Predatory Lending Fallout Is Color-Biased As Well

Last week, with a whole lot of fanfare, Stan O’Neal, the CEO over at Merrill Lynch was forced out for the lying he did about the company’s bottom line in the wake of their predatory lending blowback. It looked like this:

  • London’s Financial Times was as if not more concerned with black CEO, Stan O’Neal’s golden parachute as they were about Merrill Lynch’s bottom line punishment for its role in the creation of this global predatory lending scheme.

O’Neal Could Leave Merrill With 100 Million – October 30th
Merrill’s Departing Chief to Get 160 Million – October 30th
O’Neal Lands With 160 Million Parachute – October 31st
Stan O’Neal’s PayDay – October 31st
O’Neal Pays A Price – November 3rd

Those stories were ONLY the Financial Times. No other papers. And these weren’t all the stories the FT ran, just what I grabbed off the first page of a Financial Times search. The first page of more than 15 pages of returns.

  • MSNBC got in on the act as well with this headline (replete with headshots, of course), Ex-Merrill Lynch CEO To Walk Out With 161.5m. The white press is fixated on this black man getting the kind of golden parachute we all know white CEOs customarily receive after driving publicly held corporations into deep losses.

And to be sure that this isn’t just in your head, USA Today, the brightly colored fishwrapper for Amurkans with ADHD, does away with subtlety and discusses up front what the others do subliminally.

  • USA Today’s lecture is topped with the headline, Merrill Lynch Turmoil Won’t Hold Other Blacks Back. At once reassuring whites concerned with the plight of the black elite (right…) while also giving more subtle notification to the Sports page rabble (USA Today’s prime readership) that while some blacks are, of course, still stealing money via welfare payments, other blacks are getting winning lottery tickets for not doing their jobs. I wonder if USA Today will follow, in the coming days, with an article devoted to assuring us that whites will still be given a chance (and not held back) after yesterday’s resignation of Charles Prince of Citigroup for doing more dirt than O’Neal did over at Merrill.

Somehow I doubt it.

In fact, none of the papers seem interested in Mr. Prince’s golden parachute. Maybe he isn’t getting one. Hehe… Of course he IS getting one. But the same press that spent so much ink and so many bytes with the details of O’Neal’s parachute hasn’t the time and resources to get into such intimate detail with the Prince story.

This is how subtly race-based mass psychological manipulation happens. Its not a grand conspiracy. It’s simply a product of other past manipulations that total up to a way of thinking for those in the positions of informational control and power, the highest levels of the press. Disproportionately white, they bring their racial biases unto the job, into the newsroom and proceed to mindfuck their millions of readers. And this event will be just one more thing to throw on top of the pile of psycho-racial BS that will help set the white psychology for the next event. Basement conference room with ig round table and smoke? Not necessary.

Not that there isn’t scheming and conspiring happening on the grand scale. That’s what the Council on Foreign Relations, PNAC and [insert deity] only knows how many ‘think tanks’ devoted to conjuring up new and inventive ways for the rich to maintain and extend control and power, are for.  But this kind of media/psychological event often happens on its own. While it can be demonstrated somewhat objectively that it happens. Especially when you have something of controlled experiment conditions like this case with the firing of two high-level CEOs for the same reasons almost simultaneously, getting folks to admit that this kind of thing affects their thinking is another task altogether. And I have neither the capacity, resources and definitely not the patience for that endeavor. As the weeks roll on and the sub-prime heads continue to roll, I predict that none will roll so spectacularly and with as much detail as did Stan O’Neal’s.

And I’d love to be wrong, because that would mean the press was highlighting the obscene nature of golden parachutes for all CEOs. Something that might help rein in the number one threat to the future of the human species, corporatism.

I won’t be holding my breath on that one.

2 Responses to “Predatory Lending Fallout Is Color-Biased As Well”

  1. I dont live in the states so i cant comment on the media over there. Here in the UK, a lot of the surprise for black people is the fact that a Black dude was the CEO of merrill. I didnt know this till last friday and was quite pleased even though he’s gone.
    I dont think the money focus is a race issue. I think its cos its an obscene amount of money. I’ve often read about CEO receiving tens of millions in severance pay but never any thing this huge.

  2. It is an obscene amount of money. And he never should have been getting it. None of the CEOs, regardless of melanin content, should be gettin that much loot. The issue here is that many CEOs have been getting big payouts, golden parachutes they call them. Some of them as big and larger than O’Neal’s. As a matter of fact, in order for Merrill Lynch to replace O’Neal with the guy that they want, they will have to pick up the 400 million owed him from the last company. I picked this up from a footnote of an article. No fanfare in the media about the 400 million price tag for the new guy.

    And no fanfare about Prince of Citigroup’s payout. He gets 100 million plus 1 million stock options that he has yet to exercise. 1 million stock options is potentially many more millions.

    In 2005 Gillette CEO, James Kilts, got a $185 million parachute upon his exit.

    United Health Group CEO, William McGuire gets $161 million plus about $15 million in ‘benefits’ in his deal.

    There are lots of ridiculous and scandalous deals out there when you look. The media isn’t much interested. And as the USA Today article I cited made very clear, O’Neal’s skin tone is definitely on the minds of opinion-makers in the press.

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