The California labor commissioner sees through the con:
The California labor commissioner has ruled that an Uber driver is an employee of the company, not a contract worker as Uber has insisted all its drivers are, setting up another battle between state regulators and the ride-hailing giant.
Uber, natch, will fight back, because where’s the fun in treating workers fairly? Remember, in the “sharing” economy, “sharing” goes in only one direction.
Much more at the link.
The Charlotte Observer’s Eric Frazier has a question for you:
Defendant A – A young con artist who cooks up a luxury home-buying scheme that helps him steal more than $75 million from investors and banks over seven years. It prompts one of the largest mortgage fraud investigations in U.S. history.
Defendant B – The CEO of what was once the nation’s fourth-largest bank. His aggressive pursuit of subprime mortgage assets helps precipitate the 2008 banking meltdown and the Great Recession. During the crisis, he conveys ownership of a $13.75 million Florida mansion to his wife and the firm manipulates its balance sheet to hide $50 billion worth of risky assets.
Follow the link for the answer.
Eric Alterman wonders about what’s left unsaid:
Take, for example, a recent story by Neil Irwin that appeared in The New York Times’s “Upshot” section, purported to be the paper’s most thoughtful and knowledgeable organ of political analysis. Irwin argues that Americans’ alleged disinclination to “soak the rich” is reflected in “the actual policies espoused by candidates for office and enacted by Congress.” When he notes that taxes on the wealthy have fallen in the past decade, he offers both a “liberal” and a “conservative” explanation for why this happened. Irwin and his editors don’t appear to think it worth mentioning that fewer than 1 percent of Americans contribute more than 80 percent of the campaign funding for the politicians who write these laws.
Read the rest.
Many years ago, Martin Mull hosted a parody late night talk show called Fernwood 2Night, purportedly the UBS network, “the network that puts you before the BS.” (It turned me into a confirmed Martin Mull fan.)
Now comes UBS bank, the bank that puts the BS before you.
Sergeant Schultz, you may remember if you are old enough, turned a blind eye to the antics of Colonel Hogan and his motley band, saying, “I know nothink! I see nothink!.”
Jonathan Freedland points out that this same defense is used by international banksters to deny culpability in the antics of their underlings in stealing from their customers, violating the public trust, and destroying national economies. A snippet:
In a way, the buck-passing has a logic. In an organisation such as HSBC, with 300,000 employees, it’s a Herculean task for one individual to know what they’re all up to. But that’s why these top jobs get Herculean rewards. The implicit deal for top chief executives and chairmen should be quite simple. Either you’re blessed with an extraordinary managerial talent that enables you to watch over so many people at once that you deserve these stratospheric sums of money – or you’re not, in which case you should be paid on a par with lesser mortals.
At present the financial uber-class expect to have the best of both worlds – all the rewards of being in charge without paying the price of responsibility. It’s an individual version of the injustice laid bare during the great crash: that while gains are privatised, losses are socialised. The bankers get the big bonuses when things go right, the taxpayers bail them out when things go wrong.
Catch-22. It’s the best catch there is.
Now, if that remedy could be extended to Wall Street banksters . . . .
Another one bites the dust. This casino is now out of business:
My father was banker. He had integrity, and, in his days, so too did banks; he was, indeed, the straightest shooter I have ever known.
He has passed, and so too has the integrity of banking. I suspect that, were he still with us, he would identify himself simply as an agronomist, as that was his field of study.
He would have been ashamed of what “banking” has become.