“I’m so bored. I hate my life.” - Britney Spears

Das Langweilige ist interessant geworden, weil das Interessante angefangen hat langweilig zu werden. – Thomas Mann

"Never for money/always for love" - The Talking Heads

Tuesday, December 14, 2004

Justice is ridiculous

Gary Winnick, a true superhero of free enterprise, was at last freed of those pesky fines against him by the Republican dominated SEC. Not that Winnick was a partisan man -- he had greased the palms of many a Dem in Clinton's palmy times. But with that Bush mandate, it was time to put the likes of Perle on a retainer -- and oh how such connections have paid off for the big guy! We are all psyched here at LI. Sorting through the creative destruction of the telecom bubble, it was obvious at the time, and even more obvious now, that the real master criminal was Martha Stewart.

But of course the LA Times had the gall to interview a coupla plebes about the thing:

"The fact that Winnick escaped a $1-million fine gnaws at Irene DiNolfo, a former Global Crossing director of marketing communications in Rochester, N.Y., whose severance and retirement were wiped out.

"What's $1 million to that guy?" said DiNolfo. "It would be like a $100 fine to me. And still, he gets out of that."

Global Crossing's collapse cost Janet Mahoney, a former call center director, about $35,000 in severance pay and $45,000 in retirement funds that were in company stock. Settlements in the civil cases are bringing in a few thousand dollars in dribs and drabs, she said.

"Meantime, he walks away with $738 million," she said. "Justice is ridiculous."

Well, we do wish the likes of Ms. Mahoney would read up on her Friedman or Sowell or something. Our system is simply so unbeatable it has charmed God and the angels, who are investing heavily in equities for next year. Meanwhile, Ms. Mahoney is going to have a chance to lose even more retirement with the privatization of her Social Security -- but not to worry! If some mutual fund company commits massive fraud, if some corporation cooks its books, the SEC is right there, like a guard dog. Or like the cardboard cutout of a guard dog. To make sure that the criminal who steals hundreds of millions does have to put a million back in the pot now and then! Good luck to you, Ms. Mahoney! We salute all those who are about to strike it rich, as Bush knocks down the last evil legacy of New Deal Socialism and sets you free to be owners.

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