Fat cat squeezing under the fence – AIG, Bankers squeezing into our yard with Geithner’s active help!

Easy does it! Slow and steady.

First, an itty-bitty subprime fiasco.

Then, a housing bust.

Next, a  bailout  of AIG on the quiet. Tell the public AFTER you’ve given them the money.

How about some spice?  Sprinkle a bit on  Fannie and Freddie.

Say it aint so, Lehman’s.

Now, pour $700 billion down the Bank drains.

Oh no! it’s time for AIG once more.

How about some theatrics during the intermission about the Auto industry?

Ah! Time again for AIG!

Not enough?

Let’s put together a TRILLION dollars. It will go to buy the same toxic assets that have been bought again and again, first directly from the banks themselves, then again from the banks via AIG, and now once again…

Like the fat cat squeezing under the fence, we have Corporate bigwigs squeezing into our yard – thanks to help from politicians (like Christopher Dodd) who rewrite the law in the dark of the night to provide loopholes, and a Treasury Secretary who is anxious to please the bigwigs by freely giving away our money!

Oh, look! The head came through!

Oh no, the fat cat is half way in!

Whoops! He’s all the way into our yard!

Jeez! He’s settled in!

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?

Pay to play!

One of my favorite Tamil movie scenes is a comedy routine, performed by the actor Vivek. In that scene, Vivek is traveling on a motorbike, when he is stopped by a cop for speeding. The cop asks him to dismount and starts writing up a ticket. Vivek is all braggadocio and he blusters to the cop, ” I know the Police chief!”. The cop immediately stops writing the ticket and starts groveling. Vivek then puffs up his chest and cannot stop himself from saying, “BUT, he doesnt know me!” To which the cop responds by thrashing him.

It is a hilarious scene, but also a sad scene, because that is the true state of affairs in India. You get by, by who you know. And you get by, by bribery. Your business runs on whose palms you can grease. You can get off the hook by paying. You can land jobs, movie tickets, seats in restaurants, big contracts, anything, by paying money. And in the Govt. there is a fixed price tag for every job that your elected officials are already paid to do. You need a passport? No problem, just pay an extra Rs 500 along with the passport fee. Everyone down to the office peon gets a cut. You need get approval on a real estate form for building your factory? No problem, just pay Rs 100,000 and it will get done.

Money just doesn’t talk in India, it sings.

And people are so desensitized that bribery is no longer something to be ashamed of, corruption is no longer “under the table”. In India bribery is a blatant, “Sur la table”! In your face!

So when I read the screaming headlines of the past two days: “Illinois Governor Rod Blagojevich busted in an early morning operation because he was caught on tape negotiating to sell Barack Obama’s old Senate seat” I felt a sense of deja vu. Been there, seen that.

But what I hadn’t seen before was the media frenzy at Governor Blagojevich’s brash and open misuse of power. As I watched the news media cover the whole sordid tale, the one thing that emerged was the indignation of everyone in Illinios at the fact that everything was “Sur la table”. They couldn’t believe that Blago, as he is fondly referred to, had lost all sense of dignity of his position, all sense of shame, any honor and any respect for the people he was representing. Blago so believed he was above the law that he openly taunted the FBI to investigate him and place wire taps.

As a fairly recent transplant from India to the US, I revel in and enjoy the cultural differences between the two countries. I found that one of most striking cultural differences is between the way Indians speak and Americans couch their words – it is simply the polish. It is a refined and genteel way of saying the unpalatable. Whatever Indians say bluntly, the Americans I know, will pretty the same thing up, and arrive at it in a roundabout manner.

Going by the media frenzy, especially on CNN, it appeared that Blago’s crime was not just the fact that he was corrupt. There are other corrupt politicians. Especially other corrupt Governors from Illinois. Blago’s heinous crime was that he was blatant: his every demand was open. His misuse of power was rampant. True to American form, the media came up with a “sound bite” in order to spare our sensibilities. Pay-to-play!

Presumed guilty until proven innocent?

The American media is a grand old institution. For most part, they do a great job covering various sensational cases. But one Achilles heel that I have noticed time and again, is the propensity of the media to presume guilt even before some cases go to trial. This has been a particularly virulent form of aggression and it does great harm to the defendant.

In the past few weeks, two cases come to mind: the Rod Blagojevich case of the Illinois governor who is accused of trying to sell Barack Obama’s recently vacated senate seat to the highest bidder. The press has gone bonkers about this case and every single news anchor I’ve watched so far, has spoken as if Blago is guilty. Truth be told, there are accusations against him, but nothing has been proven so far, because the investigation is still going on.

In the more serious case of Casey Anthony, who has been accused of killing her 2 year old child, the press has tried and passed a verdict on her. Nancy Grace on CNN has been especially unrelenting in accusing Casey of murdering her child.

Now, this may, in fact, turn out to be the case, but that is not the issue I am talking about. I am speaking about the fact that Casey will not be provided a fair trial under the law because Nancy has sensationalized the case so much. Not only that, she has spent many hours accusing Casey of being guilty. There are other people out there, some are “psychologists” who, purportedly, profiled Casey Anthony as a “sociopath” based on scant 3rd hand evidence.

Thanks to Nancy’s innuendo’s, outright accusations and sarcastic remarks, and others like her, who have heard the evidence (3rd or 4th hand), deliberated, tried and indicted Casey, she has lost the basic human right of presumed innocence until guilt is proven in court with no shred of doubt.

While I am all for the media making hay while the sun shines, it must not be at the expense of other human beings. Everyone deserves a fair shake at justice and in these two cases (in the recent past) justice is not being served. Let the police and the court systems do their job. The media, in these cases, seem to have erupted like vultures after a carcass.

Please don’t misunderstand me – I don’t imply either guilt or innocence in these two cases.  I would like to withhold any private opinion – simply because it is not my place to judge until the courts have tried and come to a verdict. I implore everyone else to withhold judgment until then too.

I would urge the media and the people to BE FAIR and BE NON-JUDGEMENTAL – If not for the sake of the defendants, at least for THEMSELVES!