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I am a high school English teacher in an urban high school in Oklahoma City. I am a member of the American Federation of Teachers, Local 2309. I am a Democrat, a union activist and a worker for social justice. I also am a Christian (Congregationalist). I play chess and coach our school chess team.

Sunday, September 28, 2008

Sarah Palin Took Gifts Got Special Considerations as Mayor

The former home of Alaska Gov. Sarah Palin on Wasilla Lake in Wasilla, Alaska, is seen Wednesday, Sept. 24, 2008. Two months before Palin's tenure as mayor ended in 2002, she asked city planning officials to forgive zoning violations so she could sell the house.
(AP Photo/Al Grillo)

from the Associated Press

Though Sarah Palin depicts herself as a pit bull fighting good-old-boy politics, in her years as mayor she and her friends received special benefits more typical of small-town politics as usual, an Associated Press investigation shows.

When Palin needed to sell her house during her last year as Wasilla mayor, she got the city to sign off on a special zoning exception — and did so without keeping a promise to remove a potential fire hazard.

She gladly accepted gifts from merchants: A free "awesome facial" she raved about in a thank-you note to a spa. The "absolutely gorgeous flowers" she received from a welding supply store. Even fresh salmon to take home.

2 comments:

Dr. Jan said...

What's your take on the bail out?

Lynn Green said...

I like what "The Daily Kos" offered as an alternative:

DRAFT

No BAILOUTS Act

Bringing Accounting, Increased Liquidity, Oversight and Upholding Taxpayer Security

1. Require the Securities and Exchange Commission (SEC) to require an economic value standard to measure the capital of financial institutions.

This bill will require SEC to implement a rule to suspend the application of fair value accounting standards to financial institutions, which marks assets to the market value, no matter the conditions of the market. When no meaningful market exists, as is the current market for mortgage backed securities, this standard requires institutions to value assets at fire-sale prices. This creates a capital shortfall on paper. Using the economic value standard as bank examines have traditionally done will immediately correct the capital shortfalls experienced by many institutions.

2. Require the Securities and Exchange Commission to restricting naked short sells permanently

This bill will require SEC to implement a rule that blocks naked selling, selling a stock short without first borrowing the shares or ensuring the shares can be borrowed. Such practices many times harm the companies represented in the sales and hurt their efforts to raise capital. There is no economic value produced by naked short sales, but significant negative effects.

3. Require the Securities and Exchange Commission to restore the up-tick rule permanently.

This bill will require SEC to implement a rule that blocks short sales without an up-tick in the market. On September 19, 2008, the SEC approved a temporary pause of short selling in financial companies "to protect the integrity and quality of the securities market and strengthen investor confidence." This rule prevents market crashes brought on by irrational short term market behavior.

4. "Net Worth Certificate Program"

This bill will require FDIC to implement a net worth certificate program. The FDIC would determine banks with short-term capital needs and the ability to financially recover in the foreseeable future. For those entities that qualify, the FDIC should purchase net worth certificates in these institutions. In exchange, these institutions issue promissory notes to repay the FDIC, counting the amount "borrowed" as capital on their balance sheets. This exchange provides short term capital, with not cash outlay. Interest rates on the certificates and the FDIC notes should be identical so no subsidy is necessary.

Participating banks must be subject to strict oversight by the FDIC including oversight of top executive compensation and if necessary the removal of poor management. Financial records and business plans should be subject to scrutiny while participating in the program.

In 1982, Congress approved a program, known as the Net Worth Certificate Program, that allowed banks and thrifts to apply for immediate capital assistance. From 1982 to 1993, banks with total assets of $40 billion participated in the program. The majority of these banks, 75%, required no further assistance beyond the certificate program.

5. Increase the FDIC Insurance limit from $100,000 to $250,000.

The bill will require the FDIC raise its limit to provide depositors confidence that their money is safe and help eliminate runs on banks which are destabilizing to the industry.