Monday, October 31, 2011

Three issues worthy of your attention today @SenatorBurr

Three important things are happening in the financial markets today.  Whether you're a financial person,  or not,  these things are worthy of your attention:

1.  $100 Million severance payout for poor performance.  Nabors is a huge oil drilling company.  The CEO of this company is being kicked up to Chairman from CEO.  His duties won't change.  His influence over the company won't change.  Just his title changes.  A provision in his contract indicates that if he loses the CEO role,  he gets $100 Million.   This man has been in charge of this company since 1980s.  This company operates in the Energy Industry,  an industry that has gone through an unbelievable boom in the last couple of decades.  Yet,  this company is so poorly run that its stock has underperformed the S&P500 over the last 10, 20 and 30 year period.  In other words,  this CEO sucks.  A monkey could do a better job running Nabors.  Yet, he gets $100 Million just for having his job title changed.

2.  $12 Million severance for running a company into the ground.  MF Global is largely a commodities brokerage firm.  Its run by Jon Corzine,  the former Chairman of Goldman Sachs, US Senator from NJ,  and Governor of NJ.   Jon joined this company as it's CEO only about a year or two ago.  He promptly steered the company into a number of very big bond trades that went sour.  MF Global is now bust.  It declared bankruptcy this morning,  thanks to Jon's piss poor trades.  Jon's serverance package for a job well done?  $12 Million.

This is Laissez-Faire Capitalism.  This is the FUCKING BULLSHIT supported by our Republican Party.  Our Republican Politicians allow CEOs to limit the nomination to the Board of Directors to a list of their god damn friends.  These friends vote in these outrageous pay packages.   Yet,  shareholders aren't allowed to put forward nominees,  or vote on Corporate Pay.  Time and again,  our Republican Politicians stop any and all efforts to give control back to the shareholders.

I have a message to MY REPUBLICAN PARTY about these issues ...


These issues explain why my Republican Party no longer has my support.  These issues go far in explaining why I recognize politicians like Republican Senator Richard Burr as hypocrites,  losers,  dolts,  morons ... ineffective and worthless.

Free markets need to be FREE.   The nomination process needs to be opened wide.  Any shareholder should be able to put a nominee on the list. Any shareholder. Any nominee. Shareholders should VOTE on Corporate Pay.   And not just a vote for show.   The VOTE needs to be BINDING.  We own the fucking companies.  We need binding votes on who we want to run the damn things,  and how much these people get paid.

And the 3rd key issue today:

3.  Two years after the turmoil from the Bear Sterns and Lehman failures,  and all the economic damage those failures delivered,  we are no closer to being organized in handling failures of large financial institutions.  MF Global is a small potato in the scheme of commodities trading,  yet its failure today is causing unbelievable turmoil on the trading floors.   Some traders are locked off the floors.  Others are unable to complete trades.  There is no explanation.  There is no communication as to what's going on.   No government entity is taking control of the situation and ensuring the smooth operation of our nation's financial markets.

What the fuck do you politicians do in Washington DC?  Can you not learn from mistakes of the past?  Or,  must you spend all your time up there pointing fingers at "the other party" and casting blame on anyone and everyone but yourselves?

Our modern day Republican Party is just plain inept.   My state's Republican Senator,  Richard Burr,  is a dolt.  The slate needs to be wiped clean of these sorry people.  Now.

North Carolina deserves better than Republican Senator Richard Burr.

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