Streams

Pigs at the Trough

Wednesday, July 29, 2009

Arianna Huffington, cofounder and editor-in-chief of the Huffington Post, talks about how corporate corruption and greed have led to the economic crisis. She wrote Pigs at the Trough in 2003, and now, six years later, she’s updated it. The book is a harsh indictment of corporate corruption and Wall Street greed—from AIG to Citigroup to Lehman Brothers to Bernie Madoff—and the harm it is doing this country.

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Arianna Huffington
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Comments [13]

John from New York, NY

I am not sure if what you’ve described is technically a Ponzi Scheme, or the normal way for a conglomeration to do business. “A Ponzi scheme is a fraudulent investment operation that pays returns to separate investors from their own money or money paid by subsequent investors, rather than from any actual profit earned. The Ponzi scheme usually offers returns that other investments cannot guarantee in order to entice new investors, in the form of short-term returns that are either abnormally high or unusually consistent.”

http://en.wikipedia.org/wiki/Ponzi_scheme

http://www.npr.org/blogs/money/2008/12/defining_ponzi_scheme.html

http://www.npr.org/templates/story/story.php?storyId=99296746

It may be that 30 years of laissez-faire regulation has exposed the nation to an economy built on a house of cards. That is a generation of Americans , Democrats and Republicans, that have left the executive branch unchecked, with the exception of President Clinton.

http://www.thetakeaway.org/stories/2008/dec/15/largest-scam-wall-street-history-uncovered/

http://www.npr.org/templates/story/story.php?storyId=100181150

Aug. 02 2009 06:32 PM
Gene

Fortuitious timing of a new Crooks and Liars piece on fake "grassroots" orgs which have fooled many:

http://crooksandliars.com/susie-madrak/usual-corporate-lobbyists-pretend-be

The new anti-health reform front group known as the Coalition to Protect Patients’ Rights, is being managed by the lobbying firm known as the DCI Group. . . .

Tom Synhorst, a former staffer to Sen. Chuck Grassley (R-IA) and Bob Dole, joined fellow right-wing operatives Doug Goodyear and Tim Hyde to form DCI Group in 1996. The firm quickly flourished working for the tobacco industry, coordinating a sophisticated astroturf campaign to build public opposition to tobacco regulations. Ironically, before helping to manage this “patients’ rights” campaign, DCI founded “Smokers’ Rights” groups across the country for the tobacco lobby. Indeed, DCI has specialized in manufacturing “grassroots” support — using telemarketers, PR events, and letter writing campaigns — to achieve policy results for narrow corporate interests: . . .

– The DCI Group worked with Republicans to form various “grassroots” front-groups to amplify President Bush’s call to privatize Social Security. [Center for Media and Democracy, 3/18/05]

– Chris LaCivita, a former DCI Group staffer, took a lead role in organizing the Swift Boat Veterans campaign to smear John Kerry and his war record. [CommonDreams, 8/31/04]

– The DCI Group was behind spoof videos mocking Al Gore and global warming. The firm has been retained by ExxonMobil to lobby. [Wall Street Journal, 8/3/06; Exxon Secrets, accessed 7/28/09

Jul. 29 2009 04:57 PM
gene

Arianna wisely knows our democracy will fail if we continue this system of legalized bribery.

Unfortunately, this collapsing system in all its corruption is popularly supported by those who have been fooled by the corporate propaganda secretly spread by people like Leonard's very guest yesterday, Mark Penn of Burson Marsteller. Traitors are traitors, whether their primary allegiance is to another country--or to a corporation.

Jul. 29 2009 12:44 PM
Andrew B. from New York City

Ariana - you want to blame the Bush administration? Fine.

But Obama has had PLENTY of time to address the nation on this subject and follow up by firing all the Goldman Sachs parasites in the administration.

He has NOT done so - I will not respect him until he does.

Jul. 29 2009 12:33 PM
Hector from UWS

Or people who believe that childhood vaccines cause Autism!

Them and the flat Earthers!!

Jul. 29 2009 12:30 PM
Sean Pisano from Brooklyn

I am in full agreement with Ariana. My only question is what can I do to change things?

Jul. 29 2009 12:29 PM
hjs from 11211

birthers in congress
http://www.salon.com/news/feature/2009/07/28/birther_enablers/

Jul. 29 2009 12:28 PM
Phillip Jordan from New York, New York

A significant omission is that of a certain five-sided building. The denizens thereof seem to get anything they want.

Jul. 29 2009 12:20 PM
Andrew B. from New York City

Ariana is 100% right of course. everyone, PLEASE read the Matt Taibbi articles in Rolling Stone and the latest article on Goldman in New York Magazine.

One thing though- Leonard - please stop repeating the garbage mantra from the Wall Street/media complex that the sky would have fallen if we did not do the bailouts.

That is self-serving nonsense - WHERE IS THE PROOF?

The Lopate Show responds: Tune in this Friday, July 31, when we'll talk to Matt Taibbi, the author of the Rolling Stone article about Goldman Sachs!

Jul. 29 2009 12:19 PM
Hector from UWS

Wall Street Welfare Queens !!

That is preciose, ONLY Arianna!

Jul. 29 2009 12:13 PM
Franci from NYC

Corporate greed? Why don't you ask Arianna about all the columnists on her Web site who don't get paid one red cent!! I'll start listening to her views when she starts paying her people!!

Jul. 29 2009 12:11 PM
Enrique from Elizabeth, NJ

What about NEOLIBERALISM: the state should keep away from big business and its markets. Now with the crisis: the state must step in to the rescue.

Can she broaden her opinion including our foreign policy by includin IMF and World bank recepies to the rest of the world.

U.S. backed coup in Honduras following this recepies. Result: immigration. Just like our past in El Salvador, Nicaragua, Guatemala, the same Honduras et cetera et cetera.

Jul. 29 2009 12:09 PM
hjs from 11211

will palin run??

Jul. 29 2009 12:08 PM

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