Monday, February 1, 2010

Center of free-enterprise: Washington DC

Center of free-enterprise: Washington DC.

Well,  there is little free-enterprise left in America, but the center of commerce in the United States of America is Washington, District of Columbia, USA.  The latest proof of this is in the activities of the new Chief Executive Officer of the largest consumer banking institution, by deposits, in America, the Bank OF America.  Mr. Brian Moynihan has been CEO for all of one month.  During this time has Mr. Moynihan been visiting his employees in his bank's wide-spread branch system?  No.  Has he been holding meetings with his aforementioned employees?  No.  Has he been gathering together his executives and strategizing how to re-start consumer and small-business lending the country needs so desperately?  No.  Likely, he's been visiting major customers.  No.

Mr. Moynihan has been visiting the center of 'competitive' activity in this country:  Washington, DC.  Visiting with Ben Bernanke, chairman of the Federal Reserve System; Timmy Geithner, President Obama's Secretary of the Treasury; Sheila Bair, chairwoman of the Federal Deposit Insurance Corporation; John Dugan, Comptroller of the Currency; Deputy Treasury Secretary Neal Wolin; Valerie Jarrett, President Obama's "advisor" on Socialist Activities or something.  But America aside, Mr. Moynihan jetted (commerical no doubt) to Davos, Switzerland, to meet Jean-Claude Trichet, European Central Bank chief and attended the World Economic Forum.  Hey, Bri-bri what about business?

Mr. Moynihan is a lawyer.

He donated primarily Democrats' campaigns, including Chris Dodd and John Kerry.

Before taking office he told Ms. Jarrett and Lawrence Summers, top White House economic aide (whom Mr. Moynihan met at Harvard) that he wanted to work with the White House to help it achieve its policy objectives, according to the Wall Street Journal, February 1, 2010, Page C 3.  They said, "loan modifications" (sort of like "plastics" to Dustin Hoffman in 'The Graduate').  And his bank became the first to enable Obama's administration's pandering to those taken advantage of by big, greedy, modifying as servicer the bad loans made by it and others. 

Mr. Moynihan's global strategy chief and marketing officer, Anne Finucane, who came with the new CEO from B of A's acquisition of FleetBoston Financial, is close to the likes of Christopher Dodd (D., duh, Conn.) Senate Banking Committee Chairman and Barney Fife, err, Frank, (D., for Democrat from Massachusetts) House Financial Services Chairman., but not too close, as he's gay, and apparently House Oversight and Government Reform Committee Chairman Edolophus Towns (Democrat, dontcha know, from N.Y. What kind of a name is 'Edolophus'?).

Mr. Moynihan's two predecessors, Hugh L. McColl Jr., and Kenneth D. Lewis actually had the gall to want to compete in the marketplace, with McColl building the bank through canny acquitisions and Lewis eschewing political gamesmanship enough to resign.  Perhaps also he didn't contribute to Democrats in general and Obama in particular so got pressured to resign.  Perhaps.

To all who are reading this: America's so-called 'Capitalism' is now running on Favoritism, Partialism and Equalitism from Washington  DC. where both the Capitol and Capital are.  President Obama and Democrats have taken the ISM out of Capitalism.


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