Bring It On!

Bush Proves Again How Much He Hates “Regular Folks”

June 14th, 2007 | by Ken Grandlund |

Being born with a silver spoon in your mouth (that you can later conveniently turn into your college coke spoon) means you don’t really know what it’s like for the rest of us-you know, the people who actually have to work for a living. Our (cough-cough) esteemed president is of the silver spoon variety, and then some. Not only does he have no clue about the tough decisions working people have to face with regards to money issues, he apparently thinks they pretty much deserve to get screwed by those who have the big bucks.

In a case now before the Supreme Court (Stoneridge v. Scientific-American), the US Solicitor General- with the direct urging of President Bush- is asking the court to reject an SEC recommendation that would hold investment banks liable for their roles in schemes that defraud investors. Think Enron here folks, because if the court accepts this line of argument, Enron will look like hopscotch compared to what could come.

From TomPaine.com:

Briefs in support of the defrauded investors were filed by dozens of state attorneys general, by the Council of Institutional Investors and some of the nation’s largest pension funds whose investments are at risk if Wall Street banks can concoct fraudulent schemes with impunity. Yet, in an unprecedented failure to meet his responsibilities to the public, Solicitor General Clement, who represents the United States before the Court, decided to punt.

Clement is not exactly a neutral party. He’s a star of the right-wing bar. He clerked for Laurence Silberman and Antonin Scalia, among the most partisan and reactionary judges of our time. He served as an aide to Sen. John Ashcroft.

And this spear carrier for the right got his marching orders from the top. Treasury Secretary Henry M. Paulson called directly and arranged for President Bush to weigh in personally.

The intervention of the treasury secretary and the president is hardly business as usual—particularly since neither Paulson nor President Bush are neutral observers either. Paulson is the former chairman of Goldman Sachs, a named defendant on the Enron case. And Enron and CEO “Kenny Boy” Lay were George Bush’s leading supporters, contributing cash, the corporate plane and fundraising energy to Bush’s rise.

The president, according to his chief economic advisor, Al Hubbard, ”believes that it’s important to make certain that we reduce the unnecessary lawsuits because that’s a very big burden to the economy, which adversely impacts investors.”

(emphasis mine)

But wait a minute…it’s those same investors who are bringing this lawsuit up, and it is investors in Enron who are still fighting to reclaim some of what they were defrauded of.

Still, “activist conservative” judges have moved that although many of the investment banks ” stayed behind the curtain—merely directing the crime, participating in the crime, and collecting their share of the loot—but never themselves actually communicated directly to the market,” they are not liable for their participation.

Ultimately, the Supreme Court’s decision in Stoneridge v. Scientific-American will impact whether future Enron-style frauds will become accepted business as usual for Wall Street or not. But if they side with the investment banks, as the President would like for them to do, it will be open season on the American working class, small time investors, and everyone who has a retirement pension fund.

Yes, Bush is looking out for his people all right, but it’s not you or me, that’s for sure.

[tag]Legal, Supreme+Court, Stoneridge+v+Scientific-American, tompaine.com, Paul+Clement, Enron, fraud, Bush, markets, investment+bank+fraud[/tag]

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  1. 2 Responses to “Bush Proves Again How Much He Hates “Regular Folks””

  2. By Emmet on Jun 14, 2007 | Reply

    Ken, I truly don’t think Bush hates regular folk. He just hates you.

  3. By Jersey McJones on Jun 15, 2007 | Reply

    Emmet, if think he gives a rat’s ass about you or me or any other regular folk, then you’ve really lost your judgement of character!

    JMJ

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