Bill Moyers: After 9/11

[fencesitter]

http://www.pbs.org/moyers/journal/blog/

From Bill Moyers' Journal:

September 11, 2008
Bill Moyers: After 9/11
Before the terrorists struck on 9/11 I had been scheduled to speak to the Environmental Grantmakers Association on the impact of money in politics, one of my regular beats in journalism. When I went on the air with a daily broadcast after 9/11 I thought of canceling the speech, then five weeks away; it just didn’t seem timely to talk about money and politics while the country was still in mourning. But I began to notice some items in the news that struck me as especially repugnant amid all the grief.

In Washington, where environmentalists and other public-interest advocates had suspended normal political activities, corporate lobbyists were suddenly mounting a full-court press for special favors at taxpayer expense. There was no black crepe draped on the windows of K Street – the predatory epicenter of Washington; inside, visions of newfound gold danced in the heads of lobbyists. And in corporate suites across the country CEOs were waking up to the prospect of a bonanza born of tragedy. Within two weeks of 9/11 the business press was telling of corporate directors rushing to give bargain-priced stock options to their top executives. The WALL STREET JOURNAL would later piece the whole story together: stocks had fallen sharply after the attacks, reaching a low on September 21; families of 9/11 victims were still waiting for some piece of flesh or bone to confirm the loss of a loved one; soldiers were loading their gear for deployment to Afghanistan; and corporate executives were too busy counting their shekels to notice. As stock options grant executives the right to buy shares at that low price for years to come, the lower the price when options are awarded, the more lucrative they are. “Since the house is on fire, let us warm ourselves,” goes an Italian proverb. Translated to English, it reads: “Grab the loot and run.” Some CEOs didn’t need reminding.

During the last days of September, 511 top executives at 186 companies gobbled up stock-option grants—more than twice as many as in comparable periods in recent years. Almost 100 companies that did not regularly grant stock options in September now did so. One company—Teradyne—had begun laying off employees just hours before the terrorists struck; the chairman, nonetheless, helped himself to 602,589 options just two weeks later, and when JOURNAL reporters wanted to ask about it, his spokesman said the CEO wouldn’t be available for an interview because “I don’t want to put him in the position of answering how does he feel about potentially benefiting from the 9/11 tragedy.”

President Bush had already urged us to prove our patriotism by going shopping. New York mayor Rudy Giuliani went on television to say we should “step up to the plate right now and show the strength of the American economy.” Giuliani himself would soon be hauling in a fortune exploiting his newfound celebrity to advise corporations on how to protect against terrorism. And in Washington the marionettes of the military-industrial-security complex salivated at the prospect of windfall profits rising from the smoldering ruins. Grief would prove no match for greed. I decided not to cancel the speech.

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Speech follows.