Who’ll Help America’s Hard-hit Gold Miners?

Jim Hightower

Jim Hightower Author, Commentator, America’s Number One Populist

These are hard times for America’s gold miners, who’re scrambling to get ahead, but seeing their pay dropping.

Take Bob Mercer, who’s been a top miner for years, but last year even Bob was down. He pulled in only $125 million in pay. Can you feel Bob’s pain?

Well, these are not your normal miners. They are hedge fund managers, digging for gold in the Wonderland of Wall Street. Indeed, if you divided Mercer’s pay in his “bad year” among 1,000 miners doing honest work, each would consider it a fabulous year. Nonetheless, hedge funds are almost literally gold mines, although they require no heavy lifting by the soft-handed, Gucci-wearing managers who work them. These gold diggers are basically nothing but speculators, drawing billions of dollars from the uber-rich by promising that they will deliver fabulous profits for them. But the scam is that Mercer and his fellow diggers get paid whether they deliver or not.

Their cushy set up, known as 2-and-20, works like this: (1) Right off the top, they take 2 percent of the money put up by each wealthy client, which hedge fund whizzes like Mercer keep even if the investments they make are losers; (2) if their speculative bets do pay off, they pocket 20 percent of all profits; and (3) hedge fund lobbyists have rigged our nation’s tax code so these Wall Street miners pay a fraction of the tax rate that real mine workers pay.

Last year, the 25 best paid hedge fund operators totaled a staggering $11 billion in personal pay – even though nearly half of them performed poorly. Meanwhile, Donald Trump – who promised last year to close that special hedge-fund tax break, is now promising to give an even bigger break to them. Guess who was one of Trump’s most generous funders last year: Bob Mercer.

***

Reposted from The Hightower Lowdown.

National radio commentator, writer, public speaker, and author of the book, Swim Against The Current: Even A Dead Fish Can Go With The Flow, Jim Hightower has spent three decades battling the Powers That Be on behalf of the Powers That Ought To Be – consumers, working families, environmentalists, small businesses, and just-plain-folks. Twice elected Texas Agriculture Commissioner, Hightower believes that the true political spectrum is not right to left but top to bottom, and he has become a leading national voice for the 80 percent of the public who no longer find themselves within shouting distance of the Washington and Wall Street powers at the top. He publishes a populist political newsletter, “The Hightower Lowdown.” He is a New York Times best-selling author, and has written seven books including, Thieves In High Places: They’ve Stolen Our Country And It’s Time To Take It Back; If the Gods Had Meant Us To Vote They Would Have Given Us Candidates; and There’s Nothing In the Middle Of the Road But Yellow Stripes and Dead Armadillos. His newspaper column is distributed nationally by Creators Syndicate.

Posted In: Allied Approaches, From Jim Hightower

Union Matters

Get to Know AFL-CIO's Affiliates: National Association of Letter Carriers

From the AFL-CIO

Next up in our series that takes a deeper look at each of our affiliates is the National Association of Letter Carriers.

Name of Union: National Association of Letter Carriers (NALC)

Mission: To unite fraternally all city letter carriers employed by the U.S. Postal Service for their mutual benefit; to obtain and secure rights as employees of the USPS and to strive at all times to promote the safety and the welfare of every member; to strive for the constant improvement of the Postal Service; and for other purposes. NALC is a single-craft union and is the sole collective-bargaining agent for city letter carriers.

Current Leadership of Union: Fredric V. Rolando serves as president of NALC, after being sworn in as the union's 18th president in 2009. Rolando began his career as a letter carrier in 1978 in South Miami before moving to Sarasota in 1984. He was elected president of Branch 2148 in 1988 and served in that role until 1999. In the ensuing years, he worked in various roles for NALC before winning his election as a national officer in 2002, when he was elected director of city delivery. In 2006, he won election as executive vice president. Rolando was re-elected as NALC president in 2010, 2014 and 2018.

Brian Renfroe serves as executive vice president, Lew Drass as vice president, Nicole Rhine as secretary-treasurer, Paul Barner as assistant secretary-treasurer, Christopher Jackson as director of city delivery, Manuel L. Peralta Jr. as director of safety and health, Dan Toth as director of retired members, Stephanie Stewart as director of the Health Benefit Plan and James W. “Jim” Yates as director of life insurance.

Number of Members: 291,000 active and retired letter carriers.

Members Work As: City letter carriers.

Industries Represented: The United States Postal Service.

History: In 1794, the first letter carriers were appointed by Congress as the implementation of the new U.S. Constitution was being put into effect. By the time of the Civil War, free delivery of city mail was established and letter carriers successfully concluded a campaign for the eight-hour workday in 1888. The next year, letter carriers came together in Milwaukee and the National Association of Letter Carriers was formed.

More ...

There is Dignity in All Work

There is Dignity in All Work