Molly Ivins: Smell something fishy?

[Dudley_DUright]

I suggest the epitaph for this entire era should be, "The fish rots from the head down." The latest round of corporate scandals -- Hollinger, the growing mutual fund mess and the foreign exchange dealers who ripped off their own companies -- provide an elegant summary of the pattern.

Hollinger International, a media company owned by Lord Conrad Black, reported a relatively measly total profit of $23 million from 1998 to 2002. During the same period, the company paid Black and his close associates over $200 million in salary, management fees and non-compete payments, according to published reports. The company also featured the usual insider dealing -- including a $2.5 million investment in Hollinger board member Richard Perle's company, Trireme. That would be the same Richard Perle who is still on the Pentagon's Defense Advisory Board, despite having had to resign as chairman earlier because of other business conflicts of interest.

So far, every business scandal starting with Enron has displayed the same features -- investors ripped off, pension-holders ripped off, employees often left with nothing and executives walking away with millions. Those at the top of large corporations who screw up completely and create total disasters walk away with millions under golden parachute arrangements. Just for example, Treasury Secretary John Snow, formerly head of CSX railroad company, presided over a 53 percent drop in the company's stock while raising his own pay by 69 percent. He also slashed both health care and life insurance benefits for CSX retirees.

Corporations themselves have become entities set up to avoid taxation. It's really quite extraordinary. Theoretically, the corporate income tax is 35 percent, but no self-respecting corporation would actually pay that. The Bermuda Loophole is just the beginning of the games corporations play -- and don't think for a minute that the corporate alternative minimum tax is making them cough up. Many of the country's most profitable corporations are so good at tax games, the government owes them tax rebates.

more...

http://www.workingforchange.com/article.cfm?itemid=16027

[Faygo Kid]

1. Great stuff - Here in Michigan, it's Kmart

Amazing stories of greed and gluttony coming out of the Kmart bankruptcy, as reported in the Detroit papers. The corporate maggots are turning on one another. So many stories - one Kmart exec had a full time limo and driver, whose only job was to take and pick up his kids from school. George W. Bush's America!

[stopthegop]

2. the problems didn't start before 1-20-01? n/t

.

[gratuitous]

3. Hard to say when the probems "started"

But it's pretty clear that once the corrupt Bush administration was installed, there was no fear on the part of corporate malfeasants that they'd be subject to any penalties for breaking the law. The major prosecutor of Wall Street's crimes lately hasn't been the SEC or the U.S. Attorney, but the New York state attorney general. Who, in what is surely a coincidence, just happens to be a Democrat while all the other law enforcement agents are Republicans.

[stopthegop]

4. sorta like Enron happened under Clinton?

allowing hatred to blind us won't help the cause

[gratuitous]

7. What?

Enron pulled its "Deathstar" strategem and the other major shenanigans that led to its downfall beginning in March 2001. But then, all I know is what I read in the Bankruptcy Court filings.

Curious how you played the "hatred" card so quickly . . .

[SharonAnn]

14. Problems exploded after 1`994 when GOP won control of

Congress. They pushed through many different "deregulation" bills for the benefit of corporate executives and the financial industry.

[papau]

5. 45 yrs in game: a "cold" became "flu" 1-20-81, then terminal 1-20-01

The rip off from 1850 to 1950 - as far as I understand - was limited to the owner.

in the 50's we picked up some perks for the number 2 fellow.

In the 80's we got the Management group - or family (when I was told I was part of the family - I knew I was no longer "one-off" from the crap - and I left)

Under Bush - and Bush's friends post 94 when the GOP gained control of both houses - every two bit head of a sub is ripping off the productive employees for bonuses and perks for themselves - shame ended as greed was no longer not just good - but it controlled the Congress.

I think when the CEO Secretary that was great - even had a classy - albeit Brit - look to her! - was fired - and replaced by a lady who provided sex - and then that lady became head of a Department after she passed the new age cut off for CEO secretaries - I think that was when I asked why were we all waking up in this handbasket.....

Someone said the difficult period was between when the world is good or at least fair - and the time when it gets so bad that everyone agrees to get a gun to change the system.

[stilpist]

8. Whenever it started, it got a lot worse in 1980.

It started forever ago. There's always been someone who was willing to lie and cheat more than anyone else was willing to do. Tends to put trusting people at a disadvantage.

We had some good years in this country under FDR and for the most part for the following 50 years or so. Ronnie Raygun made it socially acceptable to be greedy and mean. And it's been mostly downhill ever since.

- stil

[Myra]

9. Right

Unfortunately until coup2k I thought the Dems
were an actual viable opposition party.
Embarrasing admission.
But then most of my associates, and even friends,
still think things are ok, even after the coup.

I really think the Nixon era was a turning point.
The GOP decided that they'd never again let due
process and the media bring down another one of
their corrupt leaders. Thus media consolidation,
etc...

[wabeewoman]

11. It just so happens NOW with

Bill Moyers had a great show on tonight about that very issue. Seems it started with Reagan easing the rules, Bush continued it and the repugs under Clinton pushed more though. Clinton vetoed and the congress overroad. Check it out. Its amazing how uninformed the populace is and how they bring the misery on themselves by not knowing they are being screwed by corporations. It is some evidence that you CAN fool most of the people all the time.

[enki23]

6. so when do we bring back the guillotine?

eating the rich might sound so bad, when you're hungry enough.

[Myra]

10. "...beware of those with no humor. "

What an interesting quote to end on.
Seems sort of tossed in, out of context.

Aside from the general warning, anyone care
to theorize why she put it in this column?

[acmavm]

12. Maybe she meant that if you can't laugh at the irony of this situation,

that this administration campaigned on uniting and not dividing, that they were the party of personal responsibility and personal ethics, that you just may get discouraged enough to just give up.

Hell bells, there is a treasure trove of black humor to be found in this situation. Contrast what President UnElected said during his campaign and what he really meant, and you'll find endless material for satire and black humor. This guy is really demented, and the people who are claiming the moral highground have absolutely no morals whatsoever. As long as they can find some bizarre way of justifying their corrupt greedy behavior, they don't see anything wrong with what they are doing.

[Myra]

13. That makes sense. Thanks acmavm.

It does jibe with what Molly said during a
recent appearance here. An audience member
asked what advice she'd give activists. And
she replied "have fun!" She went on to say
she was serious as a heart attack about that.
That if we don't try to have fun in light of all
the darkness (my paraphrasing) we'd go crazy,
burn out.

She then gave a great example about how there
was a recent KKK march, with the little group
of bigots lurching around with "little pointy
caps on their little pointy heads." And they
were met by a long line of, um, opponents
mooning them.

:)

So it seems consistent with Molly's philosophy.
Dissent; and have as much fun as possible doing it.
Yup. I think you, and she, are right.

[SharonAnn]

15. Because she thinks a sense of humor is important. You'll find

a reference to that in other writings of hers.

For example, she thinks that people, especially politicians, shouldn't take themselves too seriously. It's dangerous if they do.