Perry Glasser

Archive for January, 2009|Monthly archive page

Dear Mr Obama

In Business, Economy, Politics on January 23, 2009 at 1:19 pm

buccaneer1With our fifth Dollar$ Buccaneer Award, this time to John Thain, the former CEO of Merrill Lynch, now, happily, unemployed, we are including an open letter to our new President. Incompetence is one thing, but theft is another. John Thain, now fired from Bank of America, is an economic terrorist, and warfare perpetrated on American citizens that threatens to end democracy needs to be met swiftly, forcefully, and without compromise.


Democracy in America will not fail because Islamic fundamentalists fly airplanes into tall buildings—but we will be walking hip-deep in the shards of democracy if you are unable to restore confidence in the American system.

If terrorism is war by a few against the many, then the Wall Street Wizards and Buccaneers who have accepted their fiduciary responsibility for our nation by rapacious theft and lying are terrorists.

It is one thing to err, it is another to deceive. It is one thing to earn; it is another to steal.

Terrorists deserve incarceration.

Please keep Guantanamo open so that the class warfare perpetrated by the super-rich and elite on the rest of us must be met with justice. Your election is evidence that America wants to be a just society. America must defend itself against economic terrorists, or else expect crowds that become mobs. We are the only nation in human history for which obesity is a national problem, but we are losing our way of life to terrorism.

Dollar$ original purpose was to dissolve the smoke of rhetoric with a flame of indignation and—as the URL of this site suggests—plain talk about money. This purpose no longer seems necessary. The shenanigans of the financial terrorists are no longer obscure.

Theft and embezzlement need to be called what they are.

No other way allows people to confront the class warfare the superrich have perpetrated on citizens. The world needs to know that our institutions are no longer owned and operated by the very few, for the benefit of the very few, at the expense of the very, very many.

Theft and embezzlement are undermining our democracy and threaten world stability.


Dollar$ does not suggest that bad judgment is criminal behavior. Criminal behavior is, however, criminal behavior, and needs to be treated as such.

Take the former CEO of Merril Lynch, John Thain, a man with an MBA from Harvard, and a jaw Buzz Lightyear could envy. In 2007, Thain was pain more than $80 million dollars for his service to the world’s largest brokerage house. Dollar$ thinks anyone earning $219,178 per day is shameful, but not criminal.

Thain’s machinations in the final weeks of 2008 are criminal.

Thain’s company faced bankruptcy and so sold itself to Bank of America. Bank of America should have performed due diligence—weak judgment there—but it seems that Thain misrepresented Merril’s troubles to the tune of at least $47 billion. Probably a rounding error….

Despite Merril’s $15 billion in final quarter losses, Bank of America was told by the Fed it could not back out of the deal. Mr. Thain was earning his salary at that time by skiing in Vail and planning a business trip to Switzerland. Mind you, he had not departed for Colorado until after he’d accelerated bonus payments of $3 – $4 billion to the posse in Merril’s executive suite. These performance bonuses were made in December because if delayed until in January, the usual month for bonus awards, Bank of America might have declined lining the pockets of this gang with anything so brashly called “performance.” Thain funded the ripoff with tax money, TARP funds. Had to–Merril had no cash.

While Thain dined on steak in Vail, the office at Bank of America Thain expected to occupy was decorated — again with tax payer money — for more than $1 million. Most of us will never use a $35,000 commode, but Thain’s crap is not like yours or mine…


So, Mr. President, in addition to the Dollar$ Buccaneer’s Award, may we ask that anyone stealing tax payer money on so grand a scale deserves more than to be fired from Bank of America, but perhaps warrants being a guest of the Fed in Leavenworth. If Thain represents the best America can produce—Harvard and MIT! — let’s demonstrate to the world that deception, theft, lying, rapacity, and arrogance are not the American Dream.

Let’s not tolerate economic terrorism perpetrated by the rich upon the poor.

(Dollar$ has an ever-shrinking financial position in Bank of America)