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Politics : Formerly About Advanced Micro Devices -- Ignore unavailable to you. Want to Upgrade?


To: i-node who wrote (148868)7/29/2002 2:41:03 AM
From: tejek  Read Replies (1) | Respond to of 1575290
 
As we reported in February, the former Clintonoid is on Citigroup's payroll for an astonishing $40 million a year just to "advise on strategy" - even as he continues to help Democrats undermine President Bush.

Huh? What about the Rep. CEOs who make hundreds of millions of dollars per year? Its okay to pay them that much but paying the former Sec of the Treasury who helped lead the longest peacetime econ. expansion in US history $40 million is over the top? I don't think so.



To: i-node who wrote (148868)7/29/2002 2:42:44 AM
From: tejek  Respond to of 1575290
 
Ashcroft to Ashcroft
Dust to Dust

By Bryan Zepp Jamieson
7/26/02

htttp://www.zeppscommentaries.com/Humor/dust.htm

George is going on vacation, which means Wall Street can heave a sigh of relief. Their problems aren't over, not by a long shot, but every time George gives a speech about how he's going to solve the problems the market is having, the market drops like a butterfly in a flame thrower.

It's got to be embarrassing, for those Republicans capable of embarrassment. Here they are, they are supposed to be the party that is friendly to big business and capitalism, and very supportive. Remember all the self-congratulatory caws from the White House about how now we had a guy in charge who was a CEO (really clawed his way up the corporate ladder to get there, you understand) and understood the needs of businessmen. "The adults have returned to Washington" was the refrain.

Now, Wall Street looks at George and says, "He's one of us. We are SO screwed..."

Remember, George promised to run America like a business. It would be just our luck that this would be the one campaign promise that he kept.

Want the market to climb 2,000 points in one day? Just have George stand up and say he's sorry he stole the election, and that he wants to have Al Gore take over from here on out.

Someone ran an analysis of market performance during the first 18 months of a Presidency, going back to Hoover. The worst four were all Republicans, the best four all Democrats. FDR was the best, with a 55% improvement in the market in his first eighteen months. Granted, it didn't have anywhere to go but up. LBJ was a distant second, followed by Clinton.

Hoover was a distant second on the down side, what with the crash of 29 and the subsequent Great Depression. Those sorts of things would put a dent in anyone's economic track record.

The worst, by a two to one margin, is....

Oh, boy. Say, do you think we could get Al Gore in later today? I know it's eight o'clock at night, but maybe we want to beat the opening bell on the market tomorrow. Before something else happens.

Fortunately, there is an amusing distraction available, to get everyone's mind off the fact that as an economic powerhouse under the tutelage of the adult CEOs, we'll soon rival Chad.

John Ashcroft, who may well be the only incumbent in the US Senate to lose a re-election bid to a dead guy, came up with an exciting new volunteer work program called TIPS.

Now TIPS, for anyone who has been living in a cave, is a patriotic plan that will make America more secure and safer in this age of terrorism. Ashcroft wants 10 million patriots – roughly one in 28 Americans – to step forward and selflessly volunteer, or be volunteered by their employers, to snitch.

He wants postal workers, cable tv repairmen, plumbers, meter readers to all take note of anything unusual or suspicious, and report it in.

Ashcroft assures us that these would not be government-run secret police. Anyone thinking of the Gestapo, or East Germany's Stasi, can forget all that; that isn't what Crisco Ashcroft has in mind.

Ashcroft today assured one and all that the TIPS headquarters would not be keeping a database on people whose names were submitted for "special handling." No, nothing big brotherish or fascistic like that. What TIPS would do is gather the names and reports, and turn them over to the FBI, NSA and Homeland Security, and THEY would put them in databases. That's a lot better, isn't it?

No, Ashcroft's thinking of volunteers, members of the party who would monitor the activities of their neighbors and make sure they aren't doing anything disloyal, like criticizing capitalism, or praising German technology. They would watch to see who didn't applaud during the state of the union addresses in local bars, who didn't put out their flag on flag day, even who looked unimpressed at mention of the mayor's name.

Russia had something like that. It was called "The Party", and if you were a member, you were part of a privileged elite that was accountable to nobody. You could destroy careers and even lives on the slightest whim, with no more effort than wearing an expression of doubt when mentioning a name to your commissar.

One oddity is that the religious right and the libertarians are coming out against this idea. The religious right you can sort of see, since they don't like government programs. Libertarians are a bit of a surprise, because they believed that the government had been taken over by businessmen like themselves, and libertarians are incapable of thinking that businessmen could be oppressive or step on peoples' rights. That just isn't the free market, darn it.

Telling a libertarian that corporations are generally not inclined toward rights and freedoms for the consumers because it might impact profits is a bit like telling some dewy-eyed young missionary that if you read the bible, you discover that god not only created the earth and the universe, but he also created satan and all the evil in the earth and the universe. Both will have the same expression of hurt disbelief on their faces for a half second before they decide that you are crazy, a communist, and most likely dangerous to yourself, and report you to TIPS.

If you happen to be a seething mass of futile passive/aggressive anger, the type who hoards all slights, real and imagined, and fantasizes a lot about payback, then you will be perfect for TIPS. Make all those jerks who jacked you around CRAWL!!

You can see where people who like Ashcroft would be enthralled with the idea. People like that have lots of scores to settle, and are determined to make others live up to their patriotic ideal. Ashcroft will have no shortage of volunteers. And Ashcroft will love you, because every name you turn in validates his suspicions that the United States is crawling with spies and traitors.

Just to top it off, it seems there's an asteroid, 2 kilometers in diameter, that scientists think could hit the earth on February 1st, 2019. Two kilometers in diameter striking the earth at a combined speed of some 100,000 kilometers an hour translates roughly to, "don't bother painting the house." In fact, don't even bother cleaning it. You are dog food. Of course, all the dogs would be, as well...

Except, the scientists add, there's only a single chance in 250,000 that it will actually hit the earth.

Oh. So I sat down, and did some calculations. The chances of this thing – NT-7 is the sexy, sexy name they gave it – turning the planet into one big colostomy bag is roughly the same as that of George W reciting all of Lucky's soliloquy (Waiting for Godot) without stuttering or stammering once, from memory.

But it occurs to me that if George were to announce that he would be launched on a one way trip with a thermonuclear bomb and set it off to deflect NT-7 so it wouldn't even threaten earth that much, I bet the stock market would go up 2,000 points. In a day.

In the meantime, I'm calling TIPS tomorrow and reporting NT-7. Anything that threatens to turn the whole United States into a bowl of Alpo gravy slop should be brought to the attention of the authorities. And besides, it means I won't get blamed, seeing as how, just the day before the existence of NT-7 was announced, I spoke publically about an asteroid hitting the earth.

Coincidence? I think NOT? Obviously, it is my patriotic duty to turn myself in.

On things for sure: if Putsch and Ashcroft are our nation's future, I'm going to be rooting for NT-7.



To: i-node who wrote (148868)7/29/2002 2:58:43 AM
From: tejek  Respond to of 1575290
 
The bad corporate behavior of Cheney and Bush sure is quieting down.....YUP, YUP, YUP! WRONG AGAIN!!!!!! Even a major Canadian paper is picking up on it!!!!!! And I didn't know about this Spiro Agnew and tax evasion.......let me think........is he a Dem.? I don't think so!! Is he a former US VP? Yes, I think so?

As it turns out, he served with that other Rep. piglet........Nixon! Why am I not surprised!!


____________________________________________________________

Jul. 26, 2002. 01:00 AM


Dick Cheney's brilliant career

By David Olive

Advertisement:


"By any measure you want to use, Halliburton has been a great success story."

—Dick Cheney, U.S. vice-presidential candidate, campaigning in 2000

"Halliburton Co. said Wednesday that it lost $498 million in the second quarter, weighed down by charges against earnings for asbestos-related claims and a troubled project in Brazil."

—News report, July 24, 2002

WITH SPIRO ("TED") Agnew, it was so simple. He was charged with pocketing more than $100,000 in graft from Maryland engineering firms, one of which took the trouble to have someone personally deliver an envelope with $10,000 in small bills to the newly elected U.S. vice-president at his suite in the Executive Office Building in Washington. Bribery is plainly illegal, so Ted pleaded "no contest" to the charges against him and quit public life in 1973.

But you look at Dick Cheney's brief stint in business from 1995 to 2000, prior to joining the Bush ticket, and you don't see anything illegal. Not yet, anyway.

There's nothing illegal about a former U.S. defence secretary and Gulf War hero accepting a plum post as CEO of a tainted firm, Halliburton Co., that was harshly criticized in the early 1990s for selling oil-drilling equipment to, of all places, Saddam Hussein's Iraq. In 1995, the same year Cheney decided to try his hand at business with Halliburton after a lifelong career in politics, the company pleaded guilty to violating the U.S. ban on exports to Libya, having peddled to strongman Moammar Gadhafi six pulse nuclear generators that could be used to detonate nuclear weapons.

Nor was there anything illegal about Cheney's inability, as CEO, to stop the stain of questionable conduct at the Texas-based oil-services and construction company from spreading. Under Cheney, Halliburton continued to do business with countries the U.S. has described as "rogue nations," including Libya, Iran and Iraq.

And it overbilled the Pentagon on contracts over a four-year period ending in 1998 — charging $750,000 (U.S.) for electrical repairs at Fort Ord in California that actually cost about $125,000, for example — and ultimately reached a settlement with the Army in which it paid a $2 million fine.

Also in 1998, Halliburton, with the assistance of its auditor, Arthur Andersen, altered the company's accounting methods in a way that postponed losses from deadbeat clients, a device that artificially inflated Halliburton's profits by about $100 million and is now the subject of an investigation by the U.S. Securities and Exchange Commission.

There was nothing improper about the unusually limited role expected of Cheney as head of a Fortune 500 company. He was recruited as CEO not long after a fortuitous five-day fishing trip in B.C. with several CEOs, including his predecessor at Halliburton, who was impressed by Cheney's fireside tales of how he had reorganized the Pentagon. That revamp, which called for a 25 per cent reduction in personnel and the closing of 800 bases, laid the foundation for the allegations Cheney and George Bush would make in the 2000 campaign of how the Clinton-Gore team had run down America's fighting strength.

At Halliburton, Cheney would be paid a total of $45 million in salary, bonuses, stock-option profits and stock-sale proceeds for his services. The principal function of this novice CEO was to be a high-priced lobbyist, using his contacts at the Pentagon and with kings, emirs and oil ministers to drum up business. The actual running of the $9 billion enterprise was delegated to Cheney's future successor, David Lesar, who later explained, "On major types of things, I would tell Cheney what the decisions were."

There's nothing illegal about the political influence that Cheney did wield on Halliburton's behalf. The company's U.S. government contracts soared to $2.3 billion during Cheney's tenure, more than double its take in the previous five years. That relationship continues now that Cheney has moved on, with Halliburton, despite its reputation for padding expenses, recently winning a post-Sept. 11 contract as exclusive logistics supplier for the U.S. Army and Navy. It will do work such as running canteens and carting fuel that the armed forces claim they could do themselves for 10 per cent to 20 per cent less than Halliburton will be paid.

CEO Cheney, a hard-right opponent of government spending during his political career, also reinforced Halliburton's status as a leading recipient of corporate welfare. The $1.5 billion in government financing and loan guarantees that Halliburton netted in Cheney's time was a 15-fold increase over the previous half-decade.

There's nothing improper about the assertion by Bush campaign communications director Karen Hughes in 2000 that "The American people should be pleased they have a vice-presidential candidate who has been successful in business." After all, Cheney's legacy at Halliburton didn't turn into a flaming wreck until several months after his inauguration — and four years after he reassured fellow employees at Halliburton that "this is where I expect to spend the rest of my career."

Cheney's crowning achievement in business was Halliburton's 1998 merger with archrival Dresser Industries Inc., a one-shot deal that briefly obscured the underlying weakness of Halliburton's basic business. But alas, the transaction was a Harvard-worthy case of mutual non-due diligence.

Only in the aftermath of the $8 billion merger did Dresser executives learn to their dismay about hundreds of millions of dollars of losses on major Halliburton construction projects that did not appear on its books — another indulgence in creative accounting. For its part, Halliburton was surprised to discover the magnitude of asbestos-related liabilities at a former Dresser subsidiary, for which it has paid out $152 million in injury claims in the past year alone.

There was nothing illegal about the decision by Cheney and four other Halliburton insiders to dump their shares in the company in August, 2000, about two months before Halliburton stunned investors with news that its engineering and construction business was spiralling downward, and that a grand jury was investigating charges it had overbilled the government.

Cheney took an $18.5 million profit on the sale of his shares. Halliburton stock has since plummeted to a 16-year low, losing about 75 per cent of its value since Cheney left the company.

Last Wednesday, Halliburton reported a $498 million loss for the second quarter. It also said that a consultant's study has estimated it faces liability of $2.2 billion between now and 2017 for existing and potential asbestos claims, and that Halliburton has insurance coverage of just $602 million. The company has worked overtime this year to quash rumours of its imminent bankruptcy.

Finally, there's nothing unconstitutional about the disappearance of the vice-president during a national crisis, namely the widespread malfeasance in Corporate America that has factored into the bear market on Wall Street.

A spokesperson at Halliburton, suggesting that Cheney might have some insight into that issue, after all, has appeared to implicate Cheney in the firm's accounting irregularities by stating, "the vice-president was aware we accrued revenue on unapproved claims." But then there's that famous promotional video for Arthur Andersen in which CEO Cheney lavishes praise on the innovative auditing firm, saying, "I get good advice, if you will, from their people based upon how we're doing business and how we're operating — over and above the sort of normal by-the-books auditing arrangement."

As Michael Kinsley conceded in Slate, "This remark from Cheney is a pretty convincing performance of a man who doesn't know what the hell he is talking about."


So Cheney, who still vets Bush's major appointments and held his hand after Sept. 11, is perhaps wise to renege on his campaign promise, and not bring his business acumen to bear on this particular problem. It must be said that no one has dropped into his Washington office to slip him an envelope stuffed with cash. Cheney has merely helped a private-sector firm relieve the taxpayers of some money, and then swollen the ranks of CEOs who walked away from a corporate catastrophe with bulging pockets.

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