Tag Archives: Wall Street Journal

Three Pillars of Conservative Power are Teetering

New Orleans        I’ll be honest I’m enjoying reading every line of this.

Page 6 of the Wall Street Journal had another article on the high-life high jinks of Wayne LaPierre, the chief muckety-muck of the National Rifle Association (NRA). Earlier they had reported on some $270,000 worth of clothing that LaPierre had charged to a vendor.  Today, they revealed that the vendor was Ackerman McQueen, the Oklahoma City based public relations and media contractor for decades to the NRA, and a company with whom LaPierre had historically been thick-as-thieves.

The other shoe that dropped was not related to haberdashery, but travel.  A letter was leaked that Ackerman McQueen had sent the NRA board about $240,000 worth of travel expenses that LaPierre had charged to the company’s credit card without adequate documentation.  The junkets included trips to the Bahamas and Italy.  All of this could be grist for the mill in the New York State investigation about the NRA’s tax status of course.  It also indicates the wounds are still bleeding in the internal disputes within the NRA over the falling out between LaPierre and his forces on the board versus the Ackerman McQueen allies.  Hey, LaPierre had their credit card for a reason, and I would bet money that none of these half-million bucks worth of expenditures would have every hit the light of day if they hadn’t fallen out.  Meanwhile LaPierre was being paid $1.4 million a year according to the 2017 IRS 990 filing for the NRA with the IRS.

That’s not all of the good news.  The scourge of workers and people-first policies in the name of business, the Chamber of Commerce, was front page news in their fall from influence, if not grace.  Executive salaries are up of course but lobbying expenditures and corporate donations are down in recent years.  Reportedly Trump wouldn’t shake their lobbyists hand, because they didn’t back him in the 2016 race.  Furthermore, his wild-right roll has made their traditional business-first conservationism passé.  Republican congressmen and senators were routinely quoted saying their emperor has no clothes anymore.  Meanwhile they are having an internal shake up as well, because they were out of step with big corporate power on social issues like gender and sexual discrimination.  They even have had to revise their vote-scoring system to boost the scores of some of the hated Democrats.  Their boss, Thomas Donahue, made $6.6 million in 2017, travels in a chauffeured SUV in DC with a two-man security detail, flies the chamber’s private jet to his Florida vacation home, and brings his doctor along on overseas trips.

Nonprofit DC lobbying is great work if you can get it, or so it seems.

All of this was in the businessman’s daily news source, Rupert Murdoch’s The Wall Street Journal.  The editorial and op-ed pages can still peel paint off a car, but the rest of the book is burning up the track.

Old line conservatives and Republicans of all stripes must be screaming in the middle of the night when central pillars of their house like the Journal, the NRA, and the Chamber of Commerce are showing deep cracks and roof cave-ins, leaving them few of the usual places to hide.


Please enjoy Kris Kelly’s Birthplace.

Thanks to KABF.


No One is Stopping Banks from Ripping off Soldiers at US Bases

Fort_Hood_Natl_Bank-e1389936052936New Orleans    You find some dangerous things going along the side road on the way by Susie’s house, but I’m going to take you there with me to see some scary rip-offs of everyone, but especially soldiers and other members of the armed forces.

There was a report on the top ten financial institutions that make their money as a percentage of deposits from various banking fees like converting overdrafts to short term loans and the like.  Keep in mind that overdrafts are always big business for banks who scooped in $32 billion in 2013 along on fees for bouncing checks.  The drift of the storyline of the Wall Street Journal’s review of federal filings of banks was that five of the top ten banks reporting the highest level of bank fees as a percentage of deposits from 2010 were housed in Walmart stores, led by Woodforest Bank.  And, they were right, since obviously Walmart is aiding and abetting a ripoff of its largely low-and-moderate income customers, which I have to heartily condemn.

But, they were silent on another part of the story, which was equally predatory, and directed at vulnerable soldiers, which is likely the real story here:  the top ten banks making most of their money on these up to 300% interest rates on fees were almost always cheek to jowl with military installations and directly, if not solely, catered to the military.

Of the top ten, likely nine of the banks were designed to cash in on their proximity to military bases and the soldier’s syndrome of long months and short money.  So, yes, Fort Sill National bank, has a lot of stores in Walmarts and so does City National Bank and Trust Company, but both are headquartered in Lawton, Oklahoma, the home of Fort Sill.  First Convenience Bank is also one of the top ten on fee income and is number two in Walmart locations, but it joins Fort Hood National Bank in the number nine position on the list as both being headquartered in Killeen, Texas, which of course is the home base of Fort Hood.  Number seven and number ten on the list are lighter on doing business at Walmarts, but calling themselves the Armed Forces Bank of California located near all of the naval bases in San Diego and the Armed Forces Bank headquartered in Fort Leavenworth, Kansas, says it all doesn’t it?   Nor do I have much doubt about the militarily oriented predatory business model of Academy Bank headquartered in Colorado Springs, undoubtedly named in honor of the nearby Air Force Academy.   So, yes, perhaps Sunbank in Phoenix is just a small outfit with a huge amount of its money coming from fees, but I would bet money a map search puts them near the gates of Luke Air Force base.  Just as I would not be surprised at this point if Southern Commerce Bank in Tampa isn’t right up against MacDill Air Force base or the other military outfits from naval to boots on the ground in Tampa.  So, yes, Woodforest National Bank, based in the upscale Woodlands suburb of Houston is a bloodsucker for the Walmart crowd with branches in over 700 Walmarts, but the rest are putting dollar sign targets on the backs of uniformed military around the country and ripping them off right and left.

We have a Military Lending Act passed several years ago which was supposed to protect military from predatory loans, but both the top brass and Defense Department, Walmart, and Congress is allowing predatory financial institutions like these banks and others to deliberately, and almost exclusively, target military and military institutions to reap their ill-gotten gains.  How can Congress or the Consumer Financial Protection Bureau allow this?  This is when we have to wish Elizabeth Warren was a Senator in her birth state of Oklahoma or in Texas where she lived and taught so long, and not Massachusetts, but surely there are plenty of elected officials willing to stand up for the rank and file military against the banks?  Or, am I kidding myself again?