This past spring, Michael Ferro resigned as chairman of publicly traded media-looting hell-company Tronc, Inc., just ahead of the publication of sexual harassment allegations against him. As a parting gift, Tronc paid him $15 million, voluntarily bundling up the total value of a three-year consulting contract into one lump payment expensed against the company’s earnings and putting itself $14.8 million in the red for the first quarter. Today, Tronc gutted the New York Daily News, laying off at least half of its editorial staff to cut costs. In a society not crippled and driven completely insane by capitalism, motherfuckers would go to prison for this.
When people talk pejoratively about “class warfare,” they almost never are referring to things like the above sequence of events. But what happened to the Daily News at the hands of Tronc is class fucking warfare, a massive redistribution of wealth from the paper’s working people to a disgusting handsy shitbag multimillionaire, in a decision made far above those working people’s heads by a small handful of executive- and investor-class vampires. The journalists who lost their livelihoods today in effect had their salaries and benefits re-routed to Michael Ferro’s bank accounts. Against their wills, they were made to pay him for being a fucking pig.
One of the greatest and most shameful failings of the Obama administration: the lack of even a single arrest or prosecution of any senior Wall Street banker for the systemic fraud that precipitated the 2008 financial crisis — a crisis from which millions of people around the world are still suffering.
The Obama justice department, in particular the Chief of its Criminal Division, Lanny Breuer, never even tried to hold the high-level criminals accountable.
What Obama justice officials did instead is exactly what they did in the face of high-level Bush era crimes of torture and warrantless eavesdropping:
Namely, acted to protect the most powerful factions in the society in the face of overwhelming evidence of serious criminality. Indeed, financial elites were not only vested with impunity for their fraud, but thrive as a result of it, even as ordinary Americans continue to suffer the effects of that crisis.
NY Daily News Wins Pulitzer
PROPUBLICA AND THE NEW YORK DAILY NEWS today won the Pulitzer Prize for public service, honoring their joint investigation on abuses in the New York City Police Department’s enforcement of the nuisance abatement law. The award is the fourth Pulitzer Prize for ProPublica and the 11th for the Daily News.
Much has been made of the 45 journalists laid off at the Daily News.
After all, the loss of 50 percent of the newsroom is jaw-dropping.
But that is apparently only half the story.
The pink-slip massacre actually took out a total of 96 employees,