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Mutual Financial Companies In The Era of Generation Greed

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Looks like some of those damn capitalists are making uncomfortable comparisons between executive pay and shareholder (or in this case policyholder) dividends again. From the Boston Globe: “Phantom stock and phony options still add up to nearly $200 million in very real United States currency, all of which (the former CEO) took out of Liberty Mutual in his last four years as chief executive…The only phantom anything are the dividends that never got paid to the policyholders that actually own Liberty Mutual. What these owners got were rate hikes, while Boston and Massachusetts residents gave the company $46.5 million in tax breaks, all to help fund an utterly grotesque level of executive pay.” The board members and current executives defend that pay. “Friday’s performance revealed that these guys are so out of touch that they truly, honestly believe they’re worth that million a week, or $192,000 a day, or $24,000 an hour – and can’t for the life of them imagine that you don’t. They actually believe the system is fair, the one they stacked with interlocking boards of directors of like-minded people paid a couple of hundred thousand dollars a year to approve each other’s pay.”

A BROOKLYN POLITICAL LOVE STORY: THE QUEEN IS GONE; LONG LIVE THE QUEEN.

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I was out of the country for a couple weeks and because of this I missed the passing and funeral of a political friend and activist-ally: Jenny Ortiz-Bowman. Those of us who knew her well called her “The Queen”.  I knew of her long before I formally met her and worked with her in 1996. She was one of the many colorful people who played the Brooklyn political theater in the last half-century. 

The Gateway (Anthrax Nostalgia Edition)

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David Segal to be rehired?

This is certainly Councilman Rodriguez's right, but I have to ask, did I miss the part where Segal admitted that what he did was wrong?

By his refusal to say that throwing a burning rag into a building was wrong (Segal admitted only to it being ineffective protest), Segal has openly embraced the viewpoint that such acts of terror are morally justified.

ATTORNEY TERRY HINDS FORMALLY ANNOUNCES CHALLENGE TO ASSEMBLYMAN NICK PERRY

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Last night on a Brooklyn Cable Access Television (BCAT) program, attorney Terry Hinds formally announced his challenge to Assemblyman Nick Perry, for Brooklyn’s 58th assembly district. The date for this year’s state primary elections is still not known; but rumors abound that we will have an August election-date instead of the usual post-Labor Day September-primary. Jamaican-born Nick Perry has been the elected representative here since 1992, and has only faced three primary challenges during his long tenure.