The tradition of Thomas Nast is alive and well, thank god.
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A cynic is a pessimist who's seen the facts in action. That's me. Yet I am perversely cheerful, which I don't quite understand either. And that's not my dog.
"[T]the Bush era set up a kind of corporate Marxism, where risk is socialized, but where wealth is privatized. And the middle class ... are the only ones who ever feel any pain."
What gained Spitzer international renown was the painstaking work by his New York attorney general's office in piecing together the memos and emails by which America's largest brokerage firms were selling stock at the height of the late-1990s dot-com boom that their own analysts regarded as "crap" and "junk."The Bush administration is a CEO administration, pure and simple. It has corporate and class interests and loyalties which were right in the crosshairs of any genuine effort to enforce the law. Militarizing police forces in order to pursue the ludicrous "war on (certain classes and colours of people who use) drugs", raiding medical marijuana facilities and so forth... those, in the eyes of the Bush Administration, are valid uses of federal authority. Going after CEOs is something best avoided.
Spitzer extracted a stupendous $1.4 billion (U.S.) settlement from 10 of America's largest securities firms, including Citigroup Inc. and Merrill Lynch Inc., for their dissemination of this supposed "research" to clients. He then went after dubious sales practices in the mutual fund industry.
Spitzer exposed unsavoury bookkeeping practices in the insurance trade, forcing the ouster of the CEOs of insurance giants American International Group Inc. and Marsh & McLellan Cos. He waded into the field of excessive executive compensation, forcing Dick Grasso to relinquish a portion of his huge severance package on retiring as CEO of the New York Stock Exchange.
In identifying many of the leading culprits in the loss by Main Street investors of some $8 trillion (U.S.) when the dot-com, tech and telecom markets imploded, Spitzer acted while the U.S. Securities and Exchange Commission dozed. And in doing so, Spitzer helped bring about higher standards of transparency and CEO accountability for the authenticity of corporate financial reporting.
“[A] religion is no more than a cult with an army attached to it.”
"If God had wanted us to worship him, he'd have made it easier by existing."
[I]t is no coincidence that the War On Drugs heated up after the civil rights movement achieved a set of huge victories that gave this country a moment of hope for something like racial equality. Now we have a country where 1 in 15 black people are currently in jail.