tagged w/ Enron
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When the almost six billion of us outside the US watch the contest for The Most Powerful Man in the World, we tend to focus on the candidates' foreign policies. If I was Iranian, say, I'd be anxious that John McCain keeps joking in public about killing me.
But there's a way in which the next US president will affect you even more directly than foreign policy. By his economic decisions, the next president will help swing the price of the food you eat and the wages you earn – wherever you live on earth.
When he is forced to talk about the economy, McCain has always given the same answer: "I rely on the circle I have developed over many years – people like Phil Gramm."
Phil Gramm is an ornery old ex-Texas senator who seems to have swooped out of the most scathing H L Mencken sketch. He became McCain's "best friend in politics" – and started speaking to him every day – when they linked arms to stop Hillary Clinton's 1993 push to extend healthcare to poor Americans.
He calls for "ruthlessly" slashing government spending – but only focuses on spending on the poor. When he was told paying for healthcare plunged many 80-year-olds into poverty, he said: "Most of us don't have the luxury of living to be 80 years old, so it's hard for me to feel sorry for them."
But most relevant to those of us outside the US is that Gramm – more than any other figure in American politics – made the two great financial scandals of our time possible, and nearly brought the global economy down with him.
The billionaire Warren Buffet pointed out that Phil Gramm has twice tossed "financial weapons of mass destruction" into the US economy. Yet instead of shunning him, McCain made Gramm the co-chair of his presidential campaign, and hinted he might make him Treasury Secretary. McCain – the supposed scourge of buying influence – was even happy for Gramm to be simultaneously a paid lobbyist for the mortgage industry and helping to write his speeches about the mortgage crisis. The Gramm-grip on McCain's policies shows: incredibly, the wannabe-president responded to the credit crunch caused by deregulation by calling for even more deregulation.
So it seems for this putative president, causing two major economic crises is fine – but speaking about them crudely is a step too far. Yessir: if you liked the credit crunch, you'll love McCainomics.
[Credit: Johann Hari, The Independent]When the almost six billion of us outside the US watch the contest for The Most... more
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Big Air vs. Big Oil
I once read a theory on why animal attacked by a predator screams. I can't remember the source or I would quote it, but the question posed was, what basis is there for expending energy to scream when all your strength should be concentrated on struggling to get away? The answer speculated upon was that the screaming could be a way of attracting other predators. This will cause the two predators to fight over the potential food, giving the screaming animal time to escape.
In short, there's no way a prey animal can win in a one on one fight versus a predator. The prey has to get the predators to fight each other in order to survive. Stretching that analogy further explains in my mind why the Enron scandal blew up into such a big deal.
Rich corporations (predators) have been attacking their workers (prey) for years and it's never been worth commenting on to the wealthy media and political species. However, the criminals at Enron were so greedy, they didn't just steal from the workers, they even ended up stealing from the rich people who invested in them. That's what led to the outrage from the media, the government, etc. Poor people can be (and are) trampled in bulk every day in human history and it doesn't merit a news story, but when the rich get screwed by one of their own, now that's an injustice.
So I was very excited when I opened my email this morning and found a letter from twelve Airline CEOs demanding more regulation of oil speculation. Summarized: oil speculation is the trading that occurs prior to the oil being sold to someone who is actually going to use it. Each time the oil is traded, it becomes more expensive. Without much regulation, that trading prior to someone using the oil can occur enough to drive the oil prices sky high, before anyone who is actually going to use the oil buys it. Imagine that! One industry calling for regulation of another! Awesome.
So years and years of the average consumer screaming about petrol prices has resulted in... nothing. But now that a fellow predator (Big Air is slimy) is attacking another predator (Big Oil is the slimiest) we can expect to see some change. So it is in the USA, where corporations rule too much.
Visit the site and stick it to Big Oil. Big Air is a bunch of jerks, too, but NO ONE is worse than Big Oil.
Go to http://www.stopoilspeculationnow.com/
Larry Nocella is the author of the novel, Where Did This Come From? available on Amazon.com.
http://www.larrynocella.com/
http://www.amazon.com/dp/1425713815?tag=larrnoce-20&camp=14573&creative=327641&linkCode=as1&creativeASIN=1425713815&adid=0JTJGW0GXBXYXWT4ENQ4&
Big Air vs. Big Oil
I once read a theory on why animal attacked by a predator... more
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Barack Obama on Sunday rolled out a proposal to curb speculation in energy markets, a plan his advisers said would help stabilize soaring gas prices.
Obama proposed a four-step program that would, among other things, close a so-called "Enron loophole" that protects some energy futures trading from oversight by the Commodity Futures Trading Commission, his advisers said.
"I think everyone believes there's too much speculation in the oil markets, and a lot of it flows directly from that particular loophole," Gov. Jon Corzine, the New Jersey Democrat, said on a conference call hosted by the Obama campaign.
The other three components of the plan, as described by Obama economic adviser Jason Furman, are: to ensure that US energy futures cannot be traded in offshore, unregulated markets; to work toward an international regulation of oil futures markets, in cooperation with like-minded countries; and to have both the Federal Trade Commission and the Department of Justice investigate the oil markets.
Tthe McCain campaign said Obama is mimicking McCain on the gas loophole.
"The truth is Barack Obama is following John McCain's lead to close a Wall Street loophole that was signed into law by President Bill Clinton," McCain campaign spokesman Tucker Bounds said in a statement. "John McCain has supported bipartisan efforts to close this loophole and will work to address abuses in oil speculation. Barack Obama has voted the party line for Democrats who claim the loophole is fixed. The fact that Barack Obama is attacking John McCain, despite McCain's leadership on the issue, shows that Barack Obama is driven by the partisan attacks that Americans are tired of."Barack Obama on Sunday rolled out a proposal to curb speculation in energy markets, a... more
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Here it is folks....
Privatization of the Oil and Natural Gas markets lead to a huge speculative bubble, a la Enron.
Bandits have hijacked our utilities. This Loophole must be closed!Here it is folks....
Privatization of the Oil and Natural Gas markets lead to a... more
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The failure of the American media [to do it's job in regards to 9/11] has been admitted by some insiders. For example, Rena Golden, executive vice-president and general manager of CNN International, was quoted as saying in August of 2002 that the American press had censored itself on both 9/11 and the war in Afghanistan. "Anyone who claims the US media did censor itself," Golden added, "is kidding you. And this isn't just a CNN issue - every journalist who was in any way involved in 9/11 is partly responsible." As to why this has been the case, CBS anchorman Dan Rather has said:
"There was a time in South Africa that people would put flaming tires around people's necks if they dissented. And in some ways the fear is that you will be necklaced here, and you will have a flaming tire of lack of patriotism put around your neck. Now it is the fear that keeps journalists from asking the toughest of the tough questions."
Rather's confession surely explains at least part of the press's reticence to question the official account, especially since journalists perceived as unpatriotic are in danger of being fired.
One of the chief critics of the official account, Thierry Meyssan, suggests that Americans have viewed any criticism of the official account to be not only unpatriotic but even sacrilegious.
On September 12 [2001], Meyssan reminds us, President Bush announced his intention to lead "a monumental struggle of Good versus Evil."
On September 13, he declared that the next day would be a National Day of Prayer and Remembrance for the Victims of the Terrorist Attacks.
On September 14, George W. Bush, the 43rd President of the United States issued a declaration of war from a cathedral. He was surrounded by Billy Graham, a cardinal, a rabbi, and an imam as well as four previous presidents and many members of Congress. GWBush delivered the sermon. in the Sermon, he said:
"Our responsibility to history is already clear: to answer these attacks and rid the world of evil. War has been waged against us by stealth and deceit and murder. This nation is peaceful, but fierce when stirred to anger...In every generation, the world has produced enemies of human freedom. They have attacked America, because we are freedom's home and defender. AND THE COMMITMENT OF OUR FATHERS is now the calling of our time....[W]e ask almighty God to watch over our nation, and grant us patience and resolve in all that is to come.... And may He always guide our country. God bless America."
An unprecedented declaration of war from a cathedral.
Meyssan observes, "the American government consecrated...it's version of events. From then on, any questioning of the official truth would be seen as sacrilege."
"The New Pearl Harbor"
by David Ray Griffin
http://www.democracynow.org/2004/5/26/the_new_pearl_harbor_a_debateThe failure of the American media [to do it's job in regards to 9/11] has been... more
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Bush aides everywhere high-five.
Wikileaks.org, a whistle-blower website where users can anonymously post confidential corporate and government documents (most notable for the leak of records from US prisons in Iraq and Guantanamo Bay) has been shut down by a California court. Bush aides everywhere high-five.
Wikileaks.org, a whistle-blower website where... more
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adavis
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added this
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4 years ago
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THE TRUTH BEHIND THE ENRON SCANDAL
The Shocking Truth Behind The Scandal At Enron And The Possible Cause of Kenneth Lay's Retirement and Early Death.
It seems the whole thing was a cover-up to avoid the embarrasment of saying what really happened to the investment money and employee pension fund that was presumed to have been stolen by crooked Enron execs.
Even the California Energy Crisis which Enron was blamed for profitting off of by manufacturing black-outs is mentioned in this documentary.
The Truth may shock and scare you! Your financial savings are never completely safe from these masked rogue traders of death and dismemberment!
THE TRUTH BEHIND THE ENRON SCANDAL
The Shocking Truth Behind The Scandal At Enron... more
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Decisions favoring businesses and protecting them from accountability from collusion and fraud against investors, whodathunk it from the Roberts Supreme Court? This precedent will also make it difficult to sue sub-prime players. As the Houston Chronicles says, the Enron-driven reforms are now unraveling. And it is this environment that the White House want YOU to direct your Social Security account?with no security.
http://www.crooksandliars.com/2008/01/22/supreme-court-tells-enron-investors-so-sorry-oh-well/Decisions favoring businesses and protecting them from accountability from collusion... more
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Horrifying. Logan posted on this story when it broke.
Scott Horton writes: ?What the Jamie Leigh Jones Case Teaches Us?
There has not been a single completed prosecution of a crime involving a contractor implicated in violent crime coming out of Iraq, although the reported incidents which would have merited investigation are legion. Again, it is simply impossible to believe that in a community with a peak population of 180,000 people?with many more people than that actually cycling in and out of these jobs, tens of thousands of them Americans?over a period of approaching five years there has been no violent crime. The facts point to something else: an attitude of official indifference within the Department of Justice, or at least a decision to accord these crimes a very low priority and no or very little resources?
What can I add to that? Horrifying. Logan posted on this story when it broke.
Scott Horton writes: ?What... more
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I was skeptical that this wouldn't be like paint drawing, but I was totally blown away and I recommend it highly. :-) Cove
Who would think a documentary about the collapse of a mammoth corporation could play out like a drama with the emotional power of Greek tragedy? But that is the impact of ENRON: The Smartest Guys in the Room, the inside story of one of historys greatest business scandals, in which top executives of Americas seventh largest company walked away with over one billion dollars while investors and employees lost everything.
Preview:http://www.pbs.org/cgi-registry/mediaplayer/videoplayer.cgi?playertype=quicktime&speed=hi&;playeraddress=videoplayer.cgi;media=%2Findependentlens%2Fenron_36.rm%2C%2Findependentlens%2Fenron_220.rm%2C%2Findependentlens%2Fenron_lo.mov%2C%2Findependentlens%2Fenron_hi.mov;title=Independent%20Lens%20.%20Video%20Preview%20.%20ENRON%3A%20The%20Smartest%20Guys%20in%20the%20Room%20%7C%20PBS;playertemplate=%2Findependentlens%2Fvideotemplate.html;description=ENRON%3A%20The%20Smartest%20Guys%20in%20the%20RoomI was skeptical that this wouldn't be like paint drawing, but I was totally blown... more
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What were they smoking? asks the cover of the current issue of Fortune magazine. Underneath the headline are photos of recently deposed Wall Street titans, captioned with the staggering sums they managed to lose.
The answer, of course, is that they were high on the usual drug greed. And they were encouraged to make socially destructive decisions by a system of executive compensation that should have been reformed after the Enron and WorldCom scandals, but wasnt.What were they smoking? asks the cover of the current issue of Fortune magazine.... more
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