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Posts Tagged ‘corporate greed’

Published on May 21, 2012 by

Learn more: http://www.romneyeconomics.com
With American Pad & Paper (Ampad), Mitt Romney and his partners took a small but successful paper products business and merged it with other companies in the industry, piling up debt as they went. Ultimately, the company was unable to keep up with the interest payments on its debt and was forced into bankruptcy, but not before Romney and his partners were able to squeeze out more than $100 million for themselves.

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I’m sitting here at my desk watching the oil droids hack away at the blowout preventer in preparation for the “cap” portion of the “cut and cap” procedure, which, contrary to what I’m hearing on cable news, is intended to do something other than stopping the flow of oil into the Gulf of Mexico. In fact, this latest solution isn’t a solution for stopping the flow of oil at all. The oil will continue to gush from the well, only now BP will be able to more effectively harvest some of the oil — a more reliable version of what they were doing with the riser insertion tube for the better part of last month.

Good for them. So they can resume drinking their milkshake between now and August when, we hope, the relief well will be completed. At which time, corporate milkshake drinking will carry on via more conventional methods.

And why not? It’s the free market after all. As I watch these robots slice the riser from the blowout preventer and read the news about lakes of oil moving towards the coasts of Florida, I’m wondering who to blame for this. The list is long, but, in part, I blame anyone who bought into the lines: “government is the problem” and “the era of big government is over.” It’s been systematic deregulation and the elevation of free market libertarian laissez-faire capitalism that have wrought this damage and allowed potentially destructive corporations to write their own rules and do as they please.

Does anyone seriously believe that BP has suddenly become a philanthropic venture interested in doing whatever it takes — sparing no expense — to make the Gulf region whole again? It will do the absolute minimum necessary to weasel its way through this crisis. Not a red cent more.

Last week, while the “top kill” procedure was failing, BP continued its effort to fight regulations in Canada mandating relief wells for every offshore rig. Simultaneously, Rayola Dougher, a lobbyist with the American Petroleum Institute laughed off the notion of requiring relief wells here in America.

Dougher said on MSNBC, “That would be — that would really make it unviable [sic]. I couldn’t even imagine such a suggestion.” A relief well costs around $100 million. That would cut into revenues and so — nope.

This is one of many reasons why Robert Reich’s plan makes sense at this point. Temporary receivership. Despite the political peril involved in such an endeavor, the government should take over BP, its manpower and assets, and eliminate the corporate revenue motive from the capping and cleanup process. BP has proved itself incapable of tackling this job with the best interests of Gulf coast livelihoods and the marine environment in mind, and so they ought to lose their privileges to operate in the Gulf of Mexico for a while.

After all, the nature of any corporation is to mitigate losses and increase revenues. Keep the shareholders as happy as possible, spend the least amount of money necessary, hire the best lawyers to avoid paying punitive fines and get back to drilling and selling oil for profit. This is what corporations do.

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Reconciliation: Definition from the 1895 Edition of Funk & Wagnels

Acquiescence is a legal term used to describe an act of a person in knowingly standing by without raising any objection to infringement of his rights, when someone else is unknowingly and honestly putting in his resources under the impression that the said rights actually belong to him. Consequently, the person whose rights are infringed cannot anymore make a claim against the infringer or succeed in an injunction suit due to his conduct. The term is most generally, “permission” given by silence or passiveness. Acceptance or agreement by keeping quiet or by not making objections.

So, I guess that the question is…Who is being reconciled here? We the people or the corporate government?
Dennis Kucinich is saying, in essence, that the Corporate interests must reconcile themselves to the interests of We The People. The majority of the people want an adequate health insurance program with a public option, preferably an option that guarantees health care that is not ran by profit motivated corporations. The alternative health care program set up by the corporate controlled senate will cost more than the one that is already in place and will produce government legislation that will force folks to buy insurance that couldn’t afford it in the first place, while corporate executives skim off record profits and bonuses.

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