Newspaper logo  
Local Stories, Events

Ref. : Civic Events

Ref. : Arts & Education Events

Ref. : Public Service Notices

Books, Films, Arts & Education

06.14 The Trump administration is waging a quiet war on education


Ref. : Letters to the editor

Health Care & Environment

06.19 Engineers boost output of solar desalination system by 50% [Trump fires scientist. It would be far better to enable their good work.]

06.19 Can planting billions of trees save the planet?

06.19 Vermont adopts the most comprehensive plastics ban in U.S.

06.19 We’ll Never Solve Immigration If We Don’t Solve Climate Change [Why is our President so willfully stupid?]

06.19 Scientists shocked by Arctic permafrost thawing 70 years sooner than predicted

06.18 Photograph lays bare reality of melting Greenland sea ice ice sheet

06.18 Because 'This Is a Public Health Crisis,' Pennsylvania Gov. Urged to Investigate Link Between Fracking and Childhood Cancers

06.18 The Worst Patients in the World [Is THIS the dumbest thing we can do? Then let's do it!]

06.18 Navy Contaminates Local Groundwater and Sewer System in Maryland [Is THIS the dumbest thing we can do? Then let's do it!]

06.18 Trump's order to trim science advisory panels sparks outrage [Is THIS the dumbest thing we can do? Then let's do it!]

06.18 Call to arms: how can Australia avoid a slow and painful decline?

06.18 Soaring Temperatures Speed Up Spring Thaw on Greenland’s Ice Sheet

06.17 Hopes for climate progress falter with coal still king across Asia [Governments must subsidize very rapid installation of renewable energy to displace all fossil energy—aka DEATH ENERGY—power plants that must be made illegal ASAP]

06.17 Oil companies double down on plastics as public outcry grows [Obscene!]

06.17 Ocasio-Cortez: "We’re Going to Fight to Repeal the Hyde Amendment"

06.15 'The Changes Are Really Accelerating': Alaska at Record Warm While Greenland Sees Major Ice Melt

06.15 So much plastic is being made that "recycling has no impact" [Non-recyclable plastic must be made illegal to manufacture, use]

06.15 Climate crisis: aviation industry hears clamour for electric planes

06.15 We must transform our lives and values to save this burning planet [Increased ice melt in polar latitudes has been disguising reality in the middle latitudes. This effect will soon be replaced by record heat as ice volume and seasonal melting increasingly declines.]

06.15 This all-male council in Texas just voted to ban abortion [1:59 video; Bad assumptions foment ignorant actions...]

06.14 The Trans Mountain pipeline is a disaster – but Trudeau can make it right

06.14 The Pentagon emits more greenhouse gases than Portugal, study finds

06.14 Climate crisis: Alaska is melting and it’s likely to accelerate global heating

06.13 Chemical companies at centre of Guardian's Cancer Town series face state legal action [7:56 video]

06.12 'This is not a "what if" story': Tokyo braces for the earthquake of a century

06.12 Plant Species Have Been Disappearing 500 Times Faster Than Normal, Thanks to Humans

06.12 Atmospheric carbon levels are leaping. We can't afford more years like this

06.12 Politics as Usual and Planetary Destruction

06.12 Most 'meat' in 2040 will not come from dead animals, says report

News Media Matters

06.15 China's Expanding Media Dominance in Africa

Daily: FAIR Blog
The Daily Howler

US Politics, Policy & 'Culture'

06.19 America has never gone this long without hiking the federal minimum wage [The poor would spend every penny and help the economy and decrease health costs. Only dummies don't understand the costly effects of penury.]

06.19 When migrants arrived in droves, this poor New Mexico city opened its arms [A good example for us all: This is the way we must respond to human suffering]

06.18 It's A Horrible Idea To Privatize The Tennessee Valley Authority And Other Public Energy Assets [Is THIS the dumbest thing we can do? Then let's do it!]

06.18 The secret to Elizabeth Warren's surge? Ideas

06.18 Tobacco's 'Special Friend': What Internal Documents Say About Mitch McConnell [His immorality is in complete control]

06.17 Climate change leadership would create a new 'American century' [We must incentivize the strategic good, again, before it's too late.]

06.17 Jon Stewart takes aim at McConnell in continued fight for 9/11 victim compensation fund [2:56 C-SPAN video]

06.17 Drug Cop Worth $400 Million After Bets on Brooklyn Real Estate [A better role-model than Trump or Kushner!]

06.15 Hard Times in the Imperial Valley

06.15 Ro Khanna Forces Beltway Bandit to Refund Millions From Price Gouging

06.15 White House physicist sought aid of rightwing thinktank to challenge climate science [When your President is a quack he naturally surrounds himself with sycophants]

Justice Matters

06.19 'Credible evidence' Saudi crown prince liable for Khashoggi killing – UN report

High Crimes

06.18 As promised, Trump slashes aid to Central America over migrants [Is THIS the cruelest thing we can do? Then let's do it!]

06.18 ‘The Saudis couldn’t do it without us’: the UK’s true role in Yemen’s deadly war [If you act psychopathic you are psychopathic; 3:40 Video: Where have all the flowers (and morals and young men) gone, long time passing, sung by Marlene Dietreich]

06.17 'Blatant Theft': Netanyahu Unveils Illegal Settlement Named 'Trump Heights' in Occupied Syrian Territory [Great deal: the U.S. gives Israel $Billions every year, and they name an illegal settlement—to be built on Palestinian land—after Trump]

Economics & Corrupt Capitalism

06.15 'Eye-Popping': Analysis Shows Top 1% Gained $21 Trillion in Wealth Since 1989 While Bottom Half Lost $900 Billion [More equality or bring back the guillotines!]

International & Futurism

06.19 Trump Enabled an ‘Act of Organized Crime’ in Guatemala [Trump and other mafia-dons cause refugees and migrants as much as global warming]

06.19 Ireland to ban new petrol and diesel vehicles from 2030

06.19 Madrid’s new rightwing council suspends low-emissions zone [“Stupid is as stupid does.” –Forrest Gump]

06.19 UK firms told they face 'deliberate disruption' to hit zero carbon goal

06.19 Donald Trump’s reckless Iran policy casts doubt on the US as global leader [America's reputation has plummeted more speedily since Trump's dubious election, with professionals willfully replaced with less competent appointees or left unfilled in many federal government agencies]

06.19 Women outperform men after Japan medical school stops rigging exam scores

06.19 UK climate plan unclear, says European commission

06.18 'If This Is True, They Are Even Bigger Lunatics Than We Realized': UN Officials Reportedly Believe Trump Planning 'Massive' Bombing Campaign in Iran [Never underestimate the stupidity of the Trump Administration]

06.18 The United States Should Welcome a Strong, United Latin America

06.18 Solidarity With Glenn Greenwald

06.18 Theresa May could yet give us the ultimate parting gift: a Brexit referendum

06.18 The Trump administration's dangerous fever dream about Iran

06.18 Iran will not wage war against any nation, says Hassan Rouhani [Economic sanctions are cruel punishment to innocent civilians causing hate for generations. We will reap what Trump sows.]

06.17 Saudi Arabia May Execute Teenager for His Protests — Including When He Was 10 [America's “best ally” is psychopathically insane]

06.17 Why Venezuela Is the Vietnam of Our Time [Powerful, clear writing!]

06.17 US Attacks Russia’s Power Grid; Trump Kept in Dark

We are a non-profit Internet-only newspaper publication founded in 1973. Your donation is essential to our survival.

You can also mail a check to:
Baltimore News Network, Inc.
P.O. Box 42581
Baltimore, MD 21284-2581
This site Web
  WPost Elitists Feel for Wall St. Brethren
Newspaper logo


WPost Elitists Feel for Wall St. Brethren

by Robert Parry
22 March 2009

One interesting trait of elitists is that they show remarkable class solidarity, often more so than people of lesser means. Which may help explain why the Washington Post’s editorial writers penned three editorials last week decrying the populist outrage over the AIG bonuses.

Yes, the Post gave a nod of understanding to why the American people are furious over the idea of giving $165 million in bonuses to executives in the American International Group’s financial products division after that bunch helped set in motion the economic catastrophe which is driving millions of people around the world out of their jobs and homes and into poverty and destitution.

Also, the bonus money comes from the U.S. taxpayers who were forced to pony up about $173 billion to prevent the insurance giant from collapsing and possibly wreaking more havoc.

The very idea that super-rich executives living in mansions and enjoying pleasures and perks beyond the comprehension of the rest of us must be, in essence, bribed to stay in their jobs to clean up the mess that they created goes beyond galling to being unpatriotic, almost treasonous.

At a time when the United States is involved in two wars – demanding extraordinary sacrifices from soldiers and their families – and when American autoworkers are reworking their contracts to reduce their pay and surrender benefits, what is one to make of pampered executives insisting on lucrative bonuses to get them to stay on to undo some of the damage they caused?

One might lock them in a room and make them watch the HBO movie, “Taking Chance,” a story of a Marine colonel (played by Kevin Bacon) accompanying the body of Chance Phelps, a young Marine killed in Iraq, home to his family in Dubois, Wyoming. What is so touching is how average Americans show heartfelt respect for Phelps’s sacrifice as they encounter his casket.

Or maybe the Wall Street bankers should watch the opening 20 minutes of “Saving Private Ryan” as U.S. soldiers come under withering German fire as they storm the beaches of Normandy on D-Day. One might hope that today's privileged elites might get a taste of what real sacrifice is, not just surrendering a million-dollar bonus. But probably not.

When I think of these "masters of the universe," I recall the $2 million birthday bash that Tyco CEO Dennis Kozlowski threw for his wife on the island of Sardinia. Tyco’s shareholders footed half the bill for the party that featured an ice sculpture of David with expensive vodka flowing out his penis and a birthday cake shaped like a woman’s breasts with sparklers on top.

Though Kozlowski did go to jail for looting his company, President Barack Obama is right when he says that the “dirty little secret” is that most of the recent financial gamesmanship was “perfectly legal.” Most of America’s hot-shot hedge-fund managers and Wall Street investment bankers operate in a world of either light regulation or little expectation of accountability.

In that sense, they are very much like the Washington Post’s neoconservative editorial writers who swallowed George W. Bush’s Iraq War deceptions whole, demeaned Americans who dared to challenge the lies, and suffered no consequences for being wrong. [For details, see’s “WPost Is a Neocon Propaganda Sheet.”]

Entitled Elites

If you’re part of the elites – whether on Wall Street or at the Washington Post – you’re apparently too big or at least too important to fail. You see yourself as part of a “meritocracy” that attended the right schools and knows so many of the right people. You’re entitled.

So, it should have come as no surprise when editorial-page editor Fred Hiatt and his team penned three separate editorials bemoaning the angry populism that greeted news of the AIG bonuses.

The first editorial on March 17, entitled “Bonus Blowback,” purported to share the public’s outrage but came down on the side of paying the bonuses. “We hope that the President is setting the stage to do whatever it takes to answer legitimate protests about AIG without adding to the existing dangers or jeopardizing the necessary rescues of the banking sector still to come,” the Post said.

The next day in an editorial called “The Big Bash,” the Post expressed stronger annoyance with the “’populist’ backlash” against the AIG bonuses. The Post wrote:

“No matter how morally satisfying, taking back bonuses now ... would probably accelerate the exodus [of AIG executives], with the likely effect that the country would lose much more money on AIG than it would otherwise. ...

“The relevant policy question here is not whether we feel like spending $165 million on bonuses; it is whether doing so will help wrap up the AIG rescue as cheaply and quickly as possible.”

By March 20, the Post editorialists were starting to fume, equating the irresponsibility of AIG’s risky bets on derivatives with the angry reaction from politicians and their constituents over the bonuses.

Defending the Bonuses

In an editorial entitled, “Washington Gone Wild,” the Post chastised Congress for trying to recoup the taxpayers’ money by imposing a 90 percent tax on bonuses at firms that took significant government bailout funds.

“By changing the terms of a deal months after it was entered into, Congress will show the government to be an unreliable partner, further draining confidence from the financial system and endangering long-term recovery,” the Post wrote, noting that “when then-Treasury Secretary Henry M. Paulson Jr. pressed many of those firms to take the funds last fall, government interference in their compensation systems was not part of the deal.”

The Post argued that it was time for politicians to show courage, stand up to angry voters, and defend the bonuses.

“Elected officials have a responsibility to lead, not just to pander; to weigh what makes sense for the country, not just what feels good,” the Post wrote. “The bonuses paid at AIG represent less than one-tenth of 1 percent of the bailout provided so far; recouping those funds will have no discernible fiscal effect.

“But it will help drive away the best talent at the firm, and despite all the glib messages of ‘good riddance,’ that is a strange action for an owner -- and the American public now owns AIG -- to take. But the real damage goes well beyond any effect on AIG.”

The Post said the American people must face up to the fact that Main Street can’t function without Wall Street:

“The economy continues to suffer from a shortage of credit. The government needs financial institutions -- including relatively healthy ones -- to take public funds that will then be lent to responsible businesses and consumers.”

The Post also wagged a finger at the White House.

“Rather than bringing reason to the debate, President Obama has stoked the anger,” the Post complained. “Perhaps Mr. Obama believes that only by lining up with an angry public now can he persuade it, and Congress, to approve the hundreds of billions more he will need to right the credit system.

“But he might have expressed his sympathy with public anger over irresponsible behavior in the financial sector while also steering the government in a more constructive direction. The absence of backbone on either end of Pennsylvania Avenue this week could carry a steep price.”

Taking on Friends

While the Post editors may have a point about political pandering, they might have directed more of their outrage at their fellow elitists on Wall Street, perhaps telling them that it’s way past time to recognize that their extravagance is a huge part of the problem.

For each multi-million-dollar bonus, for each lavish party, for each pricy commode, for each sleek corporate jet, for each luxury car snapped up by a 28-year-old hedge fund manager, that is money not going to build a new factory or finance vital research and development – which is, after all, why companies go to Wall Street, seeking funds to expand or to modernize.

Rather than respect its role in the American economy, it is Wall Street that has “gone wild.”

It has operated under the maxim: “the closer you are to the money, the more you get to keep.” That attitude is now engrained in the culture of the financial circles. These guys have convinced themselves that they are worth the tens of millions of dollars that they are sucking out of the productive economy.

As messy as outbursts of populism might be, they often are a necessary corrective to a system that has ceased to function as it was intended.

But the Post’s editors are too cozy with their brethren on Wall Street – they may share too much of what might be called a class interest – to understand how justifiably angry Americans are, furious at both the financiers who took the economy over the cliff and at the politicians and pundits who bogged the nation down in the bloody quagmire of Iraq.

Somehow, the United States must achieve accountability from all these sectors for their many sins of recent years. Not getting that accountability may be the biggest risk of all.

Robert ParryRobert Parry broke many of the Iran-Contra stories in the 1980s for the Associated Press and Newsweek. His latest book, Neck Deep: The Disastrous Presidency of George W. Bush, was written with two of his sons, Sam and Nat, and can be ordered at His two previous books, Secrecy & Privilege: The Rise of the Bush Dynasty from Watergate to Iraq and Lost History: Contras, Cocaine, the Press & 'Project Truth' are also available there. Or go to

This article is republished in the Baltimore Chronicle with permission of the author.

Copyright © 2009 The Baltimore News Network. All rights reserved.

Republication or redistribution of Baltimore Chronicle content is expressly prohibited without their prior written consent.

Baltimore News Network, Inc., sponsor of this web site, is a nonprofit organization and does not make political endorsements. The opinions expressed in stories posted on this web site are the authors' own.

This story was published on March 22, 2009.


Public Service Ads: