Posts tagged ‘Cannibalism’

Occup Wall Street Drops Eviction Lawsuit


‘Occupy Wall Street’ drops eviction lawsuit


“Occupy Wall Street” protesters dropped on Tuesday their two month lawsuit against New York City over the group’s eviction from Zuccotti Park. The National Lawyers Guild, representing the protesters, said the decision stemmed from private security removing the barricades surrounding the park two weeks ago. The park’s owner, Brookfield Properties,…

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Police drag Occupy activists from Santorum event


Police on Monday physically dragged several Occupy Tampa protesters from an event with Republican presidential candidate Rick Santorum and cited them for trespassing. One of the men had thrown glitter at the candidate as he was he was giving his closing remarks. WESH cameras caught a man in a suit…

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Occupy DC faces no-camping clampdown ‘very soon’


WASHINGTON — The National Park Service (NPS) said Tuesday it will “very soon” clamp down on a Washington offshoot of Occupy Wall Street that pitched camp near the White House nearly four months ago. Testifying on Capitol Hill, NPS director Jonathan Jarvis defended his federal agency’s decision to tolerate open-ended…

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Director of National Park Services defends right of ‘Occupy DC’ protesters


Jonathan Jarvis, Director of National Park Services, explained to Rep. Joe Walsh (R-IL) on Tuesday why the “Occupy DC” protesters had a constitutional right to camp out 24 hours a day. His comments came during a House Oversight and Government Reform Subcommittee hearing regarding the the “Occupy” protesters in Washington,…

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TARP pay czar caved on executive pay limits, bonuses


WASHINGTON (Reuters) – Pressure from financial institutions and Treasury officials undermined an effort to limit executive pay at seven companies rescued with taxpayer money, a new government audit showed on Tuesday. The official overseeing executive pay for bailout firms limited cash compensation and made some reductions in pay, but still…

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Romney to protesters: ‘Take a hike’


At a campaign event in Florida Sunday, Republican presidential candidate Mitt Romney tried to get tough with a group of Occupy Wall Street protesters, telling them to “take a hike.” While speaking in Ormond Beach, the candidate found himself being “mic checked,” a phrase Occupy Wall Street protesters often use…

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‘Occupy London’ vacates building after brief stay


Anti-capitalist protesters of the ‘Occupy London’ movement have vacated a building in the city’s financial district less than a day after entering it, they said on Sunday. ‘Occupy London’ activists entered the abandoned nine-storey Roman House building — formerly used by finance companies — in the Barbican arts and conference…

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‘Occupy London’ protesters take over new building


Anti-capitalist protesters said Saturday they have taken over a large building in the City of London financial district. ‘Occupy London’ activists entered the nine-storey Roman House building in the Barbican earlier this morning, the group announced. “Occupy London this morning publicly repossessed Roman House, an abandoned nine-storey office building in…

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Portland, ME calls for end to corporate personhood


The city of Portland, Maine joined other cities across the nation in supporting an amendment to the U.S. Constitution abolishing corporate personhood. The Portland City Council voted 6 to 2 in support of a nonbinding resolution calling on Maine’s congressional delegation to support such an amendment, according to the Portland…

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Romney scolds protester for asking about the 99 percent


Republican presidential candidate Mitt Romney took a page out of the Chris Christie playbook on Thursday and berated an Occupy Wall Street activist for asking him how he would support less-wealthy Americans. Romney was signing autographs outside his campaign headquarters in Charleston, South Carolina when a man asked, “What will…

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Bill Moyers, David Stockman On Crony Captialism



Home » Blogs » Diane Sweet’s blog

January 20, 2012 09:39 PM

Bill Moyers, David Stockman on Crony Capitalism

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By Diane Sweet

Moyers & Company Show 102: On Crony Capitalism from BillMoyers.com on Vimeo.

Bill Moyers and former White House budget director David Stockman on the all-too-cozy relationship between Washington and Wall Street.

This weekend, continuing its sharp multi-episode focus on the intersection of money and politics, Moyers & Company explores the tight connection between Wall Street and the White House with David Stockman – yes, that David Stockman — former budget director for President Reagan.

Now a businessman who says he was “taken to the woodshed” for telling the truth about the administration’s tax policies, Stockman speaks candidly with Bill Moyers about how money dominates politics, distorting free markets and endangering democracy. “As a result,” Stockman says, “we have neither capitalism nor democracy. We have crony capitalism.”

Stockman shares details on how the courtship of politics and high finance have turned our economy into a private club that rewards the super-rich and corporations, leaving average Americans wondering how it could happen and who’s really in charge.

“We now have an entitled class of Wall Street financiers and of corporate CEOs who believe the government is there to do… whatever it takes in order to keep the game going and their stock price moving upward,” Stockman tells Moyers.

Full transcript here.

Tags: 1 percent, 99 percent, Bill Moyers, CEOs, crony capitalism, David Stockman, democracy, Free Markets, Money, Politics, Wall Street, washington

He’s One of the Nation’s Highest-Paid CEOs—and You’ve Never Heard of Him


One of the nation’s highest-paid executives is sitting on a massive pile of stock options and enjoys a private jet wherever he goes. Gary Rivlin on John Hammergren, the 1 percenter you’ve never heard of.

James Reda thought he was beyond surprise when it came to executive pay.


But then Reda, a New York–based compensation consultant who sometimes puts together mega-pay packages on behalf of publicly traded behemoths, learned about John Hammergren, the CEO of the McKesson Corp., a giant medical-supply company in California. Hammergren is the $145 million man, top dog on the latest listing of the country’s highest-paid chief executives.

But so what if he made $145 million in a single year? The lion’s share of that money was the slew of stock options Hammergren cashed out after holding them for years. “That’s what you want,” Reda says. A new CEO gets a fat basket of stock options, and if the company does well, the CEO also prospers. “As long as the original stock-award amounts were reasonable, it makes no difference if it ends up providing a huge payoff,” Reda says.

Then I read him Hammergren’s annual total compensation payouts, taken from the company’s public filings with the Securities and Exchange Commission: $46 million in 2011; $55 million in 2010; $37 million in 2009; another $41 million in 2008. Hammergren hadn’t founded the company. Wall Street analysts covering McKesson can tell you of the disappointments and miscues that have marked his tenure. But his haul in the 13 years he has been running McKesson? More than $500 million, according to data provided by Equilar, an executive-compensation data firm.


John Hammergren, CEO of McKesson Corp., George Nikitin / AP Photo

For a moment, Reda is silent. “$40 million, $50 million a year is excessive, no matter what the yardstick,” he says. The average pay package for a CEO running a top 100 company these days, Reda says, is around $12 million. That includes everything, from salary to stock awards to contributions to a retirement account. Yet last year McKesson contributed more than $13 million just to Hammergren’s pension, according to company documents. Among the other perks he enjoys: a chauffeur to drive his company car, free use of the corporate jet for personal travel, and an extra $17,000 a year to pay for a financial planner because handling all those hundreds of millions is no doubt complicated stuff.

“He doesn’t leave anything on the table, does he?” Reda asks.

***

John Hammergren isn’t necessarily the highest-paid CEO in America. Sure, he topped the list when GMI, a well-regarded research firm, published its 2011 annual CEO survey in December. But that’s because he cashed out $112 million in accumulated stock options in a single year, according to GMI. He ranked 14th on Forbes‘s 2011 executive-pay list and 22nd on its 2010 ranking. And of course there are CEOs like Oracle’s Larry Ellison and Google’s Larry Page. Page has a net worth north of $15 billion, and Ellison is worth more than $30 billion, but then each was a cofounder of the company he runs.

Ohio Republicans Remove Two Committee Members to Ram Anti-Union Bill Through Senate


In what Lawrence O’Donnell described as one of the sleaziest legislative moves he’s ever seen, the Republicans in the Ohio Senate jammed through their union busting SB5, but only after removing two Republicans on two separate committees who were opposed to it in order to get it to the Senate floor.

With One-Vote Margin, Ohio State Senate Passes SB 5:

The Ohio State Senate just passed the controversial SB 5, aimed a limiting unionized state employees’ ability to collectively bargain or go on strike.

In an indication of how divisive the legislation is in the Buckeye State, the final vote in the Senate was 17-16. The bill now moves to the state House, which like the Senate, is under Republican control.

Gov. John Kasich (R) has endorsed the measure and is expected to sign it when it reaches his desk.

Democrats united against the bill, and they needed seven Republican members to join with them to stop it. In the end they got six.

Pushing the bill through the Senate has been tough for supporters of the plan, with the Republican leader of the state Senate removing two Republicans opposed to the measure to get the bill to the Senate floor today.

Lawrence talked to the Progressive Change Campaign Committee’s Adam Green about their campaign to fight back against what these governors are doing in Ohio and Wisconsin and across the country, busting unions and waging class warfare against the poor and what’s left of the middle class. You can watch some of their new ads that are airing in Wisconsin or make a donation to help keep them on the air here.

Tags: Adam Green, class warfare, John Kasich, Lawrence O’Donnell, Ohio, PCCC, SB5, Union Busting, Wisconsin

http://embed.crooksandliars.com/v/MTk4NjMtNDQ0Nzk?color=C93033

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