OWNING CLASS ARROGANCE

"That's my question for Bob Rubin and Charles Prince, both formerly of Citigroup, when they testify before the Financial Crisis Inquiry Commission on Thursday. Though first I'd put it this way: How'd you guys make so much money running Citigroup into the ground and leaving it a ward of the state? Prince earned at least $120 million for running Citi for four years, during which time $64 billion in market value vanished. Rubin made at least $115 million (plus stock options) between 1999 and 2008, before the feds had to inject $45 billion and then guarantee $300 billion of the firm's liabilities to keep the place afloat. Rubin told the Wall Street Journal in November 2008 that he was worth every penny -- and then some. "I bet there's not a single year where I couldn't have gone somewhere else and made more," he said. (Washington Post, 8 April) RD

FOR A WATCH?

"..La Rosee's fair was made by the Superocean II - what he tactfully describes as a "less expensive" Breitling - a well-made, stylish, and youthful-looking diving-type watch for about 2,300 Euros....Offered in the sporty Type XXII, this is a breakthrough movement for Breguet that starts at the sensible, if hardly giveaway, price of 13,000 Euros..But Patek's showstopper was a split-second chronograph in a steel case, priced at more than 335,000 Euros." (Newsweek, 12 April) RD

NO OLD BANGERS HERE

"The fastest road-going Ferrari in history, the 599 GTO, is set to be unveiled at the Beijing Motor Show later this month, aimed at the company's most exclusive customers...Only 599 examples of the new GTO (which stands for Gran Turismo Omologato, a designation last used by Ferrari in 1984) will be built, with prices expected to be around £300,000 ...The Beijing motor show opens to the public on April 27 by which time Ferrari is expecting all GTOs to be accounted for." (Daily Telegraph, 9 April) RD

Food for thought

Ken Gallinger writes an ethics column for the Toronto Star. He wrote
that Hell did not exist. He received a letter of reprobation saying that
we are not talking about Santa Claus. Gallinger replied, in his column, "
Speaking of Santa, have you ever noticed how much the words Santa and
Satan have in common? The jolly old elf and the prince of hell share more
than the appearance of their names. Both are fictional characters used to
shape the behaviour of compliant people. Santa moulds the behaviour of
children with the promise of toys for the good and coal for the nasty.
Satan has been used to mould the behaviour of adults (and, shamefully,
kids) with the promise of an eternity of fire and damnation for whatever
activities mother church deems unacceptable…homosexuality, condoms,
witchcraft, whatever." (Fearing Hell Does Not Make it Real – 27/Feb/2010)
Good points! John Ayers

Food for thought

The "socialist" government in Portugal has just brought down its
austerity budget that includes pay cuts for civil servants, to restore
investor confidence in the country while deflecting trade union action
over the cuts. So this so-called socialist government is forced to do what
any political party would do for the capitalist class.

On the religious front, the Texas School Board, dominated by the
Christian-fundamentalist right, has voted to re-write the history books by
emphasizing people like Newt Gingrich, Stonewall Jackson, Joseph McCarthy, et al,
and in the process overturning a broad array of long-standing tenets and beliefs about US history…dropping references to Latino heroes
and justifying the red-baiting, anti-Communist extremism that overran
large tracts of the US body politic during the 1950s…" (Oakland Ross,
Toronto Star, 21/March/2010). Orwell's Ministry of Truth is alive and well
in the Deep South! John Ayers

Who owns the North Pole - part 21

A new report prepared for the U.S. Congress on the growing importance of the Arctic in global affairs has highlighted the "potential emerging security issue" created by diminished ice, increased ship traffic and looming resource competition on the Northern Hemisphere's polar frontier.It underscores the "major jurisdictional question" over the status of the Northwest Passage, the disputed sea route through Canada's Arctic islands that's viewed as an "international strait" by the U.S. but as "internal waters" by the Canadian government.
The report quotes the U.S. navy's top oceanographer warning that American navigation through several "strategic choke points" in Arctic waters, including the "narrow passage" south of Canada's Queen Elizabeth Islands, is "vulnerable to control or blockade by adversaries.
"...the Arctic is also increasingly being viewed by some as a potential emerging security issue," the report states. "In varying degrees, the Arctic coastal states have indicated a willingness to establish and maintain a military presence in the high north..."

Canadian Foreign Affairs Minister Lawrence Cannon on Thursday accused the Russians of "playing games" with a plan to deploy paratroopers to the North Pole this spring , adding that the Arctic is of "strategic importance to the future of Canada."

The Times reports that in 2008, Shell paid $2 billion for exploration licences in the remote Arctic Sea to the north of Alaska.Since then, the company has been waiting for government permission to drill and has been embroiled in a legal dispute with environmental groups. However, Shell said it had received a government permit yesterday allowing it to drill in Chukchi, the sea between northwest Alaska and northeastern Siberia. It is believed to hold 15 billion barrels of oil and 76 trillion cu ft of gas, according to US government figures. Shell signalled that activity could begin within ten weeks.

CATHOLIC COVER-UP

"The head of the Roman Catholic Church in England and Wales presided over a child protection system that allowed a pedophile priest to continue abusing schoolboys despite repeated complaints from victims, an investigation by The Times has discovered. The Archbishop of Westminster, the Most Rev Vincent Nichols, chaired the church's child safety watchdog in 2001-08 while Father David Pearce was repeatedly investigated by church officials and police. Despite a High Court ruling in 2006 awarding damages to one of his victims, Pearce remained a priest at Ealing Abbey, West London, where he groomed and assaulted one final victim before his arrest in 2008." (Times, 10 April) RD

MARKET MADNESS

Some of Adolf Hitler's sketches and watercolours come up for sale in Shropshire next week and, though art experts are agreed that the works might just scrape a C grade at GCSE, they are tipped to bring in close to £100,000. .... As one collector put it recently: "Sell gold, buy Hitler." (Times, 10 April) RD

THE POLITICS OF WAR

"George W. Bush, Dick Cheney and Donald Rumsfeld covered up that hundreds of innocent men were sent to the Guantanamo Bay prison camp because they feared that releasing them would harm the push for war in Iraq and the broader War on Terror, according to new documents obtained by The Times. The accusations were made by Lawerence Wilkerson, a top aide to Colin Powell, the former Republican Secretary of State, in a signed declaration to support a lawsuit filed by a Guantanamo detainee. It is the first time that such allegations have been made by a senior member of the Bush Administration." (Times, 9 April) RD

CAPITALISM IN ACTION

"Charities are demanding an urgent rethink of government housing policy after a Guardian investigation found that almost half a million homes are lying empty in the UK enough to put a roof over the heads of a quarter of the families on council house waiting lists. The startling picture of neglect (we estimate that more than 450,000 properties have been empty for at least six months at a time when there is an acute housing shortage) was pieced together using information gathered from local councils under the Freedom of Information Act." (Guardian, 4 April) RD

TAX DODGERS INC.

"As you work on your taxes this month, here's something to raise your hackles: Some of the world's biggest, most profitable corporations enjoy a far lower tax rate than you do--that is, if they pay taxes at all. The most egregious example is General Electric. Last year the conglomerate generated $10.3 billion in pretax income, but ended up owing nothing to Uncle Sam. In fact, it recorded a tax benefit of $1.1 billion. Avoiding taxes is nothing new for General Electric. In 2008 its effective tax rate was 5.3%; in 2007 it was 15%. The marginal U.S. corporate rate is 35%. (Forbes.com, 1 April) RD

THIS SPORTING LIFE

"Thousands of homeless people are being forced off the streets of South Africa to hide the scale of poverty there from World Cup fans. More than 800 tramps, beggars and street children have already been removed from Johannesburg and sent to remote settlements hundreds of miles away. And in Cape Town, where England face Algeria on June 18, up to 300 have been moved to Blikkiesdorp camp where 1,450 families are crammed in a settlement of tin huts designed for just 650 people. Johannesburg councilor Sipho Masigo was unrepentant. "Homelessness and begging are big problems in the city," he said. "You have to clean your house before you have guests. There is nothing wrong with that. (Daily Mirror, 28 March) RD

Edinburgh and Glasgow Branches’ Day School.

Capitalism isn’t working for you ,is there an alternative?


Discussions

1pm The basic cause of present day problems, Speaker Vic Vanni Glasgow

Left wingers have blamed the greed of bankers. Right wingers have blamed everything from an act of God to the misjudgements of the Labour Party. In the USA some have blamed the "socialism" of Obama. We analyse the basic economic cause of the boom and bust nature of capitalism.

2.15 The failure of Reformist solutions, Speaker, John Cumming Glasgow

Over the last hundred years we have heard the claims from Conservative, Liberal, Labour and Communist politicians that they could solve the problems thrown up by capitalism but all have failed miserably. We review this failure and show its cause.

3,35pm The Socialist Alternative, Speaker Paul Bennett Manchester

The failure of capitalism to meet the needs of the majority has led many to look for alternatives. We look at two strains of thought on the subject of alternatives. Firstly, the various anarchist movements who see the problem being that of government and so seek an alternative without government. Secondly, the Zeitgeist Movement who see money as the problem and seek a society without money.

Community Central Halls, 304 Maryhill Road, Glasgow Saturday 8th May from 1pm till 5pm All are welcome to this meeting which is free of charge. During the afternoon free light refreshments will be available.

Food for Thought

More than 300 homeless women give birth in Toronto each year, in the
shelters or on the streets. Just wondering if they would qualify for the
'severe cases' extra diet supplement! Ah, the futility of reform.
- On the economic front, (if 'front' sounds like a war, it's because it
is) good news continues to be tempered with bad. As General Motors,
Oshawa, announced the future recall of 500 to 600 workers, Magna, a giant
auto parts maker whose president takes home a salary counted in the tens
of millions, announced the slashing of its Canadian workforce by 2,700
which means its total workforce has shrunk 35% since 2005.
- In Sudbury, Ontario, the workers of Vale Inco steelworks are into their
eighth month of a strike against the new Brazilian owners who bought the
company in 2006 for $19.4 billion and who insist they are losing money
there, and workers will have to be more 'flexible', i.e. accept wage and
benefit cuts. The workers, who have filed 4 900 grievances since 2006,
rejected the latest offer by 88%. to 12%. John Ayers

THE PRICE OF COAL

"Twenty-five miners are now known to have died and four are missing in an accident at a West Virginia coal mine. The worst mine disaster in the US since 1984 was caused by an underground explosion at Upper Big Branch, about 30 miles (50km) south of Charleston. It happened at about 1500 (1900 GMT) in a chamber 330m (1,000ft) below ground, mine owner Massey Energy Company said. .... Massey Energy says on its website that it has a safety record that is above the national average, with three fatalities in the last 12 years. But federal inspectors have fined the company more than $382,000 (£251,700) for serious violations at the mine over the past year." (BBC News, 6 April) RD

IT IS THE DEVILS FAULT!

"Noted Italian exorcist Father Gabriele Amorth, commented this week that "the recent defamatory reporting on Pope Benedict XVI, especially by the New York Times, was prompted by the devil." Speaking to News Mediaset in Italy, the 85-year-old exorcist noted that "the devil is behind the recent attacks on Pope Benedict XVI regarding some pedophilia cases. There is no doubt about it. Because he is a marvelous Pope and worthy successor to John Paul II, it is clear that the devil wants to grab hold of him." Father Amorth added that in instances of sexual abuse committed by some members of the clergy, the devil "uses" priests in order to cast blame upon the entire Church: "The devil wants the death of the Church because she is the mother of all the saints. He combats the Church through the men of the Church, but he can do nothing to the Church." The exorcist went on to note that Satan tempts holy men, "and so we should not be surprised if priests too fall into temptation. They also live in the world and can fall like men of the world." (Catholic News Agency, 31 March) RD

Sweet Pickings

David Leslie Fruits , a Perthshire fruit farm , has been ordered to pay more than £26,000 to two fruit pickers. During their time at the farm they lived among 200 workers in cramped metal cabins with no running water or lockers for personal belongings. Workers were also expected to drag a sledge half a mile, unpaid, before spending between 10-11 hours a day in fields picking fruit.

After working for the firm for a month, Mr Kowal and Mr Obieglo asked Mr Leslie to clarify what their rate of pay was after some workers received between £1 and £5 per hour.As a result, the men were threatened then sacked but were later reinstated when other workers, who relied on their translation abilities, said they would go on strike. When the pair presented a 145-name petition calling on Mr Leslie to pay fair wages and to give them the minimum wage, they were accused of stealing fruit, told to collect their belongings and escorted from the farm by police. Eventually the pair were taken to Perth bus station by officers and told to board buses for either Glasgow or Edinburgh.

Judge Hosie said "They were treated appallingly, without any common decency or respect, and left frightened and humiliated."

Socialist Courier notes the farmer was fined , but we await details of the discipline taken by so called the upholders of law and order who ordered those exploited workers out of town and protected the interests of the bosses .

Food for thought

On the poverty front, Ontario brought down its budget this week. In a
preview, the Toronto Star editorial (20/March 2010) called keeping the
special dietary allowance for those on welfare with medical conditions a
test of the government's much publicized fight to reduce poverty (25% in 5
years). Well, the government failed the test and cancelled the program.
Why? Because of abuse of the program. Apparently, doctors were too keen to
sign applicants on to the program. There was no word about the abuse of
NOT keeping the program and withholding food from the needy! The
supplement ranged from $10 to $250/month, a significant amount for a
single person receiving just $585/month to pay for everything. 162 000
were in the program and that included 54 000 disabled persons. A doctor's
letter to the paper said,

"The cancellation of the Special Diet Program
Allowance is a blow to the health and dignity of people living in extreme
poverty…As a physician working largely with people on welfare, I have yet
to meet one person who wants to stay on social assistance, or one welfare
person who doesn't struggle everyday to feed themselves." A replacement
program will target 'severe cases' (i.e. reduce costs to recoup some of
those billions handed out in bailout packages to the auto industry et
al.). John Ayers

BUSINESS AS USUAL

"German carmaker Daimler has pleaded guilty to corruption in the US and will pay $185m (£121m) to settle the case. The charges relate to US Justice Department and Securities and Exchange Commission investigations into the company's global sales practices. Daimler, the owner of Mercedes-Benz, admitted to paying tens of millions of dollars of bribes to foreign government officials in at least 22 countries." (BBC News, 1 April) RD

TOUGH AT THE TOP?

"Los Angles Dodgers owner Frank McCourt and his estranged wife squared off in court for the first time Monday in a bitter divorce case that featured the couple's high-flying spending habits after the team was purchased in 2004. The court hearing, only a mile from Dodger Stadium, centered on whether Jamie McCourt should be awarded nearly $ 1 million a month in temporary spousal support. Sorrell Trope, an attorney for Frank McCourt, offered her $150,000 in monthly assistance and argued his client can't tap credit lines to maintain Jamie McCourt's lavish lifestyle despite Frank McCourt's $5 million annual salary." (Associated Press, 29 March) RD