Party at Capitol Hill Dunk Tank!

There is something to be said for the party at the Capitol Hill Dunk Tank that periodically invites the creme-de-la-creme from the Wall Street and Financial fraternity for cake, since they don’t eat bread. Even as we are crying foul at the massive re-distribution of wealth that is taking place under our noses, our house reps, in an effort to wipe our tears and divert us, have hauled up various economic criminals (bank and auto heads), real criminals (peanut tycoon), camouflaged criminals (Treasury and SEC officials who plead incompetence rather than malicious intent), and financial criminals (Madoff et al), to a Capitol Hill Dunk Fest.

Our brave leaders have put their heads in the lion’s jaws for our sakes. They recognize that we are yelling for blood. And that we want justice. Because we know, in our heart of hearts, that the money the CEOs have earned is not for an honest day’s work. It is “earned” with a loaded dice – by knowing the “right” people, “lobbying” for their interests, and fighting against legislature that benefits the country.

So they drag these suited, booted, arrogant, smirking, know-it-all, talking heads to Capitol Hill.

“Did you know that you were indulging in risky behavior when you encouraged your loan officers to push high interest mortgages to people who couldn’t repay them?
Dunk!

“How much money did you lend out last year after you took TARP money and how much did you lend out the year before when didn’t have access to TARP money? Why are both amounts the same?”
Dunk!

“How many millions did you pay as bonus to your employees with one hand, when your company was in the red and grasping taxpayer money with the other hand?”
Dunk!

“Weren’t your companies the ones that fought hard against legislation for building energy-efficient cars? Now why are you coming to us for help when gas prices make your cars unaffordable to run?”
Dunk!

“How did you come to Capitol Hill today? Did you use the Corporate jet?”
Slam Dunk!

Oh, I know, I know, one cannot shame the shameless. To all intents and purposes, a tongue-lashing is not the same as a lashing.

Our only hope of reprieve from yet another bubble is to enact strict and loophole-free laws before we hand out our money to the grubby hands of the banks. But since our interests are not protected here too, we must rely on Wall Street’s sense of shame and well concealed patriotism in order to help dig our nation out of the mess of their making.

Even if the dunkfest does not accomplish its goal – to shame the CEO’s into good behavior, it at least indicates that at least our lawmakers feel our pain, while they are handing out the futures of our children and grandchildren to dishonest and avaricious people. We should be able to take comfort in that.

Sex and the TARP!

Here is a riddle: What is more scandalous than “Sex and the City”, costs $2000 / hour, gives intense pleasure to someone other than you, but is paid for with your hard-earned money under TARP?

Guess? Didn’t get it?

Ok, here is another hint: What is a legitimate business expense for big Wall Street CEOs in order for them to perform their high-stress, high-paying jobs, delivering “great” rates of returns for their investors?

Give up? Beyond your imagination?

I don’t blame you. It is hard to wrap your minds around this creepy excess.

According to an NYC Madam, Wall Street execs and CEOs have been utilizing high-end prostitutes at $2000/hr and paying for them with their corporate credit cards. They have been deducting these expenses illegally as legitimate business expenses. Looks like the TARP money will come in handy to rescue their firms since their routine expenses to “conduct” their business is higher than the profit generated from the business. It is no wonder that the companies that they manage are now running at a loss and need tax payer money to help offset losses. To add insult to injury, even after this  illegal, deceitful, fraudulent and distasteful behavior they have the gall to resist Govt. oversight for the TARP money and fight the restrictions placed on their compensations. And they try to get the Republicans to spout crude “wisdom” about Govt interference in their business.

By rights, we, the public, should ask the Govt to prosecute all these executives and recover this money from them.  We should also be defining the oversight of company expenses for companies that accept TARP money since we have paid for all this:

- a major New York real estate developer who, according to the list, “will come to the door wearing women’s panties,” and who spent nearly $100,000

- a partner at the Wall Street law firm Cravath Swaine Moore “looking for a party girl to come fully equipped” and spent a total of $20,000

- an investment banker from Lehman Brothers who saw “Kelsey and Keely together” and later saw “Aria and Skyler at the same time”

- an investment banker at JP Morgan Securities who “loves Brooke” and spent $41,600

- an investment banker at Goldman Sachs who “only wanted all-American girls” and spent $27,000

- a managing director from Merrill Lynch who saw “Lana” using the name “Nataly”

- a managing director from Deutsche Bank “who called about seeing Nataly again”

Join in to leave a message if you don’t want to pay for all this.

Walll Street Fiddles as America Burns!

We Americans have our very own reincarnation of Nero – The fools at Wall Street.

Nero, the fifth and final emperor of the Julio-Claudian dynasty was known for his tyranny and extravagance. But, his greatest claim to fame was that he fiddled while Rome burnt!

Our Neros think John Thain’s (Merill Lynch’s CEO) profligacy is warranted and a “just a drop in the bucket” compared to the money that Merrill Lynch makes each quarter.

I wish the Wall Street types who said this would do their homework first. Merrill was posting losses every quarter. There was no money being made. Merrill was laying off employees in order to save money. And John Thain was preaching to his leftover employees to CUT spending while he refurbished his office!

Is this the reason why we are all in this mess? Because the CEOs who are hired by corporations dont think they need to do their homework before spouting nonsense? Because they refuse to face reality? Because they are so puffed up with their own importance that they think they are worthy of an office costing $1.22 million?

Because they continue to fiddle while America burns?

If they don’t have bread, let them eat cake!!

Quick! Whose were these famous last words that triggered the French revolution? Who was sent to the guillotine for saying this?

- Marie Antoinette – the French Queen!

And again, quick! Who has Marie Antoinette reincarnated as, in this life?

Guess? Can’t guess? Are there too many top executives in America who fit Marie Antoinette’s utterly tasteless, utterly stupid, utterly crass, utterly self-centered, and utterly greedy life style?

Here is a hint:

- Guess who, while cutting off his employees lifelines by laying them off work by the thousands in order to “save” the company, was simultaneously spending $1.22 million of the same company’s money in refurbishing his office?
- Guess who had the company pay $87,000 for an area rug for his tender left foot in his office?
- Guess who needed another area rug for $44,000, for his other tender foot?
- How about a mahogany pedestal table for $25,000?
- What about a 19th Century Credenza for $68,000? A sofa for $15,000? Four pairs of curtains for $28,000? A pair of guest chairs for $87,000? A George IV Desk for $18,000?
- How about the ultimate slap on our faces – the $35,000 toilet bowl, paid for with our retirement savings?

And on and on, until the bill came up to $1.22 million?

Ah! Got it now, did ya!

Looks like Madame Antoinette didn’t learn even after being guillotined in her previous incarnation. Reborn as the asinine Mr. John Thain, CEO of the sunken Merrill Lynch,  Johnny boy had the tremendous gall to spend $1.22 million on trivialities whilst laying off hard-working Americans who worked for him. He actually committed crimes of commission worse than poor, stupid Marie Antoinette’s crime of omission.

At least Marie just sat in her ivory tower and didn’t realize what her people were going through.

But John? Oh John! Don’t you understand? Didn’t the people’s wrath teach you anything at all? A whiff of honor? Some integrity? A dash of empathy? A small modicum of decency? No?

Well, John -  Did you know that an honorable captain sinks with the ship? That is why he is CAPTAIN. He saves all his people even when he goes down.

Not you, Johnny! You sunk your people while you feathered your nest.