Sunday, December 23, 2007

A Christmas Necktie Tale

Every few decades around the holiday season we go through the closet to cull unfashionable neckties. It's a thankless job, but federal law requires men to do it. (This is part of the same statutory scheme making it a felony to rip that tag off your mattress.)

"What's a necktie?" the young'uns are asking. Well, it's a piece of cloth with no known practical function this side of Alex Comfort's Joy of Sex. In the Dark Ages, about 30 years ago when dinosaurs roamed the Earth, every male in America was required to wrap a tie around his neck in the morning before heading off for work, in case he needed a napkin at lunch or suddenly had to sneeze.

There was a time when all fathers, husbands, and uncles could count on getting at least one new necktie for Christmas. Some unfortunate wretches even received two or three. Of course, this was before T-shirts were invented.

The tie almost always came wrapped in a shallow, rectangular box that left no doubt about its contents. Nothing else could fit inside that distinctively shaped box except the dreaded Christmas Necktie. Certainly not the tackle box or that new sand wedge you really wanted.

"Oh, what a surprise," the man was expected to exclaim as he opened it. To lend verisimilitude to this fib he would add, as if the thought had just occurred to him, "You know, I really needed a new tie." Men of a certain age know these words better than the lyrics to Deck the Halls.

At the first opportunity, all new neckties would be transferred to the deepest recesses of a storage closet never to be seen again. Before that, however, Emily Post or some other government official mandated that every adult male in the nation had to wear his new Christmas tie at least once -- no matter how hideous it might be.

We were reminded of those ancient customs the other day when we noticed by the neolithic calendar on our wall that it was time once again to sort through our neckties and see how many we could safely throw away. For most men, every excursion of this kind into the necktie closet is like a bad trip on the dangerous drug of nostalgia. What we found this time brought flooding back memories of someone else's very special Christmas tie.

Back in the '70s, after the Watergate scandal when Gerald Ford was serving out Nixon's remaining term as president, the only U.S. president never elected to national office made an otherwise-routine appearance before the White House press corps during the holidays. It must have been in late December or early January of 1975 or '76.

The next day's news reports mentioned that Ford stepped up to the presidential podium wearing a "predominately" brown necktie he had received for Christmas. One sharp-eyed reporter immediately noticed that the brown swatch hanging down Ford's shirt-front was, in fact, a joke tie cleverly masking a blatant obscenity.

Remember, this was the 1970's, a decade known to modern historians as "the '60s." Blatant obscenities were the order of the day.

According to our mental transcript of the event the reporter asked, 'Where did you get that tie, Mr. President?'

'It was a gift from my children,'
President Ford replied proudly.

'Sir, did you notice what the tie says?'


This puzzled the president. 'What it says?' he asked doubtfully, looking down his chest. 'It's just a design. Nice, don't you think?'

The reporter doggedly persisted. "Mr. President, isn't that an obscene word woven into your tie?"

"Not that I know of,"
the president replied.

The press corps twittered. A few guffawed.

This may strike the modern reader as unkind and disrespectful of the White House Press Corps, but you must remember the times. It was before Fox Cable News. Beltway journalists were still flushed with their success in ferreting out the ugly truths behind that "third rate burglary" at the Watergate. They had not yet learned the avuncular art of dutifully transcribing any ol' thing a president might say, regardless of its patent ridiculousness, and repeating it in print or on television with utter credulity.

How times have changed. The press back then recognized reality even when the president wouldn't. They knew what all men at home that day knew, too, and probably for the same reason. That particular Christmas season every man in America, even professional journalists, had received the same damn gift tie.

Having thoroughly confounded the president -- though it must be admitted he was an easily bewildered man -- the White House reporters moved on to a different topic, and that was the end of that.

Newspapers the next day reported on the press conference. Several mentioned that President Ford had worn "a Christmas tie" his children had given him. Many published photos of the president, although taken at such a distance that the only thing to be seen clearly was the faint suggestion of squiggly diagonal lines. But a number of more intrepid reporters, as we recall, went so far as to add that embedded in the tie was "a common four letter word" about which the president seemed oblivious.

There are perhaps ten thousand web sites that offer old neckties for sale. Google them and you will be astounded. Amazingly, however, none -- at least, none that we could find -- displays President Ford's Christmas joke tie. Perhaps it's now hanging in the back of some archival closet at the Gerald Ford Presidential Library.

Our own copy of the same tie inexplicably surfaced the other day while we were rummaging through a rarely used closet at home. It's a good guess that all over the United States this Christmas season other men will be doing the same. After all, it's that time of the century: get rid of those vintage neckties, men. Make room for new.

Click the tie to read it, if you dare. But don't take it personally. Soon, you'll be seeing thousands of them for sale on Ebay.

CLICK IMAGE TO READ

Dispatch from the Culture War Front

Stephen Colbert has won the Associated Press' annual editors' award for "Celebrity of the Year." He beat out J.K. Rowling and Al Gore for the honor of being named the person who "had the biggest impact on pop culture in 2007."

It's a dead certainty that Al Gore is relieved, although he probably did draw more votes than Brittney and Kynne Spears combined.

The news was announced in a globe-spanning dispatch by the AP's culture beat reporter, Jake Coyle. But guess who's quoted to explain that vote to the rest of the world? Pensacola's own Julio Diaz, editor of the Pensacola News Journal's Weekender magazine and Santa Claus fan.
"Colbert is more than an entertainer, he's a force of nature," said Diaz. "He's influenced the way we look at the news and even the way we speak. Whenever a major news story breaks, one of my first thoughts is what Colbert's spin on the story will be."
Now, the Florida Panhandle is just about as far as you can get from the center of the Cultural Universe. So you have to wonder: How it is that New York City's Jake Coyle turned to Pensacola, Florida's Julio Diaz for an explanation?

Could it be that whenever a major cultural happening occurs in America, one of Jake Coyle's first thoughts is, "I wonder what Julio Diaz is thinking about this?"

Saturday, December 22, 2007

Bah, Humbug Day

This was bound to happen. And it did -- yesterday.

Friday, December 21, 2007

Circuit City Breaker

Firing the most experienced sales employees and hiring new ones at minimum wage didn't quite work out like they expected, did it?

But that's okay. The executives still will be rewarded with "millions of dollars" in cash incentives and bonuses:
Executive vice presidents could claim retention awards of $1 million each, and senior vice presidents could get $600,000, provided they stay with the company until 2011, according to a filing late Wednesday with the Securities and Exchange Commission.
* * *
"The purpose of the award is to ensure the stability of the company's leadership team," the company said.

You see, money is a necessary incentive for white collar execs. Not so much for those worker bees who deal with the customers and actually sell things. Pay them the same as a burger-flipper.

Heads, the executives win. Tails, the workers lose.

Birthday for Zappa

Today would have been the 77th 67th birthday of the eminently quotable father of Moon Unit, Dweezil, Ahmet Emuukha Rodan, and Diva Thin Muffin Pigeenay. [Thanbks to a commentator for the correction on age]. His family's home page is celebrating the day here.

Who other than he could have composed serious classical pieces about a vacuum cleaner salesman and Naval aviation art, and reaped great reviews nearly 20 years after his death?

Give a listen.

Sex, Lies and Parent Tapes

Bill Clinton drew his definitional lines in the sand over "sex." George W. Bush draws his over the word "torture" to exclude Torquemada's tortura del agua. But Mitt Romney is unique: he has parent tapes playing in his head that re-define the infinitive "to see," as in "I saw the Patriots win the World Series."

Is it possible anymore for Americans to elect a president who isn't delusional?

Thursday, December 20, 2007

Annals of Privatization - Chapter XXVIII

UPDATED BELOW

From Florida's Annals of Privatization-No-Matter-What:

The headline:


The lede:
"As an audit committee attempts to unravel how Florida became so heavily invested in subprime-tainted securities, the state's new investment chief is considering leaving such future decisions to professionals."
The story:
"Bob Milligan, interim director for the State Board of Administration, told Cabinet members Tuesday he believes all of Florida's short-term investments -- from hurricane insurance to operating cash for the state's prepaid college program -- might be better handled by private managers."
The context: Privately owned Wall Street investment bank Lehman Brothers on its own buys billions of dollars of high-risk mortgage derivatives, expecting to make a killing. So do JP Morgan Chase and Bear Stearns, among other Wall Street gurus.

When these investment geniuses at the privately owned Wall Street firms finally figure out they've made a whopper of a mistake -- so huge, in fact, they might lose everything -- what do they do? They hire recently-become private investment consultant Jeb Bush to help them palm off all that bad paper on the Florida Local Government Investment pool so it will take the loss, not them.

Even after the crap privately-owned Lehman Brothers palmed off on Florida was headed firmly south, the Wall Street firm had the temerity, or greed, to try sinking their hands deeper into the state's pockets. "
It suggested that Florida could buy more structured finance commercial paper from Lehman Brothers for the state pension fund, " Bloomberg reports.

But not all Florida local governments
were fooled. Salaried money managers who work for local governments like Orange County and Pompano Beach saw what was happening and promptly withdrew their money from the state fund.

The conclusion: Florida's new governor and his minions say, 'To avoid debacles like this in the future, let's turn over all of our money to Wall Street gurus like Lehman Brothers and JP Morgan.'

What's the thinking here? To avoid burglaries, hire a thief?

Nonsense. Hire those bureaucrats in Orange County and Pompano Beach. They know how to protect public money.

UPDATE
12-20 am

A correspondent asks how our own local governments did during the run on the state fund.

The answer is better than those investment geniuses at Bear Stearns, Morgan-Stanley, and Merrill Lynch & Co. And, a lot better than the state of Florida. As Michael Stewart reported late last month --
Escambia and Santa Rosa counties and the Escambia School Board are among scores of local government agencies statewide that have withdrawn more than $16 billion from Florida's Local Government Investment Pool over the past three weeks because of qualms about its stake in mortgage-backed investments.
* * *
The Escambia School District had $165 million invested in the fund and withdrew $30 million last week and another $100 million on Wednesday — the maximum amount allowed.
As for the City of Pensacola and Pensacola Junior College, not so much:
The City of Pensacola and Pensacola Junior College are among the entities whose investments were frozen after Thursday's action. The city has more than $3.9 million invested in the fund, and PJC's stake tops $5 million.
On the other hand, Lehman Bros. did pretty well, too. The old fashioned way: by screwing their customers.
Lehman, the fourth-biggest U.S. securities firm by market value, boosted 2007 revenue by limiting losses from subprime mortgage-related securities and lifting income from fund management, equities and investment banking. The firm said earlier this week that Richard Fuld, Lehman's chairman and chief executive officer, was granted a $35 million stock bonus for 2007, up 4 percent from last year.
If there was any justice, Patty Sheldon and Ernie Magaha also would have gotten a $35 million bonus.

Wednesday, December 19, 2007

Unboxing the XO

The XO computers, first made available in the U.S. a few weeks ago with the "Buy One, Give One" program, have begun arriving at the homes of early buyers. Take a look.


There's still time to order -- one for you and one for some child in a third world village, though not time for Christmas. This worthy program has been extended through December 31. Check it out right here.

Superficial Campaign Coverage

It's no secret that journalists are scared to death their jobs may be headed in the same direction as bicycle repairmen after the horseless carriage was invented. One reason may be that so many readers frequently have to ask, 'Why, oh why, can't we have a better press corps?'

Eric Boehlert has some thoughts.

Tuesday, December 18, 2007

The Bad Bush Brother

Neil Bush has always been considered the "bad" Bush brother. Now it looks like he wasn't the only one.

Even Forbes Magazine, hardly a Bush-bashing fish-wrapper, wants to know "Where Was Jeb?"

Jeb Bush Shagged Florida

Atrios has what looks very much like the goods on Jeb Bush, courtesy of Bloomberg News:
What Stipanovich, 58, hadn't told his boss, Florida Chief Financial Officer Alex Sink, was that Lehman Brothers was the same firm that had sold the state fund $842 million of mortgage- backed debt in July and August. Those securities defaulted within four months, and totaled more failing debt than any other bank sold the state, Florida records show. "At the time, I never knew it was Lehman Brothers that actually sold us these investments,'' Sink says.

Sink also was unaware that former Florida Governor Jeb Bush, who incorporated Jeb Bush & Associates in February 2007, a month after completing his second term, had been hired as a consultant to Lehman Brothers in June. Bush is the brother of President George W. Bush.
* * *
"Lehman and the other big players in the market decided they didn't like this stuff in their own accounts,'' Sink says. "Where did they drop it and who did they dump it to? It looks questionable to me.''

Joseph Mason, a former U.S. Treasury official and now a finance professor at Drexel University in Philadelphia, says Wall Street had few takers for its subprime-tainted debt. "When they couldn't sell it to more-sophisticated investors, they found less-sophisticated investors like local government investment pools,'' he says.
More from the Bloomberg article:
Stipanovich, who ran the State Board of Administration which manages $184 billion, was hired in 2000. Two of his three personal references came from then-Governor Bush's top aides.

"An outstanding individual capable of significant contributions to the board,'' Sally Bradshaw, Bush's chief of staff, wrote about Stipanovich.
* * *
On June 14, Bear Stearns announced it would liquidate two of its hedge funds, holding more than $4 billion in assets, because their subprime holdings were collapsing. * * *

At about the same time, Bush and his new company won a consulting contract from Lehman Brothers, according to Lehman spokesman Randall Whitestone, who declined to say how much Bush is being paid.
* * *
On July 2, Lehman Brothers sold Lombardi $250 million of one-month commercial paper from a structured finance company called KKR Atlantic Funding Trust yielding 5.37 percent, state records show. KKR Atlantic was rated A-1+ by Standard & Poor's and Prime-1 by Moody's.

It matured, and on Aug. 2, Lehman Brothers sold Lombardi $200 million of one-month KKR Atlantic paper yielding 5.53 percent. It was downgraded to default by Fitch Ratings on Oct. 8, and Not Prime, or junk, by Moody's on Oct. 29.

From July 3 to July 9, Lehman Brothers sold the pool $153 million of commercial paper from another structured finance company called Ottimo Funding yielding 5.36-5.38 percent.

Lehman Brothers spokeswoman Cohen says there's no link between Bush and Lehman's sale of debt to Florida. "Bush is a member of the Lehman Brothers private equity advisory board and his company has been retained by the firm for consulting and advisory services,'' she says. The former governor declined to comment.
* * *
Craig Holman, of Washington-based nonprofit public interest group Public Citizen, disputes Lehman Brothers' view. "That defies credibility,'' says Holman, who lobbies for ethics in government. "It's a clear conflict of interest. Bush is a consultant to the company selling bad investments to the same agency on which he served as a trustee until January.''

It's past time for Mr. Jeb Bush to disclose the details of his contract with Lehman Brothers.

DEPT. OF AMPLIFICATION

Dodd's Thank-you

Florida First in Nation!

"Florida held the No. 4 spot last year, but vaulted over Georgia, Michigan and Illinois to claim the lead."

But it's not what you think.

Monday, December 17, 2007

Telecom Consumer Question

Tom Ferrero's news dispatch for Reuters about Chris Dodd's success in forcing Democrats to reconsider their position on the FISA telecom immunity bill includes this handy summary:
Nearly 40 lawsuits have been filed accusing AT&T, Verizon and Sprint Nextel Corp of violating U.S. privacy rights.
Which inspires us to wonder, Is there any alternative for Northwest Florida residents to one of the above-named tele-com corps, when it comes to a land line and cell phone?

Because all things considered, we'd rather not do business with any of them.

Dodd Prevails on Telecom Immunity

Majority Leader Sen. Harry Reid late tonight confirmed he will "pull" from the Senate floor the FISA bill that grants retroactive immunity to telecom companies like ATT. Firedog Lake has an early take on the courageous stance of Senator Dodd.

So does TPM Election Central:
Senator Chris Dodd had planned to filibuster the bill this evening, and it didn't look as if the other Senators running for President -- Hillary, Obama, Biden -- would lend support for the filibuster in person. Now the question's moot -- until January.

Why did Reid pull the bill now? "Sen. Reid refused to jam this bill through the Senate because he believes it’s an important bill that deserves to be debated thoroughly," a Reid aide told us.

But Dodd aides expressed satisfaction, saying that the Connecticut Senator's filibuster threat was what stopped the bill for the time being. They vowed that he'd be back to fight it again in January.

Some politicians waffle. Some just talk a good game. Some actually get up, leave the campaign trail, and do good for the Nation. Smart voters discern the difference.

Contribute to Dodd as we did? Click here.