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Posts Tagged ‘Lobbyists’

AIG “Robs the Bank”

Posted by Larry Doyle on March 15th, 2009 9:07 AM |

When an entity has an 80% equity stake in a company, one may think that nothing of substance could happen there without that majority shareholder’s consent. Well, how is it that the black hole known as AIG to Pay $450 Million in Bonuses

We may see some arm waving and loud pronouncements from Congress about investigations, but the question still begs as to how this happened. The government took this majority stake in AIG last September. Are we to believe government representatives were both unaware of potential contractual payments and that they did not approve them? How could the government approve payments within a division that brought the global markets to its knees? 

Perhaps we should revisit the theme of my piece, How Wall Street Bought Washington.  Embedded in that piece, we can see the insurance industry lavished $220 million in campaign contributions and $1.1 billion in lobbying dollars on Washington over the last decade. AIG was one of the primary sources of that money.

Follow the money!!


So Many Questions

Posted by Larry Doyle on March 7th, 2009 10:52 AM |

question-cubeIn the midst of any storm, one wonders what the landscape may look like when the dust settles. Well, our current economic tsunami is no mere rainy day at the beach. What will the landscape look like on the other side? Let’s ponder some of the questions we need to ask as we navigate forward:

1. Which companies will no longer exist as currently formulated?

2. Will companies become smaller, more simplified, with less financial engineering?

3. How will regulation of the financial industry look? Could it have a global basis? Will national interests prevail over global demands?

4. Where will the DJIA be on March 7, 2010? March 7, 2014?

5. What will the unemployment rate be on those dates?

6. What will Obama’s approval ratings look like on that first date? Which Obama program will be deemed successful? (more…)

Sold Out

Posted by Larry Doyle on March 4th, 2009 1:12 PM |

Our loyal reader Fiscal Liberal shared a report from Wall Street Watch called Sold Out that I want to make sure is properly highlighted. In this report, I was taken by the quote on page 2 of the executive summary:

the financial sector showered campaign contributions on politicians from both parties, invested heavily in a legion of lobbyists, paid academics and think tanks to justify their preferred policy positions and cultivated a pliant media–especially a cheerleading business media complex.

That statement is a strong indictment of our entire system of government, commerce, academia, and media. It is not a stretch to formulate a tidy little conspiracy. The most important question, though, is who is looking out for the general public?

Thank you Fiscal Liberal for sharing the report. I strongly recommend this piece to everyone.


How Wall Street and Washington Betrayed America!!

Posted by Larry Doyle on March 4th, 2009 11:03 AM |

While politicians, bankers, regulators, and commentators can and will point fingers as to where and how our system of financial oversight broke down, make no mistake it was due to too many people making and taking too much money!! I have highlighted the grotesque system of lobbying that has developed and corrupted our society in More Legalized Bribery.  

We watch daily hearings on Capitol Hill in the spirit of doing what is right for our country. Please!! Spare me the nonsense and pandering. While collectively we deal with markets that are now down over 50%, the pols and the bankers have effectively robbed the bank and left the taxpayers with the bill to clean up the mess.  Barron’s wrote a brief piece on this topic: how the Financial Sector Spent $5 Billion Lobbying Washington Over the Last Decade!! 

It is high time we attach names and faces to those politicians and lobbyists who fed at this trough!!


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