Bonus clawbacks and fair play

Businessweek is reporting that JP Morgan is considering moving to "clawback" bonuses which had been awarded to executives and others responsible for Morgan's recent $2 BILLION dollar loss.:

The lender can cancel stock awards or demand they be repaid if an employee “engages in conduct that causes material financial or reputational harm,” JPMorgan said in its annual proxy statement. The company will claw back pay if it’s appropriate, said one of the executives, who asked not to be identified because no decisions have been made.
But wait! These big Wall Street firms told us that bonuses were untouchable after they blew up the economy in 2008. Am I the only one that remembers that? There was all sorts of bullshit about how these employees were simply too valuable, that if they didn't get their massive bonuses they would leave to seek other employment, that contracts and bonus structures were sacrosanct and untouchable (untouchability does not extend to unions and teachers, by the way). Oh, but I guess that was when taxpayers were paying the bonuses. Now that JP Morgan took a big hit in their own shorts, they want their money back. Funny how things change.

Continue ReadingBonus clawbacks and fair play

Due process sure ain’t what it used to be

Attorney General Eric Holder gave a speech this week, a speech which is the only known public justification for the administration's policy of assassinations of American citizens. The speech may be read in its entirety here. The real justifications are too secret to tell you about, so Holder had to summarize the complex legal arguments and distill them down to their legal essence. For those of you who don't have the time to read the whole speech, allow me to distill the arguments further. Holder's weighty legal analysis boils down to this: "we can do whatever we want, and nobody can tell us otherwise." [More . . . ]

Continue ReadingDue process sure ain’t what it used to be

Areas of agreement with the Tea Party

I was excited to see the new Tea Party's birth. Watching the corruption of our government become more and more brazen, it was only a matter of time before counter-movements began to spread. Both the Tea Party and the #Occupy movements were born of this impulse. The original patriots of the Tea Party movement formed in opposition to the bank bailouts. I think it became apparent rather quickly, however, that their admirable movement had been co-opted into another arm of the Republican machine. I don't say this to cast aspersions though, as I do want to keep this post exploring our common ground rather than emphasizing our differences. The #Occupy/99% movement is actively resisting attempts to co-opt its message by the Democratic party and other left-leaning organizations, so let's keep exploring our similarities. Here then, is the 15-point "non-negotiable core beliefs" which I found on teaparty.org:

Continue ReadingAreas of agreement with the Tea Party
Read more about the article #Occupy movement sweeping the nation, now including Omaha!
The United States of Corporations. Image by Brynn Jacobs

#Occupy movement sweeping the nation, now including Omaha!

I was at our local #occupy protests on Saturday for what organizers were calling a "Global day of action". This week marks one month since #occupywallstreet began their occupation in New York City, and have proven to be an inspiration to people around the globe. Omaha is not exactly known as a hotbed of radical activism or sentiment. Protests here regularly turn out a half-dozen or so committed activists, but rarely much more than that. My wife and I decided that the time had come for us to express our discontent with the existing socio-political environment here, and so we headed out to #OccupyOmaha on Saturday morning. Expecting low numbers, we were surprised when we could see people streaming towards the meeting site from blocks away.

Continue Reading#Occupy movement sweeping the nation, now including Omaha!

On the death (again) of Osama bin Laden

Those who are uncomfortable with cognitive dissonance or so-called conspiracy theories might be better off skipping this post. Those who seek to understand the machinations of our government however, are encouraged to read on. Firstly, let me clearly state that I disapprove of the manner of this killing. Extrajudicial assassinations are an anathema to a society that claims to live by the rule of law. Numerous voices are loudly praising this decision to kill bin Laden rather than capture him, supposedly to save the fragile American public from the rigors of a trial. They claim that a trial would have been "too controversial", as if that had anything to do with the law or its application. Either we believe that laws matter or we don't. Either we believe that there is justice available under our system of laws, or we do not. In this case, it's clear that we do not trust our own system of justice to arrive at the "right" conclusion. Implicitly, this suggests that we are hoping for a kangaroo court, already convinced of the guilt of the accused based upon the mere say-so of our government. When the president can order someone to be killed, with no oversight or evidence presented, we no longer a democratic system of checks and balances. We have an emperor, a tyrant, relatively benign though he may appear to be. I argued much the same in the case of Khalid Sheikh Mohammed last year. [More . . . ]

Continue ReadingOn the death (again) of Osama bin Laden