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An Open Letter to President Obama
Dear Mr.
President,
You don’t
know me, but I was one of the millions of Americans who voted for you in the
last election. I have since been fairly critical of your Presidency largely
because I, like many others, feel betrayed by the policies you have enacted
upon winning said election.
However,
rather than simply becoming yet another “I voted for Obama and regret it”
commentator who has a lot of complaints but no ideas, I thought it better to do
my duty as a citizen of this country and try to offer a solution to some of the
problems plaguing the US today.
The
following is a plan that I believe would bring about a significant change not
only in the US economy, but in the US mindset. The last 30+ years in this
country have been dominated by an overall regression in moral character and
beliefs.
Somehow, and
I’ll leave the “how” up to the historians, our nation’s moral framework seems
to have shifted from asking ourselves “is this right or wrong?” to “is this
legal or illegal?” Even worse, we now seem to be shifting from “is this legal
or illegal?” to “can I get away with this?”
This is most
obvious in the financial community where a small sliver of our citizenry
continues to make billions, if not trillions, of dollars, through ill-gotten
means. I won’t bother going into details here, because the “ill-gotten means”
have been well documented by others.
For now I
will simply state that it is absolutely OBVIOUS that the market is manipulated,
that insider trading and front-running of investor orders is permitted with
impunity, that Americans got a RAW deal on the bailouts (that’s putting it
mildly), and that the worst thing that happens to those who break the law in
the financial and large corporate sectors is a fine equal to maybe a few days’
worth of profits.
The fact
that this activity continues to be permitted and that those who engage in it
make salaries in the six if not seven or eight figures sends several very clear
signals to Americans, particularly those young ones looking to get ahead in
life. They are:
1) Those
who work for financial institutions and large corporations are above the law.
2) You
should try to make money by any means possible.
3) Look
out for yourself and forget about everyone else.
I ask you,
what do the above observations say about the American economy/ financial
system? Moreover, what kind of mentality are we fostering in our nation’s
character?
Here’s my
proposal to change all of this.
First of
all, I would create a new financial law in the US. It would be the following:
Any
financial gain reaped by insider trading, manipulation, fraud, stealing, etc.
would result in 100% of the gains generated by the action being confiscated by
the Government and the company that committed the action being fined an amount
equal to 10% of its (the company’s) net value.
Today, the
most common punishment for financial or corporate entities that break the law
is a small fine. A perfect example of this is the recent Goldman Sachs lawsuit
in which the firm paid a $550 million settlement on a deal that helped the firm
generate billions in profit. To put this in perspective, Goldman generates $500
million in profits in about a week of trading.
These fines
accomplish little if anything. They are akin to fining someone $5 for running a
stop sign. If that was the worst punishment for running a stop sign, no one
would bother following motor traffic laws at all. So why do we impose similarly
modest sums on those organizations that generate billions of dollars? It’s not
like they DON’T have the money handy to pay off a sizable fine.
A fine of
this size (10% of market capitalization or total assets, or Enterprise Value or
whatever) as well as confiscating 100% of the ill-gotten gains, would act as a MAJOR DETERRANT to corporate
and financial crime. It would, in plain terms, clean up Big Business’s
(well, every business’s) act in no time.
So how do you go about enforcing this
new law?
I
propose the creation of a government agency titled The Bureau for Corporate and Financial Integrity or some such
thing. This agency would be a kind of Department of Homeland Security devoted
solely towards insuring that the money made in the financial and corporate
sectors, is made honestly.
I realize
that we already have several financial regulatory bodies in the US. However, it
is clear from the ongoing fraud, corruption, and theft occurring today that
these organizations are overwhelmed.
On top of
this, the markets and economy today are very, VERY different from those that
existed at the time most of these organizations were created. Changing markets
call for changing mentalities and attitudes. Which is why I propose the
creation of a new organization rather than simply reshuffling the ones already
in place (this organization could work with the pre-existing ones too).
By creating
a new organization you would create new jobs. More importantly, these would be
permanent jobs rather than temporary jobs such as those created by the census
and other temporary programs.
However,
rather than simply offering the usual cushy public position consisting of a
very stable salary and benefits, I would suggest you offer the employees at
this new organization the following deal:
The
employees involved in bringing about a case to fine a corporate entity take
home 1% of the money brought in from the settlement should the case win.
I can tell
you Mr. President, there are MILLIONS of smart, intensely analytical young
Americans who would jump at the chance to stop corporate crime if you offered
this type of compensation package.
For
instance, the guys who took on Goldman Sachs in this recent case would receive
$5.5 million to split up among them. That kind of pay is handsome in any jobs
market… but in one as tough as today’s? Let’s
just say you’d be overwhelmed with applications.
But what
about the rest of the money and the money confiscated (the money the company made via fraud or some other
financial crime)?
I propose
that you use it to:
1)
PAY
OFF THE NATIONAL DEBT
2)
Fund
various public programs (NEW ones, NOT old ones that don’t work)
Doing #1 would send a clear message that
America is an honest, financially prudent country. Rather than lecturing other
countries about finance when we ourselves are running a deficit and debt level
that would take a private organization bankrupt, we would LEAD BY EXAMPLE.
This would
also STRENGTHEN the US Dollar. I know many folks in the various economic
bureaus and our central bank don’t like the idea of a strong Dollar… but I can
assure you that the 300+ million rest of us WOULD LIKE IT VERY MUCH.
Regarding #2, by using the money
fined/confiscated from organizations that break the law, you would find a
large, ample supply of money to fund various governmental programs, which in
turn would allow you to CUT TAXES.
After all,
if the government didn’t have to rely on taxes to fund its programs and budget,
it could lower taxes for its citizenry.
This would not only GUARANTEE you a 2012
re-election win, but would jump start the economy as it would mean MORE money
available for private sector spending and consumption (particularly with a
stronger Dollar) as WELL AS THE PAYING OFF CONSUMER DEBT (mortgages, credit
cards, etc).
Obviously,
there are a lot of details that would need to be worked out in my plan. But its
results would be TREMENDOUS. Among other things, it would do the following:
1) Rein
in the corruption and fraud that is polluting our capital markets and economy
(not to mention our national character on the world stage).
2) Re-instill
a notion of “right and wrong” to our nation’s public conscience.
3) Create
new, potentially high paying jobs for our best and brightest.
4) Teach
Americans, particularly the young, that you don’t need to break the law to get
ahead in life, that you can do right by doing the right thing.
5) Help
with our debt and deficit issues while sending a strong message to the world
that the US doesn’t just talk about prudence and solvency, IT LEADS BY EXAMPLE
(this would also impact our national character as it would re-instill the old
virtue of living a debt free life).
6) Strengthen
the US Dollar.
7) Help
jumpstart the economy by lowering taxes which would permit consumers to pay off
their debts, and spend more if they chose.
8)
And
of course, JUMP START YOUR APPROVAL RATINGS LEADING TO A GUARANTEED 2012 WIN (I
know you’ve got to consider your political career in your policy-making).
I do not
view this plan as a “fix all” remedy to our nation’s ills. The US economy and
political/ financial systems are in dire straits and there are some issues
which will simply require us to “take the medicine” if we do the right thing.
However, I strongly believe this plan would
be the first step towards shifting our country’s course from one of corruption,
greed, immorality, and lawlessness, to one of honesty, integrity, transparency,
financial prudence AND solvency.
In plain
terms, it would re-instill notions of doing the right thing and of making an
honest living. It would also re-instill our confidence as a nation as we become
proud members of a country that is financially prudent, virtuous, and which
leads by example.
I realize there is a small portion of our
population that would STRONGLY oppose this plan. However, I can assure you that
the vast majority of Americans (99% of us) would be ALL FOR IT. If you put this
matter to a public vote, it would likely be the BIGGEST VICTORY IN US HISTORY.
And, finally, I can guarantee you that
introducing this plan would immediately JUMP START your approval ratings AND
almost certainly guarantee you of a 2012 victory (I know this matters to you).
If anything it would be a great start towards a new future in this country, one
of strong national, corporate, and individual moral character.
Yours Respectfully,
Graham Summers
PS. For more scathing critiques of the socio-political structures in this country as well as hard-hitting investment insights revealing the real reasons the market moves as it does, join me atwww.gainspainscapital.com
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No... and that is the shame of it all.
"To educate a man is to unfit him to be a slave." ~ Frederick Douglass. The patriotic American Dream drilled into us since we started reciting the Pledge of Allegiance when we were five is impervious to a truly enlightened way of perceiving the way things really work. When you have a perfect scam going, you take it to the limit...
http://www.youtube.com/watch?v=acLW1vFO-2Q
They don't play nicey, nice - never have, never will...
Obama policy = zimbabwe economics
I have to give the writer credit for being one of the few on ZH to not just bitch and actually put ideas forward. I also applaud him for focusing on incentives and not simply more regulation. Ignorance is the cancer killing the average american, cynicism is the cancer killing the informed american.
It's a horrifically bad idea. Whoever in the SEC decides which cases to investigate can have a private conversation saying "We could fine you $3-50 billion, or we can make this go away if you'll ...". You'd hear about a few companies getting hit, but silence about the backroom deals struck.
The problem is that when corruptible politions are given enough power to add or subtract billions, they will use that power to increase their power. I believe the technical term is kleptocracy.
Applause Pierre! Take a bow! Bravo!
Encore! Encore! Encore! Encore! Encore! Encore! Encore! Encore!
Dearest Leader expects cooperation without comprehension. It has all been said before, and better by others. IT is very hard to straighten out the social welfare system when so many could care less. And if you need specifics, DETROIT, after a generation of 'leadership' by you know who, you have a crater. Oh, and to the suckses of HC, look to Mass. Now that is a FUBAR.
I hate to say this because it is soooo hokey, "The love you take is equal to the love you make." All this is here, not by accident, it is here because so many were just not into making rather into taking.
It's all rhetoric for BO from now until November, 2012.
Watch for the "triumphant" return of the Clintons.
My guess is that America will be (once again) happy with Republicans controlling Congress, while Hillary & Bill party down in the White House.
Then we can screw things up all over again.
http://www.corporatecrimereporter.com/deferredreport.htm
Let's see, the author:
* Voted for BO = stupid
* Still believes BO wants to fix the system, instead of wanting to rig it in his favor to gain power a la Chicago politics = naive
* Thinks a NEW political program will be good, when the OLD ones are bad = stupid x 2
* Thinks that the new enforcement people won't be corrupted by the banksters = naive x 2
I believe in paying whistle blowers and commissioning our enforcement (that is a trial balloon floated by MANY people), but I must say, this messenger is a fool.
Has it dawned on anyone that the people leading this country are all money changers? None of them have ever run a manufacturing operation, built a building or led troops in war.
No wonder we have what we have, a bunch of idiots who have mo clue about how to get anything done.
'Fraid I must take you to task, bainzai7.
They were certainly adept at dismantling the economy over the past 35 years or so, as was their intention.
They know how to fund both sides in a war, going back well before WWI.
They know how to commit mass fraud with their leveraged buyouts of companies, and countries.....
Some of that is just a function of waking up and putting on your pants in the morning. This purity of incompetence achieves those sort of things.
They certainly are adept at the whole sucking up, crushing down, bending over, capitulating, etc...to put themselves in positions of power. This seems a common trend in both government and corporations. Somehow, some way, the douchebags have one. Probably because the truly decent and wise know better than to get caught up trying to overcome that inherent treachery and stupidity, all rolled into one.
Did you mean "no" clue? Too funny to not comment, after your (justified) rant.
+100 ;-)
fines, fines, fines, take the money away...these guys can easily come up with money. If you want to fix it put the bastards in JAIL. If you screw up on managing a company you don't get a bail-out you get to go to bankruptcy court. If you screw up the entire economic system short of collapse...you go to JAIL. Period.......none of this namby-panby liberal hand wringing crap....JAIL, for a long time..........
People should know when they are conquered.
The public school system has ensured that we don't.
The actions of the current flailing spaz in the White House (as opposed to the last one from Texas) has something very important in common with the current economic implosion. Both could have been well foreseen for anyone willing to give a moment of attention.
This Chicago politician (city symbol: a hand in advanced stages of rigor mortis pulling a voting booth lever), was a kid from a broken home, childhood spent in a third-world shitbox, was taught no appreciation for the country that he was supposedly born in. His brief career in "distribution" was the extent of his private-sector experience. Spent his time after college training jobless rabble-rousers and professional protestors in between University lectures. Buddied around with domestic terrorists, slumlords, and venomous racist preachers. Leveraged that into an unimpressive stint in the State Senate.
Elected to the Senate over the smoldering corpse of Jack Ryan's marriage. Spent half a term in the Senate doing little other than planning for his now-viable presidential campaign. Elected by a (rightfully) Bush-weary electorate, all-too enamored by the soothing platitudes and the novelty of his race (white guilt FTW!). Helped along by a squealing media all too willing to step on the faces of not only the first viable female candidate, but a weak, unstable Republican opponent and his eye-candy running mate.
I mean, his criticisms of the Constitution as a document of "negative liberties" should have been enough to send this clown right back to Hyde Park, but I suppose it's too much these days to ask voters to defend (or even read) our founding documents.
Not that it should matter, but wasn't Obama's mother Jewish. Being from the Chicago area I recall Abner Mikvah, one of Obama's mentors made a claim:
"Abner Mikva, the former Chicago congressman, federal judge and White House counsel to President Bill Clinton, puts a 21st-century twist on the notion that Clinton was "the nation's first black president."
"I think when this is all over, people are going to say that Barack Obama is the first Jewish president," he said. "
http://www.chicagojewishnews.com/story.htm?id=252218&sid=212226
There are two medias in this country. The author was obviously plugged into the L-media which focused on how cute his kids are and their choice of a family dog.
The R-media (especially on the internet) focused on his history, that of a born and bred Marxist who knows you have to stealthily bring down the system so it can be rebuilt as you envision.
And yes, let us not forget the New World Order who play both sides for power.
I don't blame this author for trusting him....he was never exposed to most of the information on Obama thanks to our controlled media.
Good place to start: theobamafile.com
Only one thing will eventually fix this mess. Make every member of every board of directors personally liable for any and all illegal activities of a company, no matter who actually does the dirty work. Fine and imprison them for insider trading, kickbacks, front-running, whatever. Better yet, how about a couple of public whippings or hangings right there on Wall Street?
Probably won't happen until the country is being run by General Petraeus and the military junta has locked up all of the pretenders in Washington. Restore the constitution in it's entirety and return to the Grand Republic that once was.
"Betray-us?"
You've got to be kidding. This political general, the ideological successor to Wilhelm Keitel and Alfred Jodl, has been a willing political servant of both Dubya and the Kenyan.
And with respect to our current and immediate past Presidents, when it comes to policy, as George Corley Wallace said, "there's not a dime's worth of difference between them".
No.
When the Military Coup comes, it will be led by people who aren't even known to the public at large yet - they will be the colonels and one-and-two stars being set up for defeat in Iraq and Afghanistan, as well as the front-line state-adjutant generals of the NG tasked with holding the line against the human tide that will surge forth from Mexico as it enters the final phase of state failure.
First, there will be an insurrectionist/secessionist moment - as either Arizona or Texas decides to secede in order to better defend themselves against the Mexican horde. As no help will be forthcoming from the national government, the Army, led by its division and brigade commanders, will rise in revolt - first against the higher-ranking Pentagon leadership, then against the Congress and Administration.
The Fleet will sail with orders to fight its way into the Persian Gulf and Arabian Sea to evacuate the remainder of our troops from Iraq and Afghanistan, abandoning enough equipment in the process to enable the Taliban and Iraquis to completely rearm and rebuild. On return to the U.S., these troops will be put in the line for the March on DC.
Rather than stand and fight, TPTB will attempt to flee - but after a few of the fleeing Gulfstream V's and Falcon 50's are "splashed" by the AF, the rest will have no choice but to surrender and face a long-overdue justice.
Bring on the 1st of Thermidor!
KrvtKpt, laughing swordfish
DKM Trading Division
Barack Hussein Obama is a radical fascist/socialist, a fact that was obvious to anyone that bothered to perform even the slightest due dilligence. If you voted for Barack Hussein Obama, then either you are
a) A radical fascist/socialist, or
b) A moron because you are not a radical fascist/socialist and yet you voted for one
This Bozo is a money manager? Really?
How anybody could have voted for any moron they put on the presidential ballot is beyond my comprehension. This comes from the flawed notion that "if only we had the right people in charge" everything would be dandy. While I'd rather have somebody like Ron Paul in the White House because he understands reality unlike every other member of Congress and the federal government, we'd all be better off if they just dissolved and went home. There were two great days the past year; the two times the blizzards closed down Washington DC. If every day was like that every individual would be better off except the parasites known as the government.
Fuck ALL the douches who voted for Bama and have been criticizing him from DAY ONE.
Each and every ONE of you fucked yourself up knowingly either because you believe in fairy tales or more likely, to self-absolve yourself of your whitey guilt, having become firmly convinced by 80 years of race-hustling propaganda that not only are YOU a racist but that being a racist is worthy of condemning you to the 10th Circle of Hell that Dante never even wrote about.
Let GO of your conditioning.
As far as an "open letter" to Bama...do you think he gives a fuck? Reminds me of seeing on the news all these fans complaining about Albert Haynesworth's behavior or something like he wasn't giving the fans their due. I got news for those chumps just like I do for the "open letter" crowd. Get over yourselves. These stars believe that they are the ones doing YOU a favor by allowing you to bask in their presence! After all, YOU pay money to do it! You validate their worthfulness every time you buy a stupid ticket and cheer for them. Not one in 1000 of these fucks gives a shit about the "fans," in fact, you SCARE them. If you get too close, they will instruct their security or the police to bounce you off the sidewalk. The same is true for the elected leadership. You are merely butts in the seats.
I mean, GFD, who was it who said during the TARP or the townhalls for the 2010 or whatever that voters showing up to try to influence officials' votes was tantamount to terrorism?? That is how UNUSED to dealing with real "little people" these mfers are! They spend 99.9% of their time around LOBBYISTS, just as athletes spend all their time around agents, endorsers, CEOs of companies, etc.
>>
Each and every ONE of you fucked yourself up knowingly either because you believe in fairy tales or more likely, to self-absolve yourself of your whitey guilt, having become firmly convinced by 80 years of race-hustling propaganda that not only are YOU a racist but that being a racist is worthy of condemning you to the 10th Circle of Hell that Dante never even wrote about.
Let GO of your conditioning.<<
+10000000
Trav, has anyone ever mentioned to you that some of your opinions come on rather strong?
speed it up bitchez
http://www.youtube.com/watch?v=QTcL6Xc_eMM
The premise of this letter is based in the same tonic of stupidity and hubris that the financial elite are drunk with. War begets war, government begets total control. Government is the EFFING problem! Government and large business have been in a feedback loop for the last 30 years, in a rapidly decaying orbit like a turd swirling the bowl. The government is a huge part of the problem, and we have basically 2 options, "emergency triage" - Tell everybody the truth, pare the government down to a fraction of it's size, hope for the best and take the crash now, or wait until it blows itself apart naturally.
Giving the government more power at such a point in history is the dumbest fu$#ing idea a person could come up with! We are in a highly volatile time when we're likely to get psychos and sociopaths serially elected into office because of the social climate (read your history and news, Roman, German: Nero, Hitler, current nationalist policies - Arizona). What's that you say, you didn't/don't like Bush, or Obama... ha! You aint seen nothin yet!
Don't be a dumb shit. I don't want to be peeling bloody shot up poor kids off of the street because some shithead got elected, and because of his new-found powers blew up the fucking country. Risk of that is bad enough already, thank you very much.
I voted for dipshit and dingbat and I prefer my worldview though a keyhole with a spin and a twist.
I take my finance staight-up tho.
What is happening now to the economy entirely was predictable. To claim disillusionment now about what you did in November 2008 merely is an admission that you and others of your ilk did not understand what you were doing.
This author is deaf and blind obviously. He must not have heared any of Obama's speeches or read anything about his political proclivities before the election. (lets hope he doesn't manage too much money with that sort of indicator clearly ignored)
And then he claims the most of Obama's opposition has no solutions despite the fact that most of them are more than willing to put forth their platform if any media source gives them attention.
Not sure why we should listen to his clearly flawed solution that is vulnerable to future corrupt, inept politicians seizing money on flimsy pretense.
What a silly ass this clown is.
Anyone who voted for Barry is as much a clown pimp as Barry. Ignore this fool.
Lemme tell ya something. I voted for Geo. Bush for a second term. Not because I thought he was God's gift to politics, but because I wanted him in place when the collapse started. I wanted his war to stay his war. I didn't want attention diverted to someone who would have "inherited the problems". I voted for Obama in order to insure a party change. Democrat/Republican all the same to me, just swap out the parties. This insures that the on-going problems get spread out for the blame, thus demonstrating that one "ideology" is not better than any other. If Obama turned out to be the guy he purported to be then all the better, but my hopes (pun intended) were not that high. McCain would have been a disaster in any regard. If you want -- really want -- the system to reset then you have to be willing to help bring it down. Can you think of a better way than to keep Obama right where he is? We'll get more social programs, more bailouts, more good ole boy politics. So much that the average guy will get off the sofa and do something about it. WE will not be effective in any way without their help out there in the streets causing mayhem. I believe the Tea Party is a good start, but not yet coalesced sufficiently. More and different demographics (and signs for God's sake) are needed to get the job done.
Bring 'er down, boys. If the flames start to die, just give it a little fresh air. Voting in another Republican or Democrat won't matter in the slightest. Rotate them in and out so fast that they blur together and demonstrate that the only difference between them is how they spell their party name. We're almost there.
That s/b "you're."
If you voted for Obama, you don't deserve to be listened to again--with the possible exception being if your under 30, or are a racist. So, stuff a sock in it Mr. Summers.
I respect the writers thoughts, but he is obviously an idealist.
There is a war currently taking place. The elitist are attacking the masses. Unfortunately, the masses have no clue as to what is taking place. Our criminal, corrupt and illegitimate government is part of the problem. It is truly an us versus them situation.
So, I declare, you are either with us or you are with the financial terrorists. This is an information/money war. So, take your keyboards, Internet connection, and dollars and join the fight.
BINGO..., you get it!
A joke
This is a joke, right? Humor?
This was not written TO Obama . . .
It was written by Obama
ROTFLMAO
+1000
False flag operation!
Distractions men!
Get 'em arguing over naught whilst we raid the last in the Treasury! Quick, the wire transfers, men, we'll Never Be Audited!
Idiot.
You and all the rest of the assholes who voted for Obama are a bunch of fucking buffoons. Do the rest of the world a favor, don't reproduce...
The barest minimum due diligence would have exposed the asshole in the White House to even a dullard like you. So then after failing to apply even a grade school level of due diligence before voting in the election we are supposed to hang on your every fucking word? Fuck off, go into a quiet corner somewhere and watch the adults clean up the fucking mess you and your fellow idiots have brought us. Bufuckingbuffoon!
+1001. thank you Pierre.
Amen.
Apparently, some people weren't scared off by the blueprint for change...
Did you notice how it was taken off the website the day after the election? The Amerikan version of brownshirts was particularly telling I thought.And a proposal for mandatory 2 year service in homeland security, police or whatever is in committee now.
A revolution seems to be in order...
Or just watch the rise of the fourth reich on TV.
If this kind of thing makes the founding fathers spin in their graves, Washington must be turning at 22,000 RPM!
Yes. I have no idea how people missed that? I read it and couldn't believe anyone was seriously trumpeting obama. I think, to a large extent, he just represented something very different from a crusty white guy and this was about the extent of our analysis... we wanted change. Unfortunately, we were so desperate for change, we forgot to ask who we were electing... doh. Good thing I knew ahead of time, by reading his proposal, that he was completely and totally full of shit and/or someone without the slightest understanding of managing a business (he's a leader, not a manager, and he's even sucking some pretty hard ass on the former).
+1000 awesome