Letter to the Dallas Morning News
The problem with the flat-earth thinkers in the GOP is that they feel they are entitled to their low taxes, concealed weapons, and their hypocritical views on choice, family values, morals and the free market. As to choice, when their loved one needs birth control info or an abortion, don't you worry they'll get it and worry about their constituencies later. With regards to family values the newspapers are rife with the news of the Vitters, Craigs, Gingriches, Guilianis, Sandfords, Duke Cunninghams and many more who preached one way and played another. With regards to the free market, thay are all for capitalism when they want every break to get a piece of the market pie. But once in the door, they love monopolization, conglomeration, price-fixing, insider trading, phony stock options and bailouts when they fail. Just look at the record on Enron, WorldCom and numerous other failures, too long and extensive to list no less recall. Even the infamous Ross Perot, who blabbered that government, should be run like a business, and where did most of his business come from? You guessed it, the government.
Ms. Carly Fiorina, who after almost destroying Hewlett –Packard was sent off to be an economic advisor to John McCain with a bank-roll in the scores of millions. She of course, for a short moment, was being considered for vice-president on his ticket. Unfortunately after not being chosen, the scorned woman decided to tell the truth, and in an interview she stated that Sarah Palin could not be a CEO of a major Fortune 500 firm. When she realized her faux pas, she quickly amended her remarks to include John McCain. Of course since “there is many a truth said in jest,” her honesty really did hurt, and she has been declared persona non grata by the Steve Schmitt/John McCain campaign machine.
After Washington Mutual, a bank holding company, whose stock had traded as high as $45 per share dropped in mid-September of 2008 to as low as $2.00 and the price finally settled at 16 cents this week. The Chairman Kerry Killinger stepped down in June, but remained as the Chief Operating Officer. Later he was forced to resign because of pressure from the investors and Alan H. Fishman, a former CEO of the Sovereign Bank was named to head Washington Mutual on September 8, 2008. The depositors were not happy with what was going on and a massive run on their banks ensued as customers withdrew almost $17 billion in less than two weeks. Secret negations were started after the Office of Thrift Supervision seized the bank and placed into the hands of the FDIC. The negotiations over this past weekend proceeded and JP Morgan Chase became the new owner. The new CEO Alan Fishman, who was flying to Seattle when the transfer was consummated, was now out of job. He had held that position for 17 days, and for his time and effort he received a $7.5 million up front payment and a cash good-bye present for $11.6 million. As George Gershwin once said long ago, “Nice work if you can get it!”
This is how the “greed merchants” on Wall Street get compensated. They win when they lose!
Let's get some transparency and better regulation on Wall Street, and maybe these crooks will have a harder time in the future ripping every one off!
Richard J. Garfunkel
Host of The Advocates
WVOX Radio in NY www.wvox.com
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