Showing posts with label private equity. Show all posts
Showing posts with label private equity. Show all posts

Tuesday, May 17, 2022

Onward, Christofascist Soldiers

 Barely a week after promising at least another $40 billion in subsidies to US weapons manufacturers for the war in Ukraine, and mere days after grotesquely demanding that surplus Covid aid money be used by cities to hire more armed cops, Joe Biden shuffled off to Buffalo to decry hate and violence in his boilerplate response to the latest domestic mass shooting.

The corporate media dutifully are not calling this out as rank hypocrisy, but instead are once again portraying the Commander in Chief as the Consoler in Chief. What they're really trying to accomplish in the coverage and narrative of the weekend's upstate New York grocery store massacre is that the strict line of demarcation between the acceptable, state-sanctioned violence waged only out of love, safety and democracy, and the unacceptable freelance variety perpetrated out of racism, hate and evil must be maintained at all costs.  War, of course, is not deemed to be a hate crime. That its global victims are disproportionately black and brown is not deemed to be racist.

Joe Biden and the Democrats once again are mouthing their feeble, meaningless entreaties for "modest" and "common-sense" gun law reform. They ignore the obvious culprits: the gun manufacturers and arms dealers themselves, and especially the private equity firms and "holding companies" which own them and finance them and profit from both the state-sanctioned and freelance violence which they enable. 

In his stale litany of platitudes, Biden certainly does not include the armed forces and the weapons industry as part of the white supremacist establishment which has ruled this nation since its inception. It's only when the movement goes rogue and freelance that the real supremacists with the real power get all upset, or at least pretend to. 

He also won't pay much if any lip service to the enforced control and impoverishment of most US citizens by the American oligarchy and its enablers in the professional-managerial class comprising the top 10 percent of income earners. Not for nothing did impoverished Buffalo elect its first socialist mayor in a Democratic primary last year, only for her victory to then be thwarted by an influx of Republican money and a write-in campaign to fix the runoff for her centrist Democratic challenger. 

Biden certainly will not call for a punitive tax on the obscene profits of  the weapons manufacturers that are promoting and enabling both state-sanctioned violence and the renegade variety. To the contrary: under the fig leaf of "humanitarian aid" to places like Ukraine, the weapons industry is one of the biggest recipients of government welfare. Wall Street would have a hissy fit if war and local police states were taxable, as would the investors that finance and control both our establishment political parties.

Both the Buffalo shooter and the young man who committed the Sandy Hook Elementary School massacre used Bushmaster AR-15 assault rifles.  This past February, the Sandy Hook parents finally reached a $73 million settlement with Remington, which under the laws of corporate bankruptcy was a heavily insured holding company in the process of selling itself and changing its name, so that shadow owners and investors in assault weapons can continue raking in the profits and whitewashing their reputations under the musical chairs business model. This reality makes the Sandy Hook victory both pyrrhic and premature, despite what plaintiffs' lawyers crowed at the time. From CNN's report:

The families have also “obtained and can make public thousands of pages of internal company documents that prove Remington’s wrongdoing and carry important lessons for helping to prevent future mass shootings,” the plaintiffs’ attorneys said in a news release.

“We established what was clearly true … the immunity protecting the gun industry is not bulletproof,” plaintiffs’ attorney Josh Koskoff said in a news conference in Trumbull, Connecticut. “We hope they realize they have skin in the game, instead of blaming literally everybody else.”

The Buffalo gunman's manifesto, pointing to the racist "great replacement theory" as the impetus for his crime spree, rightly puts the onus on various elected GOP nut-jobs and Fox News for spreading the paranoid propaganda.

However, this concentration on white supremacist hate speech again lets Wall Street off the hook.

The very name of "Freedom Group" - under which the  Bushmaster assault rifle and other models were owned and manufactured until the Sandy Hook atrocity - points to the essential right-wing extremism of its corporate owners and investors.

Freedom Group was simply the name of a subsidiary of the Cerberus Capital Management private equity group. Cerberus, you might remember, is the vicious three-headed dog of Greek mythology that guards the gates of hell. So you probably can at least give these corporate psychopaths a few extra points for being so self-aware. 

As tbe New York Times reported in a 2011 investigative article, rumor among paranoid right-wing circles at the time had it that Democratic megadonor George Soros was buying up big, but financially struggling, assault rifle makers for the express purpose of putting them out of business permanently. No such luck:

Mr. Soros isn’t behind the Freedom Group, but, ultimately, another financier is: Stephen A. Feinberg, the chief executive of Cerberus.

CERBERUS is part of one of the signature Wall Street businesses of the past decade: private equity. Buyout kings like Mr. Feinberg, 51, try to acquire undervalued companies, often with borrowed money, fix them up and either take them public or sell at a profit to someone else....

Why Cerberus went after gun companies isn’t clear. Many private investment firms shy away from such industries to avoid scaring off big investors like pension funds.

Yet, in many ways, the move is classic Cerberus. Mr. Feinberg has a history of investing in companies that other people may not want, but that Cerberus believes it can turn around. When Cerberus embarked on its acquisition spree in guns, it essentially had the field to itself.

If Democrats and pundits really wanted to put the onus on the Republican party side of the Duopoly for the rise in white supremacist gun violence, they might point out that former Vice President Dan Quayle sat on the board of Cerberus in Freedom Group era, and is still in charge of "global investments." The Board has also included a couple of retired generals, who during its ownership of Bushmaster facilitated the sale of assault rifles to the US military as well as to the burgeoning demographic including all the many varieties of disturbed or propagandized civilians of the United States.

Cerberus changed the name of Freedom Group to the more innocuous "Remington Outdoor Company" after a great public outcry, post- Sandy Hook shootings. Ironically, the father of the Cerberus CEO himself had lived in a gated community in Sandy Hook.

The younger Feinberg, with a net worth of $1.5 billion, was named by Donald Trump to chair the President's Intelligence Advisory Board. Cerberus then owned DynCorp, a major contractor with the American security state, which then got folded into another private security contractor, called Amentum. Under Trump Freiberg was tasked with "vetting" people employed by the CIA, despite having no "intelligence" experience himself.

Meanwhile, the latest listed owner of the Bushmaster assault rifle company is Crotalus Holdings in Sun City, Nevada, whose rather murky official trademark is "Proud To Stand With America's Finest."

It still has the same old friendly cartoon logo, an over-fanged blood-red snake with a gun.


From the company website:

Bushmaster Firearms™ is excited to announce our return. We are not an affiliate with any other firearms manufacturing companies. In times to come, our array of products will provide Proven™ perfection to all.

And just in case, despite the outlandish trademarking of the word "Proven," you still thought that the Bushmaster and all its assorted ammo and gear are violent things being recklessly marketed to one and all, they are deadly serious about putting the missionary back in the Mission. The quote on the bottom of the web page selling assault rifles should prove it to everyone's satisfaction:  

 Bushmaster Firearms™

Blessed are the peacemakers,
for they will be called children of God.
Matthew 5:9


Thursday, December 19, 2019

Plutocratic Panic Is Palpable

They're triple-peeing themselves, and I don't mean in the way that neoliberals have been selling the odious acronym PPP for the past 40 years. Since the "public- private partnerships" which socialize all the costs and privatize all the profits have been duly exposed as scams literally condemning Americans to premature deaths, the plutocratic perps are now resorting to bald-faced lies.

The Paper of Record is only too happy to help. With only seven Democrats on the latest debate stage, Bernie Sanders actually threatened to get noticed and take away precious speaking time from low-polling "moderate" Amy Klobuchar and billionaire Tom Steyer. The Anti-Bernie campaign will thus begin in earnest.


The New York Times' role in destroying Sanders for a second time is beginning with some blatant monkeying-around with public opinion through use of an online marketing tool aptly called SurveyMonkey.


"When Offered Options, Democratic Voters Prefer a Moderate Path" is the since-changed headline of a piece by Ben Casselman, who writes

Only one in four Democratic voters says they would favr eliminating private health insurance and replacing it with a government-run plan — the centerpiece of the “Medicare for all” proposals put forward by Senator Bernie Sanders of Vermont and Senator Elizabeth Warren of Massachusetts. And only one in three favors making public college tuition free for all Americans regardless of income, another idea shared by the two leading progressives in the race.Those results, from a survey conducted this month for The New York Times by the online research firm SurveyMonkey, are striking because past polls, including those from The Times, have shown broad-based support for progressive ideas among Democrats. Last month, 81 percent of Democrats said they approved of Medicare for all; in July, 82 percent said they supported making public colleges free for all.
A SurveyMonkey "research scientist" feebly explains away the glaring inconsistency that these same Democratic respondents trust Bernie Sanders more than any other candidate to "handle health care" by claiming that you can be very fond of a politician without ever agreeing with his or her policies. 

Casselman himself sought out other regular folk until he found a few willing to echo corporate Democratic and insurance industry talking points. They agree with Medicare For All in principle, but don't think the time is right to make a change. A political party's fortunes are more important than people's health.


 Meanwhile, the methodology of the survey is iffy at best, with SurveyMonkey explaining:

This SurveyMonkey online poll was conducted December 2 through 8, 2019 among a national sample of 4,093 adults. Respondents for this survey were selected from the more than 2 million people who take surveys on the SurveyMonkey platform each day. Data were weighted for age, race, sex, education, and geography using the Census Bureau’s American Community Survey to reflect the demographic composition of the United States.
Who did the selecting? Did they cherry-pick among the two million people to find the "moderate" public opinion with which the ruling class so desperately wants to gaslight the public?

Although the Wikipedia entry for SurveyMonkey has been flagged due to suspicions that it is nothing but a paid advertisement and thereby in violation of the site's terms of use, it does contain several disturbing facts, such as the firm's Wall Street and private equity financing and leadership. Another massive infusion of oligarchic cash boosted its market share price by a whopping 60 percent just in the last year. Its board of directors includes the billionaire widow, Facebook COO Sheryl Sandberg, of its first leader. To add the necessary sheen of  gender and racial diversity, tennis star Serena Williams was recently added to the roster of super-capitalists invested in carefully measuring,if not outright creating or even falsifying, public opinion. Not for nothing does the board also include Facebook alumnus David Ebersman, who now runs Lyra Health, a "frictionless" technocratic mental health service provider to the disgruntled and oppressed workers of America.

Employers naturally have a stake in this as they want their employees to stay health, (sic) but the goal is to offer a sort of safe space where users can benefit from years of growth in pattern matching and data to help them figure out where to start. The company said it has raised $45 million in a new financing round including Tenaya Capital, Glynn Capital Partners, Crown Ventures, and Casdin Capital. Existing investors that include Greylock Partners, Venrock, and Providence Ventures also participated in the funding round.
 As one satisfied customer gushed in a testimonial on the Lyra website, getting mental health treatment from private equity is just like getting an upgrade to business class!

Judging from some other results of the New York Times-commissioned survey revealing there are millions more "moderates" than even they thought, I wonder whether SurveyMonkey picked some of the respondents from among the happy workplace clients of Lyra. Survey Monkey certainly appears to have picked and chosen its respondents from among the financially comfortable minority rather than from the precarious majority. More than a third of respondents reported being better off financially than they were a year ago, with another 41 percent thinking that they'll be even better off next year. Half the respondents think that the United States will be doing just fine in the next five years. More than a third are so flush with disposable income that they think that now is the perfect time to buy major household items.


 Even more preposterously, more than half proclaim themselves to be extremely concerned about the government budget deficit while a third are "somewhat" concerned about it, resulting in a shocking 80 percent of allegedly typical Americans worried about the deficit while life actually is pretty good for them, personally.


So my money is on the panicked plutocratic cherry-picking rather than on life being a big fat bowl of luscious cherries for concerned liberals having the time, the computers, the internet connections and probably lots of mind-altering drugs to fill out online SurveyMonkey questionnaires commissioned by the New York Times.


Of course, I could be nothing but a conspiracy theorist whose brain has been infiltrated by Putin. I am probably in dire need of some frictionless psychotherapy from the private equity shrinks at Lyra and SurveyMonkey, which are striving mightily to get the huddled masses to see the error of their radical life-sustaining thought processes.


Resistance (as opposed to approved #Resistance, Inc.) may be futile, but I think I'll give it a try anyway. I hope that millions of my fellow immoderates will join me in the new decade.



Spellbound In America: Dali Meets Hitchock