Huffington provides chapter and verse when it comes to exposing corporate corruption, taking on Lay, Koslowski, and an entire pantheon of CEO greedmongers. Her penchant for research and knowledge of economics serve her well as she examines some of America's leading corporations, detailing how and when they went wrong and how the general citizenry has suffered as a result.
Since Huffington wrote her book she has been diligently continuing her pursuit of economic justice. As a candidate for governor in the current California Recall she has served the public interest by identifying Arnold Schwarzenegger for who he really is rather than what he purports to be. She pointed out his meeting with Kenneth Lay of Enron. When questioned about her comment, The Terminator pled memory loss.
Huffington also has used her star power and current candidacy to reveal just how and why California's Governor Gray Davis has been used as a scapegoat by being blamed for an energy crisis and subsequent debt disaster he sought to prevent. Meanwhile the champion of California deregulation, former Governor Pete Wilson, masterminds the campaign of Arnold, who is committing himself to reform and terminating California's economic problems. Arianna will devote much time between now and the election to this disparity. Her book skillfully reveals her game plan for economic justice.
Mrs. Huffington, gives names of CEO's that have been convicted, ones investigated, outlines what they did to amass their fortunes. Mrs. Huffington (who is a Rhodes Scholar), explains corrupt methods, used by many of these CEO's, in a such plain terms, anyone should be able to understand.
How did you lose your 401K, you pension, why did your job go overseas? Let me quote from the excellent book:
[quote]
"Since the beginning of the new century [2000], over 570 public companies--including most famously Enron, Global Crossing, Adelphia, WorldCom and Kmart--have declared bankruptcy."
"Nearly $9 trillion in market value has been lost on Wall Street. But while the average American has suffered staggering losses in 401(k) and pension value, and many have struggled to stay afloat, the average CEO has added millions to his personal wealth. In corporate America, apparently, nothing succeeds like utter failure."
"At Enron, after tens of billions of dollars vanished--including over $1 billion in employees' pension funds---and over 4,000 employees had been laid off, Enron's "Kenny Boy" Lay strolled out the door with over $100 million."
" In his last three years at Tyco, Dennis Kozolwski received $466.7 million in salary, bonuses, and perks. He did such a bang-up job that since the summer of 2001, Tyco has closed or consolidated 300 plants and laid off 11,000 workers."
"When Bernie Ebbers resigned from WorldCom--claiming he didn't understand that WorldCom was defrauding investors of $7 billion--and received over $44 million in pay; His severance package promised him $1.5 million a year for the rest of his life, and the use of the WorldCom jet for 30 hours a year. And medical benefits. And life insurance. And a desktop computer."
Source-"Pigs At The Trough"-Arianna Huffington;copyright-2003; ISBN 1-4000-4771-4;-page-38-9
Do you wonder why the price of prescription drugs remain high?
[quote]
"The pharmaceutical industry spent a whopping $177 million on lobbying in just the last two years. And of their 623 registered lobbyists, more than half are former members of Congress or former government employees. Which is nice, because if you're a young politician selling off your vote and your integrity, it's easier if there's a seasoned veteran involved who was once in your shoes."
"Secretary Donald Rumsfeld was formerly CEO of drug giant G.D. Searle, and White House Budget Director Mitch Daniels was a senior vice president at Eli Lilly."
Source-"Pigs At The Trough"-Arianna Huffington;copyright-2003; ISBN 1-4000-4771-4;Page-139
Everyone should read this book.