Home > Jay Bookman > Archives > 2008 > December > 09
Tuesday, December 9, 2008
The other 20 percent post on this blog
The Atlanta Journal-Constitution
I’m sure numbers like these won’t last once Obama takes office and has to actually start implementing decisions and making people angry. However, they do represent an awful lot of political capital that if used wisely can help him accomplish a lot, and quickly.
WASHINGTON (CNN) — With six weeks before taking office, President-elect Barack Obama is having one heck of a honeymoon, a new national poll suggests. A new CNN poll gives Barack Obama a 79 percent approval rating in the way he’s handling the transition.
Nearly eight in 10 Americans questioned in a CNN/Opinion Research Corporation survey out Tuesday morning are giving the president-elect the thumbs up when it comes to his handling of the transition.
Obama’s approval rating is 14 points higher than the approval rating for President-elect George Bush in 2001 and 17 points higher than President-elect Clinton’s rating in 1992, CNN Polling Director Keating Holland said.
“An Obama job approval rating of 79 percent — that’s the sort of rating you see when the public rallies around a leader after a national disaster,” said Bill Schneider, CNN’s senior political analyst. “To many Americans, the Bush administration was a national disaster.”
The Democratic Party continues to be much more popular than the GOP. Six in 10 have a favorable view of the Democratic Party, while a majority have an unfavorable opinion of the Republican Party.
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‘Sen. Craig Loses Appeal in Bathroom Sting Case’
The Atlanta Journal-Constitution
That’s the headline on the Washington Post site, on a story reporting that a Minnesota appeals court has rejected Larry Craig’s effort to withdraw his guilty plea.
However, I bet you could write that same headline for a story about his poll standings back in Idaho….
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SunTrust gets more ‘investment’ from feds
The Atlanta Journal-Constitution
from the AJC’s Paul Donsky:
SunTrust Banks is going back to Uncle Sam and seeking an even larger investment of federal funds.
The company, which has already received a $3.5 billion investment under the U.S. Treasury Department’s Capital Purchase Program, said Tuesday it had received preliminary approval to sell an additional $1.4 billion in preferred stock to the government.
That would bring the total government investment in SunTrust to $4.9 billion, the maximum amount the bank is eligible for under the program.
SunTrust’s CEO James M. Wells III said the deteriorating economy and overall gloomy outlook pressed the bank to look for a greater cushion.
“As we now know from the most recent data, the economic situation is decidedly bleaker than was the case when we announced our initial, partial regulatory capital transaction under the Treasury program,” Wells said in a news release.
“Given the increasingly uncertain economic outlook, we have concluded that further augmenting our capital at this point is a prudent step, especially if the current recession proves to be longer and more severe than previously expected,” Wells said.
However, as the folks over at Calculated Risk point out:
“SunTrust applied for the previous $3.5 billion on Oct 27th, and received the funds on Nov 17th - less than a month ago!
Here was the CEO comment then:
‘Our participation in the Capital Purchase Program enhances SunTrust’s already solid capital position and will permit us to further expand our business and take advantage of growth opportunities. In addition, we are pleased to support the Treasury in its ongoing effort to address dislocations in financial markets and spur the market stabilization that is in the public interest.’
At the end of October, SunTrust was “supporting the Treasury” and “expanding” their business.
Now the situation is “decidedly bleaker”.
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But first, kill all the editorial writers….
The Atlanta Journal-Constitution
Illinois Gov. Rod Blagojevich was arrested by federal authorities this morning and charged with an incredibly wide-ranging and utterly shameless degree of corruption. As U.S. Attorney Patrick J. Fitzgerald described it, “the breadth of corruption laid out in these charges is staggering,” and that’s no exaggeration.
The most important allegation involves a claim that Blagojevich, a Democrat, had been peddling Barack Obama’s vacant Senate seat to the highest bidder (as governor, Blagojevich has the power to appoint Obama’s replacement). The fact that Blagojevich was apparently conducting such negotiations even though he knew he was under federal investigation is astonishing.
But personally, I confess to being fascinated by a lesser allegation that Blagojevich tried to get Chicago Tribune editorial writers fired in return for a favorable financial deal for the Tribune company.
Here’s how federal documents describe the alleged deal, based on tape-recorded conversations:
“According to the affidavit, intercepted phone calls revealed that the Tribune Company, which owns the Chicago Tribune and the Chicago Cubs, has explored the possibility of obtaining assistance from the Illinois Finance Authority (IFA) relating to the Tribune Company’s efforts to sell the Cubs and the financing or sale of Wrigley Field. In a November 6 phone call, Harris (Blagojevich’s top aide, who was also indicted) explained to Blagojevich that the deal the Tribune Company was trying to get through the IFA was basically a tax mitigation scheme in which the IFA would own title to Wrigley Field and the Tribune would not have to pay capital gains tax, which Harris estimated would save the company approximately $100 million.
Intercepted calls allegedly show that Blagojevich directed Harris to inform Tribune Owner and an associate, identified as Tribune Financial Advisor, that state financial assistance would be withheld unless members of the Chicago Tribune’s editorial board were fired, primarily because Blagojevich viewed them as driving discussion of his possible impeachment. In a November 4 phone call, Blagojevich allegedly told Harris that he should say to Tribune Financial Advisor, Cubs Chairman and Tribune Owner, “our recommendation is fire all those [expletive] people, get ‘em the [expletive] out of there and get us some editorial support.”
On November 6, the day of a Tribune editorial critical of Blagojevich, Harris told Blagojevich that he told Tribune Financial Advisor the previous day that things “look like they could move ahead fine but, you know, there is a risk that all of this is going to get derailed by your own editorial page.” Harris also told Blagojevich that he was meeting with Tribune Financial Advisor on November 10.
In a November 11 intercepted call, Harris allegedly told Blagojevich that Tribune Financial Advisor talked to Tribune Owner and Tribune Owner “got the message and is very sensitive to the issue.” Harris told Blagojevich that according to Tribune Financial Advisor, there would be “certain corporate reorganizations and budget cuts coming and, reading between the lines, he’s going after that section.” Blagojevich allegedly responded. “Oh. That’s fantastic.” After further discussion, Blagojevich said, “Wow. Okay, keep our fingers crossed. You’re the man. Good job, John.”
In a further conversation on November 21, Harris told Blagojevich that he had singled out to Tribune Financial Advisor the Tribune’s deputy editorial page editor, John McCormick, “as somebody who was the most biased and unfair.” After hearing that Tribune Financial Advisor had assured Harris that the Tribune would be making changes affecting the editorial board, Blagojevich allegedly had a series of conversations with Chicago Cubs representatives regarding efforts to provide state financing for Wrigley Field. On November 30, Blagojevich spoke with the president of a Chicago-area sports consulting firm, who indicated that he was working with the Cubs on matters involving Wrigley Field. Blagojevich and Sports Consultant discussed the importance of getting the IFA transaction approved at the agency’s December or January meeting because Blagojevich was contemplating leaving office in early January and his IFA appointees would still be in place to approve the deal, the charges allege.”
Occasionally, I’ve had angry politicians and business people imply that they could threaten my job, but I’ve never had any indication that they had attempted to actually carry through on it.
Blagojevich, on the other hand, seems to have made a very real effort, and if the account above is accurate, he even received some assurances the deed would be done. I bet that for John McCormick, this is better than winning a Pulitzer.
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Populist tide seems to be rising
The Atlanta Journal-Constitution
The zeitgeist appears to have taken a very notable shift.
John Thain, CEO of Merrill Lynch, has been denied in his request for a $10 million bonus in a year in which the company lost $11 billion and as many as 30,000 employees will end up being fired. (Officially, the story is that Thain himself decided not to request the bonus). The net result is that Thain gets nothing in his Christmas stocking.
The fact that such a step is deemed remarkable on Wall Street is itself remarkable.
In another sign of the times, Kris Broughton of Alpharetta, writing at the conservative group blog Culture 11, sounds downright populist in addressing Mr. Thain’s terrible plight:
“Mr. Thain might have to sell his home or investment property at a steep discount because nobody is paying full price right now for real estate. His kids may have to go to public schools. He might not be able to meet the margin calls on his portfolio. He might find himself looking at a severely decimated retirement account.
My mother will tell you, “I really can’t have a whole lot of sympathy for you if you’re down to your last million.”
It is unconscionable for me to worry about the problems of this rich man or his buddies. If he doesn’t work another day in his life, enough money has gone through his hands to assure him of a lifetime of decent food, shelter, and clothing. If his entire existence has been predicated on never hitting a bump in the road, well, then maybe he shouldn’t have been a CEO in the first place.”
And out in Chicagoland, laid-off workers at Republic Windows and Doors continue to occupy their closed-down factory, refusing to leave until the company pays them the vacation and severance money they’re legally entitled to receive. Workers are reporting to the factory in shifts, people are donating meals to the cause, the governor has come by to express support and has threatened to stop doing business with Bank of America, the company’s lender, and President-elect Obama has also expressed sympathy for the workers’ stance.
“I’m not scared because I’m not alone on this,” said Raul Flores, 25, who had worked at Republic for eight years. “We’re strong and we’re going to stay. This gives us the strength to keep going. This is going to be for everyone.”
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Just a wee bit more on President Alien
The Atlanta Journal-Constitution
I hate to beat a horse that has been so thoroughly and hilariously beaten and left for dead overnight (and I’ll have an unrelated thread up soon) but just for the record, Dana Milbank at the Washington Post has a very funny takedown of the birthers that you shouldn’t miss.
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