Ira Rennert: A Sickening Story Of Unfettered Capitalism.

Here’s a story of what’s wrong with capitalism – brought to you by one of the Mitt Romney’s of the world.

Ira-RennertBillionaire Ira Leon Rennert – there’s the sorry ass over on the right – got rich by acquiring all the shares of struggling companies then issuing junk bonds to finance the acquisition. His personal fortune came from paying himself hundreds of millions of dollars from the proceeds of the junk bond sales – not once, but twice per company!

Rennert isn’t satisfied with raiding a company just once. After collecting as much as $100 million-plus from the first junk bond sale for the initial purchase, he would create a holding company which would then purchase the company by selling yet more junk bonds for which Rennert would be paid – again – as much as a hundred million dollars more.

What brings Rennert’s story to headline news is a law suit resulting from him pulling one of his stunt on a company in Utah. The trustee for the estate of Magnesium Corp of America filled a lawsuit against Rennert and his company and he was found guilty of looting the company.

Rennert purchased the company in 1989 which he controlled until 2001. The details of the original purchase are shrouded in secrecy so we don’t know how much he was personally paid from the first acquisition. But in 1996 he established a holding company – Renco Metals – for Magnesium Corporation (MagCorp) which sold junk bonds to purchase MagCorp and then paid Rennert $90 million.

During the 1980’s – 90’s MagCorp was the worst air polluter in the nation, charged by the EPA of “releasing hundreds of tons of chlorine per day from its stack, which was around 90% of the chlorine emitted into the atmosphere from all sources nationwide” [Bold mine]. In the 2001 law suit filed by the estate, prosecutors said Rennert did nothing to clean up the pollution. But Rennert got out of the nearly $1 billion EPA fine by filing bankruptcy for MagCorp and renaming the company US Magnesium – then let the bankruptcy courts take the company. However, Renco owns the company today after having bought it back from bankruptcy probably at a fraction of the $1 billion fine.

So guess who’s paying for the cleanup of this multi-billionaire’s pollution? You and I, the taxpayers, under the National Priorities List though the EPA’s Superfund. Yep, Rennert walked away clean.

Trying to find how many people lost their jobs, retirement benefits and maybe personal property and savings because of Rennert’s corporate looting is like trying to find a needle in the haystack. But you can bet Rennert is not one bit concerned about that ‘insignificant’ loss. He has his $6 billion-plus he made from unfettered capitalism.

Rennert is a major contributor to the Republican Party, contributing money to Senator John McCain and Rudy Giuliani – all the while living in his 63-acre oceanfront estate which has a 62,000-square-foot main house with 29 bedrooms and 39 bathrooms, a 164-seat theater and a 100 car garage in Sagaponack, New York. The main house is adjacent to a 10,000-square-foot “playhouse” with two bowling alleys, a squash court and billiards.

Rennert Estate

Never underestimate the difficulty of changing false beliefs [with] facts.
Economist Henry Rosovsky


America’s Favorite Pastime: Drumming Up A War.

Since the end of the Korean War in 1953 the U.S. has engaged in no less than 18 invasions of other countries. Of those, seven have been with the intent to overthrow the leader and install our own definition of a new government. Two other countries in the Middle East are on our wish-list for leadership disposal: Syria and Iran. Several other countries are of ‘great concern’.

Another way of stating our warring activities is that we have engaged in some type of conflict ever 3.4 years on average since the end of the Korean War. The only justifiable war was with Afghanistan which, as we all know, had allied with al Qaeda and Osama bin Laden before al Qaeda’s attack on America, and continued to protect them after the attack. But what about all the others? What were our motivations and the outcome?

Focusing on just our military “accomplishments” since 911, the Iraqi, Libyan and Yemen efforts have resulted in only one thing: A country so weak that terrorist easily takes over a large portion if not the entire government. At the very least, the countries were no worse off under the dictatorial and brutal leadership they had. For that matter, neither was the rest of the world.

Then there’s Afghanistan. Although a justified invasion, we also left that country in such a mess that more terrorists have taken up residence there too.

So now, what are we proposing as a ‘fix’? Well, as it turns out, a two-stage assault is the only thing that will work, with another effort thrown in for good measure — according to the warmongers — many of which are the same ones who lied us into the Iraqi War.

According to those warmongers, the first stage must be an invasion of Syria. Not just aerial attacks against ISIL as we are doing now, but with “boots on the ground”. In other words, an actual invasion. The strategy is that we should now “ally” with the country’s leader – who, just months before, we wanted thrown out – to help defeat ISIL.

One has to believe that if the Syrian leader, Bashar al-Assad, and the U.S. are successful in defeating ISIL in Syria, we will then demand that Assad surrender his leadership. What a better time – we will have the military might on his front porch to enforce our wishes if he doesn’t voluntarily go. Then we can install another one of our “friendly, strong & dependable” governments; which will most certainly lead to another Iraqi and Libyan situation — unless, of course, we leave behind a more-than-sufficient military force “‘til the end of eternity” to defend from such a thing.

Second stage: It’s imperative that we re-invade Iraq and Afghanistan — and any other country we deem necessary to “defeat” terrorism “‘til the end of eternity”. As for that aforementioned good measure, it’s absolutely necessary that we simultaneously attack Iran — according to current Israeli Prime Minister, warmonger Benjamin Netanyahu, and his American idolizers — and leave our forces there “‘til the end of eternity”.

In the Senate, we got John McCain, lead cheerleader for going to war under almost any circumstances, advocating invasions and re-invasions almost on a daily basis, albeit using the “stepping-stone” approach. Then there’s our legitimate news media who insist on calling in well-documented warmongers to “seek” their advice on what to do, as well as the not-so-legitimate media.

So the question now is how do they – meaning the warmongers – achieve their wishes? It’s pretty obvious they will have only limited success as long as President Obama is in office. Therefore, they must wait until 2017 with hopes that a Republican will be elected President in 2016. In the meantime, their strategy is to continue beating the war drums from their Penthouses and the ‘Beltway Bunker’ in order to drum up popular support so that once in office their new war-friendly President can openly authorize immediate full-scale military action — unlike the last Republican President who, along with his warmongering Vice-President and those who stood to benefit from a war, secretly planned the invasion of Iraq, even before 911.

With that objective in mind, who is the most likely person to grant their wishes? Well, there’s several, with some maybe being a little tougher to convince, but it appears that Jeb Bush may be their most likely choice for declaring war. Besides being his brother’s brother, Jeb has already exposed where he stands on the matter.

JB is attacking Obama’s policy on Iran yet he, Bush, hasn’t even officially announced his candidacy. But the most revealing is those he wants to hire as his foreign policy team. Click on the following image for a comparison of who worked for his daddy and brother. You will find that many of them lied about Iraq in order to help Jeb’s brother get his desired war.


Ironically, every single warmonger always invokes America’s security and ‘world peace’ as their objective for going to war. But every time we invade another country we only succeed in creating more enemies whose only weapon is terrorism. That being a documented fact, one has to wonder just who is the biggest threat to peace.

The list of American warmongers is much too long to include here. So I’ve compiled it here.

Never underestimate the difficulty of changing false beliefs [with] facts.
Economist Henry Rosovsky