Pitt's Replacement.. The Fox Is Now Guarding The Chickens?..
4 replies to this topic
Posted 11 December 2002 - 05:30 PM
(from fierce finanical.com)
The focus has since shifted to his status as a revered Wall Street insider. Some people wonder if that will ultimately be a problem. Can a club member really regulate the club? It's a fair question. After all, Donaldson once argued against Regulation FD. And as chief of the NYSE, he pressed for looser accounting rules for overseas firms. Now he is being asked to remake the securities industry and inspire public confidence in ways that any Wall Street executive, by nature, would oppose.
Posted 11 December 2002 - 07:39 PM
It's always been this way, and it always will. Don't sweat it -- wall street's purpose is to separate fools from their money, and they're not going to let the SEC get in the way.
I used to get upset by the way the public is robbed blind by wall street, but now I've come to think they deserve it. They don't do their homework and they get caught up in the stupid PR machine that is crapvision and wall street.
Similarly, I used to hate republicans because they really only represent the rich at the expense of everyone else. This was in college, but as I started working and paying taxes, I continued to think that way. Then after the election it hit me.
The American public voted for republicans despite the fact most of them will be screwed by the republican party (as they cut taxes for the rich at the expense of everyone else). If they're voting for people who will screw them, shouldn't I vote for people who are helping me? While I'm not rich by any stretch of the imagination, I make enough to be helped by many of the republican tax cuts, so I figure screw my conscience, I'm voting republican in the future.
Sorry for the rant, maybe this should be saved for political stool.....
Posted 11 December 2002 - 07:46 PM
This whole business of scratching up a new SEC head and a new Treasury head has completely sickened me.
I could not believe that anybody would actually have actually considered Phil Gramm for the job of Treasury Secretary, with his wife's hands dirty with energy deregulation and her fingerprints all over the Enron boardroom. What is Washington THINKING??!!
I wasn't too thrilled with Charles Schwab as a choice - granted, he's the CEO of a successful company, but too stock-biased for my taste. We know where his interests lie. I understand that Schwab gets to exploit some farm subsidy loophole because he owns walnut groves. Is this a guy who really needs the subsidies?
Of all the sleaze that could be picked, I can't help but think that investment bankers and "financial service" types are the sleaziest.
Paul O'Neill may have sounded pollyannaish about the economy, but he often spoke the truth - the tax code IS an abomination, what is foreign aid good for if the money just goes into some crackpot dictator's bank account, etc, etc.
Posted 11 December 2002 - 08:55 PM
On NPR yesterday, that bastion of 'liberalism', without a hint of irony some reporter was saying how Wall St. wanted one of their own at the SEC because it has tradionally been "their agency". Sheesh. Sure it has always been that way but when was it OK to say it outloud, on NPR no less!!! Yikes!!!!!
They went on to laud Donelson, as has every mainstream media voice I can find. Now maybe Mark's Color Commentator is a bit over the top on this;
“Was reassured to note the appointment of Pigmen Donaldson Duck to oversee the SEC. A man fully experienced in the ways of market manipulation is a logical and predictable choice to guard the coop. Now with a moron hovering over the nuclear go button, an international war criminal heading up the investigation of 9/11, a former member of the Phoenix Hit project in Vietnam running Homeland 'Security', and a convicted criminal from Iran Contra reviewing all our mail we can be comforted to know that things are now in good hands back in Washington.”
but where is the skepticism?
I had a great laugh when NBC described Snow as a successfull bussiness man, using as the criteria his earnings over several years or maybe it was hisnet worth of $160 million. The point being that personal wealth immediately grants respect, and respectability.
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Posted 12 December 2002 - 03:48 PM
Susan, I loved O'neill. He typified the statement "White men can't dance." He and Bono together in Africa were priceless. The guy is stubbornly himself even though he, of course, reflects the bias of his class. But anyone who dances that bad, without being able to fake an even slightly limber Watusi, is the genuine article. Highlighting the fact that a lot of foreign money ends up lining the pockets of dictators was like pointing out the elephant in the living room. --Probably ruffled a lot of feathers at the IMF, as they use this dynamic to get things done for big business.
Jorma, NPR, is toxic. It's just alternative enough to give the listener the general impression that they're getting the lowdown. They do some great stuff, but when push comes to shove they toe the line. I call them "National Puppet Radio". Face it, it's perfect for boomers who want to feel they're still happenin', without ever straying too far from the fold of the mainstream. Sad, what's happened to a once proud, rebellious generation. Reminds me of watching Fleetwood Mac concert on PBS, last night. Stevie Nicks, the gypsy, has become a twirling botox experiment. The plaintive cry of youth, replaced by pre-senile moaning.
The appointment of Snow for the SEC, and Kissinger to head up the investigation of the WTC, is pragmatic and symbolic. It signals to the intelligence community, in Kissinger's case, that it's business as usual. The appointment of Snow is to reassure Wall Street, obviously. They symbolize secrecy, not openness. It's pretty much Bush giving the entire country the finger. I suppose we should be grateful that he didn't appoint Gram. That would have been inserting the finger, and demanding that we rotate. It's all so sick. Current events are bad enough, but anymore of this and I'm going to have to go off caffeine altogether. Man, look at this ramble. Tanks for indulging me.
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