This is pretty ugly stuff. Western Journalism reports that former Montana Governor Brian Schweitzer strong armed one company, Stillwater Mining Company, into making him chairman at $181,000/year (though he had no experience in the mining industry) and into granting him over $660,000 worth of stock. Schweitzer then allegedly tried to pull a similar thing with a second company, Mines Management Inc., which told the former governor to take a hike. Schweitzer then allegedly initiated a PR campaign designed to damage the stock price of the company.
As I’ve said before, the Fall of 2008 is seared into my brain. I remember the exact moment when I heard that Greenspan said we were looking at a “once in a century” financial crash. I remember Lehman going down. I remember Goldman being saved. I remember when AIG which reinsured much of Wall Street was commandeered. I know it was a dark time for everyone but trust me, in the financial sector it was absolute insanity.
One could feel how fast and loose things got all of a sudden. In the “Great Blackberry Panic” as David Stockman refers to it, the rules were thrown out the window. The Fed did what it wanted. The Treasury did what it wanted. And in the chaos Wall Street saved itself at the expense of the rest of the economy. Fall 2008 on Wall Street was a cocktail of desperation and opportunism.
Hey it’s only the taxpayer’s money. Why any American who cares about the size of government, or simply just using money wisely, would ever buy a GM product is lost on me.
Over $4 million actually, and it wasn’t disclosed to the public. (Not that it had to disclose it to the public.)
Kathleen Sebelius recently praised the website without mentioning that the portal was also a paid federal contractor shilling for the administration.
When Jack Lew left Citi for a “high level government post” he was given a bonus. He was incentivized to find a roll in senior government. This practice is common among the big banks.
Nice deal for GM.