Posts Tagged ‘Wells Fargo’

In America, the Rich are Never Wrong

Wednesday, September 28th, 2016

By Bob Gaydos

Donald Trump ... I was great, but my mic was lousy

Donald Trump … I was great, but my mic was lousy

Here’s a delayed look at the week that was. (I couldn’t let that televised national embarrassment Monday night go by without somehow acknowledging it. Besides, it ties in neatly with the rest of the menu.)

Monday night, 86 million people turned on their TVs to watch a rich, white man who inherited a fortune bragging about rooting for the collapse of the home mortgage market in 2008 and how “smart” he is to avoid paying taxes. The man also happens to be running for president of the United States as the Republican Party nominee.

During the debate, the nominee also body-shamed a former beauty queen and displayed a shocking lack of knowledge about such things as economics and world affairs. He did sniffle and interrupt his female opponent a lot.

This was white privilege on display in all its arrogance. Donald Trump has got his – well, his daddy gave him a lot to start with – and now he wants to get more of ours. When the debate was over, Trump said if people thought he did lousy it was because somebody turned his microphone sound down too low. Because, in Donald Trump’s world, the rich are never wrong.

Speaking of the rich never being wrong, last week also marked the fifth anniversary of the Occupy Movement in America. It arose seemingly out of nowhere with thousands of Americans of all ages, colors, genders, creeds, etc., setting up camp or just sitting down — and staying — in large numbers in places where people don’t usually set up camp or squat, if you will, for more than a couple of hours at most. Bank doorways. Parks. The middle of Wall Street.

Five years later, the Occupy Movement is, at least physically speaking, a mere memory, a blip in the history of protest movements in the United States. To some, it is a might-have-been movement that missed its moment. To others, it was merely a forbearer of things to come. It was often criticized (by me included) as having no central theme. What was its point?

Today, it’s clear what the point was and remains: America is divided into two groups of people — the haves (like Trump) and the rest.

The haves are the one percent — the individuals and corporations — who control enormous amounts of wealth and want more. The rest, the 99 percent, is us, trying to figure out how things got so out of whack. Wall Street was and still is the symbol of this unfair, obscene distribution of wealth, hence the occupation of the financial district. But as the remaining Occupiers marked their fifth anniversary, it was obvious to anyone who has paid attention to the presidential campaign for the past year that the movement’s message did not disappear in the fog of tear gas, Mace and flash-bang grenades that dispersed many Occupiers in cities across America.

Sen. Bernie Sanders made income disparity the central part of his vigorous campaign for the Democratic presidential nomination. It resonated so strongly that, even in defeating Sanders, Hillary Clinton (who is also very wealthy, but not Trump-like) agreed to include it in the party’s platform as she accepted the nomination. Her challenge as president will be to live up to her words and stand up to Wall Street.

If anyone doubted that this is necessary and that the culture of greed still prevails among the one percent, two recent hearings in Congress, of all places, should have put that to rest.

One involved a bank, Wells Fargo, whose employees, under pressure to meet aggressive demands to increase profits, created 2 million phony accounts in customers’ names to collect $2.4 million in unauthorized fees on them.

The other hearing involved a pharmaceutical company, Mylan Inc., which holds 90 percent of the market share on EpiPen, an epinephrine auto-injector, which reverses deadly allergic reactions. Since 2007, the company has raised the price 15 times. EpiPens went from roughly $50 each for a pack of two to $608. Millions of children rely on EpiPens’ life-saving qualities. Many parents are having trouble affording them.

Banks and pharmaceutical companies have been among the chief miscreants in the “get it any way you can” philosophy that dominates corporate America and Wall Street. Even when corporations are found guilty of egregious, illegal, unethical behavior, the persons responsible for creating the atmosphere of unyielding greed seem to never face any repercussions. The rich are never wrong.

Thousands of Wells Fargo employees were fired, either for setting up the phony accounts or for refusing to set up the accounts.The company was fined $185 million by federal authorities and agreed to pay restitution to its customers, but that won’t break the bank. CEO John Stumpf apologized to Congress, sort of, while ignoring many strong suggestions that he resign and that he should be arrested. But this time, the company’s directors went against common practice by making Stumpf give up $41 million in benefits and forgo salary while an investigation proceeds. They also made the executive responsible for running the scam retire without any severance pay. So maybe the Occupy message is starting to get through.

Meanwhile, the Mylan CEO, Heather Bresch, tried to convince Congress that she was doing the world a favor with her blackmail pricing. Showing no apparent understanding of the fears faced by those who rely on her product, she told Congress her company was compassionate and had worked hard to educate the public about the dangers of allergic reactions. Bresch said the company only makes $50 in profit per pen, which is probably a low estimate, but still sounds pretty good, considering it costs only a few bucks to produce.

Bresch was paid $2.4 million in 2007 and $18,931,068 in 2015. She rounded it off to $18 million when asked at a congressional hearing, prompting one congressman to note that it must be easy to ignore $931,068 in annual salary when one reaches a certain level of pay.

And isn’t that the point? It has all been too easy for corporations to boost their bottom lines and top executives’ astronomical pay because no one at the top has been made to pay the price for the pain inflicted upon millions of Americans by illegal, unethical, money-grabbing tactics. Bankers don’t go to jail in this country. Drug company executives don’t go to jail in this country. Insurance executives don’t go to jail in this country. Wall Street brokers don’t go to jail in this country.

In this country, a billionaire who doesn’t pay his employees, stiffs his creditors, brags about not paying taxes, routinely degrades women, espouses racist policies, sets up a phony university, gives voice to hatred and violence, promulgates a fiction that his president wasn’t born in this country, insults military heroes, is ignorant of the Constitution, and lies as naturally as he breathes gets to run for president as the candidate for what is now a sorry excuse for a major political party.

And apparently, to a sizable portion of the 99 percent, this is OK, because he’s rich. And not black. Or a woman. Which may explain why Trump and the rest of his ilk continue to act as if the rich are never wrong.

… and so it went.