Not being a financial insider, I didn't lose or gain money with Bernie Madoff; he was unknown to me prior to his arrest.
Many people were burned by this guy, who has confessed to assorted crimes. Yet months later he's still out on bail, with restrictions on when and how far he can wander from "his" homes. He can enjoy all types of luxuries in a Manhattan penthouse and an oceanfront home in the Hamptons (Montauk, NY). He needs special permission to visit a Palm Beach, FL home; he can't use his jet and visit his French Riviera apartment & boat: they're off-limits, and his passport impounded. But should this guy and his family be allowed to enjoy any fruits of his scamming?
Any appearance of justice is elusive. Enron's Kenneth Lay had his multiple fraud convictions vacated (more than four-and-a-half years after Enron's collapse from systematic deception), when Lay (reportedly) died before sentencing... What will happen with this Madoff joker? Should the elegant wife & many family members he employed keep enjoying substantial wealth & earnings?
Where's Madoff Buried His Loot?
Wednesday, February 18, 2009
Thursday, February 05, 2009
Gambling with Banksters (Scamblers)
The banking establishment is suffering a downgrade of status as they seek public bailout funds. Use of the term "banksters" (adapted from gangsters) has become widespread. What is fair?
Not much. In this case, margin (credit) and derivatives purchasing is a type of gambling. The problem is that gamblers take account of the fact that if they lose they'll not need to pay - Joe Public will bail them out; they remain players. If rather they win, they enjoy huge benefits.
A low downside means they've been likely to gamble even more; given the chance, they'll again gamble wildly.
Bankers who've engaged in unacceptable risk management should be fired. Yet these high-rollers still have their jobs. They now keep a low profile, refusing to lend even in low risk cases, creating a credit crunch. Each bank has many scamblers...
Not much. In this case, margin (credit) and derivatives purchasing is a type of gambling. The problem is that gamblers take account of the fact that if they lose they'll not need to pay - Joe Public will bail them out; they remain players. If rather they win, they enjoy huge benefits.
A low downside means they've been likely to gamble even more; given the chance, they'll again gamble wildly.
Bankers who've engaged in unacceptable risk management should be fired. Yet these high-rollers still have their jobs. They now keep a low profile, refusing to lend even in low risk cases, creating a credit crunch. Each bank has many scamblers...
Tuesday, February 03, 2009
Bailouts, bankers & bombs
The economic crisis is not the sole blame of bungler bankers. Yet too many of these former plunderers are unrepentant and anti-reform. Those banks receiving bailout funds should be forced to retire their top management due to poor performance.
American adventurism in the Middle East is hugely expensive; these are costs that the USA can ill afford, and they are not only monetary. The US basing of troops in Saudi Arabia was the major grievance of the 9/11 hijackers (though George W. Bush & Dick Cheney claimed the focus was a vicious attack on the American way of life). Poor foreign policy choices have undermined the US economy and created enemies abroad. Now, more than ever, few American taxpayers wish to serve as human shields for Iraq & Israel.
More precisely: US media outlets regularly trumpet Israel's right to exist. Yet others in the region also have the right to exist. Regional solutions have been cast aside as the USA has bankrolled Zionist adventurism. Moderate Israeli solutions are undermined by US funds channeled to the extreme & the ultra-Right. Bombs will not solve Middle Eastern problems. US funding should be redirected to American domestic education.
American adventurism in the Middle East is hugely expensive; these are costs that the USA can ill afford, and they are not only monetary. The US basing of troops in Saudi Arabia was the major grievance of the 9/11 hijackers (though George W. Bush & Dick Cheney claimed the focus was a vicious attack on the American way of life). Poor foreign policy choices have undermined the US economy and created enemies abroad. Now, more than ever, few American taxpayers wish to serve as human shields for Iraq & Israel.
More precisely: US media outlets regularly trumpet Israel's right to exist. Yet others in the region also have the right to exist. Regional solutions have been cast aside as the USA has bankrolled Zionist adventurism. Moderate Israeli solutions are undermined by US funds channeled to the extreme & the ultra-Right. Bombs will not solve Middle Eastern problems. US funding should be redirected to American domestic education.
Wednesday, January 07, 2009
Haiku by Lulu (Visiting Poet)
A thought in the night
Must be scribbled on paper
Before I forget
Twitching fingers mean
That I’m counting syllables
In my new haiku
Windswept and barren
Here our ancestors once dwelt
Kaho'olawe
Silence IS golden
When you’re being serenaded
By the coqui frog
Intentions are fine
But actions speak much louder
Get with it Lulu
Must be scribbled on paper
Before I forget
Twitching fingers mean
That I’m counting syllables
In my new haiku
Windswept and barren
Here our ancestors once dwelt
Kaho'olawe
Silence IS golden
When you’re being serenaded
By the coqui frog
Intentions are fine
But actions speak much louder
Get with it Lulu
Friday, November 21, 2008
Computer tips: file opening dialog
Many times I've been bothered when opening files in MS-Office: I'll seek to open a recently-used file and rather than guess at its name with alphabetic access, I go to view details, date (sort descending). My problem has been the small dialog box, the need to move everything to the right to find the date tab (thus losing sight of the filenames), and the need to hit date perhaps a few times to find descending (subfolders further confuse all of this). I've thought: "there's probably a better way..." but because the file editing regularly has taken precedence, only now the solution is at hand.
Give up on bloody computers? No.
First, the assorted tabs showing file details are all useful to some extent, but the name & date are typically most critical. The date column can be dragged to the left so it becomes the second column. Neat! I've read that pushing Ctrl key on closing a dialog box saves the settings. Nice! To get default view with Details, go to Desktop (first close all windows) open My Computer and set the View to Details (or other desired setting or sort layout). Then click Tools - Folder Options - View and click "Apply to all folders" Click OK and the world is slightly better. Use the energy saved (& unmanifested angst) being friendlier & helpful to others.
Give up on bloody computers? No.
First, the assorted tabs showing file details are all useful to some extent, but the name & date are typically most critical. The date column can be dragged to the left so it becomes the second column. Neat! I've read that pushing Ctrl key on closing a dialog box saves the settings. Nice! To get default view with Details, go to Desktop (first close all windows) open My Computer and set the View to Details (or other desired setting or sort layout). Then click Tools - Folder Options - View and click "Apply to all folders" Click OK and the world is slightly better. Use the energy saved (& unmanifested angst) being friendlier & helpful to others.
Friday, November 14, 2008
Burned
Can one be a reformer or crusader in the USA? Is it really possible to "work for the people" and the public interest?
Perhaps.
But when "change" begins to curtail profitable operations by the mighty & the powerful, they fight back. They may have billions of dollars (oops - post bailout: hundreds of billions) in wealth to throw at their critics. So no surprise when the forces of change choose very carefully among many sacks of shit, which ones to clean up.
Even then, the crusader is liable to be burned.
The public is hungry for scandal. A mob mentality is stoked by smarmy weasels such as Billow (Bill O'Reilly), Rush Limbaugh, Ann Coulter, and a nest of others. Their vile & polarizing attack approach is popular: akin to pro-wrestling and a substitute for as yet untelevised public executions.
The mob enjoys watching those with hubris get their comeuppance. So a quick goodbye to "evildoers" such as former Gov. Eliot Spitzer, former Senator John Edwards, and a host of others due to sexual fiendishness. (Digression: We wonder how the family values crowd reconciles the adulteries & callousness of Sen. John McCain and former House Speaker Newt Gingrich. Is foregiveness and reconciliation only for Republicans?... )
Anyhow, the moral takedown may appease the mob for awhile, but who benefits? (In the case of Spitzer, perhaps AIG?) Whose territory is once again open for plundering? That entitled elite seeks darkness. Only systematic and sustained transparency can root-out such problems. Shining a spotlight cannot be enough: the person holding it is a target, and the roaches escape. We need to turn-up all the house lights to systematically root-out the worst social infections.
Perhaps.
But when "change" begins to curtail profitable operations by the mighty & the powerful, they fight back. They may have billions of dollars (oops - post bailout: hundreds of billions) in wealth to throw at their critics. So no surprise when the forces of change choose very carefully among many sacks of shit, which ones to clean up.
Even then, the crusader is liable to be burned.
The public is hungry for scandal. A mob mentality is stoked by smarmy weasels such as Billow (Bill O'Reilly), Rush Limbaugh, Ann Coulter, and a nest of others. Their vile & polarizing attack approach is popular: akin to pro-wrestling and a substitute for as yet untelevised public executions.
The mob enjoys watching those with hubris get their comeuppance. So a quick goodbye to "evildoers" such as former Gov. Eliot Spitzer, former Senator John Edwards, and a host of others due to sexual fiendishness. (Digression: We wonder how the family values crowd reconciles the adulteries & callousness of Sen. John McCain and former House Speaker Newt Gingrich. Is foregiveness and reconciliation only for Republicans?... )
Anyhow, the moral takedown may appease the mob for awhile, but who benefits? (In the case of Spitzer, perhaps AIG?) Whose territory is once again open for plundering? That entitled elite seeks darkness. Only systematic and sustained transparency can root-out such problems. Shining a spotlight cannot be enough: the person holding it is a target, and the roaches escape. We need to turn-up all the house lights to systematically root-out the worst social infections.
Sunday, November 09, 2008
Divisiveness
"Let's avoid partisanship"
The US Republican Party & the failed policies of George W. Bush were thrashed at the polls. Now the talk from jackbooted right-wingnuts seems reasonable "We pray President Obama will govern responsibly and avoid divisiveness..."
Watch again the Republican National Convention speeches in Minneapolis Saint Paul. Inside the hall, a goon parade mocked, ridiculed & slandered their Democratic opposition; outside, their hired thugs beat-up on peaceful assemblies.
(Remember "Friendly Joe" Lieberman as a key part of these celebrations).
Disrespect for law & people has continued too long; true terror.
Don't be taken in.
"Cute little snake, it's not dangerous anymore.
... aarrghh - fuckin' thing bit me!"
The US Republican Party & the failed policies of George W. Bush were thrashed at the polls. Now the talk from jackbooted right-wingnuts seems reasonable "We pray President Obama will govern responsibly and avoid divisiveness..."
Watch again the Republican National Convention speeches in Minneapolis Saint Paul. Inside the hall, a goon parade mocked, ridiculed & slandered their Democratic opposition; outside, their hired thugs beat-up on peaceful assemblies.
(Remember "Friendly Joe" Lieberman as a key part of these celebrations).
Disrespect for law & people has continued too long; true terror.
Don't be taken in.
"Cute little snake, it's not dangerous anymore.
... aarrghh - fuckin' thing bit me!"
Wednesday, November 05, 2008
Common Dreams & Memes
I've multiple important bases in my life, so each day I read news articles from assorted places around the world. Via the wonders of the internet I check local news of Hawaii via KITV.com, local news of Sweden from Swedish newspapers and The Local, Korean news from The Korea Herald (and elsewhere), news of Japan via assorted bulletin boards & feeds such as J@pan Inc and "The Community" in Japan, news of the Middle East from Haaretz and sometimes Al Jazeera. I check news of Cape Cod, Massachusetts, science news from New Scientist, plus technology & finance news from here, there, and everywhere.
As if that were not enough, there's the need to keep up with assorted hobby-related news & auctions, and of course professional reports & journals. I often write in my own Pretrend blog (http://pretrend.blogspot.com)... and earn a living by decent work...
And be with loved ones. And simply live.
But every day I also read Common Dreams - an amalgam of "progressive" articles from various sources. It is great: combining stories, reprints, links and comments on political economy sure to get my blood racing.
A recent article by Tom Engelhardt ("Foreclosed: The George W. Bush Story") looked critically at the legacy of the Bush administration. It included a provocative quote from a 2004 article by Ron Suskind, "Without a Doubt" (New YorkTimes; published also as "Faith, Certainty and the Presidency of George W. Bush") - where "history's actors" who "create our own reality" mock the careful "reality-based community" who follow behind attempting judicious study of what's been done. This hubris is the voice of The True Believer: "we create our own reality" and evade the dreaded u-word: uncertainty.
A related article elsewhere by Christian Salmon, "Scheherazade in the White House" follows-up by discussing political stage-management, quoting Prof. Ira Chernus on Karl Rove's Scheherazade-like approach to ruling others: "When policy dooms you, start telling stories -- stories so fabulous, so gripping, so spellbinding that the king (or, in this case, the American citizen who theoretically rules our country) forgets all about a lethal policy."
A "leta" to Common Dreams on US Election Day is commanding:
"Why do people find degrading, defacing, belittlement of a man who was willing to take on the responsibility of the Presidency if elected. What do you gain from the demoralization of the administration. Why is it helpful to tear apart the years served. Is this what you say , talk about in front of your kids. You are their mentors. You should be using Positives Repectful thoughts how else are they going to grow up with the right outlook of politics. It is you who are painting the pictures of people who were elected. Think about it. You vote in dog catchers, local government, church elections. Isn't it time to take a good look at SELF. Let the President leave office ... throwing the keys happily on the desk in the OVAL OFFICE....he has aged during his terms. He deserves your respect. Your children have to hear and see this from YOU "adult citizens of America. GOD BLESS AMERICA." (sic)
The marketing story, or meme, is powerful imagery to shape reality. Those directing government powers, with much money & huge access to media outlets, might do as they wish - eluding comeuppance.
The article by Salmon finishes by reminding us that Karl Rove resigned from government saying "I'm Moby Dick" ... evading reality's deadly harpoon.
As if that were not enough, there's the need to keep up with assorted hobby-related news & auctions, and of course professional reports & journals. I often write in my own Pretrend blog (http://pretrend.blogspot.com)... and earn a living by decent work...
And be with loved ones. And simply live.
But every day I also read Common Dreams - an amalgam of "progressive" articles from various sources. It is great: combining stories, reprints, links and comments on political economy sure to get my blood racing.
A recent article by Tom Engelhardt ("Foreclosed: The George W. Bush Story") looked critically at the legacy of the Bush administration. It included a provocative quote from a 2004 article by Ron Suskind, "Without a Doubt" (New YorkTimes; published also as "Faith, Certainty and the Presidency of George W. Bush") - where "history's actors" who "create our own reality" mock the careful "reality-based community" who follow behind attempting judicious study of what's been done. This hubris is the voice of The True Believer: "we create our own reality" and evade the dreaded u-word: uncertainty.
A related article elsewhere by Christian Salmon, "Scheherazade in the White House" follows-up by discussing political stage-management, quoting Prof. Ira Chernus on Karl Rove's Scheherazade-like approach to ruling others: "When policy dooms you, start telling stories -- stories so fabulous, so gripping, so spellbinding that the king (or, in this case, the American citizen who theoretically rules our country) forgets all about a lethal policy."
A "leta" to Common Dreams on US Election Day is commanding:
"Why do people find degrading, defacing, belittlement of a man who was willing to take on the responsibility of the Presidency if elected. What do you gain from the demoralization of the administration. Why is it helpful to tear apart the years served. Is this what you say , talk about in front of your kids. You are their mentors. You should be using Positives Repectful thoughts how else are they going to grow up with the right outlook of politics. It is you who are painting the pictures of people who were elected. Think about it. You vote in dog catchers, local government, church elections. Isn't it time to take a good look at SELF. Let the President leave office ... throwing the keys happily on the desk in the OVAL OFFICE....he has aged during his terms. He deserves your respect. Your children have to hear and see this from YOU "adult citizens of America. GOD BLESS AMERICA." (sic)
The marketing story, or meme, is powerful imagery to shape reality. Those directing government powers, with much money & huge access to media outlets, might do as they wish - eluding comeuppance.
The article by Salmon finishes by reminding us that Karl Rove resigned from government saying "I'm Moby Dick" ... evading reality's deadly harpoon.
Friday, October 31, 2008
Scofflaw Regime / Rogue State
Citizens of the USA, even those who often disagree with the government, do not typically recognize they live in a rogue state. But the Bush government has regularly broken international laws. They also have undermined and ridiculed the importance of international laws and covenants, which in fact are national laws - a clear and fundamental point from the US Constitution (article VI, paragraph 2) which they've sworn to uphold.
The Presidential Oath of Office, which officially begins the presidency, is short and clear: ''I do solemnly swear (or affirm) that I will faithfully execute the Office of President of the United States, and will to the best of my Ability, preserve, protect and defend the Constitution of the United States.''
This pledge is important. Just 35 words forms the basis for leadership.
National leadership of a great country; the actions of the USA have global consequences.
Legal basis for operations is important. George W. Bush disregarded law, perhaps following advice from others - he's been fundamentally misguided.
The Bush government, through unilateral decisions to ignore law and precedent and due process, has severely undermined the safety and security of all US citizens, our global investments, and our freedoms to interact with peoples of the world.
The indictment of crimes is extensive. Some bother me more than others. Invasion and continued occupation of Iraq. Long-term confinement and torture of people not promptly charged with crime. Terrible.
The Presidential Oath of Office, which officially begins the presidency, is short and clear: ''I do solemnly swear (or affirm) that I will faithfully execute the Office of President of the United States, and will to the best of my Ability, preserve, protect and defend the Constitution of the United States.''
This pledge is important. Just 35 words forms the basis for leadership.
National leadership of a great country; the actions of the USA have global consequences.
Legal basis for operations is important. George W. Bush disregarded law, perhaps following advice from others - he's been fundamentally misguided.
The Bush government, through unilateral decisions to ignore law and precedent and due process, has severely undermined the safety and security of all US citizens, our global investments, and our freedoms to interact with peoples of the world.
The indictment of crimes is extensive. Some bother me more than others. Invasion and continued occupation of Iraq. Long-term confinement and torture of people not promptly charged with crime. Terrible.
Thursday, October 30, 2008
Yes Virginia: Thomson Reuters sues Zotero
An entrenched company, threatened by open-source free software, snaps back with a multi-million dollar lawsuit. Is this a storm in a teacup?
Thomson Reuters naturally wishes maximal profits from their proprietary programs, but... details of this lawsuit can be found here. A few marketing observations: the Thomson Reuters lawsuit draws attention to their nimble competitor. Seeking legal limits on what scholars can do with their own data, they risk seriously alienating their users.
Many users have invested time & resources in old Endnote software, but I'm no fan. Data storage always seemed unnecessarily obscure to me. The owners seemed to treat their software system protection as more important than my data - but I'm the customer. Why pay for deliberate confusion?
Even if Thomson Reuters win some damages with this case, they've chosen the Luddite path and can expect to be pityingly mocked by a growing segment of users & opinion leaders. I expect that the route they've chosen will cost them much more dearly than if they'd ignored their Zotero competition (zotero.org - the scholars friend). Thomson Reuters instead should work hard at innovation.
Thomson Reuters naturally wishes maximal profits from their proprietary programs, but... details of this lawsuit can be found here. A few marketing observations: the Thomson Reuters lawsuit draws attention to their nimble competitor. Seeking legal limits on what scholars can do with their own data, they risk seriously alienating their users.
Many users have invested time & resources in old Endnote software, but I'm no fan. Data storage always seemed unnecessarily obscure to me. The owners seemed to treat their software system protection as more important than my data - but I'm the customer. Why pay for deliberate confusion?
Even if Thomson Reuters win some damages with this case, they've chosen the Luddite path and can expect to be pityingly mocked by a growing segment of users & opinion leaders. I expect that the route they've chosen will cost them much more dearly than if they'd ignored their Zotero competition (zotero.org - the scholars friend). Thomson Reuters instead should work hard at innovation.
Tuesday, October 28, 2008
Don't Waste Your Vote
I admire Ralph Nader. A little bit. I've never voted for him, and I would not. What I see as his biggest weakness is an inability to effectively forge coalitions. Why is he a perennial Presidential candidate? Why not seek to join others, and upgrade a local, state, or national platform? If he can't work well with others, he shouldn't be trying to run the country, because he can't do it alone. It is sometimes useful to snipe from the sidelines, but running for President is perhaps a poor vehicle for such a person's energies.
I'm also disappointed with both Nader and McCain for not understanding / recognizing the benefits of computers and the internet. I'm OK with slow food and walking to work, or people limiting their mobile phone usage. But access to the World Wide Web is great - those who don't understand it are missing a lot.
Nader's weaknesses
McCain's weaknesses and more here on McCain handicaps
I'm also disappointed with both Nader and McCain for not understanding / recognizing the benefits of computers and the internet. I'm OK with slow food and walking to work, or people limiting their mobile phone usage. But access to the World Wide Web is great - those who don't understand it are missing a lot.
Nader's weaknesses
McCain's weaknesses and more here on McCain handicaps
Monday, October 20, 2008
Sachs of Wealth, but Voracious
Loan servicing "help"
Consolidate your troubles
Dumb small-fry / shark food
Consolidate your troubles
Dumb small-fry / shark food
Thursday, October 16, 2008
No welcome Nippon!
Japan's Asahi newspaper recently reported the results of a Ministry of Internal Affairs government survey that found 38% of Japanese inns and hotels reported no foreign guests in 2007, and of those, 72% hoped no foreigners would come (thus 27% of the total). Multiple reasons were elicited for shunning foreign guests: "no expertise with foreign languages" (76%); "unsuitable facilities for foreigners" (72%); "uncertainty if a problem were to arise" (63%). The report was published a week after the newly-founded Japan Tourism Agency began promoting a Visit Japan Campaign to raise the number of international visitors from 8.35 million for 2007 to 20 million by 2020 (and 10 million by 2010).
Asahi (2008) "National Survey 2007: 30% of hotels & ryokan don't want foreign lodgers." (9 Oct 2008; in Japanese) 朝日新聞社. (2008) "「外国人泊めたくない」ホテル・旅館３割 ０７年国調査" asahi.com (朝日新聞社).
http://www.asahi.com/national/update/1009/TKY200810090312.html
Asahi (2008) "National Survey 2007: 30% of hotels & ryokan don't want foreign lodgers." (9 Oct 2008; in Japanese) 朝日新聞社. (2008) "「外国人泊めたくない」ホテル・旅館３割 ０７年国調査" asahi.com (朝日新聞社).
http://www.asahi.com/national/update/1009/TKY200810090312.html
What If?
The financial meltdown is trashing the legacy of the Bush Presidency. A lot of people are finding: "Golly, they sure were wrong with their economic policies and oversight."
Diverse citizens are confronted with misperforming products, and think "Damn! It's all wrong, but consumer protection's been gutted. They got my money -- I'm left with the trash."
Many people are also starting to recognize: "Gee - maybe our government was also wrong in leading the USA into war in Iraq... perhaps those nations that wouldn't participate weren't simply cowards..."
Some Americans are just now beginning to wonder: "Maybe our leaders have been wrong in torturing and imprisoning so many people for years without proper review or trial..."
A few Americans believe these are not problems of error; they are deliberate crimes.
Diverse citizens are confronted with misperforming products, and think "Damn! It's all wrong, but consumer protection's been gutted. They got my money -- I'm left with the trash."
Many people are also starting to recognize: "Gee - maybe our government was also wrong in leading the USA into war in Iraq... perhaps those nations that wouldn't participate weren't simply cowards..."
Some Americans are just now beginning to wonder: "Maybe our leaders have been wrong in torturing and imprisoning so many people for years without proper review or trial..."
A few Americans believe these are not problems of error; they are deliberate crimes.
Wednesday, October 15, 2008
Down but Not Out
You've seen the movie:
Demonic creep is injured
Hero feels relief
Don't relax so soon!
Evil will attack your back!
Prepare to get bit...
Demonic creep is injured
Hero feels relief
Don't relax so soon!
Evil will attack your back!
Prepare to get bit...
Tuesday, October 14, 2008
Myku by Genki
Failed politicians...
Bankers in Treasury jobs...
Pick market winners
Housecleaning ignored
Gamblers keep their pay & jobs
Financial flim-flam!
Bankers in Treasury jobs...
Pick market winners
Housecleaning ignored
Gamblers keep their pay & jobs
Financial flim-flam!
Thursday, October 09, 2008
Opinion Leaders or "Fringe People?"
The Washington Post reports: "Maryland State Police classified 53 nonviolent activists as terrorists and entered their names and personal information into state and federal databases that track terrorism suspects..." State Police Superintendent Terrence B. Sheridan, speaking of the program operated by his predecessor, told the Senate Judicial Proceedings Committee: "The names don't belong in there... It's as simple as that."
How bad is it to be labeled a troublemaker, or a terrorist?
It ain't good.
"The former state police superintendent who authorized the operation, Thomas E. Hutchins... said the program was a bulwark against potential violence and called the activists "fringe people.""
It is horribly wrong to label those working peacefully for a better society as terrorists. This seems a solid step toward cleansing the community of people questioning authority.
Remember past tyranny (or risk a repeat!):
When the USSR occupied eastern Poland in 1939, they took prisoner many local leaders, military officers and cultural people. In March of 1940 they decided to summarily execute 22,000 of these people in secret (memorialized as the Katyn massacres, after the first burial site discovered). The goal was to purge the region of potentially-troublesome future leaders / enemies.
When the Japanese occupied Malaya - Singapore in 1942, they tried to purge the region of "undesirables" -- community leaders featured on prepared lists of hundreds of people rounded-up and murdered (Sook Ching killings).
How bad is it to be labeled a troublemaker, or a terrorist?
It ain't good.
"The former state police superintendent who authorized the operation, Thomas E. Hutchins... said the program was a bulwark against potential violence and called the activists "fringe people.""
It is horribly wrong to label those working peacefully for a better society as terrorists. This seems a solid step toward cleansing the community of people questioning authority.
Remember past tyranny (or risk a repeat!):
When the USSR occupied eastern Poland in 1939, they took prisoner many local leaders, military officers and cultural people. In March of 1940 they decided to summarily execute 22,000 of these people in secret (memorialized as the Katyn massacres, after the first burial site discovered). The goal was to purge the region of potentially-troublesome future leaders / enemies.
When the Japanese occupied Malaya - Singapore in 1942, they tried to purge the region of "undesirables" -- community leaders featured on prepared lists of hundreds of people rounded-up and murdered (Sook Ching killings).
Tuesday, October 07, 2008
Sunday, October 05, 2008
Citi Blues
The FDIC brokered Citigroup a sweet deal for Wachovia last Monday, but on Friday Wells Fargo jumped in with an agreement some seven times bigger. It's a good lesson that values change day to day (in a few days $2.2 billion became $15.1 billion). But the lesson is much more complex.
This was the first time the FDIC (Federal Depositors Insurance Corporation) used official fiat power to demand such a sale. A thus-far unused 1991 law required the concurrence of the FDIC, the Federal Reserve, and the Secretary of the Treasury in consultation with the US President; the US government forced Wachovia's sale to Citigroup.
The plan provided government bailout money for Citigroup losses above a certain limit. It provided a foundation for Wachovia to survive the week, and subsequently to find a sweeter deal.
Wachovia is the 4th biggest financial group in the USA. Why should government be ordering their sale to a rival? Exactly who in the government was the driver for this plan? At this moment it's unclear, but they've egg on their face(s).
(CEO Bob Steel joined Wachovia from the US Treasury Department last July; he & Treasury Secretary Paulson earlier were colleagues at Goldman Sachs; now reportedly Secretary Paulson subsequently is recusing himself from further involvement).
Government interference at this level is worse than confiscation - they forced a transfer, perhaps to cronies, with no transparency and at a value far below what the market clearly could offer.
Perhaps Citigroup is victimized as well. Already Citigroup reportedly is claiming $60 billion in damages. What a week's work! (thus financiers are under criticism)...
This is a lesson that politicos shouldn't be allowed to mess with individual firms.
This was the first time the FDIC (Federal Depositors Insurance Corporation) used official fiat power to demand such a sale. A thus-far unused 1991 law required the concurrence of the FDIC, the Federal Reserve, and the Secretary of the Treasury in consultation with the US President; the US government forced Wachovia's sale to Citigroup.
The plan provided government bailout money for Citigroup losses above a certain limit. It provided a foundation for Wachovia to survive the week, and subsequently to find a sweeter deal.
Wachovia is the 4th biggest financial group in the USA. Why should government be ordering their sale to a rival? Exactly who in the government was the driver for this plan? At this moment it's unclear, but they've egg on their face(s).
(CEO Bob Steel joined Wachovia from the US Treasury Department last July; he & Treasury Secretary Paulson earlier were colleagues at Goldman Sachs; now reportedly Secretary Paulson subsequently is recusing himself from further involvement).
Government interference at this level is worse than confiscation - they forced a transfer, perhaps to cronies, with no transparency and at a value far below what the market clearly could offer.
Perhaps Citigroup is victimized as well. Already Citigroup reportedly is claiming $60 billion in damages. What a week's work! (thus financiers are under criticism)...
This is a lesson that politicos shouldn't be allowed to mess with individual firms.
Saturday, October 04, 2008
Why Help the Flawed Bailout?
Why were Democrats so eager to help Bush and the bigwigs of finance with $700 billion dollars in bailout assistance? Much is wrong with the new act, and with the people who'll implement it. What's happening?
The original plan can best be remembered as Treasury Secretary Paulson's supreme act of chutzpah -- "give me the money; hurry up; forbid in advance any review of what I'll do."
This was not Mother Theresa asking for alms. Paulson is an extremely wealthy financier whose former firm (Goldman Sachs) is poised to benefit greatly from bailout funding and a revised rulebook. It's a cozy deal too much like the government insider relationship of VP Cheney & Halliburton...
I'd call Paulson a weasel and partly responsible for the financial mess and bad economy, but it's foolhardy to rile a dude with hundreds of billions of dollars in his pocket...
These economic troubles are foremost an indictment of the poor governance of President George W. Bush and his minions. Senator Obama's presidential campaign has been strengthened. So why the hurry among Democrats to assist the President? Why bailout Bush & the Republicans so near the election? Why not let him sink in his own excrement?
The Democrats use the word "bipartisan" and speak of helping America. I wonder if they are simply shortsighted: too-kindly fools who let the monster live (surely it thus will rise again).
It is tempting as well to imagine these politicians are corrupt, and that the rich financiers will fashion them a future payback. But truly I don't believe this is the main driver.
Perhaps the prospect of inheriting a greatly-damaged economy is too dire. Perhaps they are seriously concerned about the exposure of the most disadvantaged citizens (though they could help directly, instead of persisting with 'trickle down' schemes).
Perhaps they look forward to replacing Paulson with their own Treasury Secretary (a brief 108 days from now) and inheriting these new powers.
Perhaps "key allies" elsewhere are being fueled.
Perhaps Democrats don't like the plan, but figure some good will come of it (the revised act included $150 billion of assorted sweeteners), and anyhow it ain't their personal money.
Perhaps politicians fancy themselves financially astute. But top financiers have created an ungainly house-of-cards; it's now already falling apart.
Perhaps thus none of this will work -- they've simply wasted huge funds and made the nation weaker.
Perhaps they've been outmaneuvered strategically...
The original plan can best be remembered as Treasury Secretary Paulson's supreme act of chutzpah -- "give me the money; hurry up; forbid in advance any review of what I'll do."
This was not Mother Theresa asking for alms. Paulson is an extremely wealthy financier whose former firm (Goldman Sachs) is poised to benefit greatly from bailout funding and a revised rulebook. It's a cozy deal too much like the government insider relationship of VP Cheney & Halliburton...
I'd call Paulson a weasel and partly responsible for the financial mess and bad economy, but it's foolhardy to rile a dude with hundreds of billions of dollars in his pocket...
These economic troubles are foremost an indictment of the poor governance of President George W. Bush and his minions. Senator Obama's presidential campaign has been strengthened. So why the hurry among Democrats to assist the President? Why bailout Bush & the Republicans so near the election? Why not let him sink in his own excrement?
The Democrats use the word "bipartisan" and speak of helping America. I wonder if they are simply shortsighted: too-kindly fools who let the monster live (surely it thus will rise again).
It is tempting as well to imagine these politicians are corrupt, and that the rich financiers will fashion them a future payback. But truly I don't believe this is the main driver.
Perhaps the prospect of inheriting a greatly-damaged economy is too dire. Perhaps they are seriously concerned about the exposure of the most disadvantaged citizens (though they could help directly, instead of persisting with 'trickle down' schemes).
Perhaps they look forward to replacing Paulson with their own Treasury Secretary (a brief 108 days from now) and inheriting these new powers.
Perhaps "key allies" elsewhere are being fueled.
Perhaps Democrats don't like the plan, but figure some good will come of it (the revised act included $150 billion of assorted sweeteners), and anyhow it ain't their personal money.
Perhaps politicians fancy themselves financially astute. But top financiers have created an ungainly house-of-cards; it's now already falling apart.
Perhaps thus none of this will work -- they've simply wasted huge funds and made the nation weaker.
Perhaps they've been outmaneuvered strategically...
Tuesday, September 30, 2008
House Resolution 3997
The U.S. House of Representatives defeated H.R.3997 on Monday, 29 Sept. 2008 by a vote of 205-228 under Roll Call 674. The (claimed-to-be "bipartisan") resolution would have pumped $700 billion of citizen's money to those same bankers and financiers who caused the ongoing credit crunch.
Looking into the actual text of the bill, what did I find? The cagey politicians threw a basket of bric-a-brac around the guts of their proposal. Citizens might be surprised to read the first lines: "BILL TITLE: To amend the Internal Revenue Code of 1986 to provide earnings assistance and tax relief to members of the uniformed services, volunteer firefighters, and Peace Corps volunteers, and for other purposes" What the hell is this?
The Emergency Economic Stabilization Act of 2008, as far as I can see, was thrown together with a bunch of other gunk. While seeking to spend a huge amount of taxpayer money to bailout the banks, officially they voted on the "Defenders of Freedom Tax Relief Act of 2007." Couldn't such a momentous effort have been better managed? This is a very shady Congress and not forthright.
From the Congressional Record Daily Digest for 29th September:
"Emergency Economic Stabilization Act of 2008: The House failed to agree to the Senate amendment to the House amendment to the Senate amendment with an amendment made in order by the rule and printed in H. Rept. 110–903, to H.R. 3997, to amend the Internal Revenue Code of 1986 to provide earnings assistance and tax relief to members of the uniformed services, volunteer firefighters, and Peace Corps volunteers, by a recorded vote of 205 ayes to 228 noes, Roll No. 674."
Pages H10334–35, H10337–H10411
Yes (no?), that is: "...failed to agree to the Senate amendment to the House amendment to the Senate amendment with an amendment made in order by the rule...to amend..." Of course a typical person would just love to throw these bums out.
Reading the Congressional Record (which ain't easy) and as far as I can tell: Rep. Gohmert tried to adjourn the House at about 9:10 AM, it went to a vote and was defeated 8-394 (three Reps. after voting for holiday changed their votes to no; see page H10336). This was followed by reading H.R.3997 which talked of Peace Corps benefits, leaky underground storage tanks (SEC. 6430), parity in application of certain limits to mental health benefits, and by the way, a $700 billion subsidy to financiers (about $2000 per citizen). Nearly five hours of discussions followed, with highlights including Rep. Broun (R-Georgia): "this is a huge cow patty with a piece of marshmallow stuck in the middle of it, and I'm not going to eat that cow patty." After using all time for debate, an effort was made to declare the motion passed ("the Speaker pro tempore announced that the ayes appeared to have it...). But when a proper vote was demanded, the count was 205-228 and the bill was defeated.
Since the start of his administration nearly eight years ago, President Bush and his VP Cheney have sought to hamstring Congress and other checks on their executive authority, consistently treating all with contempt. The Treasury Secretary echoed this attitude with his original demands for huge rescue funding, which he himself would administer without oversight. Though there were great efforts (notably by Rep. Barney Frank) toward adjusting the demands of the President and his financiers, and toward increased transparency, the bill still failed. Now the real fireworks begin...
Looking into the actual text of the bill, what did I find? The cagey politicians threw a basket of bric-a-brac around the guts of their proposal. Citizens might be surprised to read the first lines: "BILL TITLE: To amend the Internal Revenue Code of 1986 to provide earnings assistance and tax relief to members of the uniformed services, volunteer firefighters, and Peace Corps volunteers, and for other purposes" What the hell is this?
The Emergency Economic Stabilization Act of 2008, as far as I can see, was thrown together with a bunch of other gunk. While seeking to spend a huge amount of taxpayer money to bailout the banks, officially they voted on the "Defenders of Freedom Tax Relief Act of 2007." Couldn't such a momentous effort have been better managed? This is a very shady Congress and not forthright.
From the Congressional Record Daily Digest for 29th September:
"Emergency Economic Stabilization Act of 2008: The House failed to agree to the Senate amendment to the House amendment to the Senate amendment with an amendment made in order by the rule and printed in H. Rept. 110–903, to H.R. 3997, to amend the Internal Revenue Code of 1986 to provide earnings assistance and tax relief to members of the uniformed services, volunteer firefighters, and Peace Corps volunteers, by a recorded vote of 205 ayes to 228 noes, Roll No. 674."
Pages H10334–35, H10337–H10411
Yes (no?), that is: "...failed to agree to the Senate amendment to the House amendment to the Senate amendment with an amendment made in order by the rule...to amend..." Of course a typical person would just love to throw these bums out.
Reading the Congressional Record (which ain't easy) and as far as I can tell: Rep. Gohmert tried to adjourn the House at about 9:10 AM, it went to a vote and was defeated 8-394 (three Reps. after voting for holiday changed their votes to no; see page H10336). This was followed by reading H.R.3997 which talked of Peace Corps benefits, leaky underground storage tanks (SEC. 6430), parity in application of certain limits to mental health benefits, and by the way, a $700 billion subsidy to financiers (about $2000 per citizen). Nearly five hours of discussions followed, with highlights including Rep. Broun (R-Georgia): "this is a huge cow patty with a piece of marshmallow stuck in the middle of it, and I'm not going to eat that cow patty." After using all time for debate, an effort was made to declare the motion passed ("the Speaker pro tempore announced that the ayes appeared to have it...). But when a proper vote was demanded, the count was 205-228 and the bill was defeated.
Since the start of his administration nearly eight years ago, President Bush and his VP Cheney have sought to hamstring Congress and other checks on their executive authority, consistently treating all with contempt. The Treasury Secretary echoed this attitude with his original demands for huge rescue funding, which he himself would administer without oversight. Though there were great efforts (notably by Rep. Barney Frank) toward adjusting the demands of the President and his financiers, and toward increased transparency, the bill still failed. Now the real fireworks begin...
Sunday, September 28, 2008
More Myku by Genki
Contempt of Congress!
Both parties ignore our pain
Riches fall to friends
No re-election!
Your bailout hocks our future
Corruption's reward
Both parties ignore our pain
Riches fall to friends
No re-election!
Your bailout hocks our future
Corruption's reward
Saturday, September 27, 2008
Myku by Genki
Heap Big Meltdown Fall
Pale Money-Men Eating Crow
Deregulation
glued to our keyboards
we fund master's large return
wipe away my tears...
no fundamentals
built on threat and warfare's bones
unseen greenbacked chains
they've learned nothing new
"industrial leadership"
merely how to con
Pale Money-Men Eating Crow
Deregulation
glued to our keyboards
we fund master's large return
wipe away my tears...
no fundamentals
built on threat and warfare's bones
unseen greenbacked chains
they've learned nothing new
"industrial leadership"
merely how to con
Friday, September 26, 2008
To Market To Market
--- by Genki
To Market To Market
They chant to the Earth
They'd persist with their chant
But it hurts their net worth
Now they ask for a bailout
(Well in fact, they demand !)
Else destruction is promised
We could never withstand
They've demanded grand fortunes
They'll distribute to chums
While my town and our schools
Are transformed into slums
Section 8 of their wishlist
Bans all legal review
Other agencies' oversight
Would be off-limits too
"To maximize shareholder value..."
Our Republic now shoulders the cost
But profit is private & sacrosanct
To hesitate is to be lost
Our elected officials are cozy
On the great wealth of Wall Street they fawn
They told us the future was rosy
As they slyly deliver the con
The rats scramble up on the gravy train
Some foreign weasels ride too
A feeding frenzy – don’t complain
Big capital’s snafu
When Leaders are Looters...
My God who'd we elect?
When my own bills come due
They'll contrive to collect
Just call me a donkey
An innocent fool
Social Darwinist garbage
Misdirected misrule
It seems dumb I should subsidize
Those So Wrong & So Rich
Yet I'm urged to obey...
Golly - "Ain't life a bitch!"
To Market To Market
They chant to the Earth
They'd persist with their chant
But it hurts their net worth
Now they ask for a bailout
(Well in fact, they demand !)
Else destruction is promised
We could never withstand
They've demanded grand fortunes
They'll distribute to chums
While my town and our schools
Are transformed into slums
Section 8 of their wishlist
Bans all legal review
Other agencies' oversight
Would be off-limits too
"To maximize shareholder value..."
Our Republic now shoulders the cost
But profit is private & sacrosanct
To hesitate is to be lost
Our elected officials are cozy
On the great wealth of Wall Street they fawn
They told us the future was rosy
As they slyly deliver the con
The rats scramble up on the gravy train
Some foreign weasels ride too
A feeding frenzy – don’t complain
Big capital’s snafu
When Leaders are Looters...
My God who'd we elect?
When my own bills come due
They'll contrive to collect
Just call me a donkey
An innocent fool
Social Darwinist garbage
Misdirected misrule
It seems dumb I should subsidize
Those So Wrong & So Rich
Yet I'm urged to obey...
Golly - "Ain't life a bitch!"
Fixed Markets, Dirty Insiders
Wall Street spin-meister scum tell lapdog reporters the monster bailout is good for us. Few believe the tall tales; many people are tired of being lied to; most understand America is being looted by the privileged few.
We await a vocal political leader who'll speak strongly against subsidizing big business. Sadly, too many politicians are cozy with the big money players.
The world won't end without this bailout. Why demand prior immunity? -- because this flimflam will unravel. Financial wizards fashioned this crisis; they should lose their jobs, and disgorge accumulated ill-gotten wealth. Hasty decisionmaking rewards the worst people. The Bush government's failed regulatory policies and regressive tax system are also hugely to blame. It's time for change.
Make noise!
Keep government from mortgaging our future to the already rich.
We await a vocal political leader who'll speak strongly against subsidizing big business. Sadly, too many politicians are cozy with the big money players.
The world won't end without this bailout. Why demand prior immunity? -- because this flimflam will unravel. Financial wizards fashioned this crisis; they should lose their jobs, and disgorge accumulated ill-gotten wealth. Hasty decisionmaking rewards the worst people. The Bush government's failed regulatory policies and regressive tax system are also hugely to blame. It's time for change.
Make noise!
Keep government from mortgaging our future to the already rich.
Thursday, September 25, 2008
Give Up the Keys, George!
A foolish boy and his nutty friends commandeer a car and drive wildly around. As time goes by, their roughshod ways cause the car to slow & stink - "it's not as nice as before." They want to design & build a new car for themselves & their friends. They demand that others pay, and quickly, or the world will end.
Don't let Congress waste our money on such people!
Don't let Congress waste our money on such people!
Wednesday, September 24, 2008
Emboldened Looters - Major Ripoff
Bush's Treasury Secretary Henry Paulson, formerly CEO of Goldman Sachs, is preparing to loot the US Treasury. He wants US$700 billion to spend as he sees fit, without oversight.
The money could be distributed overseas, to prop up anything.
Paulson divested himself of a personal half-billion dollars stake in Goldman Sachs stock when taking his present government job. Bloomberg reported "He was exempted from paying capital gains tax on the sale of those stakes under a rule meant to avoid penalizing wealthy people who take government jobs and are forced to sell assets." The Treasury Secretary job itself pays $191,300 (or $478,250 over his expected 30 month term), but there were thus hundreds of millions of dollars of benefits. Sweet!
Of course, those $100 millions of capital gains taxes thus don't go to the Treasury, but instead are in Paulson's pocket.
Today, wonder of wonders, Paulson's reportedly got a new friend:
"Berkshire Hathaway, the company owned by US investment guru Warren Buffett, has bought ... $5bn of Goldman Sachs preferred stock bearing a 10% annual interest rate. It could increase its holding of Goldman shares as under the terms of the deal, it has the option of buying $5bn of common stock for $115 per share at any time in the next five years." Sweet deal!
Available for Financiers Only!
Beware especially the bailout's proposed Section 8 -- almost unbelievable: "Decisions by the Secretary pursuant to the authority of this Act are non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency. " Wow! Looters Seek Prior-Immunity. Very bold. But it's a 'big bucks' play...
The money could be distributed overseas, to prop up anything.
Paulson divested himself of a personal half-billion dollars stake in Goldman Sachs stock when taking his present government job. Bloomberg reported "He was exempted from paying capital gains tax on the sale of those stakes under a rule meant to avoid penalizing wealthy people who take government jobs and are forced to sell assets." The Treasury Secretary job itself pays $191,300 (or $478,250 over his expected 30 month term), but there were thus hundreds of millions of dollars of benefits. Sweet!
Of course, those $100 millions of capital gains taxes thus don't go to the Treasury, but instead are in Paulson's pocket.
Today, wonder of wonders, Paulson's reportedly got a new friend:
"Berkshire Hathaway, the company owned by US investment guru Warren Buffett, has bought ... $5bn of Goldman Sachs preferred stock bearing a 10% annual interest rate. It could increase its holding of Goldman shares as under the terms of the deal, it has the option of buying $5bn of common stock for $115 per share at any time in the next five years." Sweet deal!
Available for Financiers Only!
Beware especially the bailout's proposed Section 8 -- almost unbelievable: "Decisions by the Secretary pursuant to the authority of this Act are non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency. " Wow! Looters Seek Prior-Immunity. Very bold. But it's a 'big bucks' play...
Monday, September 22, 2008
Double Whammy !
Speculation & lies have driven US finance firms to the brink of disaster. The "financial leaders" and "statesmen" who forced us into the morass are now begging for bailout by common working citizens.
What are these losers (most still in their high-paying jobs) now doing while Bush talks of a bailout costing $800 billion (don't trust low-figure Bush arithmetic)...
The financiers certainly now are doing what they do best -- jigging the system. Goldman Sachs and Morgan Stanley decide to change their legal status and become commercial banks -- the regulators accept their proposal the same day (21 Sept 2008); on a Sunday no less!
Be sure that the weasels are positioning their businesses and themselves personally to gorge maximally from the carnage they devised. Bailout costs are already rising; of course nobody wants to pay, now or ever. We must require any firm accepting public funds to purge all top management and make such failed managers liable to disgorge salaries and benefits already taken.
The big loser = the average mensch. It just ain't right!
What are these losers (most still in their high-paying jobs) now doing while Bush talks of a bailout costing $800 billion (don't trust low-figure Bush arithmetic)...
The financiers certainly now are doing what they do best -- jigging the system. Goldman Sachs and Morgan Stanley decide to change their legal status and become commercial banks -- the regulators accept their proposal the same day (21 Sept 2008); on a Sunday no less!
Be sure that the weasels are positioning their businesses and themselves personally to gorge maximally from the carnage they devised. Bailout costs are already rising; of course nobody wants to pay, now or ever. We must require any firm accepting public funds to purge all top management and make such failed managers liable to disgorge salaries and benefits already taken.
The big loser = the average mensch. It just ain't right!
Sunday, September 21, 2008
Business as Usual = A Bad Business
The increasingly globalized world is always changing. We continuously need to adapt to survive.
Last week our US President suddenly became interventionist in business affairs, with friendly bail-out of major finance, banking and insurance businesses.
This is bad policy for many reasons. First, in most cases the same or wholly similar dipshits will continue to run those businesses. Careless & overpaid executives and regulators whose policies led to systemic problems haven't learned any lessons -- only that the taxpayer can bail them out. They should be forced personally to disgorge salaries, bonuses & profits.
Tycoon bailout without oversight is bad business, too similar to the mistake made by Pres. Ford in pardoning Richard Nixon, drawing a veil over Watergate. As a nation of laws, the full debacle should be presented in open court, with public evidence on record. Otherwise the same errors will reemerge again & again.
Bush & his cronies have fiddled the system from the top, and have driven our nation to near ruin (to justify bailout, they now admit financial ruin is near).
Irresponsible appointments have focused on ideologues, often with bankrupt options. 'Creative accounting' led to poor performance, perhaps inevitably.
Hurricane Katrina's infamous "Brownie" became Undersecretary in the Dept. of Homeland Security after presiding over the decline of the Intl. Arabian Horse Assn. Smashing!
Enron's Thomas E. White became Secretary of the Army (previous CEO of Enron Operations Corp. & Vice Chair of Enron Energy Services). White's responsibility for the Army didn't last two years, but he was in charge during 9/11 and the deadly anthrax attacks. (It's now believed the anthrax poisoner operated from within Fort Detrick, a US Army facility). Lovely...
http://www.commondreams.org/views02/0917-04.htm
http://www.thememoryhole.org/white-bio.htm
Last week our US President suddenly became interventionist in business affairs, with friendly bail-out of major finance, banking and insurance businesses.
This is bad policy for many reasons. First, in most cases the same or wholly similar dipshits will continue to run those businesses. Careless & overpaid executives and regulators whose policies led to systemic problems haven't learned any lessons -- only that the taxpayer can bail them out. They should be forced personally to disgorge salaries, bonuses & profits.
Tycoon bailout without oversight is bad business, too similar to the mistake made by Pres. Ford in pardoning Richard Nixon, drawing a veil over Watergate. As a nation of laws, the full debacle should be presented in open court, with public evidence on record. Otherwise the same errors will reemerge again & again.
Bush & his cronies have fiddled the system from the top, and have driven our nation to near ruin (to justify bailout, they now admit financial ruin is near).
Irresponsible appointments have focused on ideologues, often with bankrupt options. 'Creative accounting' led to poor performance, perhaps inevitably.
Hurricane Katrina's infamous "Brownie" became Undersecretary in the Dept. of Homeland Security after presiding over the decline of the Intl. Arabian Horse Assn. Smashing!
Enron's Thomas E. White became Secretary of the Army (previous CEO of Enron Operations Corp. & Vice Chair of Enron Energy Services). White's responsibility for the Army didn't last two years, but he was in charge during 9/11 and the deadly anthrax attacks. (It's now believed the anthrax poisoner operated from within Fort Detrick, a US Army facility). Lovely...
http://www.commondreams.org/views02/0917-04.htm
http://www.thememoryhole.org/white-bio.htm
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