Finance

Hole-in-the-Roof Ethics: If Obama Asks For Massive Infrastructure Renewal, the GOP Must Support It.

/ Jack Marshall / Leave a comment

Seldom is a solution to a problem so obvious, and so conducive to bi-partisanship. It is a solution to two problems, really: America’s dangerously rotting infrastructure, and the nation’s dismal unemployment rate. Spend the money, trillions if necessary, to repair and replace existing roads, railway beds, waterways, sewer systems, airports and bridges.  It still won’t get us where we need to be, but we’ll be much better off than if we let the current deterioration continue, and we’ll save money in the long run, too—real savings, not phony health care reform savings that evaporate once reality kicks in.

There is no justification not to do this, nor is there any legitimate excuse for any elected official not to vote for it. (And no, not wanting to give the President a victory is not legitimate…or ethical, or patriotic.) Repairing the infrastructure isn’t “discretionary spending,” it is essential, unavoidable and cost-effective spending, unless it is diverted into new boondoggles and pork. No new structures, unless they replace unrepairable old ones. No light rail systems or bullet trains; what is needed is basic maintenance and repair….everywhere. It is already late, but “better late than never” has seldom been as appropriate. Continue reading →

Memorial Ethics, Part Two: The Betrayal of 9-11 Donors

/ Jack Marshall / 16 Comments

Where's the money going? Sometimes the charity has no idea.

A decade later after the attack on the Twin Towers, an Associated Press investigation has revealed wide-spread incompetence, dishonesty and waste among the many 9-11 memorial charities set up in the wake of the tragedy.

“There are those that spent huge sums on themselves, those that cannot account for the money they received, those that have few results to show for their spending and those that have yet to file required income tax returns. Yet many of the charities continue to raise money in the name of Sept. 11,” reports the AP. Among the fiascos recounted in the report:

  •   An Arizona-based charity raised $713,000 for a 9/11 memorial quilt that was supposed to be big enough to cover 25 football fields. Instead, there are only several hundred decorated sheets packed in boxes at a storage unit. One-third of the money raised went to the charity’s founder and relatives, according to tax records and interviews. Charity founder Kevin Held spent more than $170,000 of the donated money on travel since 2004, seldom traveling without his two Alaskan malamute dogs. Continue reading →

Comment of the Day #3 on “Ethics Dunces: The Senate and House Leadership”

/ Jack Marshall / 1 Comment

Come back, Ross! We need your charts!

The third Comment of the Day on this “Comment of the Day Friday” is an epic from Michael, expanding on the theme of my original post.

“I hate the fact that no one is talking facts, only ideology. In such an atmosphere, these selections make sense. The S&P statement said our downgrade was because we failed to tacked long-term indebtedness especially the main drivers of long-term debt: Medicare and SS, but no one really wants to deal with that. To talk facts, you really need some tables, figures, and analysis. I’m not just talking about politicians, here. Isn’t this the reason we tolerate the media? Aren’t they supposed to keep us informed of about things like this so we can then get outraged by such a stupid selection of people to ‘fix’ our problem.

“Why can’t we find a news outlet that will break things down like this?” Continue reading →

Ethics Dunces: The Senate and House Leadership

/ Jack Marshall / 2 Comments

The names are in.

As part of the pathetic, cynical and inadequate budget deal to raise the nation’s debt ceiling, Republicans and Democrats were called upon to assemble a bi-partisan “super committee” of twelve House members and Senators, chosen by the respective leaders from both parties, to come up with a way to close the deficit. Now that the S&P ratings downgrade has embarrassed the nation, destabilized foreign markets and sent an unambiguous message that the United States has to get serious about balancing the books and fast, have our political leaders responded to the challenge by choosing elected representatives of states and districts who have track records of collaboration, political courage, truthtelling and placing the best interests of the nation over narrow electoral fundraising and ideological objectives?

Naaa.

What, are you surprised? The leaders of the House and Senate have met our lowest expectations, and have chosen a hyper-partisan group to make up the super committee, guaranteeing that it will be super-contentious and super-ineffective. The degree to which this represents an abdication of their duties of leadership and responsible government is impossible to exaggerate. Continue reading →

Unethical Quote of the Week: House Minority Leader Nancy Pelosi

/ Jack Marshall / 17 Comments

A symptom and a cause

“You name it, they’re there to diminish it, destroy it.”

—-House Minority Leader Nancy Pelosi (D-Cal.), quoted in the Washington Post today, describing the Republican Party.

If you listen to talk radio, as I, unfortunately, must, you hear statements like Pelosi’s all the time. Conservative talk show host Mark Levin, for example, will say, every day, usually more than once, loudly, that liberals/Democrats/ Obama “want to destroy America.” (Then he plugs his book. Or says, “Just like identity thieves want to destroy your credit!” and does an ad for “Lifelock.”)  It is irresponsible, hateful and ignorant for Levine (and Rush, and Monica Crowley, and lots of others) to make this and similar statements, though in Levine’s case, at least, not insincere, for he clearly believes every bit of it.

These are just talk show hosts, however. They are at least 50% entertainers, and 100% partisans, though they still have ethical duties of honesty, fairness, civility and responsibility which they regularly toss to the winds in the interest of ratings. They don’t meet their profession’s ethical standards, even though those standards are  low.

Pelosi’s are much, much higher, for she is an elected official of the United States of America. Continue reading →

Ethics Dunce, Ethics Hero: Name Calling and One-Way Civility On the Left

/ Jack Marshall / 5 Comments

John Boehner was just like this during debt ceiling negotiations. Well, sort-of. OK, he really wasn't like this at all, but I don't like him, so it's not uncivil for me to say he was.

The popular Democratic, progressive, liberal and news media (I know I’m being redundant here) slur for the Republican House and its Tea Party warriors during and after the budget ceiling debate was “terrorists,” suggesting an analogy between the GOP insisting on major expenditure cuts in the budget as a condition for raising the debt ceiling, and political and religious extremists who threaten to kill people if they don’t get their way. Needless to say, it’s a disgraceful, dishonest, illogical and slanderous comparison. Whether the GOP’s negotiating stance was fair, reasonable or right can be debated; that the intent of the strategy was to strengthen the nation’s financial health is not.

To many of the Republicans involved, incurring more debt without a guarantee of serious deficit and debt reduction in the future was more dangerous than allowing the nation to default on its obligations. Add to that the fact that many in the Tea Party  leadership believe that the consequences of not raising the debt ceiling was overblown, and it is clear: the Republicans were using their control over the immediate fate of something progressives  wanted more than conservatives as a bargaining chip in a political disagreement. It may have been irresponsible; it may have been a risk; it may have been a bluff. But it was not terrorism. It was politics. Hardball politics no doubt, but well within accepted standards

Oh, I forgot: there is another reason the Republicans weren’t acting like terrorists. They weren’t threatening to kill anybody, and they didn’t kill anybody. Continue reading →

“Congratulations! Here’s a Bonus for Doing Such An Outstanding Job Investigating That Fiasco That Happened Because You Screwed-Up In The First Place!”

/ Jack Marshall / 6 Comments

"Iolanthe's" Lord Chancellor has nothing on me: his nightmare* was only "love unrequited." Mine is the SEC.

[  I read about the following outrage before going to bed last night, and vowed to write a post on it in the morning. It literally gave me nightmares and an upset stomach, so disrupting my repose that I gave up and headed to the keyboard. I am writing this at 4:30 AM. I have never written anything at 4:30 AM before, but I have learned something useful for future reference: I’m not in a good mood then.]

And here we have a prime example of why 1) many people don’t trust the Federal government and 2) why they are 100% right to feel this way.

I’ll take “Incompetence, Failure of Accountability and the Appearance of Impropriety” for a thousand, Alex!

SEC  Inspector General H. David Kotz has issued a thorough report on the U.S. Securities and Exchange Commission, revealing that an employee who investigated Bernie Madoff in 2005 and 2006 and failed to notice that he was running a $50 billion Ponzi scheme was later rewarded by the agency with a cash bonus…for his fine work on the Madoff scandal after it was discovered, the lives ruined, the damage done. Continue reading →

A Radical Suggestion to Foster Tax Fairness

/ Jack Marshall / 20 Comments

Maybe it should be more. But it is far from "unfair." That 99%, however...

The interminable and depressing negotiations over raising the debt limit have recently featured unseemly demagoguery from the President about making “millionaires and billionaires” pay their “fair share” in taxes. I have no ideological objection to raising tax rates on the richest Americans and even Americans like me; after all, as Willy Sutton pointed out when explaining why he robbed banks, “that’s where the money is,” and we have to pay our bills somehow. The fairness argument, however, is dishonest, and blatantly unfair.

It is unfair because the richest 1% of Americans pay close to 40% of the total tax revenue. Now, that 1% also have a lot of money, but they use a lot of that money to run businesses, create new products and services and hire employees. Maybe they should pay even more, and maybe they get too many tax breaks. To say that paying 40% of the total tax revenue is something to be ashamed of, however, is dishonest. Continue reading →

We Know Enough about Ethics Already

/ Jack Marshall / 3 Comments

If Shakespeare understood ethics so well, why are we still pretending to be ignorant about it?

I awoke to read about a breathlessly announced new work on ethics, a book called “Blind Spots: Why We Fail to do What’s Right and What to do About it.” Business Professor  Ann Tenbrunsel and co-author Max Bazerman write that we are unaware of the “ethical blind spots” that keep us from recognizing how we engage in unethical actions. The book cites tests and new research showing behavior that the authors call “ethical fading” and “motivated blindness.” They examine such case studies as Enron and the Madoff scam to show how people “believe they will behave ethically in a given situation, but they don’t. Then they believe they behaved ethically when they didn’t. It’s no surprise, then, that most individuals erroneously believe they are more ethical than the majority of their peers.”

Stop the presses! Conflicts of interest make us ignore core values and act in our own best interests, and we rationalize our actions to avoid confronting the true nature of our conduct!

Oops! I just stated the entire thesis of the book. I’m sorry, Ann! Apologies, Max! Continue reading →

Fact Checker Ethics: Alibis For Obama, Part I

/ Jack Marshall / 3 Comments

The Washington Post “Fact Checker,” Glenn Kessler, is among the most biased of the breed. On the issue of the Obama Administration’s outright dishonesty on Social Security, however, he is embarrassing his paper and the entire Fact-Check community.

Lately, his strategy has been to bury obvious dishonesty by the Obama Administration and Democrats regarding Social Security in technical details, excusing straightforward misrepresentation (how’s that for an oxymoron?) and encouraging readers to shrug, give up, and move on

How nice for the President to have political allies posing as objective truth-tellers. Continue reading →