Finance

Do the right thing? Naaaa.

/ Jack Marshall / 38 Comments

Business executives regard this as a gross and unfair exaggeration. It's time for them to prove it.

Nabors Industries Ltd. (NBR), the world’s largest oil-drilling companies, will pay outgoing CEO Gene Isenberg $100 million in cash as a result of provisions in Isenberg’s employment agreement. Isenberg is 81, and has led Nabors since 1987.

Jeff Dietert, an analyst at Simmons & Co., an energy investment bank in Houston, wrote his clients yesterday that “We believe the compensation to Mr. Isenberg is excessive,” noting that handing over $100 million payment “for what we view as essentially retiring will be offensive to some.”

May be excessive? Offensive to some?

Here’s what I would hope would be going through Mr. Isenberg’s mind about now: Continue reading →

Occupy Wall Street: “This Is What We Want!” Finally! Oh…THAT.

/ Jack Marshall / 41 Comments

Time to stop wasting our time.

After more than a month of demonstrations that have cost millions, deflected local governments from vital matters, inconvenienced and clogged cities across the country, invigorated anarchists, communists, fascists, free-loaders and loonies, suckered desperate Democrats into declaring common cause with a mob, and exposed the worst of Left-wing punditry as the embarrassing demagoguery society that it is…and after well-intentioned demonstrators have been robbed, arrested, and injured…the Occupy” movement finally is finally ready to declare what it wants.

It’s about time. Large-scale demonstrations to express “frustration” are the advocacy equivalent of humming, or maybe belching: speak clearly, or get off the street.  On October 9, Ethics Alarms described the Occupy Wall Street demonstration, in the context of pointing out the friendly mainstream media embrace of a left-ish, anti-capitalist mob in contrast to its open contempt for the peaceful, focused and conservative Tea Party, as “incoherently chanting anarchists, radicals and unemployed youths…advocating nothing constructive whatsoever.” Many of the site’s distinguished readers objected to that characterization, with one, blogger Jeff Field,  promising to produce an articulation of what the protest really wants to accomplish. Today he fulfilled that promise by sending me a statement by an “Occupy” supporting group, with his introduction, “This is what we want.” I am genuinely grateful to Jeff…especially since it shows that I was correct in my assessment, however harsh. Continue reading →

Robert Samuelson’s Brilliant, Ethical, Hopeless Proposal

/ Jack Marshall / 10 Comments

Great idea, Robert. Too bad it requires courage and honesty.

I don’t generally regurgitate other writers’ essays, but in this case I am making an exception. Robert Samuelson, rare among op-ed columnists in that he is a truth-teller without party bias, has a column today that proposes a joint act of integrity and heroism by Barack Obama’s immediate predecessors. His idea, if implemented, could have a major impact on breaking the impasse in Congress that threatens the nation’s future. It could be accomplished without bureaucratic red tape, and is profoundly responsible and ethical. And it would burnish the legacies of two former presidents who could use some burnishing.

Will it happen? Never. That’s the disturbing part. Continue reading →

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 →