Posts Tagged ‘countrywide

22
Feb
08

Corporatocracy Update – CEO’s Face Congressional Questioning on Pay

Woohooo! I will have the popcorn ready of C-SPAN broadcasts these hearings!

CNN is reporting the “A total of 10 witnesses are due to appear before the House Committee on Oversight and Government Reform on Thursday including Countrywide Financial’s (CFC, Fortune 500) founder and CEO Angelo Mozilo, former Merrill Lynch (MER, Fortune 500) Chairman and CEO Stanley O’Neal and ex-Citigroup (C, Fortune 500) chief Charles Prince.”

“Upon his departure from Citigroup in November, Prince left with approximately $68 million, while O’Neal collected about $161 million after he stepped down in October.

Citigroup and Merrill Lynch lost billions of dollars on risky investment in mortgage-backed securities.

Countrywide’s Mozilo reportedly stood to collect a windfall of $115 million dollars after his firm agreed in January to a $4 billion sale to Bank of America (BAC, Fortune 500). But after facing heavy criticism from lawmakers, Mozilo said he would forfeit $37.5 million in payments tied to the deal.”

Praise jeebus! You know all that talk about the widening wealth gap in this country? Makes sense now, doesn’t it?

31
Jan
08

Lightning is About to Strike K Street

Of all the groups in all the word to cry foul during this election campaign, you would think the American League of Lobbyists would be the last. Billions of dollars go through K Street to produce votes in favor Big Business, Christian-supremacy groups, government contractors and more, making a lot of white men very rich and a lot of politicians very corrupt. Now, the ALL wants the presidential candidates to take back all their lobbyist-bashing of late. I’d throw up if my computer weren’t in front of me (i suppose i could move, but i’m comfortable).

ALL President Brian Pallasch released a letter to the presidential candidates today claiming the political rhetoric used during in the campaigns unfairly characterizes the benefit lobbyists provide. You can read the text of the letter here.

Um… Hello, McFly!!!

It is ever clearer these days that corruption and corporate interests are determining the quality of government Americans receive. The ethics and competence of our government, especially federal, reflects that of corporate America – not the other way around. Because our representatives – including presidents and judges – turn their hand toward their own self-interests, lobbying efforts succeed in places they have no business existing. No longer should we assign seats in Congress by geographical location, but by lobbying interest. The Cuban lobby, the Israeli lobby, the tobacco lobby, the gun lobby, the telecommunications lobby, the Saudis, the Chinese, the mercenaries, the oil&gas groups, etc., etc. That’s basically who these politicians serve – not you or I. If you’d like to see who the most recent big spenders were visit opensecrets.org and poke around there a bit.

I’ve felt for a while that until we demand our corporate entities behave virtuously, our government will languish in a corrupt cesspool of inefficacy and million-dollar golf trips and high-dollar hookers. Really, why should CEOs of companies such as Ford, CountryWide, and Merrill Lynch receive payouts in the tens of millions of dollars and stock for even more when the lowest paid employee at those companies cannot afford health benefits for their kids? Our self-interested culture of more-for-me is leading to the rest of us getting screwed. Yous who vote Republicans aren’t voting for free-markets like you assume, you’re giving assholes like these guys a leg up to take the rest of us for a ride. I’m not saying wealth should distributed evenly among the masses, but let’s put a little common sense back into these shareholder and board member meetings. It’s out of control.

Lobbying efforts have developed into a bad deal all around, from top to bottom. They do not represent the interests of the citizen – the way they claim. K Street should be cut off at the knees to remind the politicians who they answer to – us. And if your corporation is dicking you around, lets remember we don’t have to be doormats to those ethically-challenged asshats. Go start an organic farm or something. Those seem to be doing well…




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