December 21, 2007
CEO’s of some of the biggest financial institutes get some wonderful Christmas presents. Goldman Sachs Chairman and CEO Lloyd Blankfein will take home nearly $68 million in restricted stock, options and cash, making it the largest bonus ever given to a Wall Street CEO. $26.8 million was in cash. Many other companies followed suit. However, there were a couple that elected not to issue bonus’s this year. You can go here to read a complete report.
Goldman Sachs and others have participated in a lot of deals over the past several years that many people term as “shady”. Many of them have laid off a lot of workers in order to reach goals that would net these kinds of paydays for CEO’s. Goldman Sachs has been accused of being a major cause of the high oil prices we have today. As traders of oil, there is a lot of truth in that statement. It is no secret that oil traders are really at the core of the 30-40 percent rise in crude oil prices over the past ninety days. Goldman Sachs is also rumored to be the biggest holder of produced oil, thus giving them the reputation of being the biggest oil company in the world.
In view of the latest crisis in the banking and lending institutes, it makes one wonder how they can afford these kinds of bonus’; especially when many of them have requested help from our tax money. However, these bonus’ are often negotiated with a condition that the bonus’ will be paid regardless of the financial situation of the company. But the main problem I see here is how can a single person really be important enough to the company to command these kinds of benefits? In most cases, I suspect that if the rank & file employees were asked, they wouldn’t hesitate to tell you “no”. But none of these things matter. CEO’s of several companies sit on the boards of each others company, and a particular CEO’s contract is negotiated and approved based on his willingness to do the same for the other CEO’s as a board member of their company.
One of my web sites spends a lot of time talking about greed and corruption. I can think of no better example of why this is a real and serious issue. So the next time you are having a financial problem not of your making, take a look at the happy smiling face above; it should make you feel good that he and others like him does not have your problem.
December 21, 2007
Quote from CNN news article: “The CIA asked the Justice Department to investigate whether former operative John Kiriakou illegally disclosed classified information when he talked about the waterboarding of a terrorism suspect, government officials say.”
Well, you can bet that John Kiriakou’s life is over. The Cheney/Bush administration will see to that just like they did with Valerie Plame. They have proven without a shadow of a doubt that they will stop at nothing when someone exposes their illegal operations. And who can blame them? They have never been held accountable. If a rapist is never punished he will continue raping if all that happens is little complaining by the public and nothing else. There’s no incentive. It’s called a reward & punishment system. That seems to apply to all Americans except our elected officials.
December 21, 2007
A 17-year old died just hours after her health insurance company reversed its decision not to pay for a liver transplant that doctors said the girl needed. Nataline Sarkisyan died Thursday night at about 6 p.m. at University of California, Los Angeles Medical Center.
Recently I posted another story about a different health insurance company that had systematically denied coverage for their customers. Now we have CIGNA doing the same thing, which resulted in a human being dying. The bottom line is that for the purposes of not paying out claims, insurance companies have appointed themselves as doctors. Not only have they become doctors, but they make the decisions of what the patient needs and doesn’t need. In this case, CIGNA didn’t pay the money because they claimed there was no historical evidence that the transplant would do any good. Thank God our research doctors don’t have the same attitude. We’d still be trying to cure patients with blood-letting if they did. CIGNA finally changed their mind because of protester outside their Glendale, California office. Ironically, CIGNA’s slogan is “A Business of Caring“.
Big businesses will always steal from the public for their own profits. But we can do something about it. The small protest mentioned above proves that. Therefore, we the people should always be vigilante in registering our protest when people break both moral and written laws. With that in mind, the address below is where you can send a letter of protest. Join me. It only takes 5 minutes to jot down a note, put it in an envelope, and put a stamp on it. I’ve already registered my protest with them.
1601 Chestnut Street, Two Liberty Place
Philadelphia, PA 19192
Attn: H. Edward Hanaway – Chairman and CEO