A Billionaire with a Truly Bottom-Line Moral Code

Sam Pizzigati

Sam Pizzigati Editor, Too Much online magazine

Some advice for billionaire investment fund manager Tom Barrack: Don’t give any more lectures on morality. Last Tuesday, this long-time Donald Trump pal — and chairman of his inauguration — did a bit too much moralizing. Speaking in Abu Dhabi, Barrack called the hand-wringing over Saudi crown prince Mohammed bin Salman’s role in the savage murder of Washington Post columnist Jamal Khashoggi “a mistake.” After all, he noted, “we have a young man and a regime that’s trying to push themselves into 2030.” We ought not, Barrack added, try “to dictate” the Saudi “moral code.” The pushback would be quick and massive. On Wednesday, Barrack apologized, but didn’t, news reports noted, “retract praise for the crown prince.” One possible reason: Barrack’s investment fund has tanked of late, its share price down by over half. Barrack has raised over $1.5 billion in bailout aid from Saudi Arabia and the UAE. He may be hoping for still more.

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Sam Pizzigati edits Too Much, the online weekly on excess and inequality. He is an associate fellow at the Institute for Policy Studies in Washington, D.C. Last year, he played an active role on the team that generated The Nation magazine special issue on extreme inequality. That issue recently won the 2009 Hillman Prize for magazine journalism. Pizzigati’s latest book, Greed and Good: Understanding and Overcoming the Inequality that Limits Our Lives (Apex Press, 2004), won an “outstanding title” of the year ranking from the American Library Association’s Choice book review journal.

Posted In: Union Matters

Union Matters

A Few Hundred Million Good Reasons Not to Care

Sam Pizzigati

Sam Pizzigati Editor, Too Much online magazine

Millions of American families are still reeling from the aftershocks of the financial crash a dozen years ago. But a key architect of that debacle, Countrywide Financial CEO Angelo Mozilo, is feeling no pain — and no remorse either. In the decade before the crash, Mozilo took $650 million out of Countrywide, a hefty chunk of that just before the subprime mortgage scam Countrywide exploited started to implode. Earlier this month, Angelo described Countrywide as a “great company” at a conference appearance and declared subprimes as “not the cause at all” of the nation’s 2007-2008 financial wreckage. Added Mozilo: “Somehow — for some unknown reason — I got blamed.” The former CEO is acknowledging that all the blame did at one point bother him. And now? The famously always tanned Mozilo notes simply: “I don’t care.” 

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Every Worker's Right

Every Worker's Right