A Funny Thing Happened

Actually two funny things but I kinda’ liked the sound of that title so I went with it anyway.  First funny thing.  The Democratic led congress tacked a hate crimes amendment onto the war funding bill that the senate is getting ready to send to the Pres.  Why’s that funny you say, well for one thing it bugged Bill Maher and two it is a continuing example of the chess game these two parties are playing with our country.  The Repubs make a move then the Dems do.  Check, no check you, no check you.  Here’s how I see it.  Since the Dems can’t override the President’s veto to curb spending on this war they decided to hit the ball back by adding on this amendment which the Repubs have said all along was unneeded legislation.   But the Pres can’t veto the funding bill can he?   So see, the Dems look like they’re doing something but they really aren’t because we still have a Pres stuck on war.

Meanwhile, the other funny thing is the deal that going on with the soon-to- be-ex CEO of Countrywide, Angelo Mozilo who apparently has cashed in 138 million in stock options since 2006 while steadfastly maintaining that Countrywide is a stable organization.   When I read that story aloud to my partner T. she wondered why it made me so agitated.  “Hah! Now you know why we always said you can never trust a suit.”  If the report is true, Mozillo has spent months cashing in while manuerving his loyal company into believing that there was no danger in the sub-prime lending fiasco to Countrywide Finacial Corp.   And something else makes me curious about this deal, if CW is laying off 12,000 and several other lending institutions have done the same, how the hell can the unemployment figures, 4.5%, be true?  This whole deal reminds me of the Standard Pacific deal I read about last Tuesday.  “In a deal that’s so counterintuitive it almost sounds illegal – though experts say it isn’t – the Irvine(CA)based company said Monday that it was selling $100 million in bonds that can be converted into its stock.  At the same time, Standard Pacific in effect is lending 7.8 million of its shares to buyers of the bonds, who will promptly sell the stock.”   The best that can be said about this is that at least it isn’t happening in secret and the company seems to be saying to its shareholders, we are all in this together.  Of course, it follows last weekend’s, “Mission Impossible Diamond Ridge Homes blowout sale” by the same builder so it may be a case of way to little too late.


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