In a piece published on his site Park Strategies, former New York Senator Alphonse D’Amato gave his two cents worth (or $800 billion’s worth, for that matter) on the latest series of bailouts for the nation’s struggling banks. Citing President Barack Obama’s quote that the economic troubles were caused by a “legacy of mismanagement and misplace priorities and “an era of profound irresponsibility,” Alphonse D’Amato went further, saying that it was “outright corruption” that should be blamed as well.

Alphonse D’Amato expressed grave concerns that the government was only throwing money at the problem without a cohesive strategy. He also shows little sympathy for the struggling banks. “When I analyze this country’s bailout history thus far, I wonder why we continue to be so concerned with saving the rich guy,” Alphonse D’Amato writes, “Enough is enough. Let them go into bankruptcy! For the little guy, the “moms and pops” of America who run your local deli, or dry cleaner, or hardware store, there is no bailout for them.”

Alphonse D’Amato is fairly harsh in his criticism for bailout recipients Citigroup and AGI. “Make no mistake about it,” Alphonse D’Amato writes, “The Citigroups and AIG’s of the world sold worthless mortgages and financial products … They are the greediest of the greedy. Their pompous executive teams, supposed great financial wizards, have made hundreds of millions in compensation.” Alphonse D’Amato goes on to say the actions of these companies “bordered on criminality” and expressed his disappointment that so many financial institutions did not protect the free market system and the small American investor.

But Alphonse D’Amato didn’t just put the blame solely on greedy financiers. He is also angry at how rating agencies such as Moody’s, Standard & Poor’s, Fitch, and others dropped the ball in the failure to see the sub-prime mortgage crisis. “This travesty could not have taken place without the total complicity of America’s rating agencies,” he writes. “To date, I have not read or heard about any comprehensive investigation relating to how these services … could have survived when they were stamping junk with a triple-A rating.”

Alphonse D’Amato is surprised there is no public outcry over the abject failure of these rating agencies. “This deception of the American people happened because the agencies did not insist on elementary standards for those who bought homes,” he says.

Lastly, he wants the government to stop using the American taxpayer as an “ATM machine” every time large institutions face failure due to incompetence, corruption, and greed. “Why save the banks and corporate America when small business owners, the mom and pop stores, the centerpiece of our communities, are going under? Who is bailing them out?” Alphonse D’Amato writes.

Alphonse D’Amato urges a comprehensive investigation of the rating system and its agencies, so that dishonest business practices will never again get a stamp of approval from trusted sources. He feels any bailout money should be going to small business and investors, not the large institutions. “If we are not helping and bailing out the average homeowner, the little guy on Main Street, why should we be bailing out the muggers of Wall Street?”

That’s a good question, indeed!

Article Source: Park Strategies

Additional Resources on Alphonse D’Amato:

• Alphonse D’Amato: If we raise taxes, we will lose jobs and talent.
• Alphonse D’Amato is a proud Republican, but he respects his Democratic colleagues. In this piece, he refutes the “Republicrat” label.
• Poker Players Alliance Chairman Alphonse D’Amato speaks about the future of online poker.
  

An article from the Baltimore Business Journal entitled “Constellation Energy CEO Shattuck Makes Case for MidAmerican Deal to Employees” discusses how Mayo Shattuck, CEO of Baltimore-based Constellation Energy, is urging its employees to support the firm’s pending merger with MidAmerican Energy Holdings Company, an energy production and distribution firm owned by Warren Buffett’s Berkshire Hathaway.

Mayo Shattuck claims that the $4.7 billion-deal would be “in the best near- and long-term interest of Constellation Energy” as well as for the firm’s shareholders. With the $26.50 per-share offer and what with the economy going through difficult changes over the past months, Mayo Shattuck finds it “fair, reasonable and the best alternative for shareholders.” Moreover, Shattuck has faith in what MidAmerican can do, citing that the firm earlier invested $1 billion in Constellation Energy and that it struck some deals, providing Constellation Energy with up to $350 million worth of additional liquidity resources.

Mayo Shattuck III is the CEO and Chairman of Constellation Energy, a Fortune 125 Company involved in the production, trade, supply, and distribution of energy. Mayo Shattuck earned his BA from Williams College in 1972 while he got his MBA from Stanford University Graduate School of Business in 1980. In 2000, he received an honorary Doctor of Public Service degree from the University of Maryland, Baltimore County. From 1985 to 1991, he served as Managing Director of Alex. Brown & Sons; and from 1991 to 1997, he became the firm’s President and Chief Operating Officer and Director of Alex. Brown Inc., which merged with Bankers Trust in 1997. From 1997 to 1999, Shattuck served as Vice Chairman of Bankers Trust Corporation, which merged with Deutsche Bank in 1999; and from 1999 to 2001, he became Co-Chairman and Co-Chief Executive Officer of Deutsche Banc Alex. Brown. In February 2001, he was appointed Chairman of the Board of Deutsche Banc Alex. Brown where he left in October 2001 to serve as President and CEO of Constellation Energy Group. He also became the firm’s Chairman of the Board in July 2002.

Article source: Bizjournal.com

Official site of Constellation Energy.

Official portal for Warren Buffet’s Berkshire Hathaway investment group.

Conde Nast Portfolio.com profile of Mayo Shattuck.

Mayo Shattuck is a board member of the Walters Museum.

Mayo Shattuck will not take yearly bonus and takes full responsibility for Constellation Energy.

Mayo Shattuck’s wife Molly Shattuck is a mother of three and a professional cheerleader.

A press release obtained from Business Wire titled “Fairchild Announces Appointment of Philip S. Sassower as Chairman of the Board” reported that Philip S. Sassower has been elected as the Chairman of the Board of the Fairchild Corporation, replacing Jeffrey J. Steiner. The article further points out that Sassower and the firm’s Senior Executive team will work together as the company directs its efforts in maximizing shareholder value as well as in seeking better opportunities.

The press release also cites Philip Sassower’s career portfolio including the various corporate positions he held such as CEO of Xplore Technologies Corp.; CEO of SG Phoenix LLC; CEO of Phoenix Enterprises LLC; Board Chairman of Communication Intelligence Corp. and Board Chairman of Newpark Resources.

Fairchild Corporation is engaged in the design and sale of motorcycle protective clothing, helmets, and an assortment of technical accessories for motorcyclists; and in aerospace distribution offering aircraft parts and services to customers around the world.

Article Source: Business Wire

Official site of The Fairchild Corporation

Hoover published a profile of Fairchild.

General Motors, which ranked 4th in the 2008 Fortune 500 list, is appealing to Congress for up to $10 billion in emergency loans. News and rumors have been circulating: whether Washington will require GM to focus on hybrid cars, or whether there will be major changes in the management team, and whether all of this would be enough to save the American auto maker. In the midst of all the turmoil, true leaders are made.

Rick Wagoner has been dealing with extensive criticism ever since he became GM’s CEO in 2000 and Chairman in 2003. The most recent below-the-belt attacks are the talks about making him the “sacrificial lamb” for the company to acquire the salvation loans.

Other weaker professionals would have buckled under the weight of the pressure and rumors. Rick Wagoner, however, is anything but weak. Undeterred, Wagoner has no plans of throwing in the towel just yet. Instead, he and his dedicated management team returned to Washington with drastic plans to cut costs.

GM’s vice president of Global Product Development Robert Lutz believes that Wagoner is the best CEO he has ever worked for because of the “enormous transformations” he has made at GM. Time and time again Wagoner has proven his worth as one of the most versatile and agile CEOs of our period. After all, when all the rest were immobilized, it was him and his team who came up with the “Keep America Rolling” campaign right after the 9/11 terrorist attack. Only men of such strong character go through fire and come out not charred, but polished and tempered.

George Richard Wagoner, Jr. graduated from Duke University and finished his Masters Degree at Harvard Business School. His entire career as part of General Motors spanned from making a name for himself from the Brazil subsidiary, to the North American division to finally becoming President and CEO. Under his leadership, several major improvements in the company’s operations were undertaken such as reducing structural costs by $9 billion dollars with another $5 billion to go.

Article Source: Freep.com.

Shares for GM rise as task force visits Detroit.

Unions alone cannot save GM.

GM stocks fall to 1933 levels.

What differentiates a champion entrepreneur from an ordinary businessman? The list may be extensive, but there is one trait that proves itself invaluable during a crippling crisis like the one the U.S. is experiencing. The leader must have the vision to see opportunity amid the obstacles. No wonder Samuel J. Palmisano of International Business Machines (IBM) has been heralded as an exemplary CEO in this time of financial maelstrom.

Small companies and giant empires alike are all on the defensive: retrenching thousands of employees, preserving the cash, minimizing risks. Big Blue, however, is brimming with excitement in their anticipation of a stronger offense.

The confidence Palmisano exudes as a representative of IBM lies in the company’s core competencies. He believes that all the problems we find ourselves in are direct results of faulty underlying networks. Possibly not quite having gotten past the election high, he reiterates the need for change now more than ever. This is where IBM comes in.

Positioning the company as the go-to guy for infrastructure overhaul, Palmisano believes that IBM will make a bigger global difference in the coming years. This is evident in the endeavors he undertook in the past to prepare for the crucial role he believes the company is going to play. One such course was to make the difficult decisions to let go of their marginal businesses and reallocate the resources to research and development.

For instance, a considerable amount of $6 billion was budgeted for the R&D department’s “Smarter Planet” initiative. This technological breakthrough involves placing sensors into humongous networks (i.e. electricity grids) and analyzing the massive amount of data that flows through them. Other recent investments of IBM all involve data acquisition, analysis and consulting features.

In the more than 35 years of working with IBM in different corporate positions, Palmisano has been a constant figure of direction for the company. He has been shaping IBM’s future through strategies such as managing the shift from pure technology to outsourcing business. In March 2002 he became the CEO of IBM, and then assumed office as its chairman on January 1, 2003. In 2006, he became part of the board of directors of Exxon Mobil. His reputation earned him the title of Honorary Chairman for the 2008 National Engineers Week.

Article source: Money.cnn.com.

Official IBM biography of Sam Palisano.

Sam Palisano shares the best advice he ever got.