2016 Postmortem
Related: About this forumMatt Stoller FREAKS OUT over Clinton!
Bill Clintons $80 Million Payday, or Why Politicians Dont Care That Much About ReelectionThere was a kind of inflection point during the five-year period between 1997 and 2003 the late Clinton and/or early Bush administration when all the rules just went away. You went from a period, a regime, where people did have at least some concern about going to jail, to a point where everything is legal, and derivatives couldnt be regulated at all and nobody went to jail for anything. And looking back I would say that this period definitely started under Clinton. You absolutely cannot blame this on George W. Bush. Charles Ferguson of Inside Job
I never had any money until I got out of the White House, you know, but Ive done reasonably well since then. Bill Clinton
On December 21, 2000, President Bill Clinton signed a bill called the Commodities Futures Modernization Act. This law ensured that derivatives could not be regulated, setting the stage for the financial crisis. Just two months later, on February 5, 2001, Clinton received $125,000 from Morgan Stanley, in the form of a payment for a speech Clinton gave for the company in New York City. A few weeks later, Credit Suisse also hired Clinton for a speech, at a $125,000 speaking fee, also in New York. It turns out, Bill Clinton could make a lot of money, for not very much work.
Today, Clinton is worth something on the order of $80 million (probably much more, but we dont really know), and these speeches have become a lucrative and consistent revenue stream for his family. Clinton spends his time offering policy advice, writing books, stumping for political candidates, and running a global foundation. Hes now a vegan. He makes money from books. But the speaking fee money stream keeps coming in, year after year, in larger and larger amounts.
Most activists and political operatives are under a delusion about American politics, which goes as follows. Politicians will do *anything* to get reelected, and they will pander, beg, borrow, lie, cheat and steal, just to stay in office. Its all about their job.
This is 100% wrong. The dirty secret of American politics is that, for most politicians, getting elected is just not that important. What matters is post-election employment. Its all about staying in the elite political class, which means being respected in a dense network of corporate-funded think tanks, high-powered law firms, banks, defense contractors, prestigious universities, and corporations. If you run a campaign based on populist themes, thats a threat to your post-election employment prospects. This is why rising Democratic star and Newark Mayor Corey Booker reacted so strongly against criticism of private equity hes looking out for a potential client after his political career is over, or perhaps, during interludes between offices. Running as a vague populist is manageable, as long as youre lying to voters. If you actually go after powerful interests while in office, then you better win, because if you dont, youll have basically nowhere to go. And if you lose, but you were a team player, then youll have plenty of money and opportunity. The most lucrative scenario is to win and be a team player, which is what Bill and Hillary Clinton did. The Clintons are the best at the political game its not a coincidence that deregulation accelerated in the late 1990s, as Clinton and his whole team began thinking about their post-Presidential prospects.
Corruption used to be more overt. Lyndon Johnson made money while in office, by illicitly garnering lucrative FCC licenses. It was the first neoliberal President, Jimmy Carter, who began the post-career payoff trend in the Democratic Party. In 1978, Archer Daniels Midland CEO Dwayne Andreas convinced Carter to back ethanol subsidies. After Carter lost to Reagan, he faced financial problems, as his peanut warehouse had been mismanaged and was going bankrupt. AMD stepped in, overpaying for the property. But Carter wasnt nearly as skilled as Clinton, because he didnt stay in the club.
Well...there's more of this read...what do YOU ALL SAY?
http://www.nakedcapitalism.com/2012/05/its-not-about-reelection-bill-clintons-80-million-payday.html
abelenkpe
(9,933 posts)But what is he complaining about? Clinton making money giving speeches, writing books and having a global foundation? I don't think those are bad things. If he was lobbying for big energy or finance that would be different. If he was making money off insider trading or breaking laws that would be a problem.
Earlier Stoller had a piece on the mortgage task force not being staffed or funded claiming it was an example of a corrupt administration just putting on a show ignoring that any and every regulatory and investigative group in DC has been starved for funds, and has been for many years.
You want that to stop? You want corruption gone? Most would agree. How do you think that should be accomplished?
There is an election coming up. Should we stay home as is so ofter advocated on Naked Capitalism? Do you think there is no difference between parties as that site often claims?
jtuck004
(15,882 posts)such as calling junk bond sellers "venture capitalists" and praising their business model. Those greedy bastards have lain waste to tens of thousands of Americans, our neighbors, and stuck the profit in their own pocket. They do not risk their own capital, but borrow money leveraging other people's FUCKING LIVES as collateral, with not only zero risk, but they pay themselves. And bonuses. And then one has the balls to stand in front of us and suggest we vote in his direction as president.
Are donations to anyone worth the loss of human spirit required to call them anything other than rapists or thieves?
He gets money from them for his foundations, here. Interesting list out there, but the private equity folks are pikers compared to the foreign nationals who get deals with our government, sometimes edging around rules. Could be a conflict of interests.
Anyway...
Maybe Stoller thinks the first step in stopping corruption is for people to recognize what is going on around them and see what the response is.
I would never stay home, people died to get us that right to vote, wasn't cheap. But without the others who act as their arms, and feet, and fists, the one person could never compel so many to act against their interests.
abelenkpe
(9,933 posts)now I'm even more depressed.
I think many people recognize whats going on but are too busy trying to keep their head above water to do much about it.
But most are unthinking and swayed by soundbites.
Just please vote.
I know its a vote between this sucks but they suck waaaaaaaaaay more.
jtuck004
(15,882 posts)the Democrats new slogan is "we're lame, but the other guy's are crazy".
There are a lot of perspectives out there, but for the 25 million that would like to go to work for a decent wage, that pretty well sums it up. Making that one thing better (something I have said since 2009) would make a lot of these other things easier, but it wasn't to be.
All the social and medical issues aside, if the thugs get enough power to enact their crazy budget and plans the biggest result is likely to be the second Great Depression, especially loony since we know the result the last time those kinds of plans were instituted back in the 20's.
So yeah, I will vote and hope.
Thank you.
Confusious
(8,317 posts)The only problem I have with the article is that it singles out Clinton. They all do it. We all suffer for it.
KoKo
(84,711 posts)in many ways. You'd have to read the WHOLE ARTICLE and not just the snips I could give due to Copyright Law, though.
I wonder how many will take the time for the whole article.
or
Know that Matt Stoller is affiliated with the Roosevelt Institute. (Maybe that's on a "bad list" these days, though..."
sad if that's what it is...that Roosevelt Institute is BAD for Dems.
Although, I could believe that the Roosevelt Institute is working for something that might be different..and it's in their interest to support a "dissenting voice or two" ...because it fits in with their fundraising.
Still...Matt Stoller went a little OTT...don't you think?
Thinkingabout
(30,058 posts)He was wrong then and the repeal of Glass Stegall was not one of the smartest moves taken by repub congress and we see what banks and others does when this happens. The Dodd-Frank bill placed some regulations but not in time to control the J P Morgan recent errors. It is industries incapable of regulating themselves which causes regulations to happen.
KoKo
(84,711 posts)and the Wall Street Bankers will never be held accountable for anything they DID as a result of "Phil and Wendy's Work" either.
Well...we are in a fix. But, Austerity Program of paying off our DEBTS should take care of that.
It's COMING! Worse than now.
But...WHERE ARE...Phil and Wendy these days?
Google is your friend.
Hippo_Tron
(25,453 posts)Why stay there for decades when you can put in a term or two and come out with a 7 figure lobbying job? Stoller's "rational maximize post-office profits" theory is just as filled with holes as the "rational maximize your tenure in office theory" that he's criticizing.
Lucrative post-office offers are one of the MANY ways that elites have managed to gain a disproportionate amount of influence over our political system. But it's hardly a catch-all explanation for how politicians make decisions.
geek tragedy
(68,868 posts)Stoller has the fervor and consistency of the typical bible banger--every opinion of his is a universal law of physics.
JoePhilly
(27,787 posts)Graham went straight to the Board of Directors at UBS.
Seems disingenuous not to mention that.
AtomicKitten
(46,585 posts)... and for extending all the Bush tax cuts.