Lately it seems like the nuts are running the nuthouse. Everywhere you turn the news is so incredibly awful, so horrifically bad that you say to yourself ... "Naw, no way. It can't be that bad."
But it is.
Sometimes I feel like Cain when he tells the Lord in Genesis 4:13: "My punishment is greater than I can bear."
The only two high profile people in this country that seem to make any sense at all is Barrack Obama and John McCain. I voted for McCain. I now support the President with the exception of abortion and the Employee Freedom to get beat up by union organizers Act.
On the corporate side you have AIG, the largest insurance company in the country, reporting a loss of $61 BILLION In the last quarter. HUH? They lost how much in the last 90 days? $61 Billion? I tried to visualize that figure and I COULDN'T. I actually had to sit down and write:
The number is so staggering that I am at this point not sure if I wrote it down correctly. Now having been deemed to big to fail the government is going to lend AIG an additional $30,000,000,000 to keep it afloat.
And why is AIG to big to fail? The reason: AIG sold what is called Credit Default Swaps or Credit Default Insurance. AIG insured billions and billions of dollars of bundled toxic real estate loans commonly known as CDO's or collaterized debt obligations. As real estate values crashed and as foreclosures rose so did the obligation. The liability of the insurance that AIG had sold.
If AIG fails the little that is left of the banking system will collapse. We will go into a depression and the richest guy on the block is the guy that can sell the most apples or pencils.
Stanley O'Neal, who destroyed Merrill Lynch, received 150 million dollars when he left last year. Why? This clown killed Merrill.
The State Attorney General of New York has subpoened the head of the Bank of America to question why executives at Merrill were paid 3.2 BILLION dollars in bonuses. Bonus?
How do you get a bonus when you destroy the premier brokerage house in the world?
Why is Angelo Mozilo the former head of Countrywide who Time magazine named as the number one person responsible for the current economic disaster still running around loose?
The craziness does not end on Wall Street. We have our friends in government .
Nancy Polosi canceled a speech on Global Warming due to a snow storm.
Our Governator was elected after the recall of Governor Davis, who wanted to double the car tax to pay off the union bosses. Ahnold promised not to raise taxes. The Governator just doubled your car tax (registration).
Kahlifonia has been the victim of the largest tax increase in the history of this country. Sales tax will go over 10% in Los Angeles County on April the first. (Buy your next car in Arizona or Nevada).
State employees have 14 paid holidays. In private industry the average is eight. State employees retire after 25 years with at least 50% of their highest salary as a pension. What is your pension?
If the stock market tanks and your 401K tanks, so sorry. If you work for the state you are guaranteed a minimum return paid for by the taxpayers (YOU).
Prison guards make over $100,000 a year and many, due to incredible overtime regulations, make over $300,000. Outsource the prisons....HOW DARE YOU. Don't you know that you were born to work for public employee union bosses?!?
Correction Corp of America a private prison contractor pays their guards approximately $40,000 a year and you are not on the hook for their pensions or health care.
CCA facilities have always been rated as high or higher than state run facilities and have avoided scandals such as the one that occurred at the Pelican State Prison.
A recent Los Angeles Times Article, dated the 1st of March, details the rip off spending of state officials. A prime example being Carie Lopez, head of the Department of Consumers Affairs, who charged her and her daughter's plane fare from Sacramento to Los Angeles to attend a Justin Timberlake concert. Her justification? A meeting with Sempra Energy, who had paid for the tickets. When contacted Sempra Energy stated that the meeting never occurred.
Lopez also charged California taxpayers for meals that corporations had paid for. A gangbanger takes a six pack of Bud from the local 7-11 and he winds up in jail. Lopez rips off the State of California for thousands of dollars in phony expenses and nothing happens.
It's time to get mad and let these bastards know that you're not going to take it anymore.
Alberto Marrero Salas:
Partner Nacara 2000/ Carvajal Immigration Law. Worked on Wall Street during the glory Joe Gecko days (greed is good), Ivan Boskey years (Merrill and Pru Bache) Email the author