A Gentleman’s view.

The dirty game of politics played by gangsters with degrees cloaked in Brooks Brothers proper!

Archive for October, 2008


Senator John Sidney McCain, a Coward of the Highest Order.

Senator John Sidney McCain, the gloves must come off when dealing with you for Sir, you are no gentleman sir, and you are desispicable! All of your false claims of putting America, our beloved country first, are laid out for the entire world to see when it comes to the low-brow tactics of your campaign. I can only say with pride that I know of men of quality, they are in Iraq, because of our idiot President, and they are around the man who would be our next President, Barack Obama. As I know that they also protect you.

Were it not for the notion that no squad would want to be known as the one who allowed the most potentially damaging assassination in our history to happen on their watch, I would be more concerned about the rhetoric of your campaign and even more so,  that of some of the more colorful attendees of your rallies. I am extremely proud of the efforts put forth by Keith Olbermann and Chris Matthews to go after those blindly toeing the Republican line with this divisive cultural tact being taken.

I am black and served six years in the United States Army, with two honorable discharges. I know men of honor from various branches of the military and know of the principles taught in those institutions because I have served with them. This is why I know that whatever honor you were once perceived to have as an officer and a gentleman has long ago flown the coup.

First of all as a man among men in a man’s world, it is about having the stones for whatever life will require of you as you go through it. Women may not see this exactly the same way most men do when it comes to this topic, I a man who does. Judgment of each and every one of us is about stones. Senator, your lack of them is glaring, you have sworn on the Bible as a Naval Officer, as an American State Senator of Arizona to defend this country. That to me requires that you almost demand that the Senator from Illinois be placed under arrest for the claims being made in your attack ads. You and your running mate repeatedly charge Senator Obama of being extremely friendly with a terrorist; you state repeatedly that he doesn’t see this country the same way, quietly pointing out his blackness as a reference to that fact. Your minion’s make light of his middle name, which none of us is ever really gets to choose, make it sound like his is from a foreign land. You have gone past the straight up racist tactics to strongly suggesting that this honorable man is un-American and subversive. You have done so on many occasions except the one which would have meant the most to all Americans if even half of these claims were true. As Senator Joe Biden stated “Where he came from, you looked a man in the eye, and said what you had to say about him to his face”, you, having three opportunities to do so have not been able to accomplish such a basic, but simplest of manly principles. You couldn’t look a black man in the eye, how can you take on Putin? Chavez? Ahmendinijad?

While you Sir, appear to be a candidate with a plan when it comes to competing with your opponent, your plan Sir, is sorely lacking in principles. You had all of these moments to vigorously challenge this enemy of the state that your campaign is so adamantly is trying to convince your constituents is the case with Senator Barack Obama. But yet, still you’re consorting with him in debates and conversations even without pre-conditions. This activity with one so clearly un-American should be considered treason. Your actions on the campaign trail should have every other member of the United States Congress in total outrage as one of its senior members has pushed citizens to calling for assassination. The “off with his head” and “kill him” outcries at the rallies without any attempts by either Palin or you, Sir, Senator McCain to shut it down are frightening in modern times. This position you have taken Sir, has removed from your persona all vestiges of honor and integrity previously attached to your name and reputation.

More repugnant still for you Senator, will be how this campaign, this election season will go down in history, and what it will make of your participation in it. Granted, we get through this period and the next eight years without incident, you may be perceived rightly so, as the racist Senator, who tried to tear this country apart and fortunately for us failed to do so. There could still be the ugly outcome of one of your inspired supporters feeling he was given permission to resolve any issues existing with race by eliminating the source of the problem. This happening at any other time in history may be damaging, this happening today, I believe will be so devastating to this precious union we call the United States of America, you will be blamed for having incited the action that will be known as the beginning of the end of our civilized state. There are approximately two weeks left to this campaign, how you close this thing out will be more important to how you are perceived when it comes to country first. For right now, I would hazard a guess; there are very few people in America who think you have the country’s interest first at heart. History will mark you as an cowardly enemy of the state.

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Oblermann’s blistering Special Comment on McCain’s Hate filled rallies.

If the violence McCain and Palin is inciting is realized, the price to this country will be one we may never recover from. -agentleman.

1:25 PM Eastern Time, today, in Scranton, Pennsylvania. During the warm-up act by a Red Meat Congressional Candidate aptly named Chris Hackett, Hackett mentions Obama and a Palin audience member shouts “Kill Him.”

And Gov. Palin, as usual, does nothing about it says nothing to these thugs and psychos. She may not have heard this one. It is impossible to believe that by now she has not heard about the other ones. Her silence is deafening. Just as, Sen. McCain, you have done nothing when violence has been asserted. Correction. You have done one thing.

Asked why in real time you do not repudiate this hatefulness you act as if you are the victim. Speaking today to our NBC Station in Washington.

McCain: “Sure and I repudiated it as I have on several occasions. Unfortunately, Congressman John Lewis is an American hero who I admire who made the worst, most unacceptable statement a couple days ago that I have ever heard. He accused me and Sarah Palin of being involved in segregation, George Wallace and even made reference to a church bombing where children were killed. Senator Obama has not repudiated that statement. Senator Obama should do so immediately. Its the most outrageous thing that I have heard since in politics…it is disgraceful.”

Disgraceful?

Obviously, Senator, you haven’t heard your own speeches, and Gov. Palin’s, and what people shout during them. And you haven’t heard your state GOP Chair in Virginia, Jeffrey Frederick, giving talking points to 30 of your field-operatives heading out to canvass voters in Gainesville, Virginia. With a reporter present, telling them to try to forge a connection between Barack Obama and Osama bin Laden to emphasize bombings and terrorism. And you haven’t heard those volunteers, your volunteers Sen. McCain, shout back “and he won’t salute the flag” and “we don’t even know where Sen. Obama was really born.”

Sen. McCain, these people are speaking for you! And how dare you try to claim Congressman Lewis was linking you to Gov. George Wallace’s segregation. He was linking you, aptly, to Gov. George Wallace’s lynch-mob mentality.

“As public figures with the power to influence and persuade,” said Congressman Lewis, “Sen. McCain and Gov. Palin are playing with fire, and if they are not careful, that fire will consume us all.”

Sen. McCain, your supporters, at your events, are calling Obama a terrorist and traitor and are calling for him to be killed. And yet you keep bringing back these same rabid Right Wing nuts to deliberately stir these crowds into frenzies. And then you take offense when somebody who remembers the violence in our political past, calls you on it. You, sir, are responsible for a phalanx of individuals who are shouting fire in a crowded theatre. There are some things to respect and honor about you, Sen. McCain.

But on this, you’re not only a fraud, Senator but you are tacitly inciting lunatics to violence. If you want to again grand-stand and suspend your campaign here’s your big chance. Suspend your campaign now, until you, or somebody else, gets some control over it and it ceases to be a clear and present danger to the peace of this nation.

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Treason of the highest Order: CEO’S of prestigious banking institutions collecting millions as their business fails while the nation is at war.

Salaries go through the roof as bank after bank go down with Wall Street.

One of the beautiful things about this country is our freedom of choice. As Americans we feel the pursuit of life, liberty and whatever happiness that has no negative impact on overall society is a special gift. In comparison to hardships faced in less civilized countries around the world, it is just that; a special gift. It means we get to choose the manner in which we can and will make our way in the beautiful country of ours. I have worked just about any and every type of work there is, started by helping my landlady put out the trash cans from my 5 story walk up, I grew up in. Delivered newspapers, groceries and cleaning, worked in construction, waited tables, and cooked. I pumped gas and served in the U.S. Army, my point is customer service, I feel I have lived my life with that purpose, doing so, I always take great pride in whatever my job was, from serving Uncle Sam, to busing tables 10 hours a day. I always believed toil had value, and as such should be done to the best of one’s ability.

You choose to be a construction worker; odds are fear of heights shouldn’t be a major issue for you. The expectation will vary depending on the occupation: firefighters, nurses, doctors, policemen, these are all positions carrying special skills, obligations and responsibilities related to morals and principles that are a statement of the character of a person. Accountants, lawyers, stock brokers, financial analyst even politicians live under protocols governing improper behavior. More importantly, you should have some sense of personal integrity and pride in knowing there are those who rely on your character quietly everyday when it comes to the business of money and investments. Since the heyday of the 1980’s and the Wall Street scandals that dominated the headlines back then; names like Dennis Levine, Ivan Boesky, Mark Rich and more recently Martha Stewart, you’d think some sense of indignity would have taken hold in the industry, especially when it comes to banking and financial responsibility.

This is a group of men who during a time of national hardship with our treasure and blood is being used in a foreign land for no worthwhile cause or legitimate reason, betrayed the public trust, received obscene compensation while overseeing the downfall of our financial institutions as we knew them to be. The American’s who placed the trust and faith that their interest should always be the most important reason for them being there to be compensated has been crushed by the criminal activities of these men and demands legal action as the least. I, personally think they should be tried on the charge of treason for this happening at this time of war. I would freeze all of their assets for at least the last 3 years during which time we were first hearing about potential danger lurking with related securities in the sub-prime market. Here is a list of some of the culprits, their salaries and the companies they took down:

John Thain, Merrill Lynch

Why he’s miserable: Thain has spent much of 2008 trying to soothe investors by claiming Merrill didn’t need more capital. But he has had to repeatedly reverse himself as losses on bad mortgage bets have mounted. The write-down toll is now $40 billion, and Merrill recently sold a big chunk of its toxic security holdings for just 22 cents on the dollar. The hope is that will get Merrill headed in the right direction, “hope” being the operative word.

Why others are miserable: Merrill raised billions in December by selling stock to Singaporean sovereign wealth fund Temasek and others. But like WaMu, Merrill agreed to pay investors if its shares fell and new capital needed to be raised. Making good on that promise last month cost Merrill $2.5 billion.

What he makes: Thain made $17.3 million last year, largely reflecting a $15 million signing bonus.

What shareholders have lost: $47 billion (66%). Bespoke Investment Group notes the company’s recent market capitalization, at $25 billion, is less than the $30 billion in capital Merrill has raised.

Misery Index: 83

Kerry Killinger, Washington Mutual

Why he’s miserable: WaMu has posted three straight quarterly losses. A mid-decade push into the murkier corners of the mortgage market has forced the bank to add $12 billion to loan-loss reserves over a year.

Why others are miserable: An April sale of stock to private equity investors led by TPG cut existing shareholders’ stake in half. The stock has dropped by two-thirds since then, raising fears that another dilutive capital-raising is on the way.

What he makes: $5.2 million

What shareholders have lost: $27 billion (87%)

Misery index: 92

Richard Fuld, Jr., Lehman Brothers

Why he’s miserable: Shares have hit new lows repeatedly this year amid fears the company, which gorged on risky mortgage-related debt during the credit boom, will follow Bear Stearns into oblivion. Lehman says it’s in good shape, and Fuld duly blames short-sellers for the stock’s plunge.

Why others are miserable: In one echo of the Bear Stearns implosion, the free fall in Lehman shares has punished employees, who own some 30% of the stock. And after years of willy-nilly expansion – the firm added 12,000 jobs between 2003 and 2007 – Lehman has shed at least 2,000 jobs over the past year.

What he makes (2007 total compensation, from regulatory filings): $40 million. Fortune recently calculated that Fuld has made $489 million over the past decade cashing in his Lehman stock.

What shareholders have lost since last summer: $26 billion (a decline of 70%)

Misery Index: 110

Daniel Mudd, Fannie Mae; Richard Syron, Freddie Mac

Why they’re miserable: Years of pell-mell expansion and lax oversight have left Fannie and its smaller sibling, Freddie Mac, with a staggering $5 trillion in aggregate mortgage exposure, on less than $100 billion of capital. Not good, given the free fall of U.S. house prices over the past year and the associated rise in defaults, though Mudd earlier this year promised Fannie would “feast” on the reduced competition in the mortgage market.

Why others are miserable: Mudd and Syron have seen their shares plunge to 17-year lows in the past month, but that’s just for starters. President Bush recently signed a housing rescue bill that critics such as Sen. Jim Bunning estimate could cost taxpayers as much as $1 trillion. The Congressional Budget Office, for its part, guesses there’s a 50-50 chance a bailout can be avoided altogether.

What they make: Mudd, $11.7 million; Syron, $18.3 million

What shareholders have lost: Fannie, $52 billion (83%); Freddie, $36 billion (85%)

Misery Index: Mudd, 95; Syron, 103

Rick Wagoner, General Motors

Why he’s miserable: Wagoner led GM to big profits earlier this decade with aggressive financing deals and strong sales of trucks and SUVs. But spiking fuel prices have popped that balloon, and now GM is rushing to cut costs, slow its cash burn and finally make cars people want to buy. Wagoner, as always, says management has “the right plan for GM.”

Why others are miserable: Analysts expect to see the company raise more capital, even with shares having lost two-thirds of their value over the past year and the ratings agencies threatening further downgrades. Job cuts will reach well into the thousands – even assuming further restructurings aren’t in the offing.

What he makes: $14.4 million

What shareholders have lost: $11.5 billion (65%)

Misery Index: 79

Angelo R. Mozilo

Why he’s miserable: Mozilo testified before the United States House Committee on Oversight and Government Reform on March 7, 2008, calling reports of their pay “grossly exaggerated” in some instances and pointing out that they lost millions as well. He defended the pay: The compensation was a function of how the company did ahead of the mortgage crisis.[6]

Why others are miserable: Mozilo and Loeb also cofounded IndyMac Bank, which was founded as Countrywide Mortgage Investment, before being spun off as an independent bank in 1997. IndyMac collapsed and was seized by federal regulators on July 11, 2008.[2]

Since Countrywide was listed on the NYSE in 1984, Mozilo has sold $406 million worth of its stock, mostly obtained through stock option grants. $129 million of this was realized in the 12 months ending August 2007.[3] Mozilo testified before the United States House Committee on Oversight and Government Reform on March 7, 2008, calling reports of their pay “grossly exaggerated” in some instances and pointing out that they lost millions as well. He defended the pay: The compensation was a function of how the company did ahead of the mortgage crisis

Richard F. Syron

He served as assistant to Paul Volcker, then the chairman of the Federal Reserve Board, in 1981 and 1982, and previously served as deputy assistant secretary of the United States Treasury. In that with responsibility for developing the department’s position on all domestic economic policy issues, and extensive interaction with other executive branch agencies, Congress and the public.

Syron held a senior post at the Federal Reserve Bank of Boston from 1989 through 1994, and was a member of the Federal Reserve Board’s Open Market Committee, which sets monetary policy.

He joined the American Stock Exchange as CEO in 1994 held that post for five years, which included its merger in 1998 into the National Association of Securities Dealers.

Syron joined Thermo Electron as CEO in 1999, and moved to his current post at Freddie Mac in 2003.

In 2004, David Andrukonis, the chief risk officer of Freddie Mac, warned Syron of increasing risk in Freddie Mac’s portfolio. Syron declined to act.[1]

In December 2007, Syron told financial analysts that he expected Freddie Mac would incur heavy losses because of the weakening housing market and rising mortgage defaults. [1] Despite these forecasts, and concerns over the fiscal stability of Freddie Mac due to larger-than-expected write-offs, Syron reportedly took home over $19 million in cash, stocks, and other executive compensation in 2007. [2] Mr. Syron was terminated September 6, 2008, under a Federal Housing Finance Agency plan for conservatorship of Freddie Mac. [3][4] It is unknown as of yet if he will receive a severance package.[5]

His official biography at the Freddie Mac website is no longer available since his termination in September 2008.

James Cayne

In July 2007, Cayne was absent from New York at a bridge tournament when Bear Stearns’ hedge funds collapsed. This event was one of the causes of the subsequent global financial credit crisis.[7] In March 2008, as Bear Stearns was on the verge of bankruptcy, Cayne played bridge at a tournament in Detroit.[8]

Cayne has been the subject of various press since the Bear collapse,[9] including the fact that he has sold his stake in the company for 61 million dollars after its crash.[10]

On March 14, 2008, Charlie Gasparino of CNBC reported that the value of Cayne’s holdings in Bear Stearns had declined from $993 million to significantly less than $200 million in the wake of Bear Stearns liquidity crisis. Just days later Bear Stearns came to agreement with competitor JP Morgan for a full buyout at only $2 share, roughly $236 million for the entire firm. At the time, Cayne had significant exposure to the company’s stock, with most of his net worth tied up in shares that he had not yet exercised. It is estimated that the value of Caynes’ holdings had dropped to less than $15 million as a result, decisively removing him from the wealthiest individuals in the nation. On March 27, 2008, it was announced that Cayne sold his entire stake in Bear Stearns, over 5.61 million shares, for $10.82 a share.[11] This stake was sold prior to the vote on the renewed bid by JP Morgan for Bear Stearns. During the collapse of Bear Stearns, Cayne was competing in a bridge tournament in Nashville and was unreachable by email or cell phone, a fact for which he received much criticism.[

Martin J. Sullivan

Educated at the Sydney Russell School in Dagenham, Essex, in January 2007, he donated £50,000 to the school saying: "I would not be where I am today if it were not for the education and high standards I received there."[1]

In 1971 Sullivan joined AIU’s finance department, the non-life UK company of AIG. In 1974, he joined the Property Department and held a succession of underwriting and management assignments in the UK and Ireland. In 1983, Sullivan was appointed Property Manager for the UK and later Regional Property Manager for the UK/Ireland. In 1988 Sullivan became UK/Ireland Marketing Manager of AIU. Sullivan was appointed Assistant Managing Director of AIG Europe (UK) Ltd. in 1989 and Chief Operating Officer in 1991. In 1993 he was named President of AIU’s UK/Ireland Division and Managing Director of AIG Europe (UK) Ltd. Sullivan became Senior Vice President, Foreign General Insurance in 1996, and Executive Vice President, Foreign General in 1998.

In 1996 he was appointed Chief Operating Officer of AIU in New York and named President in 1997. He was elected to the Board of AIG in May 2002. Sullivan succeeded Maurice R. Greenberg, who stepped down as AIG’s CEO amidst an accounting scandal. He was replaced as CEO by Robert Willumstad on June 15, 2008. On October 7, 2008, Sullivan testified before the United States House Committee on Oversight and Government Reform on Capitol Hill regarding the causes and effects of the bailout of AIG.[2][3]

G. Kennedy “Ken” Thompson

is an American businessman who was previously chairman, president, and CEO of Wachovia Corporation, formerly First Union Corporation, from 2000 through 2008.[1] First Union Corporation acquired Wachovia Corporation and changed its name to Wachovia in September 2001 after fending off a hostile takeover attempt by SunTrust Bank. Thompson succeeded Edward E. Crutchfield in 2000, who stepped down due to health reasons. Previous positions at First Union included vice chairman of the corporation and head of Global Capital Markets; president, First Union-Florida; senior vice president and head of First Union Human Resources; president, First Union Georgia. Thompson was pushed out of Wachovia Bank (WB) on June 2, 2008 as head of the nation’s fourth-largest bank, becoming the latest financial services executive to be ousted amid turmoil in the U.S. housing market. Thompson will not receive any incentive pay for the 2008 fiscal year, but according to a filing with the Securities and Exchange Commission, he will get a severance of $1.45 million and accelerated vesting of $7.25 million in restricted stock. Thompson had served the company for 32 years.

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Seven deadly sins and Politicians.

 

There is a common thread of hypocrisy amongst these men that is shameful!

 

This particular profession doesn’t garner much respect as a majority of the participants are lawyers or like-minded individuals of status and position. The majority of these players come from well to do families and generally in some way or another, have little real hands on appreciation for our daily hardships as average citizens struggling to seek  our share of the American dream. Still, we let them persuade us they care optimistically and pull the lever with their name and hope for the best. There are some leaders who spend various amounts of time convincing us we should always give them a fair shot at doing what is in our best interest as a society. Some of these men have risen to prominent heights and amassed some wealth along the way. But the hypocrisy that has been on display the last twelve months by some politicians has been mind boggling beyond comparison. So I thought a theme of some of the men as representatives of their particular sins should be reviewed.

 

Pride – William Jefferson Clinton: the “First Black President”, he was affectionately called by the Black community. We, as most tribes or private clubs, maybe even more so than most because of our history in this country, don’t just let any white man in. This was done with former President William Jefferson Clinton because he said as a white man, having had grown up and been raised by a single parent for a time, father missing in action, saw his mother abused,  knew in a very personal way some of the hardships experienced in the Black community. I never personally agreed with that opinion of him being black, but I never had a particularly bad impression of him. The night he went on Arsenio Hall’s show and played the saxophone seemed to cement the relationship between him and the Black community with his be-bop jazzman persona in full swing. Betrayal in and of itself is painful to endure, ask any ostracized group or person in any society.  To be betrayed publicly in the denigrating manner in which the former President continuously did this campaign season was the most hurtful experience in modern times for many Blacks fiercely proud to be Americans.

 For those not aware, I will list a few: That a black man could come out of nowhere with limited legislative experience or reputation on the national scene and beat a person of his wife’s name and stature was a “fairy tale”. The quiet code here: blacks shouldn’t dream or not at that level. Advertisements implying Senator Obama were either Muslim, un-American or not patriotic. Suggestions blacks were not as hard working as the “middle class blue collar real” Americans his wife represented. Comparatively suggesting that the campaign of Senator Barack Obama was at the same level of either of the two campaigns run by the Reverend Jesse Jackson in ’84 and ’88. By the way, just suggesting that those two were in the same class to begin with is worthy of dismissal without debate. The suggestion that his wife’s time as a first lady and comparatively less legislative experience, as her opponent, unknown though he was,  who had spent time in the Illinois Senate as well as at the national level, gave her more qualifications to become the party nominee. But, the worst, his most absolute worst implied and consistent theme was “Guys, you must be crazy to support him! Can’t you see he’s Black, he’s Black man, you can’t ignore my wife and the Clinton name and vote for a Black man!  You must be out of you minds to even consider it!” He all but publically verbalized those very sentiments about the one loyal group to almost never leave the Clinton brand, Black folks. His personal pride just could not bear the thought of losing to this Black man. I don’t think we will be fooled that way by a white man again, if so, no chance by him.

 

Envy – Reverend Jesse Jackson: This one is particularly hard for me for several reasons; first being, I have never had any respect for the man, and while this site is about my view of what is happening in this country today, I am not dismissive of opposing opinion. I personally have always felt the man was a vampire of opportunity, a photo session waiting to develop. He always showed up where controversy could add to his image or profile as a national prominent figure of influence in the Black community and the Democratic Party. I knew the powers that be would never let him into any political arena where he could verbally brow-beat them into making law for the social good they never intended. He was an instrument of the Party and the media for his ability to give voice to all and every depressed issue or people. This is where he has a problem with the wily Senator from Illinois; Obama never came asking for an endorsement before he made this move, no request for advice or assistance of any kind. Not even a public symbolic passing of the perfunctory torch ceremony of mention. Better still, in a much classier manner than his most worthwhile opponent, a known entity in her own right, he spanked that ass! He did all of it in contest after contest without the Reverend anywhere in sight. It appeared nationally Jesse Jackson wasn’t even sought out by the media until this was almost over. That despite the fact that his son is involved with the Chicago Senator’s campaign.  I suspect the biggest disappointment associated with his recent remarks is the childish display on the national scene by a supposed Black man of the cloth. It appears both of these “gentlemen” displayed a serious lack of class and sophistication in their personal opinion of themselves and their blatant envy of the new Black American Leader.

 

 

 

 

 

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