Karen Garcia
New Paltz, NY
As corrupt as S&P is, those it is criticizing appear to be every bit as bad. Today's Times headline flatly states: "S&P Downgrade is Seen as Adding Urgency to Debt Cutting Panel." So much for politicians not taking them seriously.
If anything, this renegade agency is acting like a branch of government: a cross between a financial court and an editorialist. Is it just a coincidence that S&P's parent company is McGraw-Hill -- whose CEO is one Harold Whittlesey McGraw, who is a major player on the all-powerful Business Roundtable?(BRT).
According to its own website, BRT pretty much owns the USA, describing itself as " an association of chief executive officers of leading U.S. companies with nearly $6 trillion in annual revenues and more than 13 million employees. BRT member companies comprise nearly a third of the total value of the U.S. stock market and invest more than $114 billion annually in research and development - nearly half of all private U.S. R&D spending. Our companies pay more than $179 billion in dividends to shareholders."
McGraw Hill is denying that it has any influence on S&P. But that's kind of like Rupert Murdoch saying he has no influence over Fox News.
The BRT's successful lobbying over the past 40 years has included anti-labor legislation, squelching of banking regulations, anti-consumer protection, pro- NAFTA -- you name it, the BRT has been there. It is currently putting pressure on Congress and the White House to delay implementation of tough new EPA clean air rules. They claim since their exalted lungs breathe the same air we do, why would they lie about their own study, showing our air hasn't been this pristine since the dawn of time? (Remember, they funded the research).
Oh, and Jeffrey Immelt, the G.E. CEO who is heading Obama's Jobs Council? He is on the Board of the BRT too. And you still thought this was a democracy? The infiltration is well nigh complete.
Leave a comment