Wednesday, March 12, 2008



GOP learns greed not so great as once thought

What most Republican politicians have in common is a sense of entitlement mixed with a sense of righteousness that is overlain with an ideology that extols unlimited, unregulated greed and selfishness. For Republicans it was a moment on the road to Damascus when Gordon Gekko (Michael Douglas' Oscar winning character in the 1987 movie Wall Street) intoned his famous lines: "Greed, for lack of a better word, is good. Greed is right. Greed works. Greed clarifies, cuts through, and captures the essence of the evolutionary spirit. Greed, in all of its forms, greed for life, for money, for love, knowledge has marked the upward surge of mankind."

Tomorrow's Washington Post reports on the ongoing investigation into massive fraud inside the Republican Party. Earlier today I read about how Lindsey Graham (R-SC), who John McBush plans to make Secretary of Defense, was systematically robbed by one of his assistants over a 5 year period. She got away with over $200,000 from Graham, who made national headlines when he boasted about finding $5 bargains while shopping for carpets in war-torn Baghdad.

But that's small potatoes compared to what Christopher J. Ward, the "gold standard" among GOP accountants has been up to in the same time period. He was the treasurer for 83 Republican fundraising committees over the last 8 years. "In the past five years alone, he oversaw the accounting for committees that raised more than $400 million, $368 million of it at the National Republican Congressional Committee." About a month ago he was fired and the NRCC called in the FBI who say it appears that "a significant amount of money" is missing. Money also appears to be missing from the accounts of dozens of GOP lawmakers. You wonder why these clowns have "lost" untold billions to greedy Republican contractors in Iraq?
In an election year that holds dismal prospects for congressional Republicans, possible financial problems at the cash-strapped NRCC are the last thing the GOP needs.

"The House Republican brand is so bad right now that if it were a dog food, they'd take it off the shelf," said retiring Rep. Thomas M. Davis III (Va.), who chaired the NRCC for four years earlier this decade.

The recently indicted Rep. Rick Renzi (Ariz.) and now imprisoned former congressman Robert W. Ney (Ohio), as well as less controversial lawmakers with minor accounting problems, are among the many members of the GOP delegation who turned to Ward to keep them out of trouble with FEC regulators.

Yeah, greed is good... real good.


The Carlyle Group is a multinational private equity investment firm managing with between $70 and 80 billion dollars. Many believe it to be a slush fund and safe house for Establishment Republicans and their allies and deals primarily in the defense and aerospace industry, energy and power, health care, real estate, telecommunications, media and other areas where the obvious conflicts of interest can be put to the best use. The first Bush and his Secretary of State, James Baker (the one who, more than any other individual gamed the 2000 election that stuck us with the second Bush) are only two of the many crooked politicians who run the firm. Even Bush's mildly retarded son was given a sinecure there (CaterAir)-- before they made him President of the U.S.-- which he managed to turn into a financial disaster, like every single other thing he has ever touched. Former British Prime Minister Tony Blair allegedly was bribed by the Carlyle Group to make sure the sale of a chuck of the British Defense Research Industry was sold to Carlyle. French President Nicolas Sarkozy's brother Oliver helps run the show, as do right-wing former British Prime Minister John Majors, Richard Darman, ex-FCC Chairman William Kennard and Insider crooks and manipulators from all over the globe.

Today it was widely reported that one of their primary divisions, the Carlyle Capital Corporation, a dubious offshore entity designed with malevolence and fraud in mind, went belly-up.
The high-profile downfall, part of the broad turmoil in credit markets worldwide, followed a week of frantic negotiations between the Carlyle Group and a number of lenders. Carlyle Group's three founders as recently as Monday were considering injecting cash into the fund as a way to usher it through the credit crisis.

By yesterday the fund had defaulted on $16.6 billion of debt and said it expected to default soon on its remaining debt. The fund's $21.7 billion in assets were exclusively in AAA mortgage-backed securities issued by Fannie Mae and Freddie Mac, traditionally considered secure and conservative investments, which it was using as collateral against its loans.

In a statement, Carlyle Capital said that it had been unable to meet margin calls in excess of $400 million over the past week and that it expected its lenders to take control of its remaining assets. The lenders, headed by Deutsche Bank and J.P. Morgan Chase, began selling the securities last night, according to a report on the Wall Street Journal's Web site.

Short version: a bunch of corrupt Republicans borrowed over $16 billion from the biggest banks in the world and just defaulted on the loans, but because of legalistic manipulations that defy logic (or fairness), not a single one of them will ever be held responsible in any way. Guess who pays for their incompetence and larceny? Yes, we do.


I have no doubt it will get worse as the investigation proceeds but the Post now reprts that the latest celebrity Republicrook transferred as much as a million dollars into his personal account from the NRCC. Can these people be trusted with our money?

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At 6:27 AM, Anonymous me said...

If he steals money from scumpublicans, can he be considered a "bad" person? I'm almost inclined to forgive him for being a scumpublican himself.

At 9:49 PM, Blogger radlib1 said...

Dear Howie,

Just so you know, the guys who wrote "Wall Street" -- Stanley Weiser and Oliver Stone are teaming up again to do "Bush" -- the tragic, American Oedipal saga of Sr. and Jr. It starts shooting in April with Josh Brolin in the lead as Bush Jr.


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