Oh, and by the way, Harvey Pitt resigned yesterday, right after the polls had closed in the East. After all, we wouldn’t want to remind anyone of how thick the corporate corruption surrounding Dubya and his minions runs until after the election now, would we? As it turns out, the GOP-controlled Congress probably won’t look into SEC malfeasance anymore anyway.
Category: Political Economy
The Other Shoe Drops.
Perhaps content that Saddam’s “resurgence” has snuffed out media coverage of Enrongate for the time being, Dubya tries to gut the SEC’s budget increase, making it impossible for the agency to fulfill the requirements of the recently-signed Sarbanes-Oxley Act. Absolutely shameful. And, as per usual, I think we can guess who’s the brains behind these latest shenanigans.
Market Fundamentalism.
Financier and philanthropist George Soros weighs in on the recent spate of corporate malfeasance and the dangers of “market fundamentalism.”
Don’t call it a comeback.
The stock market rallies almost 450 points today, but will it be enough to take the heat off Dubya?
Out of touch.
On a day which saw the stock market drop below 8000, Dubya (according to the Standard & Poors index, the worst President in 75 years) declares “the future’s gonna be bright.” Oh, good…I feel better already. As Time noted yesterday, “the President and congress appear to be zealously attacking corporate abuses the way Pilgrims would a dance hall. But get past the reformist posturing, and the proposed new laws add up to half-measures.
The Next to Fall?
The plot thickens…just when the stock market really doesn’t need any more bad news, turns out Citigroup helped Enron evade the law to clear $125 million in debt. Shameful…struggle to get by, and Citibank screws you with exorbitant credit interest rates. Live on the high hog, and they cut you an (illegal) sweetheart deal. Update: J.P. Morgan is in the mix too.
I’ll trade you my Ebbers rookie card for a Waksal…
Corporate Scandal Trading Cards…collect them all!
Corporate Socialism.
Ralph Nader weighs in on the corporatization of America in the Post. “At stake is whether civic values of our democratic society will prevail over invasive commercial values.”
The People Have Spoken.
According to two recent polls, a majority of Americans think (a) Bush is owned by Corporate America and (b) Gore-Lieberman should not run again in 2004. Looks like the electorate is batting 1000 this morning.
Making Pitt stop.
John McCain devours Dubya crony and SEC chairman Robert Pitt (whom Dubya has ill-advisedly embraced despite the calls for his resignation) on Meet the Press.