Goldman Games the System

Nobody likes TARP. And Goldman Sachs is rapidly turning into the lead pariah. After getting government bailouts of all sorts, Goldman recently posted record revenue of $736 million. Matt Taibbi has an interesting blog post on the subject, detailing the extent of Goldman's sucking from the public trough.

Did Pelosi Know About Torture?

A public fight has erupted between Nancy Pelosi and the CIA. The spy agency claims it briefed Pelosi that it briefed the Speaker on its use of torture during interrogations as far back as 2002. Pelosi claims only that she was made aware of legal memos clearing the Bush Administration to use torture, but was told that the tactics hadn't been employed.

The spy agency had issued a chart saying Pelosi, then the top Democrat on the House Intelligence Committee, and Porter Goss, the committee chairman at the time, were given "a description of the particular EITs (enhanced interrogation techniques) that had been employed."

I have to wonder...does this nuance really matter? Pelosi saw evidence in 2002 that the Bush Administration was starting to cover its ass in order to torture prisoners and she did nothing. She didn't try to stop it, she didn't go public. In fact, Pelosi then took impeachment off the table. That's despicable. And it's wrong.

The sad part is that this fiasco probably won't do any lasting damage to Pelosi's career. She'll still be Speaker of the House, she'll still get re-elected, she'll still raise loads of corporate cash for Democrats in the House, and she'll continue her long and undistinguished record of failing to represent her constituents' views in Washington. From voting for the Iraq war to blocking the impeachment of the most criminal and corrupt President in a generation, she always turns her back on real San Francisco values.

A Phillip Randolph Institute...A Local Shill

People who know a bit about San Francisco politics will tell you that the A. Phillip Randolph Institute is little more than a front for corporate interests. Now the LA Times has broken the story...on the record:

James Bryant, who earned just under $68,000 as a transit station agent in 2007, received about $117,000 that year as president of the San Francisco chapter of the A. Philip Randolph Institute, according to the tax return and the city's Municipal Transportation Agency. He was also paid or reimbursed about $10,000 as an executive board member for SEIU Local 1021, whose political committee he chairs, the union's financial statements show.

The nonprofit's tax-exempt purpose is to promote civil rights, voter education and the interests of black workers. Its biggest contributors include Pacific Gas & Electric and other corporate benefactors that have enlisted it to campaign for or against ballot initiatives dealing with energy and land development.

During the Willie Brown era, APRI was known as hizzoner's water carriers. And since Willie was a PG&E lawyer before he became mayor, this is to be expected. Yet another corporate-funded astroturf play in SF politics.

Fiona Ma Is An Idiot

I was apprehensive when Fiona Ma went to the assembly. I was glad to get her off the San Francisco Board of Supervisors, but she's trying to do more harm from Sacramento. Aside from her idiocy on mandating JROTC, she's also apparently pushing for a state tax break for the largest corporation in the world...by changing the way the state's corporate income taxes are calculated.

Let me get this straight, Fiona...you've increased taxes on the poor and middle class, yet you want to give corporate titans a permanent tax break in a futile effort to keep jobs in California? I guess we know who pays for your campaigns.

After Receiving Bailout Money, Citigroup Buys new Jet

This is a bit of an old story, but Citigroup has decided to take delivery of a new Dassault Falcon jet so its executives can fly to Washington and ask for more taxpayer money. Citigroup claims that not taking delivery would have cost them millions...but they didn't turn around and sell the jet after taking delivery, did they?

Citigroup claims that it will save money by operating the new jet...because it's more fuel-efficient. I'll tell you what's more fuel-efficient and economical: commercial airlines. These bastards should be flying coach after getting TARP funds.

More Fraud from Lehman

It must be wonderful to be rich and connected. You get to fly around in private jets, screw the little people, and commit fraud without repercussion. Richard Fuld, who ran Lehman Brothers into the ground, is one of these people. Last month, he transferred his $20 million Florida mansion to his wife...for $100. Fuld might be trying to avoid having his mansion liquidated to pay for the many civil judgements he'll accrue in the coming months. And we let this guy run an investment bank?

It's Official: Blagojevich is an Idiot...

Rod Blagojevich is going to name a successor to President-Elect Obama's Senate seat today. Talk about stupid. The Senate, if they have any sense, won't seat this guy. And if the people of Illinois have any integrity, they won't elect him in a subsequent election. Yet Blago continues to push his version of political theater, damaging the emerging progressive movement for his own personal gain. Absurd.

The GOP's Version of Free Speech

It apparently involves raising and spending unlimited amounts of money in coordination with Rethugnican campaigns:

Less than two weeks after John McCain failed to keep the White House in Republican hands, the Republican National Committee filed lawsuits challenging the constitutionality of the Bipartisan Campaign Reform Act of 2002.

I know the troglodytes believe in one-dollar-one-vote, but this is absurd. Money is not free speech.

Stevens Convicted

It's the perfect political storm. Today a court convicted Alaska Senator Ted Stevens of ethics violations. The Republican Senator had a oil services firm pay for major renovations to his home, and failed to disclose them. Note that he didn't get convicted of taking bribes, but was instead convicted of failing to report them. These convictions are federal felonies.

That OTHER Corrupt Alaska Politician

Nevermind Caribou Barbie...Ted Stevens is much more entertaining these days. Kickback Ted's corruption trial started yesterday. He's got an uphill battle to fight these charges:

Stevens' home remodeling job was unusual on many fronts. Workers from VECO Corp., an Alaskan oil pipeline company that does not do residential construction, managed the project. Employees were pulled off other jobs and worked 60-hour weeks on the house.

Now Ted's not charged with corruption per-se...he's charged with knowingly failing to report these renovations on disclosure forms. He claims he knew nothing about the renovations...maybe he has 10 houses like John McCain?

I've said this before...when corruption is an integral part of your and your party's ideology, you don't have much room to argue ignorance.

Trust Your Congresscritter?

Representative Spencer Bachus (R-Alabama) is an important man. He's the top Republican on the House Financial Services Comittee and, apparently, he's very good at timing the markets:

In a single transaction on Dec. 10, Rep. Spencer Bachus of Alabama made up to $15,000 off an investment he had held for just two weeks, according to his congressional financial disclosure statement. He sold on the same day that the company, Focus Media Holding Ltd., got a market bounce off its announcement that it would acquire a competitor.

The trade was among dozens made in 2007 by the powerful congressman, whose public statements alone can influence markets. Most of his trades were short-term options in which Bachus bet that a stock price would rise or fall and made a quick profit or loss accordingly. Sometimes, he made several trades in the same week, supplementing his $165,200 annual congressional salary with up to $160,000 for the year.

So Bachus is trading puts & calls while "representing" the people of Alabama...and he made some suspicious trades, possibly with insider information. Should we chalk this up to bad personal decisions by a Washington insider? Or perhaps it's yet more evidence of the Republicans' ideology of corruption. You decide.