Welcome Back OWS!!!!!

I predicted the Occupy movement would be a significant force this spring. They are already making their presence felt and I couldn't be happier. There is nothing that America needs more than a loud voice raised in protest. The mainstream media comfortably predicted the demise of OWS when it started to get cold, but I knew the return of spring would mean the return of healthy, constructive protest. The only thing that makes these protests unruly is the shameful behavior of the NYPD. Take the gates down on Wall Street and let the marchers move freely. You disgrace yourselves and contradict the spirit on which America was founded by restricting movement. The protesters have declared their peaceful intentions and are invoking the principles of Gandhi. The egos of the NYPD are preventing them from seeing things clearly.

The status quo badly needs to be shaken up. Thirty years of deregulation have completely destroyed faith in government and corporate governance. The continuation of such policies and attitudes would be just fine with the Wall Street crowd. They move well within the corrupt corridors of power. They wouldn't know how to do business in completely honest fashion. That doesn't provide enough of an adrenaline rush for their collective egos. The resignation of Greg Smith from Goldman Sachs provides indisputable evidence of that.

So welcome back Occupy Wall Street. Please rouse America from its self imposed state of apathy. By the time the dog days of summer are upon us, the movement will be impossible to ignore. I hope Occupy movements make themselves felt in every corner of this once great nation during this election year. They are absolutely essential to restore a sense of transparency in both public and private governance. Please be careful. Policeman across the country are sure to embarass themselves and all of us because they choose to swim against the tide of history.

Mayor Bloomberg's Detachment

On Wednesday, Greg Smith, an employee of Goldman Sachs, publicly announced his resignation from the firm through an op-ed piece in the New York Times. He made it clear that he no longer reconcile his conscience with his employment at the firm. He called the corporate culture "toxic" and said it was the norm for employees to refer to their clients as "muppets" and to worry more about how much money they made off their clients, rather than the other way around. This link will take you to the article:

http://www.nytimes.com/2012/03/14/opinion/why-i-am-leaving-goldman-sachs.html

What was Mayor Bloomberg's reaction? He demonstrated his detachment from reality by visiting GS to show his solidarity with the firm and said it was his job to protect the corporate patrons of New York City since they provide so much tax revenue.

This brings up many questions. Isn't it the Mayor's job to protect the best interests of the citizens of New York City. Didn't Mr. Smith's letter of resignation show that GS is clearly not concerned with the best interests of its clients? Isn't this the same GS that marketed securities as high quality when they knew they were not and then bet against them? Isn't this the same Goldman Sachs that was never prosecuted for perpetrating such a fraud?

Of course it's no secret that Mr. Bloomberg's machines are considered standard equipment in Wall St. firms and that GS uses many of them in its operations.

I guess my last three questions are: How much money could GS have made for its clients if they really cared about them? Is it any wonder that the Occupy movement was born on Wall St.? How much money did GS contribute to the Mayor's last election?

I know its commonplace but it's always sad to see money trump one's sense of compassion. It would have been nice if the Mayor was immune to the pollution money causes, but he's only human too.

Without prosecution, the toxic environment that forced Mr. Smith to resign will never be eradicated.

What Matters Most

I have not posted an entry on my blog for more than six months now and I have no excuse. There are so many topics to write about and I regret not being more diligent. Today’s report in the New York Times, however, about the British resentment of US attacks on BP is enough to bring me out of my self imposed hiatus.
The idea that the British are upset about the economic effect that the decline in BP’s stock price is having on British markets and British investors is the height of selfish callousness. BP displayed an incredible lack of concern for the safety of its workers and the environment in which it operates, and it is now paying the price for that egregious omission. The worst part of the whole crisis is that BP clearly had no plan for dealing with the environmental calamity it has caused. The economic effects on the residents of the Gulf Coast, coupled with the environmental effects on the wildlife that inhabit the region far outweigh any negative economic effect on British markets and investors.
If I were the president, I would have already called for a permanent boycott on all BP gas stations, so that they cannot profit another penny from the US citizenry for whom they showed so little concern.
What has not even yet been discussed is what penalties will be imposed upon BP for their environmental and civil crimes in this matter. I did a quick check and found that Exxon was originally fined $5 billion for causing the oil spill in Alaska in 1989. It was recently ruled that the $507 million that Exxon has paid out so far to the victims of the oil spill and their families will be considered their total liability. Figures released today show that the amount of oil that has leaked into the Gulf of Mexico exceeds that which was released during the Valdez disaster by a factor of five, and the number is of course still rising. The economic effects on the residents of the Gulf Coast remain incalculable at this time because BP has not been able to establish any time frame for the containment of the spill and it is already clear that it will take years to mitigate its effects. Attempt after attempt has failed miserably, while Tony Hayward complains of the inconvenience it is causing him personally.
What matters most are the lives of the people who are most directly affected by this disaster. Just as we all felt anguish for the residents of New Orleans after Hurricane Katrina, we now have to feel it for the residents of the Gulf Coast who face a multi-year recovery in economically depressed times.
I feel nothing of the kind for the British investors who are upset about US criticism of BP’s conduct in this crisis.
The other major casualty that arouses my anguish is the effect on the wildlife of the region, which could cause the extinction of certain species or at least a major reduction in their numbers. Those species count on us, unknowingly, as the most evolved, to be the stewards of their environment. It is shameful for every human being on Earth to consider how we have let them down.
I would like to pose a question to our British allies across the pond. Would you be so forgiving of an American company that caused an oil spill which resulted in tar balls washing up on the shores of London? I think we all know the answer to that.