Gov. Hochul puts her family before others
At Gov. Hochul’s inauguration, Sen. James Tedesco pleaded with her to meet with the St. Clare’s pensioners. She assured him she would, but then couldn’t find the time. The health care workers picked the Capitol … but our governor was nowhere to be found.
A day doesn’t go by where you see her on the nightly news somewhere in the state. She can make time when it’s important.
She was able to find enough tax money to fund the new Buffalo Bills stadium. She said it would be a boon to the state. There will be jobs for parking attendants, ushers and food service workers. Possibly she’ll offer these jobs to the St. Clare’s pensioners and health care workers to supplement their income.
There was some criticism of the fact that this new stadium will greatly benefit her husband. Her recent ads say “people first.” She’s just following Nancy Pelosi’s agenda — “family first.”
I didn’t realize she meant her family. Remember Hochul has children, so let’s keep her in office so she can provide for them.
Hold corporate leaders accountable
The Supreme Court in the Citizens United case ruled that corporations have First Amendment rights and by implication are “people.” Yet these “people” commit mass murder, are found guilty, but only pay fines. Two compelling examples are Purdue Pharma and Takata Corporation.
OxyContin maker Purdue Pharma for years heavily marketed their opiate drugs, leading to massive addiction and death. The corporation pleaded guilty to criminal charges (Reuters). The responsible Sackler family and the Purdue board perpetrated these crimes with full knowledge of the consequences, but also aware that there would be no individual penalty other than fines.
Less well-known corporate criminals are the executives of Takata, makers of air bags. According to NPR, Takata concealed deadly defects in the inflator of their air bags. Despite the fact that people were seriously injured or killed from the Takata product as early as 2014, the company continued to sell the air bags to the makers of vehicles sold in the United States.
Like Purdue Pharma, the Takata folks knew their product caused injury and death, but continued to sell it for years. And like Purdue Pharma, Takata was fined, but no one went to prison.
So, what is it? If corporations are people with First Amendment rights, then why don’t they suffer the same penalty as we people when they are found guilty of serious crimes?
Perhaps if corporate boards knew their members could go to prison for harming people, they would adjust their behavior and decisions.
Failure of bank shouldn’t be mystery
Why do banks like Silicone Valley Bank fail? Imagine a bank uses deposits to buy chickens that lay two eggs per week (bonds). The bank can collect the two eggs weekly (interest income) and still own the valuable chickens.
Suddenly, a new breed is developed that can lay four eggs per week. That makes the older two-egg chickens worth much less. If the bank must liquidate to get money for any reason, they can get into trouble. Even if they sell all of their two-egg-laying chickens, they won’t get nearly what they paid for them, so there is a cash shortfall.
Good bank managers don’t put all their cash in low-interest, longterm bonds when rates are rising. They know that if higher interest bonds become available, the ones they bought earlier may have to be sold at a very steep discount, leaving them short of cash.
This is very simple stuff. It’s Banking 101. If bank managers don’t understand it, they should be fired.
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