should not be in the business of exploiting victims of natural disasters to fund pork projects that further expand our debt.”
Another Republican, Rep. Bill Flores, who represents West, also voted against the Sandy relief package. But this didn’t stop him from requesting federal aid for the disaster in his home district.
U.S. Senator Ted Cruz (R-Texas)
Cruz and Flores are not alone in their fiscal hypocrisy.
Oklahoma’s two U.S. Senators– Jim Inhofe and Tom Coburn, both right-wing Republicans–have also repeatedly voted against funding disaster aid for other parts of the country.
Oklahoma U.S. Senators Jim Inhofe and Tom Coburn
They have also opposed increased funding for the Federal Emergency Management Agency (FEMA), which administers federal disaster relief.
Both Inhofe and Coburn backed a plan to slash disaster aid to victims of Hurricane Sandy.
In a December, 2012 press release, Coburn said that the Sandy Relief bill contained “wasteful spending,” and identified a series of items he objected to, including “$12.9 billion for future disaster mitigation activities and studies.”
Inhofe, a Republican, argued that the Hurricane Sandy bill was loaded with pork.
“They had things in the Virgin Islands. They were fixing roads there, they were putting roofs on houses in Washington, D.C. Everybody was getting in and exploiting the tragedy that took place. That won’t happen in Oklahoma,” Inhofe said on MSNBC.
The Sandy relief bill initially contained money for projects outside of areas damaged by Sandy–as bribes to Republicans to get it through Congress.
But Federal relief aid is a different matter entirely to Inhofe when the victims come from his own state.
A May 20, 2-mile-wide tornado ravaged the Oklahoma City suburb of Moore, killing at least 51 people while destroying entire tracts of homes and trapping two dozen school children beneath rubble.
For Inofe, aiding his constituents would be “totally different” from providing aid to Sandy victims.
“Everyone was getting in and exploiting the tragedy that took place,” he said. “That won’t happen in Oklahoma.”
As for Coburn: In a statement, he said that “as the ranking member of Senate committee that oversees FEMA, I can assure Oklahomans that any and all available aid will be delivered without delay.”
For Rep. Peter King (R-New York this hypocrisy is simply too much to swallow quietly.
“I think there’s a lot of hypocrisy involved here, Inhofe saying Sandy aid was corrupt but Oklahoma won’t be,” said King, whose state was devastated last October by Sandy.
For King, natural disasters such as Hurricane Sandy and the Oklahoma tornado are not “local issues”: “It’s an American issue, we have an obligation to come forward.”
He said that he didn’t plan to exact revenge on those who had denied New Yorkers aid after Sandy.
“I won’t hold it against anyone,” King said. “I don’t want suffering people in Oklahoma to be held hostage while we engage in political fights, saying ‘I told you so.’ I want to deal with it on the merits.”
All of which highlights how the principle of YIMBY–Yes In My Back Yard–is very much alive, even for alleged fiscal hawk Republicans. At least, when their own constituents are the victims in need.
Because needy constituents who go unaided quickly become angry constituents who remember that lack of aid at the next election.
It’s something to remember the next time right-wingers take a hard line on spending bills to help the poor or victims of natural disasters.
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