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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CORPORATIONS ARE GREEDY PEOPLE, TOO
In Bureaucracy, Business, Law, Politics, Social commentary on August 29, 2013 at 12:01 am“How many men ever went to a barbecue and would let one man take off the table what’s intended for nine-tenths of the people to eat? The only way you’ll ever be able to feed the balance of the people is to make that man come back and bring back some of that grub that he ain’t got no business with!”
–Louisiana Senator Huey P. Long, 1934
It was August 11, 2011–one year before he would receive the official Republican nomination for President.
Hustling for votes, Mitt Romney was speaking to a crowd of hundreds at the Iowa State Fair. He was being pressed about raising taxes to help cover entitlement spending.
Suddenly, a heckler suggested raising corporate tax rates.
Romney responded: “Corporations are people, my friend. Of course they are. Everything corporations earn ultimately goes to the people. Where do you think it goes? Whose pockets? Whose pockets? People’s pockets. Human beings, my friend.”
The line earned him a sustained round of applause from the crowd.
If it’s true that corporations are people, then they are exceptionally greedy and selfish people.
A December, 2011 report by Public Campaign, highlighting corporate abuses of the tax laws, makes this all too clear.
Public Campaign is a national nonpartisan organization dedicated to reforming campaign finance laws and holding elected officials accountable.
Summarizing its conclusions, the report’s author writes:
“Amidst a growing federal deficit and widespread economic insecurity for most Americans, some of the largest corporations in the country have avoided paying their fair share in taxes while spending millions to lobby Congress and influence elections.”
Its key findings:
Among those corporations whose tax-dodging and influence-buying were analyzed:
The report bluntly cites the growing disparity between the relatively few rich and the vast majority of poor and middle-class citizens:
“Over the past few months, a growing protest movement has shifted the debate about economic inequality in this country.
“The American people wonder why members of Congress suggest cuts to Medicare and Social Security but won’t require millionaires to pay their fair share in taxes.
“They want to know why they are struggling to find jobs and put food on the the table while the country’s largest corporations get tax breaks and sweetheart deals, then use that extra cash to pay bloated bonuses to CEOs or ship jobs overseas.
“….At a time when millions of Americans are still unemployed and millions more make tough choices to get by, these companies are enriching their top executives and spending millions of dollars on Washington lobbyists to stave off higher taxes or regulations.”
Assessing the results of corporate tax-dodging, the report states:
The report bluntly notes the hypocrisy of corporate executives who call themselves “job creators” while enriching themselves by laying off thousands of employees:
“Another area where these corporations have decided to spend lavishly is compensation for their top executives ($706 million altogether in 2010).
“Executives doing particularly well work for General Electric ($76 million in total compensation in 2010), Honeywell International ($54 million), and Wells Fargo ($50 million).
“Executives who have seen the greatest increase work for DuPont (188% increase), Wells Fargo (180% increase) and Verizon (167% increase).
Despite being profitable, some of these corporations have actually laid off workers.
Since 2008, seven of the corporations have reported laying off American workers. The worst offenders are Verizon, which laid off at least 21,308 workers, and Boeing, which fired at least 14,862 employees.
Insisting that “corporations are people” wins applause from the wealthiest 1% and their Right-wing shills. But it does nothing to better the lives of the increasingly squeezed poor and middle-class.
If the nation is to avoid economic and moral bankruptcy, Americans must demand that powerful corporations be held accountable–and punished harshly when they behave irresponsibly.
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