Finance

Comment of the Day: “Dear AIG: I’m Not Going To Be Able To Keep Criticizing Occupy Wall Street For Destructive Class Warfare If You Act Like This”

/ Jack Marshall / Leave a comment

Michael, who now leads the field in Comments of the Day, picks up another with his commentary on my post about AIG’s continuing habit of living large on taxpayer funds. Here are his reflections on the post  Dear AIG: I’m Not Going To Be Able To Keep Criticizing “Occupy Wall Street” For Destructive Class Warfare If You Act Like This:

“A company can allow any expenses they want. That being said, since they are now majority owned by the US government, we need to ask who is giving the go ahead to things like this? Why haven’t they been fired? The Wall Street culture is so entitled and so out of touch with the reality of the common Americans that it is almost beyond belief.

“The Occupy Wall Street group could have a lot of legitimate gripes, but they don’t seem to have anyone with half a brain in the group. Instead of hearing “I want them to take the money from rich people and give it to me” form a college aged girl wearing $500 worth of clothes or “I have gone to every protest I can find for the last 40 years” from the aging hippies, why not try one of the following angles: Continue reading →

Unethical Quote of the Week: Rep. Jesse Jackson, Jr.

/ Jack Marshall / 4 Comments

“I hope the President continues to exercise extraordinary constitutional means, based on the history of Congresses that have been in rebellion in the past. He’s looking administratively for ways to advance the causes of the American people, because this Congress is completely dysfunctional. President Obama tends to idealize — and rightfully so  — Abraham Lincoln, who looked at states in rebellion and he made a judgment that the government of the United States, while the states are in rebellion, still had an obligation to function…On several occasions now, we’ve seen … the Congress is in rebellion, determined, as Abraham Lincoln said, to wreck or ruin at all costs. I believe … in the direct hiring of 15 million unemployed Americans at $40,000 a head, some more than $40,000, some less than $40,000 — that’s a $600 billion stimulus. It could be a five-year program. For another $104 billion, we bailout all of the states … for another $100 billion, we bailout all of the cities.”

—– Rep. Jesse Jackson, Jr. (D-Ill.), telling the Daily Caller how he thinks unemployment should be addressed. Jackson inexplicably left out the part where Superman gives President Obama a magic lamp, and the President uses his three wishes to turn all his political opponents into beef jerky, banish the national debt, and make money grow from beans that get delivered to every American daily by a suddenly solvent postal service, transported around the country in Santa’s sleigh. Continue reading →

Catawba Valley Community College vs. FIRE, Free Speech and Fairness

/ Jack Marshall / 13 Comments

Wait a minute...YES! It's FIRE to the rescue!!

Will someone please  tell me what is going on with colleges and universities lately?

Has there been a collective nervous breakdown among administrators? Is the stress getting to be too much? As the walls close in, with institutions realizing that they are charging far too much for diplomas that neither signify knowledge nor enhance employability, are they abusing power in a futile effort to pretend they are in control of a deteriorating situation beyond their control? I don’t know, but thank heaven for the Foundation For Individual Rights in Education, whose mission of protecting students and academics from abusive restrictions on their rights of free though and expression on university campuses is more crucial than ever.

FIRE’s latest rescue mission was on behalf of Marc Bechtol, a student at Catawba Valley Community College in North Carolina. In June, the College announced that all students would receive a CVCC branded Debit Mastercard according to the institution’s partnership with Higher One, a financial services company. The debit card also serves as the official student ID, so there was no way to opt out of the arrangement. In order to activate his card, Bechtol and other students were required to supply their Social Security numbers, dates of birth, and student numbers. Bechtol smelled a rat, and he has a good nose: this arrangement may be legal, but it is unethical. The school is forcing students to do business with a for-profit entity that will have access to sensitive and personal data. Bechtol objected to CVCC and Higher One  marketing its checking accounts through emails to students, making claims that they would get their tuition refunds and Pell Grants faster if they opened Higher One accounts.  One such email had the subject line, “Want your refund? Activate your CVCC Onecard today!”

After Bechtol activated his own debit card, he said he received a marketing phone call from Orchard Bank, trying to get him to apply for a credit card—smoking gun evidence that his proprietary information, forced out of him by his college, was being sold to marketing firms. Annoyed, Bechtol sharply criticized CVCC’s unethical partnership with Higher One on the school’s Facebook page, writing “Did anyone else get a bunch of credit card spam in their CVCC inbox today? So, did CVCC sell our names to banks, or did Higher One? I think we should register CVCC’s address with every porn site known to man. Anyone know any good viruses to send them? …OK, maybe that would be a slight overreaction.”

One week after posting this, Bechtol was taken out of a class by the CVCC Executive Officer of Student Services and told that he would not be permitted to return. Continue reading →

Comment of the Day: “When the Going Gets Tough, the Tough Get Unethical…”

/ Jack Marshall / 1 Comment

Buck, a professional firefighter, has some wry observations on the Camden County, Georgia plan, discussed in a recent post here, to save money by letting prison inmates fight fires. Here is his Comment of the Day on When the Going Gets Tough, the Tough Get Unethical, Chapter I: Camden County, Georgia has a Terrible Idea to Save Money:

“Oh! This is a wonderful idea, for a variety of reasons:

“1. This puts obviously unemployed workers back to work.

“2. Since public safety personnel are our best and brightest in our community, we would put fewer of them in harm’s way. We have to save their lives to be available for the next parade to represent how trustworthy and respectable they are. If we replace them with convicted felons. and one of them loses their life, there is no loss, truly. True firefighters are much too valuable to risk doing such a dangerous job. On a truly dangerous emergency, the convicts could be sent in to do the dirty work. This would work! Continue reading →

Double Standard Ethics: What the “Occupy Wall Street” Demonstrations Have Revealed So Far

/ Jack Marshall / 41 Comments

1. When well-behaved middle-class Americans held rallies protesting specific U.S. policies, notably excessive spending, a CNN  reporter challenged them on camera and accused the effort of being a creation of Fox News. When incoherently chanting anarchists, radicals and unemployed youths hold rallies advocating nothing constructive whatsoever, reporters are invariably respectful.

2. Thanks to the efforts of snickering CNN and MSNBC hosts, the emerging Tea Party was immediately referred to using a crude term for a gay sexual act. No such denigrating term has been employed to describe “Occupy Wall Street.” Continue reading →

Unemployment Check Ethics: “The Ethicist” Gets It Right

/ Jack Marshall / 7 Comments

I regularly check the competition, and “The Ethicist,” Ariel Kaminer, has been solid lately. This past week, she avoided falling into a trap that I am certain her predecessor, Randy Cohen, would have charged into.

The questioner asked Kaminer whether it was unethical “for a relatively wealthy person” to receive unemployment checks, even if he or she met  the requirements. Moreover, “Is the answer different in times like the present, when government resources are extremely strained?” Continue reading →

Ethics Dunce: Parasole Resteraunts in Minneapolis

/ Jack Marshall / 6 Comments

Back to the good old days!

Ah, nostalgia! It’s nice to see that some corporations have the respect for history and tradition to emulate, even in these difficult times, the robber baron mentality of America’s past.

The  Minneapolis company Parasole Restaurants, which operates a chain of popular eateries with names like Chino Latino, Good Earth, Il Gatto, Manny’s Steakhouse, Uptown Cafeteria and Sky Bar, accessed its inner capitalist pig and decided that the best way to offset an increase in the cost of doing business was….to steal a portion of its waiters’ tips.

Servers at Parasole restaurants received word last week that they’ll have to give up 2% of their credit card tips to their employer. The Parasol suits explained the move as being necessary due to the combination of rising credit card use by customers and higher fees from banks. Continue reading →

More S.E.C. Ethics Blindness

/ Jack Marshall / 1 Comment

What good is a blind watchdog?

Back in February, I told the tale of David Becker, former S.E.C. General Counsel, who had inherited money from his mother that was really the fruits of the Bernie Madoff investment scandal after he had served in the post while Madoff was merrily swindling people as the S.E.C. twiddled its thumbs. Becker apparently wasn’t in the information chain that should have led the S.E.C. to stop Madoff , and the scandal was uncovered after he left the agency. In 2009, after the Madoff mess had exploded, he rejoined the agency in his old job, but when it came to light that he and his brothers had inherited $2 million Madoff-manufactured profits from their mother, he quickly stepped down. My view was that Becker was a victim of circumstance: he had the appearance of impropriety, but hadn’t done anything wrong.

I should have known better: after all, this is the Securities and Exchange Commission, where they illegally shred files and the regulators look at porn all day. Now it is revealed that… Continue reading →

Comment of the Day: “Incompetent Elected Official of the Week: Sen. Claire McCaskill”

/ Jack Marshall / 9 Comments

Karl Penny’s Comment of the Day is further reflection on the futile effort to turn back the tide of new technology, which Senator McCaskill apparently believes can be accomplished with a good marketing campaign, making her a candidate for institutionalization.  A prize for the first reader who identifies what a klepsydra was!

“Jack, sometimes I get a little nostalgic about older technologies, generally ones that figured so prominently in my youth, but have now gone the way of the klepsydra. I get nostalgic enough that, almost, for a moment, ideas like Sen. McCaskill’s seem to make sense, and a gleam comes to me eye, and I begin to think, “Yeah….” Then I remember that it’s daylight out, and however pleasant dreams can be, they’re just dreams.

“I also remember that there are reasons—good reasons—why I and millions of others adopted email, wrote documents on a computer, listened to music through an MP3, read my books on a Kindle, and played games on a computer. Truth to tell, most of us don’t really miss those older technologies, except in brief spurts. I have an old Olympia Portable typewriter in a closet. I must have typed a million documents on that thing, from my freshman year of high school through college. Letters, papers, notes, forms, checks (!) even. It was so indispensable, I took it with me most everywhere. Now, it just sits in that closet, and I hardly ever take it out even to look at. The last time it saw any use was last year, when a local high school was doing a play, and they needed an old manual typewriter as a prop. Now, it’s back in the closet.

“Sen, McCaskill may have successfully deluded herself, but I don’t think she’s going to delude much of anyone else, and thank heaven. But, if this is what passes for progressive thought among our elected leaders, then God help us all.”

Incompetent Elected Official of the Week: Sen. Claire McCaskill (D-Mo)

/ Jack Marshall / 22 Comments

This box of rocks also has an idea about how to save the Postal Service, and it's probably better than Sen. McCaskill's.

[ I know—I need some Republican IEOTWs. There have been a lot of Democrats lately. The problem is that the things presidential candidates say don’t qualify (Michele Bachmann’s claim that she could lwoer gas prices to $2 would have been a sure winner), and the Democrats have been unusually inept lately.]

From the New York Times, discussing the U.S. Post Office’s impending insolvency:

“An overarching trend that has fueled the Postal Service’s crisis — and reduced annual mail volume by 22 percent since 2006 — is that Americans are e-mailing, paying bills electronically and reading shopping catalogs and news online.

“Noting that some great books have been written based on letters sent by the Founding Fathers and by soldiers, Senator Claire McCaskill, Democrat of Missouri, urged the postmaster general to run an advertising campaign urging Americans to send more letters to each other.

““There is something special about receiving a piece of first-class mail, knowing that it comes from someone you care about,” she said. “I really believe that if someone would begin to market the value of sending a written letter to someone you love, you might be surprised what it will do for your Christmas season.”

That’s brilliant, Claire: spend money the Post Office doesn’t have to urge more people to use an archaic method of communication they no longer use since it is slower, less reliable and more expensive than the alternative, because there’s “something special” about it! That’s going to turn everything around. Continue reading →