Legal Issues – education and deconstruction.com

In the Shadow of the White House

[Please note: The word “Featured” on the left side above was NOT inserted by this blogger, but apparently was inserted by WordPress, and it cannot be removed. NO post in this blog is sponsored.]

The Book of the Week is “In the Shadow of the White House, A Memoir of the Washington and Watergate Years 1968-1978” by Jo Haldeman, published in 2017.

As is well known, at the time this book was written, America was entering the Trump Era, some of whose aspects smacked of the Nixon Era. In addition, the author also could not escape writing with 20/20 hindsight, as almost fifty years had passed since her husband was implicated in the major historical event known as “Watergate.”

In October 1970, while backing his Republican party’s candidates at rallies during the midterm races amid expletive-shouting hecklers, Nixon said,

“The four-letter word that is the most powerful of any in the world is ‘vote.’ “

Strangely enough, in 1972, Nixon was reelected in a landslide due to low voter turnout– possibly due to influential propaganda and dirty tricks that discouraged or kept Americans from voting.

Bob Haldeman was the president’s advisor and lapdog, at his beck and call 24/7. He got the most face-time with Nixon as chief of staff, giving orders to underlings from wherever he was; it was not uncommon in the course of two weeks for the two to travel from Camp David to a foreign country to Key Biscayne in Florida (where Nixon had a residence) to another foreign country to New York City to San Clemente in California (where Nixon had another residence). Haldeman’s wife Jo and their four children sometimes accompanied them.

Nixon vacillated between: deep insecurities that required frequent consulting with his gatekeepers Haldeman, John Ehrlichman, and Henry Kissinger; and megalomania that led him to install a taping system in the Oval Office and Cabinet Room in February 1971. This, in an effort to record his administration’s every word and move, for posterity. He wanted to give his name undying fame. The listening devices of the two previous presidencies had been removed years before.

The author commented in her notes that in May 1974 (three months before Nixon resigned), “Although [Nixon] proposes national health insurance in a radio address, it goes nowhere and his public support continues to erode.”

The author’s husband was one of five defendants (there were many more) who were all tried together in a court of law for their roles in the Watergate scandal. Their cases dragged on through 1974.

The tenor of the times was such that alpha males with hubris syndrome populated the White House, Haldeman included. On August 6, 1974, he beseeched Nixon to pardon him and all his alleged Watergate co-conspirators (twenty-one of whom went to jail), and also to salve the leaders’ consciences– grant amnesty to all men who violated the Selective Service Act during the Vietnam War.

Read the book to learn Haldeman’s fate, and much more about the experiences of the author’s family during a particularly turbulent time in American history.

Confessions of A Wall Street Analyst

The Book of the Week is “Confessions of a Wall Street Analyst, A True Story of Inside Information and Corruption in the Stock Market” By Dan Reingold with Jennifer Reingold, published in 2006.

The author happened to become a telecommunications-industry stock analyst, hopping from one big-name investment bank to another. This, at the start of about two decades of an excessively deregulated, gravy train of greed on Wall Street: the early 1990’s. He described his job as requiring lots of reading and writing, and as having long, long hours. He got to travel around the world to meet his contacts, and gossip with industry competitors. The compensation he collected for doing so was obscene.

The U.S. government had just acted on a wave of anti-trust sentiment, so competitors were scrambling to game the situation. Telephones were going wireless, while their service providers were merging like crazy.

The author detailed the changes in the industry, including how it became corrupted by the usual suspects– greedy Wall Street workers. These included analysts and the departments that trade securities on behalf of their clients and their employers’ compliance departments who looked the other way on the LAWS against analysts’ getting inside information from the said departments.

For example, if the banking arm told an analyst that a certain company was a takeover target before information in connection therewith was publicly disclosed, the analyst could write a report recommending that his employer’s clients (which ranged from huge pension funds to little investors and everyone in between) buy its stock. That is one kind of insider trading.

In the mid to late 1990’s, the author witnessed various episodes in which one particular analyst at a competing big-name investment bank was manipulating the system. There was circumstantial evidence that he was receiving inside information on the stocks he was touting. Later on, one telecommunications company turned out to be not just “cooking the books” but scorching them. The resulting mess turned out to be the largest accounting-fraud scandal to that date.

These and other Wall Street shenanigans (that were bunched together in the course of a decade!) resulted in the usual harm to society and more excessive wealth for the wealthy; more specifically:

The perpetrators (the offending workers and their employers) got a “slap on the wrist” in the form of chump-change fines from regulators, while collecting excessively large fees for servicing the merger transactions and advising their clients on what to trade when– while admitting no wrongdoing;
The mergers resulted in massive layoffs of working-class people;
Taxpayers paid for the salaries of the regulators who bragged about how great they were in catching and punishing the few white-collar criminals they did nab; and
Unsurprisingly, the author retired before he got nabbed but he claimed his employment contract contained no pay-for-performance provision with regard to his employer’s investment-banking revenues.

Anyway, read the book to learn a boatload more about Wall Street’s goings-on in telecommunications from the 1990’s into the single-digit 2000’s, and the author’s career.

The Trading Game

The Book of the Week is “The Trading Game, A Confession” by Gary Stevenson, published in 2024. This blogger highly encourages the reader to peruse the entire “Wall Street” and Economics categories of this blog in order to gain a better understanding of financial matters and economics.

In March 2007, the 1987-born author began working on the Fixed Income Trading Floor at the Short Term Interest Rates Trading Desk in the Foreign Exchange section of Citibank in its London branch. He had grown up in a tough, poor neighborhood in East London. He beat the odds for someone of his demographic group, considering the fierce competition in both getting accepted to a prestigious university and getting a job in currency trading.

Stevenson nurtured an aspiration to make lots of money. Fortunately, his talent and hard work in mathematics allowed him to score high on standardized exams. He attended the London School of Economics where he rubbed shoulders with mostly male, wealthy elitists whose fathers gave them a leg up in life, and whose futures were almost guaranteed to be bright. At school, when he won a game involving hypothetical securities trading, Stevenson’s life turned around. For, he won an internship which turned into a career.

After a few lucky breaks and bold moves on his part, the author was just hitting his stride in work-experience when he happened to be at the right place at the right time to earn extremely large financial gains from a triple-whammy disaster. In March of 2011, about twenty thousand people died in Japan due to an earthquake, tsunami and nuclear meltdown of three power plants. Amidst the resulting financial turmoil and previous turmoil of the 2008 worldwide financial crises, Stevenson made a percentage of the millions upon millions of dollars he earned in currency trading for Citibank.

Stevenson alone in his department had been correct in gaming the situation. Everyone else had been wrong and they lost money. Nevertheless, he was still emotionally troubled. He bore two major similarities with Alan Turing– another genius: social dysfunctionality, and indifference to how he looked and what he wore.

Stevenson was one of the proverbial three kinds of people (geniuses in the minority)– the kind who knew what was happening and made things happen. The vast majority account for the other two kinds of people– brainwashed, unwashed masses who watched what was happening, and then still wondered what happened.

In the early 2010’s, the author came to the realization that there would NEVER be economic recovery of any financially-struggling countries in the European Union while the Swiss National Bank kept interest rates at or below zero. The other traders in his department optimistically kept repeating that interest rates HAD to rise sooner or later, because they had bet wrong.

But, the tiny percentage of the super-wealthy, super-powerful people of the world sought to maintain the then-status quo, because it made THEM even richer, and the poor, poorer, as the cliche goes. The income inequality of the world would eventually result in a slave-based economy (as existed in ancient times) all over again.

Read the book to learn much more of Stevenson’s personal and professional life, and his times. As is well known, the United States is one of the major economic superpowers of the world, and its politics are part and parcel of that. Here’s a little ditty on its momentary political situation.

LET THE BEST TEAM WIN

sung to the tune of “Let the River Run” with apologies to Carly Simon, BMG Gold Songs C’est Music and Tcf Music Pub Inc.

[Spoken: We’re all on edge,
waiting for the savior,
gaping with alarm
at the immature behavior.]

Let the best team win.
Let’s all peaceFULly watch the changes.
Come the new, new Washington.

Brilliant ideas rise.
The media lies, about, and smears them.
And celebs get themselves in your face.

It’s asking for the taking,
blaming, deep-faking.
Oh, Americans are aching.
We’re all on edge,
waiting for the savior,
gaping with alarm
at the immature behavior.

Through the hate and all.
It’s who we are:
Place a trail of desire
on the White House lawn.

It’s asking for the taking.
Just hold on now.
Democratic convention will be a show
you’ve never even seen in political history.

Oh, Americans are aching.
We’re all on edge,
waiting for the savior,
gaping with alarm
at the immature behavior.

It’s asking for the taking,
blaming, deep-faking.
Oh, Americans are aching.
We’re all on edge,
waiting for the savior,
gaping with alarm
at the immature behavior.

Let the best team win.
Let’s all peaceFULly watch the changes [watch the changes]
Come the new, new Washington.

The Rascal King

“He had a stake in leaving basic problems unsolved, the better to manipulate the frustration that meant votes to him.”

-written of James Curley– the Massachusetts politician who labeled the state’s Democratic convention as “crooked” when he wasn’t nominated for governor in June 1934.

The Book of the Week is “The Rascal King, The Life and Times of James Michael Curley (1874-1958), An Epic of Urban Politics and Irish America” by Jack Beatty, published in 1992.

In November 1874, Curley was born into a poverty-stricken family in Boston. He made politics his career. By 1884, organized crime among politicians had become excessive. A good-government group called the Mugwumps sought to return ethical behavior to politics. In Massachusetts they voted for Grover Cleveland rather than James G. Blaine. The former was the presidential candidate with the less dishonest reputation.

Additionally, Massachusetts copied the British in introducing a civil service system by which government workers were hired based on test scores, rather than patronage from politicians. However, the tests were (deliberately given) in the English language– not understood well by immigrants.

In 1902, Curley co-founded a men’s political club with his fellow Irish Catholics that competed with the previous local Party boss’s. They knew all the tricks for winning elections.

One trick consisted of camping out all night at the polling place so that the next day, election day, he and his cronies could get their candidates listed first on the ballot, where immigrant voters would be more likely to check their names. So, third-party candidates would do well to remind all voters repeatedly not to be trigger-happy– to scroll down on the ballot to see the names of candidates for whom they really want to vote.

A reelection trick his administration pulled was to mail cards bearing the alleged signatures of competing candidates of Curley, to voters in a district where numerous voters were to vote against him. Those cards listed the wrong polling location.

In 1914, Curley was elected mayor of Boston. He soon began living high on the hog, despite his low government pay. For instance, his mansion was renovated by sweetheart contractors. He traveled internationally on cruises for long stretches to the West Indies and Europe. In connection therewith, taxpayers paid for his and his family’s luxury transportation.

Curley claimed he was a victim of discrimination against Irish Catholics when his political rivals accused him of corruption. But, unsurprisingly, he was a hypocrite, as he encouraged scapegoating when it was politically expedient for himself.

In the 1930’s, Massachusetts’ Finance Commission investigated Curley for financial crimes. He had become such a powerful Party boss by then, he was able to fire troublesome members of the commission, and replace them with his allies. He did the same with the State Tax Appeal Board.

Curley’s two major accomplishments in his state consisted of creating (patronage) jobs, and beginning construction projects. However, starting with the Great Depression, Massachusetts began losing manufacturing jobs in textiles and shoes.

In June 1947, in one last desperate attempt to beg for the mercy of the court at a sentencing hearing for the criminal case against him, Curley’s lawyers recited a laundry list of medical problems from which Curley suffered. He was a very sick old man at age 72. But he ran for office again and again, anyway.

The author remarked that into the twentieth century, local politicians were able to get votes by handing out patronage jobs and financial assistance. But when the federal government began to administer programs to help the disadvantaged and senior citizens– such as Medicaid, Medicare and Social Security– local officeholders lost that power. The Reagan Era’s cuts to federal entitlements saw the local political bosses regain some of their power. That is one reason low-level politicians are fighting so hard against national healthcare!

Read the book to learn much, much more about Curley’s antics and adventures in various capacities during his long, long political career.

ENDNOTE: From the 1920’s into the 1930’s, some Americans suffered through administrations of at least two elected officeholders who became despots of an entire state: Huey Long of Louisiana, and James Curley of Massachusetts. As of 2020, a formerly elected candidate (Donald Trump) is attempting to become an all-powerful leader over the entire country (and the world).

But– unlike past leaders, Trump has yet to be fully punished for his numerous misdeeds, wasn’t shamed into resigning, and will never be shamed into behaving better. Fortunately, the nation’s economy is doing well enough so that he can’t blame a Great Depression on his successor.

The nation may have economically benefited from all this political fighting, as so many Americans in politics, the law courts, the media and the entertainment industry owe their jobs to it! Secondly, Trump began his political career late in life, during which aging is taking its toll on the functioning of his brain. Enough said.

Shadow

“… the isolated and powerful imperial presidency was over. The nation seemed to be falling in love with its new Midwestern president.”

-NOT January 2025, but August 1974. Regardless of where he (or she) is from, though, the absolute best American presidential candidate would have maximum life-experience, knowledge and wisdom, but still be lucid and sane.

The Book of the Week is “Shadow, Five Presidents and the Legacy of Watergate” by Bob Woodward, published in 1999. This primer on presidential power-struggles was written toward the end of the Clinton Era–prior to the historical revisionism and 20 / 20 hindsight of the resurgence of American presidential power.

President Jimmy Carter made a campaign promise that his administration was going to behave morally. Yet, in summer 1977, his budget director Bert Lance got in trouble for personal financial conflicts and hypocrisy. In 1978, Carter signed the Ethics in Government Act, some aspects of which turned out to be a can of worms for later presidents. Pursuant to the Act, an independent counsel was to be appointed to investigate illegal behavior of a president when there was probable cause. However, in the next two decades, overzealous, viciously vengeful, legally wily government officials abused their power to launch witch hunts. Any counsel appointed could never really be “independent.”

The Justice Department has the authority to investigate wrongdoing by a president. Nonetheless, the Department serves under the president, who is presumably considered innocent until proven guilty. But, most of the time, the president’s political enemies clamor for the administration to appoint the “independent” counsel (a prosecutor) whose job is to find wrongdoing.

By the summer of 1995, the above conundrum dogged president Bill and first lady Hillary Clinton. “The FBI couldn’t investigate itself. The White House was at the center, and the Justice Department also would have zero credibility investigating its own bureau or the White House.” “Independent” counsel Ken Starr twisted the Ethics in Government Act for his own purposes in instigating the tabloidy probes into Whitewater business transactions, the White House travel office activities, Vince Foster’s death, and later on, Bill Clinton’s sex life.

In May 1997, the Supreme Court unanimously ruled that a private party could bring a civil suit against a president still in office. Thus, the Paula Jones case could proceed. Even so, at that time, now-Supreme Court justice Brett Kavanaugh believed that Ken Starr was abusing his power as an independent counsel in maximally, mean-spiritedly probing the Clintons. Bill Clinton didn’t help his cause, though, by launching vigorous denials and counterattacks, instead of coming clean.

Anyway, read the book to learn of how post-Watergate presidents handled the changing political times in connection with presidential power amid increasing partisan hostility. As is well known, the more things change, the more they stay the same. Excesses reach a screaming crescendo; dissatisfaction reaches critical mass, and the people say, enough’s enough.

In order to boost their ratings (and profitability), the media incessantly teases Americans with propagandizing, incitement and phoniness. But, not to worry. When the nation is at its breaking point, there will be surprises. Again, DO NOT be fooled by Trump’s “new Nixon” act. Here’s what’s actually going on.

THE MINDS THEY ARE A-CHANGIN’

sung to the tune of “The Times They Are A-Changin’ with apologies to Bob Dylan.

Protect your history books YOU have at home,
beCAUSE revisionists around you have grown.
Stop fretting. Soon our government’s fate will be known.
If you vote, it’s democracy you’ll be saving.
It’ll be really exciting, you’ll see a new tone.