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2011 Jackass Of The Year

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There were so many contenders for TheCenterLane.com’s 2011 Jackass Of The Year award, I was ready to give up on making a decision.  Former Congressman Anthony Weiner (who never even “got lucky” with any of the women who received his “Peter Tweets”) was certainly a contender.  Another runner-up was Arnold Schwarzenegger, who chose to have an affair with his unattractive housekeeper – apparently just because she was there.

This year’s winner is Jon S. Corzine, the former Senator and Governor of New Jersey – in addition to having been the former CEO of Goldman Sachs.  Most infamously, Corzine was named chairman and CEO of MF Global in March of 2010.  It took Corzine only 20 months to drive the firm into bankruptcy.  As Stephen Foley of The Independent reported, Corzine gambled $6 billion of the firm’s money on his belief that Italy would not default on its government bonds.  When that wager was exposed, MF Global’s clients and trading partners stopped doing business with the firm.  Within a few days, MF Global went belly-up, in what became one of the ten biggest bankruptcies in American history.

On Halloween, the Deal Book blog at The New York Times discussed what happened after a discovery by federal regulators that hundreds of millions of dollars (perhaps 950) in MF Global customers’ money had gone missing:

The recognition that money was missing scuttled at the 11th hour an agreement to sell a major part of MF Global to a rival brokerage firm.  MF Global had staked its survival on completing the deal. Instead, the New York-based firm filed for bankruptcy on Monday.

Regulators are examining whether MF Global diverted some customer funds to support its own trades as the firm teetered on the brink of collapse.

One of those customers was a gentleman named Gerald Celente.  On December 17, Mr. Celente appeared on Max Keiser’s television program, On the Edge to describe what happened with his contract (placed through MF Global in April) to purchase an undisclosed quantity of December gold for an amount slightly in excess of $1,400 per ounce.  Celente skewered more individuals than Jon Corzine while describing a travesty which exposed even more of the ways by which the Commodity Futures Modernization Act has been destroying America.  Be sure to watch the interview.

On the same day as the Celente interview, The Washington Post published a piece by Barry Ritholtz, which focused on six astonishing elements of the MF Global story.  Let’s take a look at a few of those elements:

3.  As a result of MF Global’s lobbying, key rules were deregulated.  This allowed the firm to use client money to buy risky sovereign debt.

4.  In 2010, someone from the Commodities Futures Trading Commission recognized these prior deregulations had dramatically ramped clients’ exposure to risk and proposed changing those rules. Jon Corzine, MF Global’s chief executive, successfully prevented the tightening of these regulations.  Had the regulations been tightened, it would have prevented the kind of bets that lost MF Global’s segregated client monies.

5.  None of MF Global’s Canadian clients lost any money thanks to tighter regulations there.

One would think that someone in Jon Corzine’s position would have learned something from the mistakes (such as excessive leveraging and risky bets) which contributed to the financial crisis.  He didn’t.  That’s why Jon S. Corzine is the winner of TheCenterLane.com’s 2011 Jackass Of The Year award.  Congratulations, Jackass!


 

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2010 Jackass Of The Year Award

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Once again, the moment has arrived for TheCenterLane.com to present its Jackass of The Year Award.  Our 2010 recipient is Alaska’s Senatorial candidate, Joe Miller.

Joe Miller’s campaign to defeat Senator Lisa Murkowski in Alaska’s 2010 Republican Primary got a big boost when Governor Sarah Palin decided to leave office to become a full-time celebrity.  Palin’s decision was immediately criticized by Senator Murkowski.  Palin responded to the criticism by endorsing Murkowski’s opponent in the Republican Primary:  Joe Miller.  Miller then won the support of the Tea Party Express, who – according to The Washington Post – spent more than $150,000 on pro-Miller television and radio ads during the week before the primary.  In addition to the mobilization of the Tea Party activists, Miller benefited from an initiative on the Alaska Republican Primary ballot requiring parental consent before a girl aged 17 or younger could receive an abortion.  Alaska’s most conservative voters were out in force on Primary Day.  The Washington Post article highlighted some of Miller’s positions that helped him curry favor with Alaska’s “hard right” voters:

He has called for phasing out Medicare and Social Security, as well as eliminating the Education Department because it is not mandated in the Constitution.

Never mind the fact that neither the FBI nor the Department of Homeland Security has been mandated by the Constitution.  The “lack of a Constitutional mandate” litmus test is only applied to those bureaucracies considered repugnant to Joe Miller.

Because the deadline for filing as an “Independent” candidate on Alaska’s November (general election) ballot had already expired by the August 24 primary, it was necessary for Lisa Murkowski to run as a “write-in” candidate in order to retain her Senate seat.

During the course of the ensuing campaign, Miller’s foolishness provided the news media with plenty of entertainment.  Despite Miller’s rhetoric, which called for limited government and fiscal restraint, Anne Applebaum of Slate recalled that Miller’s background became an issue in the campaign, since it was so inconsistent with that of a Tea Party hero:

During the course of the campaign, it also emerged that he had once collected farm subsidies; that his wife had once collected unemployment benefits; and that his family had received state health benefits.

Upon hearing that Murkowski would not abandon her quest to retain her Senate seat after her Republican Primary defeat, Mr. Miller immediately made a foolish statement, which he attempted to blame on an unidentified staffer.  Jim Carlton of the Washington Wire blog provided this quote of the now-infamous message sent out from Joe Miller’s Twitter account:

“What’s the difference between selling out your party’s values and the world’s oldest profession?” said the message under Mr. Miller’s Twitter address early Friday.

Mr. Miller said the tweet was sent by a staffer who was temporarily manning his account.  He added that the remark was aimed not at the senator herself, but at suggestions that Alaska’s Libertarian Party might allow Ms. Murkowski to run under its banner in November if she ends up losing to him in a final count of absentee ballots.

He blamed the tweet on “poor judgment” by the unidentified staffer, who he “relieved of his duties.”  He said he quickly removed the message from his Twitter feed.

If  Miller had not already done enough to alienate female voters — his Halloween-themed campaign ad, likening Lisa Murkowski to a witch, immediately drew the ire of the New Agenda website, which embedded a YouTube feed of the ad in this posting.

The most infamous event of Miller’s campaign occurred on October 17, when Tony Hopfinger, editor of the Alaska Dispatch website was handcuffed by Miller’s private security guards, when he attempted to interview the candidate at the conclusion of a “town hall” meeting at the Central Middle School in Anchorage.  The incident caused Miller to become the butt of many jokes on national television.

Hopfinger was attempting to question Miller about an incident that had become the subject of an e-mail that had originated a few days earlier from Mike Rostad, a Republican activist in Kodiak, Alaska, based on a discussion between Rostad and Miller’s father, Rex Miller.  The Anchorage Daily News provided this report:

Joe Miller was a part-time Fairbanks North Star Borough attorney in 2008 when he led an attempt to oust state Republican Party chief Randy Ruedrich.  Rostad wrote in the email that Rex Miller told him there was a poll being conducted during that effort against Ruedrich.  Rostad wrote that Rex Miller told him what happened:

“One noon hour, on his own time at the borough, Joe participated in an online poll voting against Randy.  He used four office computers in the office to do it, thinking this was his chance to boost numbers to get rid of Randy.  He emptied the cache files on the computers so the users wouldn’t know what he had done.  When the users asked what had happened to their caches, (Miller) admitted to what he did.  He was reprimanded and docked in pay for several days, but was not suspended or fired.

Miller’s improper computer use as a part-time attorney for the Fairbanks North Star Borough has been an ongoing controversy, which was the subject of this December 31 article from the Anchorage Daily News.

The handcuffing of Tony Hopfinger was not the only misstep by Joe Miller’s campaign on October 17.  Shira Toplitz of Politico reported on October 29 that the Murkowski campaign was running an ad, critical of two October 17 blunders:

The same night as the incident with the journalist, Miller told an audience that if “East Germany could, we could” secure the borders of the country — a controversial statement that Murkowski also uses in the new spot.

“Joe Miller’s answer to illegal immigration:  Use East Germany as an example,” continues the narrator.  “Exactly what kind of America does Joe Miller live in?  . . .”

Miller had nobody else to blame for his stupid remark exalting East Germany as a model for border security.

Once it became obvious that Lisa Murkowski made history as the first write-in candidate to win a Senate election since Strom Thurmond in 1954, Joe Miller took his battle to the courts.  He initially filed an action in Federal Court, although U.S. District Judge Ralph Beistline stayed proceedings pending resolution of the dispute in the State court, where the action should have been brought.  Once the case was filed in the State Court, Judge William Carey dismissed the suit and it was appealed directly to the Alaska Supreme Court.  U.S. News reported that when the ballots were still being counted, the Miller camp was determined to turn the election into a spelling bee:

Shortly after the second day of write-in ballot counting began on Thursday, a Miller observer challenged a vote for Murkowski that appeared to have her name spelled and printed correctly, though the “L” in “Lisa” was in cursive handwriting.  Later, at least 10 ballots in which Murkowski’s name appeared readable were challenged, including one in which the vote read:  “Lisa Murkowski Republican.”

Miller’s campaign said observers are simply challenging votes that don’t meet the strict letter of the law — including those with minor misspellings of Murkowski’s name or those with legibility or penmanship issues.

In addition to the “spelling bee” demand, Miller also attempted to pursue a claim of misconduct by election officials amounting to election fraud.  The Christian Science Monitor provided this report on Judge Carey’s dismissal of that count:

“Nowhere does Miller provide facts showing a genuine issue of fraud or election official misfeasance,” Carey wrote.  “Instead, the majority of the problematic statements included in the affidavits are inadmissible hearsay, speculation, and occasional complaints of sarcasm expressed by [elections] workers.  Nothing rises to the level showing genuine material facts of fraud.”

The stupidity of Miller’s “spelling bee” requirement became more apparent once the Alaska Supreme Court was asked to reverse the dismissal of that claim.  During oral arguments, Justice Dana Fabe directed a Why are you here? question to Miller’s attorneys.  Here’s how that moment was described by KTUU News:

With unofficial results showing Miller behind Murkowski by 10,328 votes, or 2,169 when ballots challenged by Miller observers are excluded, Justice Dana Fabe asked Miller’s legal team what — if any — impact the court’s decision would have on the outcome of the election.

“Even if you win on this argument and every one of the challenged ballots is set aside, it makes no difference in this count, and it makes no difference in the outcome of this election unless you win on one of your other counts — isn’t that correct?” Fabe said.

In other words:  even if the contested ballots were not counted in accordance with the guidelines advanced by Miller’s legal team – Miller still would have lost by over two thousand votes!

So seriously:  What was the point of filing suit?  Was Miller hoping to get some sort of deal from the Republican Party for conceding defeat?  His lawsuit was as idiotic as his entire campaign had been.  As late as December 27, Miller was vowing to continue his battle in the Federal Court to contest the election result.  Nevertheless, as Miller should have learned at Yale Law School, the pursuit of such a specious claim in a Federal Court, would likely result in rather expensive sanctions against Miller and his attorneys under Rule 11 of the Federal Rules of Civil Procedure, once his case was inevitably dismissed.  If that concern had not been enough to motivate Miller to abandon his Federal suit, it should have been enough to convince Miller’s attorneys that the game was finally over.  Miller ultimately conceded his defeat in the election on December 30, although he never made a concession call to Lisa Murkowski.  He explained that he had not made the call because he did not have Murkowski’s phone number.

Joe Miller may not have won the election to the United States Senate —  but he did win the 2010 Jackass of The Year Award from TheCenterLane.com.  Congratulations, Jackass!



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Michelle In The Spotlight

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November 20, 2008

I receive many strange comments on this website that I simply delete.  Although I am a strong proponent of First Amendment rights, I exercise my option of deleting defamatory remarks, spam-based “comments” and miscellaneous lunacy.  That final category includes a comment I received a while ago from an alleged female, focused on Michelle Obama.  The rant included this statement:  “Someone should look into Michelle  …”   I felt inclined to reply with the following:

An obstetrician actually did look into her and found two African-American babies, who were sired by Barack Obama.  Are you scared yet?

Throughout the Presidential campaign, the crazy stuff about Michelle kept turning up all over the media.  Monday, November 17, was a landmark day for that ignominious chapter in “news” coverage.  You may remember Fox News anchor E.D. Hill, who, on June 6, called attention to Michelle’s “terrorist fist jab” with Barack.  Fox News subsequently removed Hill from its America’s Pulse program.  On November 17, TVNewser reported that the Fox News Senior Vice-President of programming, Bill Shine, informed TVNewser of his decision not to renew Hill’s current contract with Fox, which expires within the next few months.  A small step for Fox, but a giant leap for  …  uh …  Fox.

From a more rational perspective, another item about Michelle appeared on today’s Daily Beast website.  The article, “Michelle’s Closet Agenda”, was written by Geraldine Brooks.  Ms. Brooks summarized the theme of her posting with this statement:

The point of this long-winded anecdote is not to add more fuel to the bonfire of the vanities surrounding the fact that, my God, we’re finally gonna’ have another first lady like Jackie who knows how to dress.  The point is twofold:  Michelle seems to be able to do everything she sets her mind to, and to do it at a high level of excellence.  And, more importantly: she knows this, and isn’t about to be “handled” into any role in which she is not supremely confident and comfortable.

This point emphasizes an aspect about Michelle that many people find threatening.  They saw it all before with Hillary Clinton:  A woman who attended law school with her husband at Yale, who went on to have an active and successful legal career.  Although Barack is two years older than Michelle, she graduated from Harvard Law School three years before our President-elect graduated from that same institution.  While working as Vice-President for Community and External Affairs for the University of Chicago Hospitals, Michelle was earning approximately $273,000 per year, in comparison with Barack’s $157,000 salary as a United States Senator representing the State of Illinois.

Michelle’s stint as First Lady follows that of Laura Bush, who did not have much to say during her husband’s eight-year tenure.  Nevertheless, book publishers are stomping on each other’s toes in the quest to obtain the publishing rights to Laura’s memoirs.  As for Michelle, many are expecting a First Lady who might have a little more to say, than did Laura Bush.  There is a great deal of doubt as to whether Michelle will become as involved in government as was Hillary Clinton, during her days promoting expanded health care.  Despite that, many people are anxious to get a little more insight from Michelle than we heard from Laura Bush.  One of the first commentators to express this craving was Jason Zengerle.  After Michelle’s speech at the Democratic National Convention, Mr. Zengerle had this to say in the August 25 edition of The New Republic:

Michelle Obama introduced herself as a sister, a wife, a mother, and a daughter–which are all incredibly important identities.  But those identities don’t reveal her full person–the Princeton and Harvard Law grad, the corporate attorney, the hospital executive–which were parts of her life that she barely mentioned.  Instead, she gave us predictable pap like “the Barack Obama I know today is the same man I fell in love with 19 years ago.”

Many pundits are hungry for more incisive, quotable wisdom from our next First Lady.  They will surely get it.  They will know better than to scrutinize Michelle’s statements for gaffes.  Joe Biden has proven himself as the new administration’s most abundant source of those.  Why look elsewhere?

Keep This On The Front Burner

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June 26, 2008

For the past few weeks, the Senate Commerce Committee has been hearing testimony about the impact of the so-called “Enron loophole” in the Commodity Futures Modernization Act of 2000, 7 U.S.C. §2(h)(3) and (g), which existed throughout Bill Clinton’s tenure in the Oval Office.  This “Enron loophole” is what has made it possible for speculators to drive the price of gasoline beyond $4 per gallon. Consider the Senate Commerce Committee testimony of Michael Greenberger, former Commodity Futures Trading Commission (CFTC) Director of Trading and Markets.  Mr. Greenberger testified that if the “Enron loophole” were closed, we would see “overnight” a 25-percent drop in the price of crude oil and as much as a 50-percent drop in the price of gasoline.  The Senate Commerce Committee hearing featured testimony by hedge fund managers and other market experts, concerning how the skyrocketing price of gasoline, diesel and heating oil are “breaking the back” of the American economy.  Some of these experts (knowing that their testimony would be falling on the “deaf ears” of bought-off lawmakers and friends of the oil industry) were nearly at the point of tears in describing how the rest of American industry is getting killed for the benefit of the oil industry.  Let’s revisit Mr. Greenberger’s point once again:  if the “Enron loophole” were closed, we would see “overnight” a 25-percent drop in the price of crude oil and as much as a 50-percent drop in the price of gasoline.  “Overnight” may be an exaggeration, although I’m sure he means a lot quicker than waiting for unbuilt and unplanned oil wells to start having an effect on the price of a barrel of crude.  (This turnaround time is considered by most experts to be a 10-year period.)

Our old friend, the Former John McCain, whom we once knew, voted with the Democrats to close the “Enron loophole” in 2002 and 2003.  His comments in the February, 2002 issue of The New Yorker told us much about how we got to where we are now, six years after he gave that interview:

Enron made a sound investment in Washington.  It did them a lot of good.  Where they really do well is around the edges, the insertion of an amendment into an appropriate bill.

McCain is no longer so strident about the sleazy origins of this “Enron loophole”.  This is probably because the loophole owes its existence to Phil Graham and his wife, former CFTC Chair, Wendy of Enron.  Phil is now McCain’s “economic advisor”, so don’t hold your breath waiting for McCain to repeat what he said to The New Yorker in 2002.  He has yet to speak out against this loophole as his new self: McCain 2008.  Nevertheless, a very loud, “hard” right-wing voice, that of Bill O’Reilly, has spoken up on this issue.  A visit to the website: http://closeloophole.org/ recites this quote from O’Reilly on his Factor show:

I want those SOBs [speculators] taken down…let’s work together to save the American consumer at the pump.

My favorite issues are those where “liberals” and “conservatives” can work together to solve the crucial problems faced by society.  It appears as though we have one right here.  If we address it, we may solve it “overnight” according to one expert.  If we do solve it, we will be helping more than the individual consumer.  We will probably save the entire roster of Russell 2000 “small-cap” companies from swirling down the toilet.  Most experts believe these companies are the hardest-hit by the uncontrolled cost of petroleum products.

For his part, Barack Obama has spoken on the record numerous times about his opposition to the “Enron loophole”.  This should come as no surprise since his fellow Senator from Illinois, Dick Durbin, is a key advocate for closing this loophole.  Obama supporter, New Jersey Governor Jon Corzine, has a bit of “street cred” on this subject, having served as the former chairman of the investment firm, Goldman Sachs.  Corzine is on the record for blaming this unregulated speculation for the outrageous pricing of petroleum products.

The American public has a notoriously short attention span.  It seems unbelievable that something this important, that erases “discretionary spending” and limits what food can be placed on one’s table, could be overshadowed by the latest celebrity scandal.  Americans must stay focused on this fundamental problem.  A visit to http://closeloophole.org/ will give you the opportunity to send e-mails to your Senators, expressing your opinion on whether our government should perform one of its most important missions:  to save us all from sleazebags.



Women To Watch

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June 19, 2008

Most of the eulogies about Hillary Clinton’s Presidential campaign have focused on the theme that she was a “groundbreaker”, who proved that a woman could make it to the Senate and become a serious contender for the highest office in the land.  Meanwhile, there are a number of women presently in the Senate, who got there without having been married to a former President (whose surname could be relied upon for recognition purposes).  In fact, two of these women are presently working on closing the so-called “Enron loophole” in the Commodity Futures Modernization Act of 2000, 7 U.S.C. §2(h)(3) and (g), which existed throughout Bill Clinton’s tenure in the Oval Office.  This “Enron loophole” is what has made it possible for speculators to drive the price of gasoline beyond $4 per gallon.  Surely, the increased demand for oil by China and India has explained part of the soaring cost of gasoline here in the United States.  However all authorities on the subject agree that unchecked speculation in the American markets has greatly facilitated the skyrocketing increase in gas prices.  That speculation owes its existence to the so-called “Enron loophole”, which is once again coming under attack in the Senate.

There is abundant interest focused on whatever Hillary Clinton’s mission will be when she returns to the Senate after her month of R&R and what role she might play if Barack Obama is elected our next President.  I suggest that we turn our sights to the Senate right now, to witness what other women are doing there and find out for ourselves who the real “trailblazers” are.  We should also consider these pioneers when looking toward the day when a woman finally makes it to The White House.

Our first potential future candidate is Senator Amy Klobuchar of Minnesota, whose role on the Senate Commerce Committee has found her fighting against the “Enron loophole”.  Looking on Wikipedia.org we learn:

She received her bachelor’s degree magna cum laude in political science from Yale University in 1982, where she was a member of the Yale College Democrats and the Feminist Caucus.  …  Klobuchar served as an associate editor of the Law Review and received her J.D. in 1985 at the University of Chicago Law School.

Bam!  She has made the prerequisite pilgrimage to Iraq (March, 2007) and voiced her frustration with Prime Minister Nouri Al-Maliki upon her return.  She is a member of the following Senate Committees:  the Agriculture Committee, the Environment and Public Works Committee and the Commerce Committee.  She is also a member of the Congressional Joint Economic Committee.

Our second potential future candidate is Senator Maria Cantwell from the State of Washington.  She is also currently working to close the “Enron loophole”. Senator Cantwell received a Bachelor’s Degree in Public Administration from Miami University of Ohio.  She has served in the Senate since January of 2001.  Although she supported the Joint Resolution for the Use of the Armed Forces in Iraq, she explained the qualifications for her support in an extensive press release the day before the vote on that Resolution.   She is a member of the following Senate Committees:  Finance, Indian Affairs, Finance and Entrepreneurship, Energy and Natural Resources, as well as the Committee on Commerce, Science and Transportation.

At this juncture, it remains to be seen whether Hillary Clinton will join these two sister Senators in their efforts to close the “Enron loophole”.  It never bothered her husband during his eight years in the White House and she never spoke up about it during that time.

For our third potential future candidate, we can’t forget about Governor Kathleen Sebelius of Kansas.  Although she is being promoted as a possible running mate for Barack Obama, her five years as Governor of Kansas are considered by many as a bit short for the position of Vice President.  (She faced that criticism when she had served only one year as Governor and was considered as a possible running mate for John Kerry in 2004.)  She earned a Master’s Degree in Public Administration from the University of Kansas after earning a Bachelor’s Degree from Trinity Washington University in Washington, D.C.  (Trinity Washington University is not associated with the late Jerry Falwell, who died and went to hell.  It is a Catholic – affiliated University.)  As Governor of Kansas, she has an established record as an advocate of environmental protection.

As the pundits watch Hillary Clinton’s political future, some of us will be looking toward other American women, one of whom may turn out to become the first female President of the United States.


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