-- Patrick Henry
Showing posts with label graft. Show all posts
Showing posts with label graft. Show all posts
Sunday, June 10, 2012
Quote Of The Day
-- Patrick Henry
Monday, April 16, 2012
The Privatization Of Everything
April 16th, 2012
Just in time for tax day comes another reminder that the race to privatize the public sector, particularly the infrastructure we all paid to build, is an exercise which provides consistently diminishing returns.
The Sun-Times reports:
But let's stop right here. I could catalog hundreds of examples from all over the country. This is just wrong in principle.
Supporters of privatization argue the real issue in this latest flap is that the city seems to have reneged on a legal agreement. With all due respect, this bargain was designed to create a territorial monopoly for an investment firm at the expense of the taxpayers who previously had already underwritten the properties. It was taxes that built and/or at least partially maintained these facilities. Now, Morgan Stanley is demanding that those same taxpayers pony up another couple hundred million dollars because a more efficient private corporation is offering them a better deal down the street.
This isn't rational finance. In nearly every instance of the privatization revolution, terms lasting as long or longer than the modern human lifetime are being doled out with anti-free market guarantees of exclusivity in exchange for dollar amounts that are only large enough to plug short-term budget holes.
This is akin to selling the store to paint the front door. And the taxpayer's formerly owned the store.
Had this parking garage deal been structured as something other than a one-time payment, it would come to a little over 5 and a half million dollars a year. If inflation were to stop dead in its tracks for the next century, it still wouldn't make sense. In fact it's nuts.
We can pretend to be a Capitalist culture all we want. That doesn't make it so. This isn't even worthy of being called "crony Capitalism."
This is Corporatism. Period.
This is also the new American "normal."
So...
As many of you file those last minute tax returns, just think what you might be paying for today that an organization like Morgan Stanley will buy for a song tomorrow. And then, for all intents and purposes, sue you for more.
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| Image Via |
The Sun-Times reports:
"Under the $563 million, 99-year deal that privatized four city-owned parking garages in downtown Chicago, City Hall made a promise:
It wouldn’t allow any parking facilities to open nearby.
That was six years ago, under then-Mayor Richard M. Daley.
Today, though, you can park just a block away in a new garage at the 82-story Aqua building — and it’s cheaper, too.
That’s angered the consortium of investors who took control of the garages and thought they were safe from competition. Their group, known as Chicago Loop Parking LLC, has filed an arbitration claim against the city that could leave Chicago taxpayers on the hook for $200 million or more, documents obtained by the Chicago Sun-Times show."The story goes on to mention the legal mess Chicago is facing from one of Daley II's other privatization schemes, the wholesale turnover of parking meters (to what is also essentially Morgan Stanley, the controlling interest over the garages in the current dispute). They could have gone further and reminded everyone of the Skyway boondoggle. Or, they could have ventured just a bit to the East and examined Indiana's brewing privatization nightmare under Gov. Mitch Daniels.
But let's stop right here. I could catalog hundreds of examples from all over the country. This is just wrong in principle.
Supporters of privatization argue the real issue in this latest flap is that the city seems to have reneged on a legal agreement. With all due respect, this bargain was designed to create a territorial monopoly for an investment firm at the expense of the taxpayers who previously had already underwritten the properties. It was taxes that built and/or at least partially maintained these facilities. Now, Morgan Stanley is demanding that those same taxpayers pony up another couple hundred million dollars because a more efficient private corporation is offering them a better deal down the street.
This isn't rational finance. In nearly every instance of the privatization revolution, terms lasting as long or longer than the modern human lifetime are being doled out with anti-free market guarantees of exclusivity in exchange for dollar amounts that are only large enough to plug short-term budget holes.
This is akin to selling the store to paint the front door. And the taxpayer's formerly owned the store.
Had this parking garage deal been structured as something other than a one-time payment, it would come to a little over 5 and a half million dollars a year. If inflation were to stop dead in its tracks for the next century, it still wouldn't make sense. In fact it's nuts.
We can pretend to be a Capitalist culture all we want. That doesn't make it so. This isn't even worthy of being called "crony Capitalism."
This is Corporatism. Period.
This is also the new American "normal."
So...
As many of you file those last minute tax returns, just think what you might be paying for today that an organization like Morgan Stanley will buy for a song tomorrow. And then, for all intents and purposes, sue you for more.
Monday, January 30, 2012
Buying Keystone XL
Jan 30th, 2012
As Speaker John Boehner's Keystone problem is just beginning and could end his career, it's not hard to see how he would have finally come to the conclusion that anything goes in the Beltway.
As Speaker John Boehner's Keystone problem is just beginning and could end his career, it's not hard to see how he would have finally come to the conclusion that anything goes in the Beltway.
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| Image via Public Campaign Action Fund |
Sunday, January 29, 2012
Boehner's Real Interest In Keystone XL, cont...
Jan 29th, 2012
We picked up on a report last week of Speaker John Boehner's (R-OH) substantial investments in companies with a direct stake in the controversial Keystone XL proposal. At the time, I suggested this might be a career-ender and wondered if an internal ethics investigation was imminent (again, paging Rep. Issa (R-CA)whose silence is deafening).
It now seems that the situation is rapidly becoming more serious. Yesterday, PoliticsUSA followed up on the latest developments:
"On Thursday, the Securities and Exchange Commission (SEC) received a complaint from an environmental group with accusations that the proposed Keystone XL pipeline’s owners (TransCanada) are in violation of SEC Rule 10b(5) – Employment of Manipulative and Deceptive Practices to bolster stock prices.
The complaint sent to the SEC said TransCanada is using “false or misleading statements about the proposed Keystone XL pipeline” and that they “consistently used public statements and information it knows are false in a concerted effort to secure permitting approval of Keystone XL from the U.S. government.” The complaint continues that the fallacious information misleads investors, U.S. and Canadian officials, the media, and the public “in order to bolster its balance sheets and share price,” and who is the point-man pushing the Keystone XL pipeline with lies and misinformation? Speaker of the House John Boehner." EMPHASES THEIRS
This is big. This is not the typically 'legal but questionable' gaming of the system we have grown accustomed to. It is beginning to look like a blatant violation of the law.
"The complaint specifically highlights that TransCanada asserts that the pipeline will create American jobs “at a rate that is 67 times higher than job creation totals given by the company to Canadian officials for the Canadian portion of the pipeline.” The inflated job creation numbers were designed to pressure President Obama to issue an approval permit to build the pipeline and without its construction, TransCanada’s future earnings and share prices will be significantly impacted. Speaker Boehner owns shares in seven different Canadian tar sand companies and it is highly likely that he knows the job numbers are inflated as an investor and stands to profit if the pipeline is built. Boehner went so far as threatening to tie 160 million working Americans’ payroll tax cut extension to approval of the pipeline. Boehner’s extortion threats were the last straw, and inspired a national petition to force him to resign or face expulsion from Congress for ethics violations. However, ethics violations are the least of Boehner’s problems once the SEC finishes their investigation which they confirmed is actively under consideration." EMPHASIS THEIRS
Let's be clear; This isn't about TransCanada affiliated interests investing in Boehner via SuperPACs and campaign donations. This is about Boehner investing in TransCanada affiliated interests while using false statistics to push for government action on their behalf.
It is already past time for the Speaker to publicly address this.
The last thing I want to see is an Eric Cantor Speakership.
But, this man must resign.
We picked up on a report last week of Speaker John Boehner's (R-OH) substantial investments in companies with a direct stake in the controversial Keystone XL proposal. At the time, I suggested this might be a career-ender and wondered if an internal ethics investigation was imminent (again, paging Rep. Issa (R-CA)whose silence is deafening).
It now seems that the situation is rapidly becoming more serious. Yesterday, PoliticsUSA followed up on the latest developments:
"On Thursday, the Securities and Exchange Commission (SEC) received a complaint from an environmental group with accusations that the proposed Keystone XL pipeline’s owners (TransCanada) are in violation of SEC Rule 10b(5) – Employment of Manipulative and Deceptive Practices to bolster stock prices.
The complaint sent to the SEC said TransCanada is using “false or misleading statements about the proposed Keystone XL pipeline” and that they “consistently used public statements and information it knows are false in a concerted effort to secure permitting approval of Keystone XL from the U.S. government.” The complaint continues that the fallacious information misleads investors, U.S. and Canadian officials, the media, and the public “in order to bolster its balance sheets and share price,” and who is the point-man pushing the Keystone XL pipeline with lies and misinformation? Speaker of the House John Boehner." EMPHASES THEIRS
This is big. This is not the typically 'legal but questionable' gaming of the system we have grown accustomed to. It is beginning to look like a blatant violation of the law.
"The complaint specifically highlights that TransCanada asserts that the pipeline will create American jobs “at a rate that is 67 times higher than job creation totals given by the company to Canadian officials for the Canadian portion of the pipeline.” The inflated job creation numbers were designed to pressure President Obama to issue an approval permit to build the pipeline and without its construction, TransCanada’s future earnings and share prices will be significantly impacted. Speaker Boehner owns shares in seven different Canadian tar sand companies and it is highly likely that he knows the job numbers are inflated as an investor and stands to profit if the pipeline is built. Boehner went so far as threatening to tie 160 million working Americans’ payroll tax cut extension to approval of the pipeline. Boehner’s extortion threats were the last straw, and inspired a national petition to force him to resign or face expulsion from Congress for ethics violations. However, ethics violations are the least of Boehner’s problems once the SEC finishes their investigation which they confirmed is actively under consideration." EMPHASIS THEIRS
Let's be clear; This isn't about TransCanada affiliated interests investing in Boehner via SuperPACs and campaign donations. This is about Boehner investing in TransCanada affiliated interests while using false statistics to push for government action on their behalf.
It is already past time for the Speaker to publicly address this.
The last thing I want to see is an Eric Cantor Speakership.
But, this man must resign.
Monday, January 23, 2012
Boehner's Real Interest In Keystone XL...
Jan 23rd, 2012
It appears that Speaker Boehner's willingness to take hostages in a new fight over the Keystone XL project is quite personal and has nothing to do with "jobs."
PoliticsUSA reports:
"Revelations this past week from his financial disclosure forms that John Boehner invested $10,000 to $50,000 each in seven firms that had a stake in Canada’s oil sands should raise red flags for the House Oversight Committee; especially in light of Boehner’s push to grant a permit for the Keystone XL pipeline ahead of the State Department and EPA studies and reports and the millions big oil spent to hasten its construction."
One wonders whether Darrel Issa is giving the Speaker a pass. After all, it is his job to investigate.
It appears that Speaker Boehner's willingness to take hostages in a new fight over the Keystone XL project is quite personal and has nothing to do with "jobs."
PoliticsUSA reports:
"Revelations this past week from his financial disclosure forms that John Boehner invested $10,000 to $50,000 each in seven firms that had a stake in Canada’s oil sands should raise red flags for the House Oversight Committee; especially in light of Boehner’s push to grant a permit for the Keystone XL pipeline ahead of the State Department and EPA studies and reports and the millions big oil spent to hasten its construction."
One wonders whether Darrel Issa is giving the Speaker a pass. After all, it is his job to investigate.
Sunday, January 22, 2012
The Only Real Obama Administration Scandal
Jan 22rd, 2012
by F. Grey Parker
From day one, the GOP, the Fox News drones and the far right blogosphere have thrown a series of charges at the Obama Administration so manifestly ill-conceived that they are laughable upon strict scrutiny. Hundreds of hours have been spent on the "New Black Panther scandal," the "Fast and Furious scandal" and the "Solyndra scandal," just to name a few. In every case, the truth has been a far cry from the apoplectic insinuations hurled by the bottom-feeders.
This begs a question; why hasn't the only obvious and provable instance of high level corruption in this administration been addressed at all by the enemies of the President?
The answer is simple. It involves the Clinton State Department's handling of the Keystone XL proposal. We wrote about this last year HERE.
To sum up, one of Secretary Clinton's most trusted advisers poisoned the review process for a major foreign corporation's potentially hazardous use of American territory. This is a scandal which has everything:
Back room coaching of those the State Department is supposed to vet?
Check.
Lobbyists granted access to internal governmental operations?
Check.
Sweetheart relationships between foreign business interests and public servants who report directly to one of the most powerful people in modern government?
Check.
As the weeks have turned to months since I wrote about this last, this has begun to bother me a great deal.
Anyone who is familiar with my writing or activism knows that I support President Obama. I am not out to make him or his administration look bad. That said, this is basic stuff, the kind of stuff you dream of being able to use against your opposition.
If you are a junior-grade politician with half of a brain, you would know what to do with it.
Unless, of course, the people that are really in charge of every bloodthirsty, prevaricating and odious assault... have told you not to use it.
The GOP desperately needs to keep fighting on behalf of the Keystone XL issue.
It doesn't matter if you or I know that every pronouncement from them about the project's possible benefits is supreme bullshit. They don't care. The most powerful backers of the largest Republican sympathizing PACs have a vested interest in this one. Anything that might interfere with the GOP's slavish service to these puppet masters, even the only legitimate chance to undermine the current administration on the grounds of severe malfeasance, is off the table.
Remember this when Speaker Boehner comes out, very likely tomorrow, and tries to tie a resuscitation of the poisonous Keystone scheme to the passage of any piece of legislation that might actually benefit the United States of America.
by F. Grey Parker
From day one, the GOP, the Fox News drones and the far right blogosphere have thrown a series of charges at the Obama Administration so manifestly ill-conceived that they are laughable upon strict scrutiny. Hundreds of hours have been spent on the "New Black Panther scandal," the "Fast and Furious scandal" and the "Solyndra scandal," just to name a few. In every case, the truth has been a far cry from the apoplectic insinuations hurled by the bottom-feeders.
This begs a question; why hasn't the only obvious and provable instance of high level corruption in this administration been addressed at all by the enemies of the President?
The answer is simple. It involves the Clinton State Department's handling of the Keystone XL proposal. We wrote about this last year HERE.
To sum up, one of Secretary Clinton's most trusted advisers poisoned the review process for a major foreign corporation's potentially hazardous use of American territory. This is a scandal which has everything:
Back room coaching of those the State Department is supposed to vet?
Check.
Lobbyists granted access to internal governmental operations?
Check.
Sweetheart relationships between foreign business interests and public servants who report directly to one of the most powerful people in modern government?
Check.
As the weeks have turned to months since I wrote about this last, this has begun to bother me a great deal.
Anyone who is familiar with my writing or activism knows that I support President Obama. I am not out to make him or his administration look bad. That said, this is basic stuff, the kind of stuff you dream of being able to use against your opposition.
If you are a junior-grade politician with half of a brain, you would know what to do with it.
Unless, of course, the people that are really in charge of every bloodthirsty, prevaricating and odious assault... have told you not to use it.
The GOP desperately needs to keep fighting on behalf of the Keystone XL issue.
It doesn't matter if you or I know that every pronouncement from them about the project's possible benefits is supreme bullshit. They don't care. The most powerful backers of the largest Republican sympathizing PACs have a vested interest in this one. Anything that might interfere with the GOP's slavish service to these puppet masters, even the only legitimate chance to undermine the current administration on the grounds of severe malfeasance, is off the table.
Remember this when Speaker Boehner comes out, very likely tomorrow, and tries to tie a resuscitation of the poisonous Keystone scheme to the passage of any piece of legislation that might actually benefit the United States of America.
Friday, January 13, 2012
Charting The Big Fix
Jan 13th, 2012
The chart below from Reuters adds to the picture of a tax system that is more corrupt than it is broken.
The chart below from Reuters adds to the picture of a tax system that is more corrupt than it is broken.
Tuesday, January 10, 2012
The Truth About Effective Tax Rates, cont...
Jan 10th, 2012
As this is an election year, we can expect to hear a great deal from the GOP hopefuls regarding the 'crippling' tax rates on American businesses. Try and remember that this is straight up, one hundred percent bullshit.
HuffPo reports:
"The number of U.S. corporations structuring their businesses in such a way that they can avoid higher taxes has skyrocketed in the past quarter century,The Wall Street Journal reports.
As this is an election year, we can expect to hear a great deal from the GOP hopefuls regarding the 'crippling' tax rates on American businesses. Try and remember that this is straight up, one hundred percent bullshit.
HuffPo reports:
"The number of U.S. corporations structuring their businesses in such a way that they can avoid higher taxes has skyrocketed in the past quarter century,The Wall Street Journal reports.
Monday, October 3, 2011
Graft, Potential Catastrophe and The XL Extension
Oct 3rd, 2011
by F. Grey Parker
Throughout this past Summer, environmentalists protested the construction of an oil pipeline.
So what? Right?
Most major media outlets portrayed the TransCanada Keystone XL pipeline extension and the controversy surrounding it in just such an innocuous manner.
The failure to communicate with our citizens the scope of the project, the lack of transparency among the decision makers involved and the actual dangers posed by this industrial scheme run amok is staggering.
by F. Grey Parker
Throughout this past Summer, environmentalists protested the construction of an oil pipeline.
So what? Right?
The failure to communicate with our citizens the scope of the project, the lack of transparency among the decision makers involved and the actual dangers posed by this industrial scheme run amok is staggering.
Thursday, August 18, 2011
rePUBLICan ENEMY #1, part 6
Aug 18th, 2011
It has been some time since Rep. Darrel Issa (R-CA) created an appearance of impropriety this appalling. Earlier in the year, I went after him here, here, here, here and here. Nobody seemed to want pay that much attention at the time.
I understand that an already flabbergasted electorate had many other distractions. The potential damage I warned Issa might cause by misusing his new and powerful chairmanship of the House Committee on Oversight and Government Reform wasn't nearly as interesting as the ceaseless parade of lunatics calling the president a socialist or suggesting that the government had no business mandating an end to segregation.
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| Rep. Darrel Issa with Syria's Bashar Assad |
I understand that an already flabbergasted electorate had many other distractions. The potential damage I warned Issa might cause by misusing his new and powerful chairmanship of the House Committee on Oversight and Government Reform wasn't nearly as interesting as the ceaseless parade of lunatics calling the president a socialist or suggesting that the government had no business mandating an end to segregation.
Tuesday, April 5, 2011
On Political Machines
April 5th, 2011
We received some amazing feedback from a former Chicagoan regarding our missive which compared Gov. Scott Walker's corruption to some of the old time Chicago political hooligans.
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| The Boss |
This reader shared a perspective on the late 1960's Richard J. Daley Machine you don't hear too often these days. Heads up, life within it sounds pretty damn good.
"Ah good old Chicago. I remember when my husband and I moved into our first apartment in the city, and the local ward heeler turned up -- a dear little man named Harry Jacobsen as I recall -- just to let us know that if we needed a job or any help with city services or anything at all, he was there for us.
There was no bribery -- no quid pro quo -- no overt or implicit corruption: just the kind of "constituent service" designed to keep the voters loyal. What Walker and the Kochs are doing is shamelessly, openly corrupt, and their habit of deflecting it with their usual "we didn't do it, what about those wicked liberals" crap doesn't change the facts.
It's a simple little illustration of the Chicago of the late 1960s. All that's gone, now, of course, but for a few generations it's how most of our cities thrived. The book and movie The Last Hurrah touch on this a little bit, the Boston version -- Boss Curley ran the same kind of operation as Mayor Daley.
The corruption was never in the neighborhoods (though the same cannot be said for things like bank deals and construction projects) -- instead, the GOTV model was to make sure nobody went hungry or jobless, that streets were clean and safe, and that widows and orphans were tended to." EMPHASES OURS
Quote Of The Day
April 5th, 2011
"The new political gospel: Public office is private graft" -- Mark Twain
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