Archive for November, 2008

HSBC – “The World’s Local Bank” (Part 3)

November 30, 2008 at 6:27 pm · Filed under Corporate Irks & Irritations, On Anti-Corporate Personhood, On Body & Health, On Economics, On Imagination, On International Affairs, On Power, On Technology & Science ·Tagged , , , , , ,

The 2005 HSBC Holdings plc Annual Report had on page 6 this to say:

Information about the Enforceability of Judgements made in the United States

HSBC Holdings is a public limited company incorporated in England and Wales. Most of HSBC Holdings’ Directors and executive officers live outside the US. As a result, it may not be possible to serve process on such persons or HSBC Holdings in the US or to enforce judgements obtained in US courts against them or HSBC Holdings based on civil liability provisions of the securities laws of the US. There is doubt as to whether English courts would enforce:

• certain civil liabilities under US securities laws in original actions; or
• judgements of US courts based upon these civil liability provisions.

In addition, awards of punitive damages in actions brought in the US or elsewhere may be unenforceable in the UK. The enforceability of any judgement in the UK will depend on the particular facts of the case as well as the laws and treaties in effect at the time.

How’s that for banking security and peace of mind?

In introducing the company and its history, the 2005 report states (pages 7-8):

The founding member of HSBC, The Hongkong and Shanghai Banking Corporation Limited (‘The Hongkong and Shanghai Banking Corporation’), was established in both Hong Kong and Shanghai in 1865. The bank expanded rapidly, with an emphasis on building up representation in mainland China and throughout the rest of Asia, while also establishing a presence in the major financial and trading centres in Europe and America.

In the mid-1950s, The Hongkong and Shanghai Banking Corporation embarked on a strategy of pursuing profitable growth through acquisition as well as organic development – a combination that has remained a key feature of HSBC’s approach ever since.

With each acquisition, HSBC focused on integrating its newly acquired operations with its existing businesses with the aim of maximising the synergy between the various components. Key to this integration process is the blending of local and international expertise.

The Hongkong and Shanghai Banking Corporation purchased The Mercantile Bank of India Limited and The British Bank of the Middle East, now HSBC Bank Middle East Limited (‘HSBC Bank Middle East’) in 1959. In 1965, it acquired a 51 per cent interest (subsequently increased to 62.14 per cent) in Hang Seng Bank Limited (‘Hang Seng Bank’), consolidating its leadership position in Hong Kong. Hang Seng Bank is the third-largest listed bank in Hong Kong by market capitalisation.

The Hongkong and Shanghai Banking Corporation entered the US market in 1980 by acquiring a 51 per cent interest in Marine Midland Banks, Inc., now HSBC USA, Inc. The remaining interest was acquired in 1987.

In 1981, The Hongkong and Shanghai Banking Corporation incorporated its then existing Canadian operations. HSBC Bank Canada has since made numerous acquisitions, expanding rapidly to become the largest foreign-owned bank in Canada and the seventh-largest overall at 31 December 2005.

From the early 1980s, The Hongkong and Shanghai Banking Corporation began to focus its acquisition strategy on the UK. In 1987, it purchased a 14.9 per cent interest in Midland Bank plc, now HSBC Bank plc (‘HSBC Bank’), one of the UK’s principal clearing banks. In 1991, HSBC Holdings plc was established as the parent company of the HSBC Group and, in 1992, it purchased the remaining interest in HSBC Bank. As a consequence of this acquisition, HSBC’s head office was transferred from Hong Kong to London in January 1993.

In 1997, HSBC assumed selected assets, liabilities and subsidiaries of Banco Bamerindus do Brasil S.A., now HSBC Bank Brasil S.A.-Banco Múltiplo (‘HSBC Bank Brazil’), following the intervention of the Central Bank of Brazil, and in Argentina completed the acquisition of Grupo Roberts, now part of HSBC Bank Argentina S.A. (‘HSBC Bank Argentina’).

In December 1999, HSBC acquired Republic New York Corporation, subsequently merged with HSBC USA, Inc., and Safra Republic Holdings S.A.  In July 2004, HSBC Bank USA, Inc. merged with HSBC Bank & Trust (Delaware) N.A. to form HSBC Bank USA, N.A. (‘HSBC Bank USA’).

To expand its base in the euro zone, in 2000 HSBC completed its acquisition of 99.99 per cent of the issued share capital of Crédit Commercial de France S.A., subsequently CCF S.A. (‘CCF’) and now HSBC France, a major French banking group.

In 2002, HSBC took further steps in expanding its presence in the Americas, completing the acquisition of 99.59 per cent of Grupo Financiero Bital, S.A. de C.V., the holding company of what is now HSBC México, S.A. (‘HSBC Mexico’), the fourth-largest banking group in Mexico measured by assets and the third by customer deposits.

Mainland China remains a key long-term growth area for the Group. In 2002, HSBC completed the acquisition of a 10 per cent equity stake in Ping An Insurance Company of China Limited (‘Ping An Insurance’), reducing its holding to 9.99 per cent following an initial public offering
(‘IPO’) in 2004. In August 2005, HSBC acquired a further 9.91 per cent of Ping An Insurance at a cost of US$1,039 million, increasing its investment to 19.9 per cent. Ping An Insurance is the second largest life insurer and the third-largest property and casualty insurer in mainland China.

In 2003, HSBC acquired Household International, Inc., now HSBC Finance Corporation (‘HSBC Finance’). HSBC Finance brought to the Group national coverage in the US for consumer lending, credit cards and credit insurance through multiple distribution channels, as well as expertise in consumer finance for HSBC to roll out internationally. [...]

In [2004], HSBC acquired Marks and Spencer Retail Financial Services Holdings Limited, which trades as Marks and Spencer Money (‘M&S Money’) in the UK.

In mainland China in 2004, HSBC acquired 19.9 per cent of Bank of Communications Limited (‘Bank of Communications’), mainland China’s fifth largest bank by total assets.

In December 2005, HSBC Finance completed the acquisition of Metris Companies Inc. (‘Metris’) for US$1.6 billion. HSBC is now the 5th largest issuer of MasterCard® and Visa® cards in the US.

Check out the wording under the “Outlook” section on page 8:

Longer term prospects are more uncertain. Apart from the possibility, albeit remote, of a sudden shock to the world’s financial system, HSBC remains concerned about the unprecedented level of trade imbalances. Similarly, the implications of demographic change and of ageing populations for financial markets and businesses will be profound.  It is inevitable that at some stage a process of adjustment will begin, but the timing is open to question. So far, the financial markets are taking a benign view of these potential sources of instability.

Progressively, globalisation is forcing countries and businesses operating within them to re-evaluate their comparative advantages and to adjust to a world in which emerging markets compete not only in terms of cost but also in skills and technology. The globalisation of the services industry, spurred on by new technologies and the rapid fall in communication costs, will afford huge opportunities but also pose significant challenges to many areas of economic activity, including financial services.  Incipient protectionism, resulting from a reluctance to face up to the new competitive realities, remains a threat to the continuing growth of the world economy.

In certain mature markets, under-funded pension schemes threaten to become a drain on companies’ resources. Combined with the rising cost of long-term health care, they pose a considerable challenge to policy makers. Continuing productivity growth is, therefore, increasingly important. Only if it is achieved will financial markets be able to offer returns with a meaningful premium to the risk-free rate embodied in government debt. Without such productivity gains and associated financial returns, the affordability of pension and health care promises will become increasingly burdensome. The challenge to society of managing the equitable distribution of wealth created between competing generations may well become one of the most pressing of the next decade.

[bold emphasis and underlining mine]

Do you read what I read?  “Managing the equitable distribution of wealth created between competing generations”?  What the heck is that?  Thought we were against that sort of thing here in the U.S., labeling it as communism and whatnot.  And why is HSBC writing about it in their 2005 annual report?  Since when did “healthcare promises” involve HSBC?

Notice the snazzy, new term, “incipient protectionism,” to describe those reluctant to “face up to new competitive realities,” whatever that means.

“Apart from the possibility, albeit remote, of a sudden shock to the world’s financial system…”

The shock’s here, so what now?  That’s what I’m curious to know.

“…the implications of demographic change and of ageing populations for financial markets and businesses will be profound.”

Page 11 answers my question about why they care about healthcare and aging matters:

Insurance and investment products play an important part in meeting the needs of customers. Insurance products sold and distributed by HSBC through its direct channels and branch networks include loan protection, life, property and health insurance, and pensions. Acting as both broker and underwriter, HSBC sees continuing opportunities to deliver insurance products to its personal customer base.

Oh, and here’s HSBC Holdings plc’s 2007 Annual Report (not too much in this one) and also their 2006 Report (lots more to read).

Right from the start on page 6 in the 2006 report, they express enthusiasm in expanding their market while lamenting the “major setbacks” due to U.S. mortgages:

It is a testament to HSBC’s strength and diversity that we grew pre-tax profits in 2006 to US$22 billion, despite a major setback in part of our mortgage business in the United States.  For the third year running, return on average shareholders equity exceeded 15 per cent, revenue growth was in double digits and we maintained an essentially flat cost-efficiency ratio. In 2006, pre-tax profits from Asia, the Middle East, Latin America and other emerging markets approached 50 per cent of the Group’s total.

There were a number of outstanding achievements, for example, exceeding US$1 billion pre-tax profits for the first time in both Mexico and the Middle East, and in each of our Private Banking and Commercial Banking businesses in Asia outside Hong Kong. We added around an extra US$1 billion of pre-tax profits in Asia outside Hong Kong and another US$1 billion in our Commercial Banking businesses worldwide. In Hong Kong, net fee income from personal customers grew over 30 per cent to approach US$1 billion for the first time.

However, our pre-tax profits fell by US$725 million in our personal businesses in the United States. This was caused by one portfolio of purchased sub-prime mortgages in our US Consumer Finance subsidiary, Mortgage Services, which evidenced much higher delinquency than had been built into the pricing of these products. We are restructuring this business to avoid any repetition of the risk concentration that built up over the past two years. As part of this exercise we have effected broad changes in management and strengthened risk controls and processes.

Despite the issues in our US mortgage business, Group profit attributable to shareholders grew by 5 per cent to US$15,789 million. [...]

On pages 7-8, this is reported:

Building on our experience of Takaful (Islamic insurance) in Singapore and United Arab Emirates, we were among the first to be awarded licences to conduct Takaful business in both Malaysia and Saudi Arabia during 2006.

On page 9, it reported under the “Group Strategy” heading:

As noted above, in 2006, pre-tax profits from Asia, the Middle East, Latin America and other emerging markets approached 50 per cent of the Group’s total.  We intend the contribution from these markets to trend upwards over the next five years. These economies are growing faster than developed markets and, therefore, we will concentrate investment primarily in these markets in the form of both organic development and acquisition.

During 2006, we brought together our businesses in Latin America into a single management framework to provide clarity and consistency of direction for this important region. Hong Kong and mainland China are already managed on a combined basis, reflecting the fact that this is increasingly a seamless business.

In mature markets, we will focus particularly on serving customers with international financial needs and connectivity, including the diaspora from emerging markets. In an increasingly competitive world, we will enforce tight cost control and will re-engineer or dispose of businesses that dilute our return on capital or do not fit with our core strategy. Insurance and retirement services will be a growing part of our business.

Who do you suppose they’re referring to as “mature markets”?  Sounds like it’s describing the U.S. and Europe.

Further down on page 9:

The beginning of 2007 has been marked by our application to incorporate our operations in mainland China after 141 years of unbroken presence in the country. Today, HSBC offers renminbi deposit services in nine cities: Beijing, Dalian, Guangzhou, Qingdao, Shanghai, Shenzhen, Tianjin, Wuhan and Xiamen. The provision of diversified and international banking services to mainland Chinese citizens constitutes one of the most significant growth opportunities for HSBC in the near and long-term and we will support this opportunity with
capital and technology resources as required.

So much for people having choices.  That really sucks.

Greed and power-lust will quite possibly someday wind up being responsible for the ultimate downfall of human civilization.  I hope not, but when power becomes concentrated in fewer and fewer hands, you know something’s bound to go down eventually.

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Getting to Know Our Banks (Part 2 of HSBC & Wells Fargo’s joint venture)

November 30, 2008 at 2:37 pm · Filed under Corporate Irks & Irritations, On Economics, On International Affairs, On Media & Propaganda, On Power, On Technology & Science ·Tagged , , , , , , ,

When I blame the media for misleading the public, it’s not simply scapegoating bs.  The stuff being written isn’t worth the paper it’s printed on half the time.  Take for instance a September 2007 article in IndUS Business Journal:

Wells Fargo HSBC Trade Bank is a partnership between San Francisco-based Wells Fargo & Co. and London-based HSBC Holdings Plc, one of the largest banking groups in the world. The two banks operate more than 10,000 offices in over 80 countries and territories.

No mention of China or Hong Kong, though they did repeat the standard script of how many countries the banks jointly service.  No author was credited.

It just doesn’t sound right, does it? London is where HSBC is now headquartered, but that’s no reason to leave out the fact that it remains the major bank in China.  I like to know that sort of shit personally.

But anyway, this illustrates just one way that people become confused by what’s being reported in the mainstream media.  It may not be a bold-faced lie, but it’s a deceptive practice nevertheless.  That’s why I gave up on most newspapers and refused to renew the cable subscription yet again.  It’s rarely news-worthy stuff being reported, and when it is, the story is too often slanted with pertinent details left out.  Who does that generally favor, do you figure?

We’re receiving less and less honest information, partly due to so many of us being over-stimulated by technology and entertainment options that we became spoiled and don’t take time to look.  We’re not demanding integrity in journalism these days (in spite of all the talk about protecting our First Amendment rights).  Also partly because we’re the consumers everybody’s vying for attention and money from or wanting to extend credit to.  This has put us Americans in a precarious position, for certain.

It’s tough thinking about what may potentially be hidden out of sight because uncovering the truth threatens to rain on our American parade.  It would screw us up like no other if we all suddenly came to terms with what’s been going on here for the last 60+ years, plenty of which has been intentionally obscured from the general public’s view.  A vocal few have spoken out about our societal ills (like Ralph Nader, Norman Finkelstein, Cynthia McKinney, Naomi Klein, etc.), but most just don’t care to hear it.  To search for truth is to eventually come to realize we’re set in motion down an unsustainable path and must change our ways or suffer grave consequences.  Likely it will hurt either way we go at this point though.  People don’t want to hear this after living it up in a globally-elite nation the last 20 years because it suggests sacrifices to our standard of living will be necessary.  Our collective perception of American power reaching such an unprecedented apex changed people and warped many of our values.  I do believe that’s true.

Returning to HSBC and Wells Fargo, the last article above was about:

Wells Fargo HSBC Trade Bank has loaned a total of $28 million to two U.S. companies that are producing environmental benefits in Panama and India.

That’s an awful lot of money to be loaning businesses right before the economy took a dive.

MyWire.com posted an article from 2005 where the opening of the Chicago office was announced.  A portion reads:

The addition of a Chicago office makes a total of 12 for the joint venture combining Wells Fargo’s breadth of financial services with HSBC’s extensive network of international locations. The Trade Bank delivers financing solutions and payments expertise to middle market companies engaged in international trade and is the only nationally chartered bank exclusively dedicated to this purpose. “We understand this vital market, and we’re seeing a definite growth in the need for our import-export expertise in Chicago and throughout the region,” said Durning. ” Our new Chicago office positions us to provide financial services locally to companies in the greater Midwest that are engaged in international commerce.”

The Trade Bank — one of “The Major Trade Banks” according to World Trade magazine (April 2004) — helps local companies increase international sales while reducing risk, accelerating cash flow and improving operating margins.

Here’s an article from Hispanic PR Wire from 2004 about Wells Fargo’s partnership with HSBC Mexico.

Here’s an old article from August 1999 that discusses some earlier business:

Wells Fargo announced today that the Export-Import Bank of the United States has increased Wells Fargo’s delegated lending authority from $5 million up to $10 million per transaction under the Working Capital Guarantee program.

This new lending authority and upgraded status to a “Super” level of delegation that was granted to Wells Fargo and its affiliated business units will greatly benefit customers by reducing loan processing time. [...]

This unique financing program provides the bank a strong U.S. Government guarantee on working capital loans for small- and medium-sized companies that produce goods or services in the U.S. as exports to foreign countries.

I thought the loan for greenhouses in Mexico was to grow produce to be imported into the U.S.  Guess we’ve moved past earlier formalities.

Here’s a Wells Fargo timeline spanning from when it was started in 1852 and ending in 1998.  The Wells Fargo and HSBC partnership began in 1995 though the idea was hatched in 1989 according to this more in-depth case report from the University of Michigan Business School on the history of Wells Fargo and Company.

Ooh…what’s this?  The Wells Fargo Watch.  And HSBC Watch.  Not sure what all is on these site, but I’ll post them here for others to peruse.

Speaking of Wachovia and how Wells Fargo is trying to buy them out, here’s a November 25, 2008 article from The New York Times that discusses Wachovia executives’ severance pay:

Wachovia, which lost $33 billion in the last two quarters, said 10 top executives may be entitled to $98.1 million in severance pay after the bank is acquired by Wells Fargo, Reuters reported.

In a Securities and Exchange Commission filing, Wachovia said the executives would receive severance under their employment agreements if the merger closes by December 31, as expected. Wachovia said shareholders will vote on the merger on Dec 23.  [...]

Wells Fargo agreed on October 3 to buy Wachovia for $15.1 billion in stock, trumping a lower bid by Citigroup. The merger value had fallen to roughly $9.3 billion as of November 21 because Wells Fargo shares had fallen.

Wachovia is based in Charlotte, N.C., and Wells Fargo in San Francisco. The combined company would be the fourth-largest U.S. bank, with about $1.4 trillion of assets.

[bold emphasis mine]

The Wachovia shareholders don’t appear too pleased with the possible merger with Wells Fargo, according to their class action suit filed in the state of North Carolina.

According to a New York Times article on November 6, 2008, Wells Fargo sold off $11 billion worth of stock, with plans to sell more, in order to purchase Wachovia.  Here are some excerpts:

Wells Fargo said in a statement that it might sell another 61 million shares to meet demand, increasing the offering to about $12.65 billion. The San Francisco-based bank said Wednesday that it planned to sell at least $10 billion in stock.

Wells Fargo previously said it would raise as much as $20 billion to fund the purchase of Wachovia, which is now valued at about $12.4 billion, down from $15.1 billion when the deal was announced on Oct. 3. The Treasury Department subsequently said it would buy $25 billion of Wells Fargo preferred stock as part of the government’s $700 billion banking bailout.

Wells Fargo is expected to complete its takeover of Wachovia by the end of the year. [...]

Let’s look up info on HFC/Beneficial now.

Answers.com says HSBC Finance Corporation (HFC, formerly Household International) is “the consumer lending arm of gigantic British bank HSBC Holdings” and grossed “$25,231.0″ Million in sales and boasted 9.8% growth for fiscal year ending December 2007.  Not too shabby.

According to Beneficial’s company website:

For much of the 20th century, Household Finance and Beneficial were competitors in the personal-lending business. In 1998, Household Finance acquired Beneficial Corporation. In 2003, HSBC acquired Household International. Headquartered in London, HSBC is one of the largest banking and financial-services organizations in the world. Its international network comprises over 9,500 offices in 79 countries and territories in Europe, the Asia-Pacific region, the Americas, the Middle East and Africa.

After brushing up a bit on HSBC China, HSBC Holdings Plc (London) and its U.S. subsidiary, it’s looking like a global web of arms belonging to the same banking body.  You think our regional office is capable of acting autonomously, even if our actions might injure their Pacific-Asian “associates”?  I wouldn’t bet on it.  Call it a Chinese bank, call it a British bank…doesn’t really matter when it’s both.

I found some new info and will post it in a new thread that illustrates, straight from the horse’s mouth, just how closely they’re all “affiliated.”

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HSBC & Wells Fargo? Joining forces?

November 29, 2008 at 11:41 pm · Filed under Corporate Irks & Irritations, On Anti-Corporate Personhood, On Economics, On International Affairs, On Media & Propaganda, On Power, On Technology & Science ·Tagged , , , , , , , ,

Ya know, ever since I found out that three of my credit cards were issued by HSBC, my curiosity has been piqued.  Then a friend mentioned that it stands for the Hong Kong and Shanghai Banking Corporation.  That’s a bit unnerving.

So let’s find out more…

MarketWatch.com reported March 31, 2008, on the expansion of this company in mainland China and how healthy growth is expected.

Looking at HSBC’s website, they tout themselves as “the world’s local bank.”  With 9,500 offices in 85 countries, they’re enormous!  Compare that to Wells Fargo’s 6,000 stores internationally.

Oh snap. What’s this? Wells Fargo HSBC Trade Bank?

Premier International Services Provider
Wells Fargo HSBC Trade Bank, a premier provider of international financial services, is dedicated to developing relationships with companies engaged in global commerce. We offer the personal attention and customized solutions you expect from a smaller bank, backed by the combined domestic and global capabilities and reach of Wells Fargo and HSBC.

Together, Wells Fargo and HSBC have nearly 300 years of experience in global trade, with a network of industry professionals in over 80 countries and territories.

Huh.  Well, I guess these two aren’t in competition after all.  That’s a wonder considering how Wells Fargo is said to be weathering our current “financial crisis” quite well.  I’ve been banking with them for years.  Well, that’s weird to learn.  Kinda wondering why this hasn’t come up before, and thinking that a major U.S. bank doing business with a major Chinese bank might rank more news-worthy than what frickin’ dress the soon-to-be first lady is wearing.  One would think!

wells_hsbcWow.  I don’t think this can be blamed on the rock I live under.  It would be great to find out how many others know about this.  In fact, I’m calling a friend now.  Nope, he didn’t know either and he actually is invested in Wells Fargo (if I remember correctly).

Forbes Magazine/Business Wire ran an article on November 10, 2008, telling about the Wells Fargo HSBC Trade Bank and some company called Overseas Private Investment Corporation (OPIC) loaning money to a produce company in Mexico for growing fruits and veggies for the American market.  Here’s part of what it says:

“The Trade Bank understands the financial needs of middle-market companies doing business in foreign countries,” said Sanjiv Sanghvi, president and CEO of the Trade Bank. “We offer customers such as Andrew & Williamson Sales our experience in working with OPIC to help support their growth and financial success.”

Andrew & Williamson Sales works with growers from Mexico to provide a consistent supply of premium quality produce to customers in the U.S. during those times when the U.S. does not have sufficient supply to meet the demand. Obtaining financing with the assistance of OPIC was key to setting up operations in Mexico. In addition to building a packing facility, Andrew & Williamson Sales is building the infrastructure needed for employee housing, a medical facility, daycare, school and store. This will allow the laborers needed to work in the greenhouses to relocate along with their families.

“This newly built community will help create jobs and provide comfortable living for families,” says Fred Williamson, CEO of Andrew & Williamson Sales. “We not only see a successful future for our business, but also a positive impact on both economies.”

OPIC was established as an agency of the U.S. government in 1971. It helps U.S. businesses invest overseas, fosters economic development in new and emerging markets, complements the private sector in managing risks associated with foreign direct investment, and supports U.S. foreign policy. Because OPIC charges market-based fees for its products, it operates on a self-sustaining basis at no net cost to taxpayers.

[bold emphasis mine]

Well, damn.  OPIC.  Government agency, you say.  Working with a couple of major American and Chinese banks (that are apparently merging) in loaning $5 MILLION to a company of unknown origin to grow produce in Mexican greenhouses to be marketed for American consumption.  How much sense does this make to anyone else?

Let’s see what else is out there…

At another site that’s new to me, the Export-Import Bank of the United States, in a press release from 2002 announced: WELLS FARGO HSBC TRADE BANK IS EX-IM BANK’S SMALL BUSINESS BANK OF THE YEAR.  Well, now I know this isn’t new news.  It says, in part:

The Wells Fargo HSBC Trade Bank, an equity joint venture between Wells Fargo and the HSBC Group, focuses on the international banking needs of small businesses and utilizes Ex-Im Bank working capital guarantees and export credit insurance products. Over the past year, the Trade Bank has financed more than $60 million in over 30 transactions using Ex-Im Bank’s working capital guarantees, which have supported nearly $400 million of U.S. exports. More than two-thirds of this financing benefited small businesses.

“The Trade Bank is pleased to have been selected by Ex-Im Bank as the Small Business Bank of the Year. Since the inception of the Trade Bank, Ex-Im Bank’s guaranteed working capital loans and export credit insurance policies have been a cornerstone of our product offerings. The small business community is a very important part of Wells Fargo’s strategy, and to be recognized as a leader in supporting small business exports is a real honor,” said Ken Petrilla, Wells Fargo HSBC Trade Bank senior vice president.

Through the Trade Bank, customers have access to over 6,000 HSBC offices in over 78 countries and territories. In addition, 15 regional offices of the Trade Bank serve the United States. Wells Fargo and Company (NYSE: WFC) is a $312 billion diversified financial services company providing banking, insurance, investments, mortgage and consumer finance services through 5,400 stores, its Internet site, and other distribution channels across North America and internationally.

[bold emphasis mine]

That word again: diversified.  Wells Fargo has been chanting that a lot lately to “explain” why they’re weathering the current market conditions when others are falling, but they never explain what they mean by that.  Aren’t most banks pretty diversified in their investment strategies?  Could have sworn Citigroup was one of the most “diversified.”

Now we’re finding out.

David Bowie’s right – this is not America.  I’m not quite sure what it’s become (or is becoming), but it’s not what so many people continue to think it is.  Inside, I believe more people are nervous than they let on and can feel something’s gone seriously awry in our society.  This economic downturn, in my opinion, is being intentionally orchestrated, but then that’s why some refer to me as a “conspiracy theorist.”  Hey, if the shoe fits…what do you call what’s going on?  Business as usual?

Where was the media on this??

Banking Business Review reported in May 2007:

The Wells Fargo HSBC Trade Bank, the only nationally chartered bank in the US exclusively devoted to international trade, has launched a cross-border lending initiative, making it the first financial services company to offer financing in both domestic and foreign currency for middle market firms doing business in China.

Unlike most US banks, the joint venture partnership between HSBC and Wells Fargo can finance overseas credit needs of $10 million or less secured in part by collateral held in China.

“The Trade Bank is able to supply the missing piece to US-based middle market companies who need financing overseas,” said Sanjiv Sanghvi, Trade Bank CEO. “Securing credit in-country, in a local currency, based on overseas collateral helps companies expand overseas without tapping out their potential for domestic growth.”

At present, the bank is the only such institution offering this service to US businesses doing business abroad. The service is most suited to US-based middle market firms earning between $20 million to $500 million in revenues with an established local presence in China.

Hmmm…I don’t know what to make of it.  We’ll have to sort through the articles later since I have to head out now.

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The Weirdness of Holidays

November 29, 2008 at 9:32 pm · Filed under On Body & Health, On Economics, On Personal Development, On Self-Expression, On Violence ·Tagged , , , , ,

For many years there, winter holidays weren’t something I particularly looked forward to, mostly due to being away from family and missing my mom.  Last winter wasn’t too bad  (from what little I remember of it) and this Thanksgiving went well, so perhaps this trend is shifting.

But it’s been a weird week, that’s for sure.  Not for the usual reasons but because I’ve been contacted by ghosts from the (not-so-distant) past.  First, a past client came back around and now he’s up to some of his old tricks once again.  Second, my ex-husband dropped me an email out of the blue, saying that he had perhaps been dismissive toward me earlier and that I can write to him whenever.  So, we went back and forth a few times before I went ahead and gave him a call yesterday (his number was posted on a profile that I was invited to look at).  I’ll get back to that in a minute.  Third, that ex-friend I mentioned in a previous post (let’s call him “Mr. Runnels”) has been harassing me via email, trying to guilt me into dealing with him once again.  But I can’t come up with one good reason to re-ignite a friendship with this man, aside from the fact that he’d obviously be pleased.  I wouldn’t be. Read the rest of this entry »

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Sicko

November 28, 2008 at 11:43 am · Filed under On Body & Health, On Economics, On Education, On Imagination, On Media & Propaganda, On Music, Film and FolkArt, On Personal Development, On Politics, On Power, On Technology & Science, On Violence ·Tagged , , , ,

The documentary of the week was Michael Moore’s Sicko, which I recommend to others.  Yeah, he went a bit far left-field, as he often does, but it’s still worth watching.  Michael Moore isn’t my favorite person and we don’t agree on plenty of issues, but the topic of healthcare in this country deserves a great deal more discussion.  As a long-term uninsured individual (13.5 out of the last 15 years in fact) with no prospects for becoming insured anytime soon, I can attest that the out-of-pocket medical costs are insane.  It’s a rare day that I ever visit a doctor (or a dentist for that matter) aside from PP check-ups, but the times I have make me grateful of not owning any assets worthy of forfeiture.  Pure insanity.  And I haven’t been in for any major emergencies (*knock on wood*).  Many others are in my shoes, some with major illnesses like diabetes where their lives depend on these grossly expensive meds, treatments and devices.  Such a disturbing racket for a “free” nation to endure.

So that’s what I’m thankful for in a nutshell, along with a few things I’m not so much.  All in all, I’m grateful for what I have personally but still deeply troubled about the shifting status of my country.

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Thanksgiving Humor

November 27, 2008 at 3:32 am · Filed under Humor ·Tagged ,

turkey_cavity

turkey_bernies

Or how about this cartoon: REDRUM

thanksgivoween

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Thanksgiving

November 27, 2008 at 1:54 am · Filed under On Body & Health, On Economics, On Education, On Personal Development ·Tagged ,

Thanksgiving has arrived and I have plenty to be thankful for.  Good family (those I still speak with anyways), good friends, reasonably good karma as of late, and while overall my health could be better, it’s still far from poor.  My finances aren’t in dire straits (thus far), my day job business is picking up for the holidays, and past “man clients” (as I refer to them) have returned.  Even my ex-husband decided on being a nice guy and sent an email and friend invitation on one of the popular networking sites.  Makes me kinda wonder what he wants though.  lol I tease, I tease.

give-thanks Get to meet up with a good friend soon, and my dad is in a deep, introspective mood which has led to friendlier emails lately.  Brother still won’t return a phone call, though apparently that’s just his way.  And I was able to send a little money home in grandma’s birthday card, which covers most of what she spent on my graduation gift.  Hopefully I can send another payment in December to go toward the amount I owe her.

A past friend got up with me recently as well, though I’m not sure it’s good news.  Our friendship ended for a number of legitimate reasons, a couple completely outside of my control, and I’m not too keen on working things out considering the severity of the circumstances.  A part of my past I was content leaving where it lay, you might say.  His emails read like guilt trips, begging for attention around the holidays, but I’m very conflicted with concerns about enabling or validating this man when the wrong he committed deserves little pity.  Yeah, it was that bad.  So I wished him a happy thanksgiving and left it at that.

The student loan company called Wednesday morning to say they’ll be expecting money in 6 months, to the tune of $400/mo.  But that’s only one of the loan companies.  I also have a chunk consolidated in an account with Wells Fargo, so that may be another few hundred to boot.  Nice to look forward to.  Not.  While I’m grateful for loans made available for the pursuit of higher education, I do not appreciate the interest-gouging on the part of the banks or the price-gouging on the part of universities.  Tuition for an undergraduate degree sank me in the hole for no less than $40,000 altogether, currently set at 6% interest.

But I am thankful for my education and the degree I’ve just completed.  It was a long time coming and required returning to school three times (at three separate universities in three states), but I’m proud to have this accomplishment under my belt.  grin

Oh!  And last but certainly not least, I’m thankful for the two new tires put on my car today by a friend as an early Christmas present.  Thanks!  That was an awesome gift!  Now I have better traction in time for the snow.  wink2

Oh yeah, and tomorrow (technically today) I have been invited to a galpal’s family dinner with her mom, brother, grandma, aunt and cousins.  That will be very nice, especially since I’d planned on spending it working and alone.  Will still be working though throughout the day, but I can duck out for a few hours.  My bar is open Thanksgiving night as well, so I might have to mosey that direction late in the evening.  Doesn’t sound like too shabby of a day!

For a little while today we’ll forget our worries and dine on home-cooked dishes in good company.  A spread like this is calling my name:

traditional_thanksgiving_dinner

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The calm before the storm?

November 26, 2008 at 2:45 am · Filed under Criminal Justice, On Economics, On International Affairs, On Media & Propaganda, On Politics, On Power ·Tagged , , , , , , ,

Anytime life stays calm for too long, I get to wondering if it isn’t really a calm before the coming storm.  And usually it is, but once you figure it out, it’s too late.  Can’t change or stop it anyway.  The storm heading our way could take many forms and may be very slow in its approach, but I’m curious to what will be brought with it.

Speaking of storms, every once in a while I check back on the status of  the bill S. 1959: Violent Radicalization and Homegrown Terrorism Prevention Act of 2007 (a.k.a – the Dissident Bill) to see if it’s cleared the Senate yet.  It has not, btw, but something tells me it will soon enough.  You might want to keep an eye on it as well and read the bill in its entirety to familiarize yourself with what it could forseeably be used for.  No, it’s not pleasant in the slightest, but its severe lack of coverage in the public media raises plenty of red flags.  When higher officials refuse to discuss it at all, that’s usually a sign that the general public wouldn’t appreciate it too much.

OPEC and our crazy gas prices…that’s another curious topic.  Since when did our news begin referring to OPEC as “the cartel?”  Blame it on me living under a rock, but that sounds like negative connotation, doesn’t it?   Probably because Venezuela’s actions to protect their own economic interests conflict with U.S. interests.  But how come gas prices continue to drop despite OPEC reducing output?  I can’t discern what the heck is going on here.

Oh, and what about that $586 billion Chinese stimulus package?  I mentioned it a few posts back but didn’t go into much detail.  While the major media outlets did air the news, I haven’t heard much discussion about it around commonfolk.  Asia Times ran a story, as did China Daily and Shanghai Daily.

The U.S. can look forward to its own stimulus package soon too, so says Obama. Plus, as part of his proposed “recovery efforts,” Obama promises to aid in “creating 2.5 million jobs.”    How does the government go about “creating” jobs?  I mean really, that’s not the role of government, not by a long shot.  The only jobs a government is capable of creating are government jobs and temporary contract jobs.  Cutting taxes doesn’t “create” jobs, per se, since that’s like cutting off 9″ and replacing 6 of them and labeling it “progress.”

In almost the same breath, Obama predicts millions of American jobs may be lost in 2009.

The CIA is hiring, in case anyone cares.

Time to return to chillin’ this evening.  There’s only so much of this I care to read about in one setting these days.

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A slow and easy evening

November 21, 2008 at 8:18 pm · Filed under Uncategorized ·Tagged

Today’s been short seeing as how I’m uber-lazy at the moment.  Oh I checked on a couple of apartments by phone (one will be available for viewing on Monday) and tended to my one quick job of the day (not an escort job, mind you), but it’s been pretty slow around here.  Enjoyed a leisurely lunch at a local bistro earlier and now I’m relaxing with a beer and a cigarette.  What would life be like without recreational drugs?  *shudders* Read the rest of this entry »

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Did I mention…

November 21, 2008 at 1:27 am · Filed under Humor, On Economics, On Education, On Imagination, On Personal Development, On Power ·Tagged , , , ,

…being fussed at by a drunken local newscaster at my bar the other day?  lol  Yeah, that wasn’t much fun.  And I mean she was drunk, sitting up there beside her big-wig husband, chatting with a barpal of mine.  I didn’t know who she was, considering she’s on during the day and all, and perhaps telling her this was offensive.

All I did was walk in the bar to order my first beer for the evening and announced to my barpal that my degree credentials had finally arrived in the mail.  That’s all it took and before I knew it, she was ranting about the criminal justice system and suggesting I pursue a law degree as her husband had done.  Well…when you walk into a place in a calm mood, you don’t tend to see this sort of thing coming.  You come in shivering and wanting nothing more than to relax and enjoy a brew when you’re hit with questions, from a stranger, about what you plan to do with the rest of your life.

She didn’t mean any harm; she was just drunk.  But I wasn’t able to offer up a reply that could keep her from rolling her eyes or rambling off another string of questions.  Apparently she once knew someone who chose to advocate for juveniles, so maybe I should do that too.  Oh, no worries about public speaking – everyone starts out fearing it.  What do you mean you’re not competitive?  *Eye roll when I voiced desire to take my time to see what eventually grabs me, staying with my current entrepreneurial ventures in the meantime.*  Her husband would look over and shrug and our mutual pal smiled helplessly at us both.  I was just stunned and not in the mood for the sports bar inquisition on that particular night.

Finally I looked at her squarely and said that I’m not too happy with the state of my country right now and need a bit more time to decide where to go from here.  She rolled her eyes again before blubbering “step up” a few times while being led out of the bar by her husband.  The barpal patted my hand and explained she’d just drank too much.  Odd lady.  Don’t know her from Adam’s apple and she’s just going on and on.  Perhaps she’s nervous about the economy (or the upcoming holidays) and this is just her way of venting?  Who knows?  Who really cares? My question is how come I attract such ‘colorful’ people every time I leave the house?  lol

No worries.  Maybe you had to be there but it strikes me as a mildly humorous story, if for no other reason than it wouldn’t shock anyone who knows me since this sort of stuff happens all the time in my world. hehe  She kept puckering her lips in a weird way when she spoke, which totally distracted me from the unsolicited advice and opinions she was sputtering.  Maybe I’m being rude, but hey, no one likes walking into the bar and being nagged, particularly by a stranger with a chip on her shoulder.  She said I lack ambition and we knew one another for a total of maybe 15 minutes.  Hell, to a point she’s right, but a lecture doesn’t help.

Ah well, the night was salvaged by hanging out with a few friendly federal employees.  One (a young and cute one even) asked for my number toward the end of the night.  Might be fun for a night out on the town, but we’ll see.  My preference is generally for men 38 and up (an arbitrary age limit I assign based on mucho experience dating), though personal life dating has become such a joke that I rarely bother with it anymore.  The job creates a major hindrance from the get-go, eliminating probably 85% of the applicant pool right off the bat.  But then, it’s like I told a buddy recently: the kind of man who would dig my job isn’t the kind of man I’d likely be interested in. Then we have to wade through their quirks, hang-ups, sexual incompatibilities, and arrest records, which is the point where I generally lose interest.

Sometimes it feels like being a relatively conservative, traditional gal trapped in a lifestyle and working a job that betrays parts of my true nature and attracts freaks.  lol  Dating has metamorphosized into an occasional pastime where the primary focus is now to seek out honest, trustworthy people for potential friendship.  Perhaps that’s what all dating is in a nutshell, with an emphasis on warding against foxes trying to climb in the hen-house and exploit a situation to the fullest.  Some men hear “escort” and they see nothing but sex and sleaze, becoming unable to carry on any kind of relationship from there on out where they aren’t trying to get in your pants.  Or worse, your wallet.  It’s rude and I personally blame HBO for indoctrinating people with those stupid taxi cab confessions and Real Sex shows.  My energy is burned up just in trying to avoid all the jokers.

Occasionally I meet someone who can become a buddy, at least temporarily.  Over the last few joy-of-being-singleweeks I’ve been hanging out with one barpal frequently, but then a one-night bout of PMS threw a kink into our cuddlefest.  C’est la vie.  He’s not my type anyhow.  His company has been appreciated but his ‘unrefined’ nature is bewildering at times.  Nice enough guy, but his confessions proved too much for me and my job (obviously) turned him off, so we’ve agreed to cuddle only and enjoy one another platonically.  Until I became cranky, that is.  lol  Now we’re each doing our own thing, chatting briefly once a day.  This gives me a chance to hang around the pad, watching movies, cuddling with the cats, catching up on email, and writing a little on the blog.  It’s too cold out to worry with the bar and there’s beer in the fridge (not to mention being allowed to smoke indoors here at home).

Tonight my attention turned to investment websites and articles, particularly those referencing international stock purchases.  No, I’m not in a position to invest in anything right now, but it is interesting reading the advice floating around on the Internet for benefiting during a recession.  Much of it’s pure horse-hocky in my opinion, but there are little pearls of wisdom and truth scattered throughout to provoke thought on the future of our economy.  There are no speculations worth making at this point unless you’re privy to inside information, and who wants to bet 8 out of 10 of those people are willing to fool the public if they stood to profit?

Scary times.

Though I can’t complain too much at the moment since I’ve been blessed with a number of good folks in my life, a couple of whom are incredibly dear to me.  Knowing that they love me provides this weird calm at a time when otherwise one would think I’d be freaking out worrying about the future.  Oh, it does concern me, definitely, but there’s only so much you can do to change these conditions.  That’s not meant to sound defeatist but to say that we have to be more creative in our approach and learn to accept our limitations.  “We” being the commonfolk trying to find our way from here on out and navigate the coming storms in the interest of ourselves and our neighbors.

This is the point I keep arguing (shame on me) with the AFSC members I volunteer with: they’re stuck in the 60’s frame of mind where holding signs and fundraising is how the game is played.  The game has changed though, hasn’t it?  Sure, signs can be useful, but they can also aggravate and divide.  Funds are necessary but non-profits really need to get honest with themselves on how appropriately these funds are being allocated.  But what else?  Signs are easily ignored and funds are harder to come by.  What’s next?  Educating those deemed less “enlightened” doesn’t seem to be helping at this juncture because it comes off pompous and arrogant, pitting liberals and right-wingers against one another as philosophically and diametrically opposed.  People are having trouble relating to one another and communication is breaking down.  Where do we go from here?  Is a movement the answer or will individual action where you strive to truly live as the example you wish to set prove just as, if not more, beneficial?

Our social systems are on the fritz, and the economy certainly can’t (and won’t) fix this.  Losing a sense of solidarity, in my thinking, has far worse repercussions than markets collapsing.  I spend a fair amount of time thinking about what my role should be in the coming years and ways I might contribute toward something positive (not just that which appears positive but something actually worthwhile that honestly feels right).  What do you do with yourself in the meantime while searching for answers?  Well, for now I work with what I have and eventually seek another part-time job to bring in additional income and pad my resume.  Try to send some money back home in December for my family.  Continue volunteering.  Begin working out again at a gym to help burn off excess energy and get in a healthier frame of mind.  Expand my day job business and send out more promotional materials in time for the holidays (ordered more earlier today as a matter of fact).  And continue reading and learning, naturally.

You just do what you can to hunt down worthwhile information for educational purposes and work toward molding yourself into a person better capable (hopefully) of handling whatever future transitions that may occur.  What else can you do right now?

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An Easy, Quiet Night Indoors

November 20, 2008 at 1:54 am · Filed under On Music, Film and FolkArt, Uncategorized ·Tagged ,

Tonight was dedicated to apartment hunting online.  A list of 10 places offering some of the necessary amenities (like a dang dishwasher) at a reasonable price was compiled and I’ll start setting up appointments to see them over the next couple of days.  Thank goodness this town is pet-friendly.

foxnewsBesides this, a friend stopped over earlier to watch the documentary “Outfoxed” about Rupert Murdock and Fox News.  While I’m not a fan of Fox News, this documentary did nothing for me and came off as propaganda itself.  (Funded by MoveOn.org…) But at least we gave it a try.  Then came the documentary “51 Birch Street” about a man’s parents and the mysteries of their marriage and family dynamics.  At first it may seem like a violation of his mother and father’s privacy, but as the film progresses a melancholy story unfolds, uncovering the humanity, depth and frustration each parent possessed.  It’s worth one viewing at least.

Damn these allergies.  It’s November and we’ve only had one snowfall, which didn’t stick.  The temps are up higher than usual and the insane amount of static electricity is driving my cats bonkers.  Very soon they will be bathed.

Off to look up Christmas gift ideas now.

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Quick November Recap

November 19, 2008 at 4:18 pm · Filed under On Body & Health, On Economics, On Education, On International Affairs, On Media & Propaganda, On Politics, On Prostitution ·Tagged , , , , ,

Haven’t had as much time to toil away online in recent months.  Or, to be more honest, I’ve lacked the inclination.  Too much time online for about 6 months there crisped my brain and this older monitor scorches my eyes (no offense to the friend that loaned it to me – it certainly beats having no monitor at all).  Instead of puttering around on here, I’ve been out socializing with new people and hanging around at the local pub.  And volunteering occasionally.  And watching documentaries and movies.  Haven’t been reading much lately either, aside from while out to dinner.

The degree certificate arrived in the mail yesterday so I’m finally able to exhale and accept that indeed the B.S. degree is completed.  I was waiting for the adviser to call me up saying that she had made some sort of mistake and that I’d need to take one more class in order to graduate.  That’s my luck, so it’s best not to get too excited until the proof is handed to me in writing.  And that proof finally arrived!  Yay!  Done at last!  That is, until I return to school for a higher degree someday…

There are so many topics I’d like to write about on here, but they always come to me while busy with other matters.  Now that I’m seated in front of the computer, not much comes to mind.  Oh, I’ve been following the automaker bailouts and heard about China’s new domestic stimulus plan, but what is there to say about this?  Didn’t we see this coming?  I won’t be surprised if Boeing decides to be next in line for government welfare dollars.  The state of California, one of the supposedly richest states in the union, seemed to think it was entitled to a cut.  (Kind of makes you wonder how a state like Mississippi with a 7.9% unemployment rate and a devastated coastline hasn’t received a mention.)

I’ve read the articles on Obama from various sides and all the speculation on what his presidency might bring to America.  As far as I can tell, he’s not bringing anything really worthwhile and different to the table and in fact appears to be the true neoconservative choice.

I’ve read about Citigroup laying off 53,000 more people and am concerned about the blow my community might eventually be dealt. There isn’t a stock out there I would confidently stand behind at this juncture.

Wells Fargo appears to be doing considerably well in spite of the financial forecast.  Funny how that works, isn’t it?  Read the rest of this entry »

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What a difference a week makes

November 14, 2008 at 5:23 pm · Filed under On Body & Health, On Personal Development ·Tagged , ,

Well, everything’s changed.  I won’t be moving west any longer and am now in the process of looking for another apartment locally.  Why?  Well, doubts began to set in last weekend and then, on Wednesday, new concerns came to light.  I’m sure it’s probably nothing major to worry about, but since I have a clinic here in this county that provides coverage for those of us who are uninsured (which doesn’t exist in the next state over), it may be best to stick around until everything is looked at and tested if necessary.  Read the rest of this entry »

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Found a new home

November 7, 2008 at 7:15 pm · Filed under On Personal Development, On Women ·Tagged

Drove west yesterday to meet potential housemates, and wouldn’t you know it, the first lady I met turned out to be pretty cool.  So I canceled the second appointment, and she and I chatted and drank brews for about 5 hours, discussing everything from politics to pets.  Now, we’re very different people and she obviously doesn’t know much about me (and vice versa), but it felt like a good fit.  So I went ahead and cut her a check for the deposit and made plans to start moving in my stuff within the next couple of weeks.  Yay!  Her pets were very sweet and should get along well with my cats (fingers crossed), and the place had enough space to where we both can seek refuge in opposite ends of the house without disturbing one another. Read the rest of this entry »

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Ralph Nader’s Open Letter to Barack Obama

November 6, 2008 at 3:19 am · Filed under Corporate Irks & Irritations, On Military Matters, On Politics, Ralph Nader ·Tagged , ,

November 3, 2008

Open letter to Senator Barack Obama

Dear Senator Obama:

In your nearly two-year presidential campaign, the words “hope and change,” “change and hope” have been your trademark declarations. Yet there is an asymmetry between those objectives and your political character that succumbs to contrary centers of power that want not “hope and change” but the continuation of the power-entrenched status quo.

Far more than Senator McCain, you have received enormous, unprecedented contributions from corporate interests, Wall Street interests and, most interestingly, big corporate law firm attorneys. Never before has a Democratic nominee for President achieved this supremacy over his Republican counterpart. Why, apart from your unconditional vote for the $700 billion Wall Street bailout, are these large corporate interests investing so much in Senator Obama? Could it be that in your state Senate record, your U.S. Senate record and your presidential campaign record (favoring nuclear power, coal plants, offshore oil drilling, corporate subsidies including the 1872 Mining Act and avoiding any comprehensive program to crack down on the corporate crime wave and the bloated, wasteful military budget, for example) you have shown that you are their man?

To advance change and hope, the presidential persona requires character, courage, integrity– not expediency, accommodation and short-range opportunism. Take, for example, your transformation from an articulate defender of Palestinian rights in Chicago before your run for the U.S. Senate to an acolyte, a dittoman for the hard-line AIPAC lobby, which bolsters the militaristic oppression, occupation, blockage, colonization and land-water seizures over the years of the Palestinian peoples and their shrunken territories in the West Bank and Gaza. Eric Alterman summarized numerous polls in a December 2007 issue of The Nation magazine showing that AIPAC policies are opposed by a majority of Jewish-Americans.

You know quite well that only when the U.S. Government supports the Israeli and Palestinian peace movements, that years ago worked out a detailed two-state solution (which is supported by a majority of Israelis and Palestinians), will there be a chance for a peaceful resolution of this 60-year plus conflict. Yet you align yourself with the hard-liners, so much so that in your infamous, demeaning speech to the AIPAC convention right after you gained the nomination of the Democratic Party, you supported an “undivided Jerusalem,” and opposed negotiations with Hamas– the elected government in Gaza. Once again, you ignored the will of the Israeli people who, in a March 1, 2008 poll by the respected newspaper Haaretz, showed that 64% of Israelis favored “direct negotiations with Hamas.” Siding with the AIPAC hard-liners is what one of the many leading Palestinians advocating dialogue and peace with the Israeli people was describing when he wrote “Anti-semitism today is the persecution of Palestinian society by the Israeli state.”

During your visit to Israel this summer, you scheduled a mere 45 minutes of your time for Palestinians with no news conference, and no visit to Palestinian refugee camps that would have focused the media on the brutalization of the Palestinians. Your trip supported the illegal, cruel blockade of Gaza in defiance of international law and the United Nations charter. You focused on southern Israeli casualties which during the past year have totaled one civilian casualty to every 400 Palestinian casualties on the Gaza side. Instead of a statesmanship that decried all violence and its replacement with acceptance of the Arab League’s 2002 proposal to permit a viable Palestinian state within the 1967 borders in return for full economic and diplomatic relations between Arab countries and Israel, you played the role of a cheap politician, leaving the area and Palestinians with the feeling of much shock and little awe.

David Levy, a former Israeli peace negotiator, described your trip succinctly: “There was almost a willful display of indifference to the fact that there are two narratives here. This could serve him well as a candidate, but not as a President.”

Palestinian American commentator, Ali Abunimah, noted that Obama did not utter a single criticism of Israel, “of its relentless settlement and wall construction, of the closures that make life unlivable for millions of Palestinians. …Even the Bush administration recently criticized Israeli’s use of cluster bombs against Lebanese civilians [see www.atfl.org for elaboration]. But Obama defended Israeli’s assault on Lebanon as an exercise of its ‘legitimate right to defend itself.’”

In numerous columns Gideon Levy, writing in Haaretz, strongly criticized the Israeli government’s assault on civilians in Gaza, including attacks on “the heart of a crowded refugee camp… with horrible bloodshed” in early 2008.

Israeli writer and peace advocate– Uri Avnery– described Obama’s appearance before AIPAC as one that “broke all records for obsequiousness and fawning, adding that Obama “is prepared to sacrifice the most basic American interests. After all, the US has a vital interest in achieving an Israeli-Palestinian peace that will allow it to find ways to the hearts of the Arab masses from Iraq to Morocco. Obama has harmed his image in the Muslim world and mortgaged his future– if and when he is elected president.,” he said, adding, “Of one thing I am certain: Obama’s declarations at the AIPAC conference are very, very bad for peace. And what is bad for peace is bad for Israel, bad for the world and bad for the Palestinian people.”

A further illustration of your deficiency of character is the way you turned your back on the Muslim-Americans in this country. You refused to send surrogates to speak to voters at their events. Having visited numerous churches and synagogues, you refused to visit a single Mosque in America. Even George W. Bush visited the Grand Mosque in Washington D.C. after 9/11 to express proper sentiments of tolerance before a frightened major religious group of innocents.

Although the New York Times published a major article on June 24, 2008 titled “Muslim Voters Detect a Snub from Obama” (by Andrea Elliott), citing examples of your aversion to these Americans who come from all walks of life, who serve in the armed forces and who work to live the American dream. Three days earlier the International Herald Tribune published an article by Roger Cohen titled “Why Obama Should Visit a Mosque.” None of these comments and reports change your political bigotry against Muslim-Americans– even though your father was a Muslim from Kenya.

Perhaps nothing illustrated your utter lack of political courage or even the mildest version of this trait than your surrendering to demands of the hard-liners to prohibit former president Jimmy Carter from speaking at the Democratic National Convention. This is a tradition for former presidents and one accorded in prime time to Bill Clinton this year.

Here was a President who negotiated peace between Israel and Egypt, but his recent book pressing the dominant Israeli superpower to avoid Apartheid of the Palestinians and make peace was all that it took to sideline him. Instead of an important address to the nation by Jimmy Carter on this critical international problem, he was relegated to a stroll across the stage to “tumultuous applause,” following a showing of a film about the Carter Center’s post-Katrina work. Shame on you, Barack Obama!

But then your shameful behavior has extended to many other areas of American life. (See the factual analysis by my running mate, Matt Gonzalez, on www.votenader.org). You have turned your back on the 100-million poor Americans composed of poor whites, African-Americans, and Latinos. You always mention helping the “middle class” but you omit, repeatedly, mention of the “poor” in America.

Should you be elected President, it must be more than an unprecedented upward career move following a brilliantly unprincipled campaign that spoke “change” yet demonstrated actual obeisance to the concentration power of the “corporate supremacists.” It must be about shifting the power from the few to the many. It must be a White House presided over by a black man who does not turn his back on the downtrodden here and abroad but challenges the forces of greed, dictatorial control of labor, consumers and taxpayers, and the militarization of foreign policy. It must be a White House that is transforming of American politics– opening it up to the public funding of elections (through voluntary approaches)– and allowing smaller candidates to have a chance to be heard on debates and in the fullness of their now restricted civil liberties. Call it a competitive democracy.

Your presidential campaign again and again has demonstrated cowardly stands. “Hope” some say springs eternal.” But not when “reality” consumes it daily.

Sincerely,
Ralph Nader

The only thing I hope for at this point is that Obama doesn’t turn out to be the corporate crony many of us worry he may indeed be.  Scary times we live in, folks…

You say you want a revolution?  Well, it doesn’t look like we got it.

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