Posted by
Domenick Maglio on Friday, October 17, 2008 10:06:02 AM
BREAKING UP GOVERNMENT-CORPORATE “ORGANIZED CRIME”
By Domenick J. Maglio, Ph.D. Neo Traditionalist
The government came to the American people saying, “the sky
is falling.” Henry Paulson,
Treasury secretary and President George Bush notified us if we did not provide
the financial institutions with the $700,000,000,000, that is “billion,”
bailout by the next Monday, we would have another Great Depression.
We, the American people, spoke clearly by overwhelmingly
contacting our government representatives saying “NO”. The House denied the
bailout. A week later the Senate added a “sweetener” of $150 billion to pass
the bill. The original 3-page Paulson bill ballooned to over 400 pages to hide
the pork.
As noted in the “Godfather” movie, one man with a briefcase
can steal more than a hundred men with guns. The modern model of organized
crime is government officials taking donations from corporations and passing
special laws to assist corporations to squash competition and use the
stockholder’s finances to enrich themselves and friends. This mutually
beneficial relationship is a replica of the methods used by criminals paying
off dirty cops except the “organized crime” is happening in Washington’s
federal buildings paying off government officials.
CEOs of financial institutions could not personally receive
“golden parachute” bonuses without the congressional oversight committee
avoiding their responsibility. The relationship between government and Wall
Street has evolved into a revolving door. Franklin Raines, a budget manager
under the Clinton administration, became the head of Freddy Mac earning
$90,000,000 in six years. He, like many others CEOs, “cooked the books” to show
a $6.3 billion overstatement of profit to reach financial goals in order to
receive exorbitant bonuses.
Alan Fishman of Washington Mutual, $19 million in three
weeks
Richard Fuld, of Lehman Brothers, $500 million in 10 years.
Stanley O’Neal, Merrill Lynch, $110 million
Jim Johnson, Fannie Mae, $28 million
These “golden parachutes” were taken by CEOs who destroyed
their companies and robbed their shareholders.
These executives need to return this unearned money to the
shareholders, face huge fines and be investigated for criminal wrongdoing. AIG
executives, after receiving 85 billion of our tax dollars wasted $440,000 for a
spa retreat and then received another bailout of $38 billion. Something is
fishy.
We should follow the money into the halls of congress and
remove all dirty politicians. Barney Frank, Charles Shumer and Maxine Waters
continued to praise the work of Fannie Mae and Freddie Mac while the companies
were falsifying their profit statements and eventually brought our economy to
its knees. Their behavior is suspicious and needs to be investigated.
The CEO of Countrywide, Angelo Mozilo received $110 million
while bankrupting the company in the subprime loan debacle. Investigators
uncovered FOA (friends of Angelo)
who were political elites. Senator Christopher Dodd,
chairman of the banking committee and Ken Conrad, chairman of the budget
committee were given special VIP loans below market levels. Any politician
profiting from his or her oversight responsibility is a crime that should be
punished.
Politicians need to be held accountable as well as CEOs. We,
the taxpayers, cannot allow our government representatives to take our money to
whitewash the theft of our treasury especially when the politicians themselves
are the thieves signing the blank check. The lack of punishment for fraud and
extortion will only continue the crisis until the economy totally collapses.
Our capitalist economy without enforcement of the law will morph into a
centrally controlled fascist or socialist system.
Only by having public hearings on the connection between
government officials and the financial institutions can we unravel and identify
and correct the problems that caused it in the first place. Government
transparency will lead us to the government and corporate elite who robbed the
system by disregarding the most basic moral principles and the law. An outside
person of impeccable character with a heavy dose of courage and morals needs to
be appointed as a special investigator to clean up the mess.
The main issue is that the government officials and CEOs are
corrupting the free market. The CEOs are donating money to congressmen’s
campaigns to buy influence to change the laws and limit competition. The
subprime loan disaster was an attempt by some in the legislature after
receiving corporate perks and money to mandate that low-income families be
given houses without the savings or means to pay for it. “NINJA” loans were
given with No Income, No Job, (and) no Assets.
Our present system is rewarding vice not virtue. We must
expose the elites who do not follow ethical and moral behavior and make them
pay a heavy price for their corrupt behavior. The message has to be heard loud
and clear that corruption will not be tolerated.
The future of the United States depends on the justice
system punishing to the full extent of the law all the government and CEO elites
who gain from this Wall Street/government organized crime.
Dr. Maglio is the author of Invasion Within and Essential Parenting. He is a psychotherapist and the
owner/director of Wider Horizons School.
Visit: www.drmaglio.com.