Posts Tagged ‘AIG’
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In Bureaucracy, Business, History, Law, Politics, Social commentary on December 20, 2024 at 12:19 am
Robert Benmosche, the CEO of American International Group (AIG) had 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 a 2013 interview on Bloomberg Television. “Don’t cry about it. Deal with it.”
As is typical of one-percenters, Benmosche blamed 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 advised, 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.
Alan Greenspan
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.
This had been the prevailing attitude among businessmen prior to the 1929 Wall Street crash that brought on the Great Depression. It proved wrong then.
And it proved wrong for Greenspan—and the country—in 2008. 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 families and 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 worshiping 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.
“The man who builds a factory,” eulogized President Calvin Coolidge, “builds a temple. And the man who works there, worships there.”
Another reason for this worship of mammon is the belief that someone who is wealthy is automatically endowed with wisdom and integrity. If that were true, Mafia bosses would be the moral equivalent of Saint Augustine.
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—from President Donald Trump on down—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.”
ABC NEWS, AIG, ALAN GREENSPAN, ALTERNET, AMERICABLOG, AP, AYN RAND, BABY BOOMER RESISTANCE, BAILOUT PROGRAM, BBC, BLOOMBERG, BUSINESS REGULATION, BUZZFEED, CALVIN COOLIDGE, CBS NEWS, CBSNEWS, CEOS, CNN, COLLEGE GRADUATES, CORPORATE BAILOUTS, CROOKS AND LIARS, DAILY KOS, DAILY KOZ, DRUG-TESTING, FACEBOOK, FBI, FINANCE, FIVETHIRTYEIGHT, GREED, HARPER’S MAGAZINE, HUFFINGTON POST, MEDIA MATTERS, MOTHER JONES, MOVEON, MSNBC, NBC NEWS, NEW REPUBLIC, NEWSDAY, NEWSWEEK, NPR, PBS NEWSHOUR, POLITICO, POLITICUSUSA, RAW STORY, REPUBLICANS, REUTERS, SALON, SEATTLE TIMES, SLATE, T.A.R.P. PROGRAM, TALKING POINTS MEMO, TEA PARTY, THE ATLANTIC, THE CHICAGO SUN-TIMES, THE CHICAGO TRIBUNE, THE DAILY BEAST, THE DAILY BLOG, THE GUARDIAN, THE HILL, THE HUFFINGTON POST, THE INTERCEPT, THE LOS ANGELES TIMES, THE NATION, THE NEW REPUBLIC, THE NEW YORK TIMES, THE NEW YORKER, THE VILLAGE VOICE, THE WASHINGTON POST, THINKPROGRESS, TIME, TIMOTHY GEITHNER, TREASURY DEPARTMENT, TRUTHDIG, TRUTHOUT, TWO POLITICAL JUNKIES, U.S. NEWS & WORLD REPORT, UNEMPLOYMENT, UPI, USA TODAY, WALL STREET, WELFARE, X
In Bureaucracy, Business, History, Law, Politics, Social commentary on December 19, 2024 at 12:11 am
The late Robert Benmosche, then CEO of American International Group (AIG), had some blunt advice to college graduates searching for work in a tight job market.
Robert Benmosche
“You have to accept the hand that’s been dealt you in life,” Benmosche said in a 2013 interview on Bloomberg Television. “Don’t cry about it. Deal with it.”
Typical advice from a one-percenter whose company, AIG, suffered a liquidity crisis when its credit ratings were downgraded below “AA” levels in September, 2008.
So how did AIG “deal with” its own crisis? It went crying to its Uncle Sugar, the United States Government, for a bailout.
Which it promptly got.
The United States Federal Reserve Bank, on September 16, 2008, made an $85 billion loan to AIG to meet increased collateral obligations resulting from its credit rating downgrade—and thus saving it from certain bankruptcy.
In return, the Government took an 80% stake in the firm.
(The bailout eventually ballooned to $182 billion in exchange for a 92% stake.)
College graduates, said Benmosche, needed to seize the opportunities that become available to them, even if their options are limited.
“They want me to talk to the students and give them a sense of encouragement, especially with the high unemployment,” said Benmosche.
“My advice will be, ‘Whatever opportunity comes your way, take it. Take it and treat it as if it’s the only one that’s coming your way, because that actually may be the truth.’”
Yes, if you have the opportunity to cry yourself into a multi-billion dollar loan from the Federal Government, by all means, do so.
Of course, willing-to-work college graduates who can’t find willing-to-hire employers won’t be able to count on a generous bailout from the Federal Government.
To which most of them will owe hundreds of thousands of dollars in student loans.
It’s long past time to apply to “untouchable” CEOs like Robert Benmosche the same criteria that Right-wing Republicans demand be applied to welfare recipients.
Republican lawmakers have vigorously pursued welfare drug-testing in Congress and more than 30 states.
Some bills have even targeted people who claim unemployment insurance and food stamps, despite scanty evidence 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 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.
For example:
According to the Special Inspector General for the TARP bailout, the total commitment of government is $16.8 trillion dollars with the $4.6 trillion already paid out.
And it’s equally important to remember that welfare recipients did not:
- Hold CEO positions at any of the banks so far bailed out;
- Run such insurance companies as American International Group (AIG);
- Administer the Federal Home Loan Mortgage Corporation, known as Freddie Mac;
- Command the Federal National Mortgage Association, known as Fannie Mae.
The 2010 documentary Inside Job chronicles the events leading to the 2008 global financial crisis. One of its most insightful moments occurs at a party held by then-Treasury Secretary Henry Paulson.
“We can’t control our greed,” the CEO of a large bank admits to his fellow guests. “You should regulate us more.”
Greed is defined as an excessive desire for wealth or goods. At its worst, greed trumps rationality, judgment and concern about the damage it may cause.
Greed begins in the neurochemistry of the brain. A neurotransmitter called dopamine fuels our greed. The higher the dopamine levels in the brain, the greater the pleasure we experience.
Cocaine, for example, directly increases dopamine levels. So does money.
Harvard researcher Hans Breiter has found, via magnetic resonance imaging studies, that the craving for money activates the same regions of the brain as the lust for sex, cocaine or any other pleasure-inducer.
Dopamine is most reliably activated by an experience we haven’t had before. We crave recreating that experience.
But snorting the same amount of cocaine, or earning the same sum of money, does not cause dopamine levels to increase. So the pleasure-seeker must increase the amount of stimuli to keep enjoying the euphoria.
In time, this incessant craving for pleasure becomes an addiction. And feeding that addiction–-with ever more money–becomes the overriding goal.
Thus, the infamous line—”Greed is good”—in the 1987 film, Wall Street, turns out to be both false and deadly for all concerned.
But the situation need not remain this way.
ABC NEWS, AIG, ALAN GREENSPAN, ALTERNET, AP, AYN RAND, BAILOUT PROGRAM, BUSINESS REGULATION, BUZZFEED, CALVIN COOLIDGE, CBS NEWS, CBSNEWS, CEOS, CNN, COLLEGE GRADUATES, CORPORATE BAILOUTS, CROOKS AND LIARS, DAILY KOZ, DRUG-TESTING, FACEBOOK, FBI, FINANCE, GREED, MOTHER JONES, MOVEON, NBC NEWS, NEWSWEEK, NPR, POLITICO, RAW STORY, REPUBLICANS, REUTERS, ROBERT BENMOSCHE, SALON, SEATTLE TIMES, SLATE, T.A.R.P. PROGRAM, TEA PARTY, THE ATLANTIC, THE CHICAGO SUN-TIMES, THE CHICAGO TRIBUNE, THE DAILY BEAST, THE GUARDIAN, THE HILL, THE HUFFINGTON POST, THE LOS ANGELES TIMES, THE NATION, THE NEW YORK TIMES, THE WASHINGTON POST, TIME, TIMOTHY GEITHNER, TREASURY DEPARTMENT, TWITTER, U.S. NEWS & WORLD REPORT, UNEMPLOYMENT, UPI, USA TODAY, WALL STREET, WELFARE
In Bureaucracy, Business, History, Law, Politics, Social commentary on April 4, 2018 at 1:26 am
Robert Benmosche, the CEO of American International Group (AIG) had 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 a 2013 interview on Bloomberg Television. “Don’t cry about it. Deal with it.”
As is typical of one-percenters, Benmosche blamed 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 advised, 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.
Alan Greenspan
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.
This had been the prevailing attitude among businessmen prior to the 1929 Wall Street crash that brought on the Great Depression. It proved wrong then.
And it proved wrong for Greenspan—and the country—in 2008. 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 families and 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 worshiping 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.
“The man who builds a factory,” eulogized President Calvin Coolidge, “builds a temple. And the man who works there, worships there.”
Another reason for this worship of mammon is the belief that someone who is wealthy is automatically endowed with wisdom and integrity. If that were true, Mafia bosses would be the moral equivalent of Saint Augustine.
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—from President Donald Trump on down—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.”
ABC NEWS, AIG, ALAN GREENSPAN, ALTERNET, AP, AYN RAND, BAILOUT PROGRAM, BUSINESS REGULATION, BUZZFEED, CALVIN COOLIDGE, CBS NEWS, CBSNEWS, CEOS, CNN, COLLEGE GRADUATES, CORPORATE BAILOUTS, CROOKS AND LIARS, DAILY KOZ, DRUG-TESTING, FACEBOOK, FBI, FINANCE, GREED, MOTHER JONES, MOVEON, NBC NEWS, NEWSWEEK, NPR, POLITICO, RAW STORY, REPUBLICANS, REUTERS, SALON, SEATTLE TIMES, SLATE, T.A.R.P. PROGRAM, TEA PARTY, THE ATLANTIC, THE CHICAGO SUN-TIMES, THE CHICAGO TRIBUNE, THE DAILY BEAST, THE GUARDIAN, THE HILL, THE HUFFINGTON POST, THE LOS ANGELES TIMES, THE NATION, THE NEW YORK TIMES, THE WASHINGTON POST, TIME, TIMOTHY GEITHNER, TREASURY DEPARTMENT, TWITTER, U.S. NEWS & WORLD REPORT, UNEMPLOYMENT, UPI, USA TODAY, WALL STREET, WELFARE
In Bureaucracy, Business, History, Law, Politics, Social commentary on April 3, 2018 at 12:13 am
The late Robert Benmosche, then CEO of American International Group (AIG), had some blunt advice to college graduates searching for work in a tight job market.
Robert Benmosche
“You have to accept the hand that’s been dealt you in life,” Benmosche said in a 2013 interview on Bloomberg Television. “Don’t cry about it. Deal with it.”
Typical advice from a one-percenter whose company, AIG, suffered a liquidity crisis when its credit ratings were downgraded below “AA” levels in September, 2008.
So how did AIG “deal with” its own crisis? It went crying to its Uncle Sugar, the United States Government, for a bailout.
Which it promptly got.
The United States Federal Reserve Bank, on September 16, 2008, made an $85 billion loan to AIG to meet increased collateral obligations resulting from its credit rating downgrade–and thus saving it from certain bankruptcy.
In return, the Government took an 80% stake in the firm.
(The bailout eventually ballooned to $182 billion in exchange for a 92% stake.)
College graduates, said Benmosche, needed to seize the opportunities that become available to them, even if their options are limited.
“They want me to talk to the students and give them a sense of encouragement, especially with the high unemployment,” said Benmosche.
“My advice will be, ‘Whatever opportunity comes your way, take it. Take it and treat it as if it’s the only one that’s coming your way, because that actually may be the truth.’”
Yes, if you have the opportunity to cry yourself into a multi-billion dollar loan from the Federal Government, by all means, do so.
Of course, willing-to-work college graduates who can’t find willing-to-hire employers won’t be able to count on a generous bailout from the Federal Government.
To which most of them will owe hundreds of thousands of dollars in student loans.
It’s long past time to apply to “untouchable” CEOs like Robert Benmosche the same criteria that Right-wing Republicans demand be applied to welfare recipients.
Republican lawmakers have vigorously pursued welfare drug-testing in Congress and more than 30 states.
Some bills have even targeted people who claim unemployment insurance and food stamps, despite scanty evidence 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 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.
For example:
According to the Special Inspector General for the TARP bailout, the total commitment of government is $16.8 trillion dollars with the $4.6 trillion already paid out.
And it’s equally important to remember that welfare recipients did not:
- Hold CEO positions at any of the banks so far bailed out;
- Run such insurance companies as American International Group (AIG);
- Administer the Federal Home Loan Mortgage Corporation, known as Freddie Mac;
- Command the Federal National Mortgage Association, known as Fannie Mae.
The 2010 documentary Inside Job chronicles the events leading to the 2008 global financial crisis. One of its most insightful moments occurs at a party held by then-Treasury Secretary Henry Paulson.
“We can’t control our greed,” the CEO of a large bank admits to his fellow guests. “You should regulate us more.”
Greed is defined as an excessive desire for wealth or goods. At its worst, greed trumps rationality, judgment and concern about the damage it may cause.
Greed begins in the neurochemistry of the brain. A neurotransmitter called dopamine fuels our greed. The higher the dopamine levels in the brain, the greater the pleasure we experience.
Cocaine, for example, directly increases dopamine levels. So does money.
Harvard researcher Hans Breiter has found, via magnetic resonance imaging studies, that the craving for money activates the same regions of the brain as the lust for sex, cocaine or any other pleasure-inducer.
Dopamine is most reliably activated by an experience we haven’t had before. We crave recreating that experience.
But snorting the same amount of cocaine, or earning the same sum of money, does not cause dopamine levels to increase. So the pleasure-seeker must increase the amount of stimuli to keep enjoying the euphoria.
In time, this incessant craving for pleasure becomes an addiction. And feeding that addiction–-with ever more money–becomes the overriding goal.
Thus, the infamous line—”Greed is good”—in the 1987 film, Wall Street, turns out to be both false and deadly for all concerned.
But the situation need not remain this way.
ABC NEWS, AIG, BLOOD FEUD, CARLOS MARCELLO, CBS NEWS, CNN, COTTER SMITH, CUBA, ENRON, ERNEST BORGNINE, FACEBOOK, FBI, FIDEL CASTRO, INTERNATIONAL BROTHERHOOD OF TEAMSTERS, J. EDGAR HOOVER, JAMES R. HOFFA, JOHN F. KENNEDY, JUSTICE DEPARTMENT, LABOR UNIONS, MAFIA, NBC NEWS, ROBERT BLAKE, ROBERT F. KENNEDY, SAM GROOM, SENATE LABOR RACKETS COMMITEE, THE CHICAGO SUN-TIMES, THE CHICAGO TRIBUNE, THE LOS ANGELES TIMES, THE NEW YORK TIMES, THE WALL STREET JOURNAL, THE WASHINGTON POST, TWITTER, USA TODAY
In Bureaucracy, History, Law Enforcement, Politics, Social commentary on June 9, 2015 at 12:02 am
The 1983 TV mini-series, “Blood Feud,” chronicles the decade-long struggle between Robert F. Kennedy and James R. Hoffa.
As Attorney General, Kennedy declares war–for the first time in American history–on the Mafia. He forces longtime FBI Director J. Edgar Hoover–who has long refused to tackle the Mob–to investigate and arrest mobsters throughout the nation.
He also brings new charges against Hoffa–and, once again, is outraged to see Hoffa acquitted.
But under the unrelenting pressures of being in the crosshairs of the FBI, Hoffa begins to crack. He tells a trusted colleague, Edward Grady Partin (Brian Dennehy) how easy it would be to assassinate Kennedy with a rifle or a bomb.
Later, Partin gets into a legal jam–and is abandoned by the Teamsters. Hoping to cut a deal, he relays word to the Justice Department of Hoffa’s threats against the Attorney General.
Now working for the Justice Department, Partin sends in reports on Hoffa’s juror-bribing efforts in yet another trial. Hoffa again beats the rap–but now Kennedy has the insider’s proof he needs to put him away for years.
Meanwhile, the Mafia despairs of the increasing pressure of the Justice Department. At a swanky restaurant, several high-ranking members agree that “something” must be done.
[Although this scene is fictional, it’s clearly based on an infamous outburst of Carlos Marcello, the longtime Mafia boss of New Orleans.
Carlos Marcello
In 1962, Marcello–who had been deported to Guatemala by RFK, then illegally re-entered the country–flew into a rage when a business colleague mentioned Kennedy.
“Take the stone out of my shoe!” he shouted, echoing a Sicilian curse. “Don’t you worry about that little Bobby sonofabitch. He’s going to be taken care of!”
When his colleague warned that murdering RFK would trigger the wrath of his brother, President John F.Kennedy, Marcello replied: “In Sicily they say if you want to kill a dog you don’t cut off the tail. You go for the head.”
Marcello considered President Kennedy to be the head. And he added that he planned to use a “nut” to do the job.]
On November 22, 1963, President John F. Kennedy is assassinated in Dallas. “Blood Feud” clearly implies that the Mafia was responsible.
[The House Assassinations Committee investigated this possibility in 1978, and determined that Marcello had the means, motiva and opportunity to kill JFK. But it could not find any conclusive evidence of his involvement.]
Even with the President dead, RFK’s Justice Department continues to pursue Hoffa. In 1964, he is finally convicted of jury tampering and sentenced to 13 years’ imprisonment.
Hoping to avoid prison, Hoffa phones Robert Kennedy, offering future Teamsters support if RFK runs for President. To prove he can deliver, he tells Kennedy that the Teamsters have even penetrated the FBI.
Kennedy confronts J. Edgar Hoover, accusing him of illegally planting wiretaps in Mob hangouts all over the country.
J. Edgar Hoover and Robert F. Kennedy
Hoover retorts that this had been the only way to obtain the prosecution-worthy intelligence Kennedy had demanded: “You loved that flow of information. You didn’t want it to stop.”
Kennedy: Why did you keep the FBI out of the fight against the Mob for decades?
Hoover: “Every agency that came to grips with them got corrupted by their money.”
[So far as is known, Hoover never made any such confession. Historians continue to guess his reason for leaving the Mob alone for decades.]
RFK then mentions the CIA’s plots to employ the Mob to assassinate Cuban dictator Fidel Castro
[The agency had wanted to please President Kennedy, and the Mafia had wanted to regain its casinos lost to the Cuban Revolution.]
“The CIA, doing business with the Mob,” says Kennedy. “The FBI, leaking information to its enemies [the Teamsters].” Then, sadly: “I guess it’s true–everyone does business with everyone.”
[So far as is known, the FBI did not pass on secrets to the Teamsters. But during the 1970s, the Mafia penetrated the Cleveland FBI office through bribes to a secretary. Several FBI Mob informants were “clipped” as a result.]
In 1967, Hoffa goes to prison. He stays there until, in 1971, President Richard Nixon commutes his sentence in hopes of gaining Teamsters support for his 1972 re-election.
Kennedy leaves the Justice Department in 1964 and is elected U.S. Senator from New York. In 1968 he runs for President. On June 5, after winning the California primary, he’s assassinated.
Hoffa schemes to return to the presidency of the Teamsters–a post now held by his successor, Frank Fitzsimmons. He runs the union in a more relaxed style than Hoffa, thus giving the Mob greater control over its pension fund.
And the Mafia likes it that way.
On July 30, 1975, Hoffa disappears from the parking lot of the Machus Red Fox Restaurant near Detroit. He had gone there to meet with two Mafia leaders.
Forty years later:
- Labor unions are a shadow of their former power.
- The threat they once represented to national prosperity has been replaced by that of predatory corporations like Enron and AIG.
- The war RFK began on the Mafia has continued, sending countless mobsters to prison.
- Millions of Americans who once expected the Federal Government to protect them from crime now believe the Government is their biggest threat.
- The idealism that fueled RFK’s life has virtually disappeared from politics.
ABC NEWS, AIG, BLOOD FEUD, CARLOS MARCELLO, CBS NEWS, CNN, COTTER SMITH, CUBA, ENRON, ERNEST BORGNINE, FACEBOOK, FBI, FIDEL CASTRO, INTERNATIONAL BROTHERHOOD OF TEAMSTERS, J. EDGAR HOOVER, JAMES R. HOFFA, JOHN F. KENNEDY, JUSTICE DEPARTMENT, LABOR UNIONS, MAFIA, NBC NEWS, ROBERT BLAKE, ROBERT F. KENNEDY, SAM GROOM, SENATE LABOR RACKETS COMMITEE, THE CHICAGO SUN-TIMES, THE CHICAGO TRIBUNE, THE LOS ANGELES TIMES, THE NEW YORK TIMES, THE WALL STREET JOURNAL, THE WASHINGTON POST, TWITTER, USA TODAY
In Bureaucracy, History, Law Enforcement, Politics, Social commentary on June 8, 2015 at 12:01 am
Forty-seven years ago today, Senator Robert Francis Kennedy was laid to rest in Arlington Cemetary, only feet away from the grave of his elder brother–President John Fitzgerald Kennedy.
Campaigning for the Presidency in 1968, he had just won the crucial California primary on June 4–when he was shot in the back of the head. His killer: Sirhan Sirhan, a young Palestinian furious at Kennedy’s support for Israel.
Eleven years earlier, as a young, idealistic attorney, Kennedy had declared war on James Riddle Hoffa, the president of the Mafia-dominated International Brotherhood of Teamsters Union.
As chief counsel for the Senate Labor Rackets Committee, Kennedy was appalled at the corruption he discovered among high-ranking Teamster officials. As he saw it, under Hoffa’s leadership, the union was nothing less than “a conspiracy of evil.”
Robert F. Kennedy as Chief Counsel, Senate Labor Rackets Committee
Hoffa, in turn, held an equally unflattering view of Kennedy. “A rich punk,” said Hoffa, who didn’t know or care about “the average workingman.”
In 1983, Blood Feud, a two-part TV mini-series, depicted the 11-year animosity between Kennedy and Hoffa. Although it took some dramatic liberties, its portrayal of the major events of that period remains essentially accurate.
Today, labor unions are a rapidly-vanishing species, commanding far less political influence than they did 50 years ago. As a result, young viewers of this series may find it hard to believe that labor ever held such sway, or that the Teamsters posed such a threat.
James Riddle Hoffa testifying before the Senate Labor Rackets Committee
And in an age when millions see “Big Government” as the enemy by millions, they may feel strong reservations about the all-out war that Robert F. Kennedy waged against Hoffa.
The series opens in 1957, when Hoffa (Robert Blake) is a rising figure within the Teamsters. Kennedy (Cotter Smith) is chief counsel for the Senate Labor Rackets Committee.
At first, Hoffa tries to ingratiate himself with Kennedy, telling him: “I know everybody who can help me and anybody who can hurt me.”
A wily Hoffa decides to parley Kennedy’s anti-corruption zeal into a path to power for himself. Via his attorney, Eddie Cheyfitz, he feeds Kennedy incriminating evidence against Dave Beck, president of the Teamsters.
Robert Blake as James Hoffa
Confronted with a Senate subpoena, Beck flees the country–paving the way for Hoffa to assume the top position in the union. Hoffa believes he has solved two problems at once.
With the ousting of Beck, Kennedy should now be satisfied: “He’s got his scalp. Now he can move on to other things while I run the union.”
But Hoffa has guessed wrong–with fatal results. Realizing that he’s been “played” by Hoffa, a furious Kennedy strikes back.
Cotter Smith as Robert Kennedy
He orders increased surveillance of Hoffa and his topmost associates. He subpoenas union records and members of both the Teamsters and Mafia to appear before his committee in public hearings.
And he tries to enlist the aid of legendary FBI Director J. Edgar Hoover (Ernest Borgnine). But Hoover wants no part of a war against organized crime, whose existence he refuses to admit.
Meanwhile, Kennedy’s confrontations with Hoffa grow increasingly fierce. In open hearings, Kennedy accuses Hoffa of receiving kickbacks in the name of his wife. Hoffa damns him for “dirtying my wife’s name.”
Kennedy secures an indictment against Hoffa for hiring a spy to infiltrate the Senate Labor Rackets Committee. He’s so certain of a conviction that he tells the press he’ll “jump off the Capitol building” if Hoffa beats the rap.
But Hoffa’s lawyer, Edward Bennett Williams (Jose Ferrer) puts Kennedy himself on the witness stand. There he portrays Kennedy as a spoiled rich man who’s waging a vendetta against Hoffa.
Hoffa beats the rap, and offers to send Kennedy a parachute. But he jokingly warns reporters: “Hey, Bobby, you better have it checked. I don’t trust myself!”
By 1959, Kennedy’s work as chief counsel for the Senate Labor Rackets Committee is over. But not his determination to send Hoffa to prison.
Throughout 1960, he manages the Presidential campaign for his brother, John F. Kennedy (Sam Groom). By a margin of only 100,000 votes, John wins the election.
Hoffa thinks that his troubles are over, that “Bobby” will move on to other pursuits and forget about the Teamsters.
Kennedy moves on to another job–the office of United States Attorney General. For Hoffa, it’s a nightmare come true.
JFK, needing someone in the Cabinet he can trust completely, browbeats Robert into becoming the the nation’s top cop.
As Attorney General, Kennedy must no longer beg J. Edgar Hoover to attack organized crime. He can–and does–order him to do so.
Throughout the country, the Mafia feels a new heat as FBI agents plant illegal electronic microphones (“bugs”) in their innermost sanctums. Agents openly tail mobsters–and send them to prison in large numbers.
And Kennedy sets up a special unit, composed of topflight prosecutors and investigators, to go after just one man: James Riddle Hoffa. The press comes to call it the “Get Hoffa” squad.
Hoffa continues to beat federal prosecutors in court. But he believes he’s under constant surveillance by the FBI, and his nerves are starting to give way.
Convinced that the FBI has bugged his office, he literally tears apart the room, hoping to find the bug. But he fails to do so.
What he doesn’t know is he’s facing a more personal danger–from one of his closest associates.
ABC NEWS, AIG, BAILOUT PROGRAM, BUSINESS REGULATION, CBSNEWS, CEOS, CNN, COLLEGE GRADUATES, CORPORATE BAILOUTS, DRUG-TESTING, FACEBOOK, FINANCE, GREED, NBC NEWS, REPUBLICANS, T.A.R.P. PROGRAM, TEA PARTY, THE CHICAGO SUN-TIMES, THE CHICAGO TRIBUNE, THE LOS ANGELES TIMES, THE NEW YORK TIMES, THE WASHINGTON POST, TIMOTHY GEITHNER, TREASURY DEPARTMENT, TWITTER, UNEMPLOYMENT, USA TODAY, WALL STREET, WELFARE
In Bureaucracy, Business, History, Politics, Social commentary on May 15, 2015 at 12:01 am
Robert Benmosche, the CEO of American International Group (AIG) had some blunt advice to college graduates searching for work in a tight job market.
Robert Benmosche
“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.”
Typical advice from a one-percenter whose company, AIG, suffered a liquidity crisis when its credit ratings were downgraded below “AA” levels in September, 2008.
And how did AIG “deal with” its own crisis? It went crying to its Uncle Sugar, the United States Government, for a bailout.
Which it promptly got.
The United States Federal Reserve Bank, on September 16, 2008, made an $85 billion loan to the company to meet increased collateral obligations resulting from its credit rating downgrade–and thus saving it from certain bankruptcy.
In return, the Government took an 80% stake in the firm.
(The bailout eventually ballooned to $182 billion in exchange for a 92% stake.)
College graduates, said Benmosche, needed to seize the opportunities that become available to them, even if their options are limited.
“They want me to talk to the students and give them a sense of encouragement, especially with the high unemployment,” said Benmosche.
“My advice will be, ‘Whatever opportunity comes your way, take it. Take it and treat it as if it’s the only one that’s coming your way, because that actually may be the truth.’”
Of course, willing-to-work college graduates who can’t find willing-to-hire employers won’t be able to count on a generous bailout from the Federal Government.
To which most of them will owe hundreds of thousands of dollars in student loans.
It’s long past time to apply to “untouchable” CEOs like Robert Benmosche the same criteria that right-wing Republicans demand be applied to welfare recipients.
Throughout the past year Republican lawmakers have pursued welfare drug-testing in Congress and more than 30 states.
Some bills have even targeted people who claim unemployment insurance and food stamps, despite scanty evidence 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 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.
For example:
Total of federal monies invested: $3 trillion.
It’s important to note that these figures–supplied by the Federal Reserve, Treasury Department, Federal Deposit Insurance Corporation, Congressional Budget Ooffice and the White House–date from November 16, 2009.
And it’s equally important to remember that welfare recipients did not
- hold CEO positions at any of the banks so far bailed out;
- run such insurance companies as American International Group (AIG);
- administer the Federal Home Loan Mortgage Corporation, known as Freddie Mac;
- command the Federal National Mortgage Association, known as Fannie Mae.
The 2010 documentary Inside Job chronicles the events leading to the 2008 global financial crisis. One of its most insightful moments occurs at a party held by then-Treasury Secretary Henry Paulson.
“We can’t control our greed,” the CEO of a large bank admits to his fellow guests. “You should regulate us more.”
Greed is defined as an excessive desire for wealth or goods. At its worst, greed trumps rationality, judgment and concern about the damage it may cause.
Greed begins in the neurochemistry of the brain. A neurotransmitter called dopamine fuels our greed. The higher the dopamine levels in the brain, the greater the pleasure we experience.
Cocaine, for example, directly increases dopamine levels. So does money.
Harvard researcher Hans Breiter has found, via magnetic resonance imaging studies, that the craving for money activates the same regions of the brain as the lust for sex, cocaine or any other pleasure-inducer.
Dopamine is most reliably activated by an experience we haven’t had before. We crave recreating that experience.
But snorting the same amount of cocaine, or earning the same sum of money, does not cause dopamine levels to increase. So the pleasure-seeker must increase the amount of stimuli to keep enjoying the euphoria.
In time, this incessant craving for pleasure becomes an addiction. And feeding that addiction–-with ever more money–becomes the overriding goal.
Thus, the infamous line–”Greed is good”–in the 1987 film, Wall Street, turns out to be both false and deadly for all concerned.
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In Bureaucracy, History, Politics, Social commentary on December 11, 2014 at 12:01 am
The 1983 TV mini-series, “Blood Feud,” chronicles the decade-long struggle between Robert F. Kennedy and James R. Hoffa.
As Attorney General, Kennedy declares war–for the first time in American history–on the Mafia. He forces longtime FBI Director J. Edgar Hoover–who has long refused to tackle the Mob–to investigate and arrest mobsters throughout the nation.
He also brings new charges against Hoffa–and, once again, is outraged to see Hoffa acquitted.
But under the unrelenting pressures of being in the crosshairs of the FBI, Hoffa begins to crack. He tells a trusted colleague, Edward Grady Partin (Brian Dennehy) how easy it would be to assassinate Kennedy with a rifle or a bomb.
Later, Partin gets into a legal jam–and is abandoned by the Teamsters. Hoping to cut a deal, he relays word to the Justice Department of Hoffa’s threats against the Attorney General.
Now working for the Justice Department, Partin sends in reports on Hoffa’s juror-bribing efforts in yet another trial. Hoffa again beats the rap–but now Kennedy has the insider’s proof he needs to put him away for years.
Meanwhile, the Mafia despairs of the increasing pressure of the Justice Department. At a swanky restaurant, several high-ranking members agree that “something” must be done.
[Although this scene is fictional, it’s clearly based on an infamous outburst of Carlos Marcello, the longtime Mafia boss of New Orleans.
Carlos Marcello
In 1962, Marcello–who had been deported to Guatemala by RFK, then illegally re-entered the country–flew into a rage when a business colleague mentioned Kennedy.
“Take the stone out of my shoe!” he shouted, echoing a Sicilian curse. “Don’t you worry about that little Bobby sonofabitch. He’s going to be taken care of!”
When his colleague warned that murdering RFK would trigger the wrath of his brother, President John F.Kennedy, Marcello replied: “In Sicily they say if you want to kill a dog you don’t cut off the tail. You go for the head.”
Marcello considered President Kennedy to be the head. And he added that he planned to use a “nut” to do the job.]
On November 22, 1963, President John F. Kennedy is assassinated in Dallas. “Blood Feud” clearly implies that the Mafia was responsible.
[The House Assassinations Committee investigated this possibility in 1978, and determined that Marcello had the means, motiva and opportunity to kill JFK. But it could not find any conclusive evidence of his involvement.]
Even with the President dead, RFK’s Justice Department continues to pursue Hoffa. In 1964, he is finally convicted of jury tampering and sentenced to 13 years’ imprisonment.
Hoping to avoid prison, Hoffa phones Robert Kennedy, offering future Teamsters support if RFK runs for President. To prove he can deliver, he tells Kennedy that the Teamsters have even penetrated the FBI.
Kennedy confronts J. Edgar Hoover, accusing him of illegally planting wiretaps in Mob hangouts all over the country.
J. Edgar Hoover and Robert F. Kennedy
Hoover retorts that this had been the only way to obtain the prosecution-worthy intelligence Kennedy had demanded: “You loved that flow of information. You didn’t want it to stop.”
Kennedy: Why did you keep the FBI out of the fight against the Mob for decades?
Hoover: “Every agency that came to grips with them got corrupted by their money.”
[So far as is known, Hoover never made any such confession. Historians continue to guess his reason for leaving the Mob alone for decades.]
RFK then mentions the CIA’s plots to employ the Mob to assassinate Cuban dictator Fidel Castro
[The agency had wanted to please President Kennedy, and the Mafia had wanted to regain its casinos lost to the Cuban Revolution.]
“The CIA, doing business with the Mob,” says Kennedy. “The FBI, leaking information to its enemies [the Teamsters].” Then, sadly: “I guess it’s true–everyone does business with everyone.”
[So far as is known, the FBI did not pass on secrets to the Teamsters. But during the 1970s, the Mafia penetrated the Cleveland FBI office through bribes to a secretary. Several FBI Mob informants were “clipped” as a result.]
In 1967, Hoffa goes to prison. He stays there until, in 1971, President Richard Nixon commutes his sentence in hopes of gaining Teamsters support for his 1972 re-election.
Kennedy leaves the Justice Department in 1964 and is elected U.S. Senator from New York. In 1968 he runs for President. On June 5, after winning the California primary, he’s assassinated.
Hoffa schemes to return to the presidency of the Teamsters–a post now held by his successor, Frank Fitzsimmons. He runs the union in a more relaxed style than Hoffa, thus giving the Mob greater control over its pension fund.
And the Mafia likes it that way.
On July 30, 1975, Hoffa disappears from the parking lot of the Machus Red Fox Restaurant near Detroit. He had gone there to meet with two Mafia leaders.
Forty years later:
- Labor unions are a shadow of their former power.
- The threat they once represented to national prosperity has been replaced by that of predatory corporations like Enron and AIG.
- The war RFK began on the Mafia has continued, sending countless mobsters to prison.
- The idealism that fueled RFK’s life has virtually disappeared from politics.
- Millions of Americans who once expected the Federal Government to protect them from crime now believe the Government is their biggest threat.
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In Bureaucracy, History, Law Enforcement, Politics, Social commentary on December 10, 2014 at 12:10 am
Long ago, in an America increasingly far away….
A young, idealistic attorney named Robert Francis Kennedy declared war on James Riddle Hoffa, the president of the Mafia-dominated International Brotherhood of Teamsters Union.
As chief counsel for the Senate Labor Rackets Committee, Kennedy was appalled at the corruption he discovered among high-ranking Teamster officials. As he saw it, under Hoffa’s leadership, the union was nothing less than “a conspiracy of evil.”
Robert F. Kennedy as Chief Counsel, Senate Labor Rackets Committee
Hoffa, in turn, held an equally unflattering view of Kennedy. “A rich punk,” said Hoffa, who didn’t know or care about “the average workingman.”
In 1983, Blood Feud, a two-part TV mini-series, depicted the 11-year animosity between Kennedy and Hoffa. Although it took some dramatic liberties, its portrayal of the major events of that period remains essentially accurate.
Today, labor unions are a rapidly-vanishing species, commanding far less political influence than they did 50 years ago. As a result, young viewers of this series may find it hard to believe that labor ever held such sway, or that the Teamsters posed such a threat.
James Riddle Hoffa testifying before the Senate Labor Rackets Committee
And in an age when millions see “Big Government” as the enemy by millions, they may feel strong reservations about the all-out war that Robert F. Kennedy waged against Hoffa.
The series opens in 1957, when Hoffa (Robert Blake) is a rising figure within the Teamsters. Kennedy (Cotter Smith) is chief counsel for the Senate Labor Rackets Committee.
At first, Hoffa tries to ingratiate himself with Kennedy, telling him: “I know everybody who can help me and anybody who can hurt me.”
A wily Hoffa decides to parley Kennedy’s anti-corruption zeal into a path to power for himself. Via his attorney, Eddie Cheyfitz, he feeds Kennedy incriminating evidence against Dave Beck, president of the Teamsters.
Robert Blake as James Hoffa
Confronted with a Senate subpoena, Beck flees the country–paving the way for Hoffa to assume the top position in the union. Hoffa believes he has solved two problems at once.
With the ousting of Beck, Kennedy should now be satisfied: “He’s got his scalp. Now he can move on to other things while I run the union.”
But Hoffa has guessed wrong–with fatal results. Realizing that he’s been “played” by Hoffa, a furious Kennedy strikes back.
Cotter Smith as Robert Kennedy
He orders increased surveillance of Hoffa and his topmost associates. He subpoenas union records and members of both the Teamsters and Mafia to appear before his committee in public hearings.
And he tries to enlist the aid of legendary FBI Director J. Edgar Hoover (Ernest Borgnine). But Hoover wants no part of a war against organized crime, whose existence he refuses to admit.
Meanwhile, Kennedy’s confrontations with Hoffa grow increasingly fierce. In open hearings, Kennedy accuses Hoffa of receiving kickbacks in the name of his wife. Hoffa damns him for “dirtying my wife’s name.”
Kennedy secures an indictment against Hoffa for hiring a spy to infiltrate the Senate Labor Rackets Committee. He’s so certain of a conviction that he tells the press he’ll “jump off the Capitol building” if Hoffa beats the rap.
But Hoffa’s lawyer, Edward Bennett Williams (Jose Ferrer) puts Kennedy himself on the witness stand. There he portrays Kennedy as a spoiled rich man who’s waging a vendetta against Hoffa.
Hoffa beats the rap, and offers to send Kennedy a parachute. But he jokingly warns reporters: “Hey, Bobby, you better have it checked. I don’t trust myself!”
By 1959, Kennedy’s work as chief counsel for the Senate Labor Rackets Committee is over. But not his determination to send Hoffa to prison.
Throughout 1960, he manages the Presidential campaign for his brother, John F. Kennedy (Sam Groom). By a margin of only 100,000 votes, John wins the election.
Hoffa thinks that his troubles are over, that “Bobby” will move on to other pursuits and forget about the Teamsters.
Kennedy moves on to another job–the office of United States Attorney General. For Hoffa, it’s a nightmare come true.
JFK, needing someone in the Cabinet he can trust completely, browbeats Robert into becoming the the nation’s top cop.
As Attorney General, Kennedy must no longer beg J. Edgar Hoover to attack organized crime. He can–and does–order him to do so.
Throughout the country, the Mafia feels a new heat as FBI agents plant illegal electronic microphones (“bugs”) in their innermost sanctums. Agents openly tail mobsters–and send them to prison in large numbers.
And Kennedy sets up a special unit, composed of topflight prosecutors and investigators, to go after just one man: James Riddle Hoffa. The press comes to call the “Get Hoffa” squad.
Hoffa continues to beat federal prosecutors in court. But he believes he’s under constant surveillance by the FBI, and his nerves are starting to give way.
Convinced that the FBI has bugged his office, he literally tears apart the room, hoping to find the bug. But he fails to do so.
What he doesn’t know is he’s facing a more personal danger–from one of his closest associates.
AIG, ALAN GREENSPAN, AYN RAND, BAILOUT PROGRAM, BUSINESS REGULATION, CEOS, COLLEGE GRADUATES, CORPORATE BAILOUTS, DRUG-TESTING, FACEBOOK, FBI, FINANCE, GREED, IRS, REPUBLICANS, T.A.R.P. PROGRAM, TEA PARTY, TIMOTHY GEITHNER, TREASURY DEPARTMENT, TWITTER, UNEMPLOYMENT, WALL STREET, WELFARE
In Bureaucracy, Business, History, Politics on May 22, 2013 at 12:34 am
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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LOAN-TEST CEOS LIKE WELFARE APPLICANTS: PART TWO (END)
In Bureaucracy, Business, History, Law, Politics, Social commentary on December 20, 2024 at 12:19 amRobert Benmosche, the CEO of American International Group (AIG) had 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 a 2013 interview on Bloomberg Television. “Don’t cry about it. Deal with it.”
As is typical of one-percenters, Benmosche blamed 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 advised, 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.
Alan Greenspan
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.
This had been the prevailing attitude among businessmen prior to the 1929 Wall Street crash that brought on the Great Depression. It proved wrong then.
And it proved wrong for Greenspan—and the country—in 2008. 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 families and topmost executives—of financial institutions seeking Federal bailouts should be required to:
In addition:
The United States has a long and embarrassing history in worshiping 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.
“The man who builds a factory,” eulogized President Calvin Coolidge, “builds a temple. And the man who works there, worships there.”
Another reason for this worship of mammon is the belief that someone who is wealthy is automatically endowed with wisdom and integrity. If that were true, Mafia bosses would be the moral equivalent of Saint Augustine.
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—from President Donald Trump on down—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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