Things that make you go, Hmmmm????

chequita guevara · December 19, 2002, 14:58

From Joe Coneson's Journal on Salon.com

Snow's job and the dock lockout
As several readers have pointed out, the confluence of CSX chief John Snow's Treasury appointment and his company's deal with the Bush-connected Carlyle Group is still more intriguing when another factor is considered: the president's decision to invoke his Taft-Hartley authority to stop the West Coast dock lockout (and not a strike, as I said earlier), just when that labor dispute was threatening to scuttle the CSX-Carlyle deal. Did the president misuse his power to help a business that pays his father and his advisor James Baker III, along with a raft of other Bush cronies? Will anyone in the Senate dare to ask the obvious questions about this strange coincidence when Snow is confirmed? Maybe the AFL-CIO, which has been complaining about Snow's stewardship of CSX, will prod its friends on the Hill.

chequita guevara · December 19, 2002, 15:00

Snow's job
Something as spectacular as the Trent Lott implosion always obscures other fascinating news, such as a curious coincidence that attended the appointment of CSX chief executive John Snow as the new treasury secretary. While he pondered a new role in the Bush administration, his company has been negotiating a major deal with the Carlyle Group, corporate home of James Baker III and George Herbert Walker Bush. According to CBS MarketWatch, those negotiations were consummated late yesterday, with the sale of a majority stake in CSX's domestic container shipping unit -- CSX Lines -- to Carlyle for about $240 million in cash and $60 million in securities.

The deal reportedly was held up for a while in late October by the West Coast dockworkers' strike, which caused the Carlyle suits deep concern over the CSX unit's future revenues. But with the strike concluded, the deal was done.

As Daniel Gross explained in Slate last week, Snow is a former government bureaucrat turned "access capitalist," a not-very-successful CEO with a big appetite for perks and a lavish hand with political contributions. He wasn't a great choice for Treasury, but his profile is typical of this administration.

The most striking aspect of his appointment, now that we know about his firm's deal with Carlyle, is that he convinced the CSX board last year to award him a new contract that includes millions of dollars in severance benefits -- if he leaves the company to "fulfill an appointment to public office." I always thought that those fat CEO contracts were meant to keep talented executives.

So here are a few questions for his confirmation: When did he start to discuss a government position with the Bush White House? When did his deal negotiations with Carlyle begin? Why did he ask for special severance benefits if he accepted a government appointment? And why did CSX essentially pay him to leave? Exactly how does that benefit the company's stockholders?

DaShi · December 19, 2002, 15:01

No, doesn't do it for me. Sorry.

Garth Vader · December 19, 2002, 15:10

That made me go Hmmm, but mostly in a "What the hell is Che talking about" kind of way

Dis · December 19, 2002, 15:16

Arsenio Hall comes on the Jay Leno show and acts like he is still the host of his own show. I think he really misses it

Spiffor · December 19, 2002, 15:17

I'm beginning to understand why you put this in your sig

Quote:

"Corporations plus government equals fascism." -- Benito Mussolini

A bribed administration which has so many ties with big business, promotes war, and destroys liberties for the sake of paranoia... hmmm, I guess the puzzle is almost complete.

Adam Smith · December 19, 2002, 16:20

CSX sale of its domestic container unit has been in the works for a long time. Flipping through the books on my shelf I see that CSX's rail assets alone are worth over $14 bil, not to mention their other assets such as real estate, trucking, port facilities, and domestic barge operations. $300 mil is barely two percent of the total. That's a pimple on a gnat's ass. Salon can try all they want, but there is no story here.

Timexwatch · December 19, 2002, 16:22

I only skimmed, but was the Trilateral Commission mentioned?

Traianvs · December 19, 2002, 16:27

wow dude i must be

... it kinda made me

but well thats cos i always

i know i am

of this topic

Comrade Chris · December 19, 2002, 19:02

hmmmm?

Zylka · December 19, 2002, 19:06

SNAP

Adam Smith · December 19, 2002, 21:16

Lighten up dude. That was uncalled for.

chequita guevara · December 19, 2002, 21:25

Quote:

Originally posted by Zylka
Like why you're still around after a lengthy "I'm leaving" thread. Also, I wonder at how your leftist rantings can be taken seriously considering you live off welfare?

One, I never wrote a lenghty I'm leaving thread. Once I said I had to spend more time looking for work, and I found a job. That was about a year and a half ago. I also mentioned I needed to spend more time with my GF about a year ago, since she had no friends or social life down here, now she does and I can spend more time here.

Two, why should my leftists beliefs be any less valid because I'm a victim of capitalism and forced to rely on the state for sustenence.

Three, you're still an idjit even if you are kidding.

Zylka · December 19, 2002, 22:18

Wow. I didn't know I had that in me. Sorry, I just resent everything now, that was ridiculous

Nubclear · December 20, 2002, 01:46

Quote:

leftist rantings can be taken seriously considering you live off welfare?