Commentary - 11/04/2007

Citigroup And The Plantation Management Club

Now that a special weekend meeting has been called at Citigroup, perhaps it time to revisit the interconnections that take place in the Board of Directors. It is quite interesting who comes from what businesses, and their position of managing these plantations.

Citigroup Board of Directors [as of 11/03/07]

The term "plantation" is used here because nobody in any of these companies own even 1% of its shares. They're professional managers, hired by the real controllers of these plantations. They are supposed to manage things, if that's what you want to call it. It's more likely that they're told what to do and when to do it, as well as what to say and when to say it. And when it's decided that their time is up, they take what is allowed and quietly move on.

It's the old "go along to get along" with the absentee controllers of these planations. Unfortunately, using the term plantation also means that their army of workers are economic slave units. Sure, many are highly paid. But what are they going to do when the crops have been fully harvested? They don't make anything; they don't produce anything; they don't grow anything, but they're highly skilled in separating a man from his wages and savings.

They have replaced his stored labor with phony paper promises, taking the real money from the pot over the last twenty years. They finally took the most just last year. Think I'm lying??? Wait until it's your turn to tap your pension fund for what you've been promised. It would be wise to keep in mind all the plantation managers who have taken the money and ran [excuse me, I mean removed from leadership.] All this is little different from Enron. Although it may be technically legal, it certainly requires a sociopath to pull it off. No empathy nor conscience allowed.

The point is, control of American companies is rapidly being consolidated into a few foreign hands, and they are also doing so at "frantic" pace. Damn any of the promises that had been made earlier, such as retirement benefits, health care and pensions. And why are they doing this? To "own the earth in fee simple."

Remember that it takes only 10% of the stock to "control" a large widely-held corporation. Especially when management and insiders show little or zero ownership. They, as hirelings, simply take their marching orders and their large paychecks, and everybody else be damned. If they show any conscience about what happens to their employees or customer base, they will simply be removed, then replaced by another, more "aggressive leader." For an excellent example of this, see Carpetbaggers 1 : Kansas City 0. And remember, these folks had less than 6% of their target's stock.

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© 2007 by Edward Ulysses Cate

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