Just like hundreds of thousands of others, Ken Karpman finds himself making $7.29 an hour as a pizza delivery boy - not enough to cover the mortgage on his house or keep the lights on. At first blush, Ken's plight isn't unusual – except his old job was as a hedge fund manager making $750,000 per year (plus bonuses presumably) and that mortgage is on a 4,000 sq. ft. house.
There's no reason to laugh at Ken's fall from 'have' to 'have not'. There's no pleasure in seeing anyone weather a massive crapstorm in a leaky boat. Although he admits he brought his plight on himself, just like many other people living beyond their means, the course he followed shows why our growing class division is unlikely to improve any time soon.
Keep reading: http://www.teambio.org/2009/03/20/a-pizza-boys-lesson-for-the-monied-class/#more-7222
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Suing the hand that feeds it
After using federal bailout money to award massive bonuses (which we now find out totaled $218 million), AIG is now using public funds to sue the government to get back $306 million tied to offshore tax havens
While Congress attempts to get back roughly $170 million in bonuses paid to executives at American International Group (AIG), AIG is suing the U.S. government (its largest shareholder) for $306 million in tax payments.
AIG wants the government to return of $306 million in tax payments including some tied to its offshore tax havens in the Cayman Islands, Ireland, the Dutch Antilles and other offshore havens. AIG had a reputation for fighting aggressively to prevent having to pay taxes to the country that ultimately bailed it out of its disaster. Presumably, some of the public bailout money is now being used to sue the government for past taxes.
For the full story, click here.
"We figured out the only way for us to survive, was to join forces with an outfit that won't hesitate to gun down the neighbors hanging around our homes with pitchforks."
Story at NY Times
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Friday night news dump
The CIA disclosed Friday that it has 3,000 summaries, transcripts, reconstructions and memoranda relating to 92 interrogation videotapes that were destroyed by the agency, the ACLU revealed Friday evening. http://rawstory.com/news/2008/CIA_reveals_it_has_3000_pages_0320.html
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The reviews are in on the leaked Geithner plan, and we are going to do something different here for a change. We are not going to listen to people who have been wrong about everything, and instead are going to listen to people who have been more right than wrong. The administration might learn from this approach. First up, Yves at Naked Capitalism:
And notice the utter dishonesty: a competitive bidding process will protect taxpayers. Huh? A competitive bidding process will elicit a higher price which is BAD for taxpayers!
Dear God, the Administration really thinks the public is full of idiots. But there are so many components to the program, and a lot of moving parts in each, they no doubt expect everyone's eyes to glaze over.
With almost no skin in the game, these investors can pay a higher than market price for the toxic assets (since there is little downside risk). This amounts to a direct subsidy from the taxpayers to the banks.Oh well, I'm sure Geithner will provide details this time …
Krugman slams Geithner's plan to deal with banks: "An awful mess": http://krugman.blogs.nytimes.com/2009/03/21/despair-over-financial-policy/?scp=1&sq=The%20Geithner%20plan%20has%20now%20been%20leaked%20in%20detail.&st=cse
If this were a medical emergency, it appears it would look something like this:
The Illness- reckless and irresponsible betting led to huge losses
The Diagnosis- Insufficient gambling.
The Cure- a Trillion dollar stack of chips provided by the house.
The Prognosis- We are so screwed.
If these guys are right, this will be the undoing of the Obama administration. Better enjoy this four years, libs.
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Meet RoboCroc: http://www.keysnet.com/news/story/84057.html
Yesterday was yet another day that FOX News made a huge deal out of the supposed issue of "voter fraud." But tonight was at least the 5th time that Ann Coulter appeared on FOX News (this time on Hannity) without a disclosure to the "we report, you decide" network's viewers that she is currently under investigation for voter fraud in Connecticut, just a few years after she wriggled out of another voter fraud investigation in Florida. It's worth noting that FOX News' histrionics over ACORN involved voter registration fraud (i.e. some rogue employees improperly filled out some voter registration forms) but no actual voter fraud was ever uncovered. But Coulter is under investigation (again) for actual voter fraud. Hmmm, why do I get the nagging feeling that FOX News only cares about voter fraud when it's useful to the GOP and overlooks it when it isn't?
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Glenn Greenwald: The Virtues of Public Anger and the Need for More: http://www.commondreams.org/view/2009/03/21-6
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Blistering Frank Rich column about AIG, the administration and more
Bush got us into this mess, and Rich readily acknowledges that. But his concern is that if Obama doesn't quickly get a hold of the situation, this is going to damage future recovery efforts, his presidency, and Democratic chances of staying in office in two and four years.
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Italian researchers believe they have found the remains of a female "vampire" in Venice, buried with a brick jammed between her jaws to prevent her feeding on victims of a plague which swept the city in the 16th century.
And in a related story, here's a handy chart to show you how much the freakin' bloodsuckers are getting out of us.
What's really interesting is that this program also tells you the company's market value and the percentage of the funds it received in proportion to the market value.
So, for instance, the market value of AIG is $942 million, and the bailout that they have received is 4246% of their market value. And if that doesn't tell you everything you need to know…
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While the Masters of the Universe whine about their million dollar bonuses...Bus driver delivers free home-cooked meals: http://www.cnn.com/2009/LIVING/03/19/cnnheroes.jorge.munoz/index.html
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Just in time for the depression ...
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Israeli president contradicts Obama's message to Iran, urges Iranians to 'topple' their government
On Thursday night, President Obama sent "a special message to the people and government of Iran" on Nowruz, the start of the Persian New Year, an act that has been described as :grouundbreaking." Speaking directly to Iran's "leaders," Obama acknowledged "serious differences" but said the U.S. is seeking "engagement that is honest and grounded in mutual respect."
http://thinkprogress.org/2009/03/21/peres-contradicts-obama-iran/
Let's send them some more money so they can buy shirts like these!
Dead Palestinian babies and bombed mosques - IDF fashion: http://www.haaretz.com/hasen/spages/1072466.html
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4,260 soldiers killed in Iraq; 667 in Afghanistan.
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Because we don't have enough of our own problems, Obama is finalizing plans to move federal agents, equipment and other resources to the border with Mexico to support Mexican President Felipe Calderón's campaign against violent drug cartels, according to U.S. security officials: http://www.washingtonpost.com/wp-dyn/content/article/2009/03/21/AR2009032102247_pf.html
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Hypocrite-R-Us
After Voting No, Republicans Tout Funds: http://online.wsj.com/article/SB123759908731101583.html
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Life after Death: http://www.newsfinder.org/site/more/life_after_death/
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