2001: the largest bankruptcy to that date in US history was filed. 10,000 people lost their jobs. The Crooked E 2003 starring Brian Dennehy & Christian Kane & Mike Farrell & Shannon Elizabeth & Cameron Bancroft & Nancy Anne Sakovich & Natalie Brown & Ambert St Pierre et al, director Penelope Spheeris, CBS January 2003, opening commentary
April 1, 2001: Enron stock: $55.70. ibid. captions
Enron’s the wild west. ibid. boss bloke to hero
Traded thousands of partnerships to hide the debt but in the end it wasn’t enough. ibid.
Any half-arsed diligence will dig up can after can of worms. ibid. boss bloke to hero
They were all a part of it … I call it goddamned greed. ibid.
We are the bad guys. We are the criminals. ibid.
As right now you’re all laid off and you have thirty minutes to clear out. ibid. boss
I realise that there are some businessmen who feel only they want to be left alone. That government and politics are none of their affairs. That the balance sheet and profit rate of their own corporation are of more importance than the worldwide balance of power or the nationwide rate of unemployment. But I hope it’s not rushing the season to recall to you the passage from Dicken’s Christmas Carol in which Ebenezer Scrooge is terrified by the ghost of his former partner Jacob Marley. And Scrooge appalled by Marley’s story of ceaseless wandering cries out, ‘But you were always a good man of business, Jacob!’ And the ghost of Marley is laid bound by a chain of ledger books and cash boxes replied, ‘Business? Mankind was my business. The common welfare was my business. Charity, mercy, forbearance, benevolence were all my business. The dealings of my trade were but a drop of water in the comprehensive ocean of my business.’
Members and guests of the Foreign Estate Chamber of Business, whether we work in the White House or the State House or in a house of industry or commerce, mankind is our business. And if we work in harmony, if we understand the problems of each other, and the responsibilities each of us bears, then surely the business of mankind will prosper. And your children and mine will move ahead in a secure world and one in which there is opportunity for them all. John F Kennedy
The market matches demand and supply better than the planners do. It responds more easily to changing fashions and needs. It is rather good at getting rid of unsuccessful enterprises. Shirley Williams, Politics is for People
Can we actually suppose that we are wasting, polluting, and making ugly this beautiful land for the sake of patriotism and the love of God? Perhaps some of us would like to think so, but in fact this destruction is taking place because we have allowed ourselves to believe, and to live, a mated pair of economic lies: that nothing has a value that is not assigned to it by the market; and that the economic life of our communities can safely be handed over to the great corporations. Wendell Berry, November/December 2004 Orion magazine
While free markets tend to democratize a society, unfettered capitalism leads invariably to corporate control of government. Robert Kennedy
It is the unpleasant and unacceptable face of capitalism, but one should not suggest that the whole of British industry consists of practices of this kind. Edward Heath, re Lonrho affair
The summer of 1976 was one of the hottest on record. Berkeley Square in Mayfair became infested by a plague of caterpillars. They got everywhere even inside the Clermont Club. One of the few Clermont members left in London that summer was James Goldsmith … Goldsmith was suing the satirical magazine Private Eye. Adam Curtis, The Mayfair Set III: Destroy the Technostructure, BBC 1999
He [Goldsmith] would be used as a battering ram to break down the old system of power that had ruled America for fifty years. The conscious shaping of society by a corporate and political elite would be destroyed by people like him and replaced by the blind force of the markets. ibid.
Ronald Reagan had come to power at a moment of economic crisis. But he promised a dramatic regeneration of the country’s fortunes. But not by government which he blamed had led America into the chaos. His solution was to give power away to Wall Street and to the financial markets. He wanted them to find a way to regenerate America. ibid.
Investors were falling over themselves to invest in junk bonds. But to [Michael] Milken they were more than just a way of raising money. Junk bonds were a powerful weapon with which to challenge the established power of Wall Street. ibid.
The big corporation was at the heart of American life. It was far more than just a way of making money. The idea of the corporation had been born fifty years before out of pressure from politicians. They had wanted to find a way of protecting America from the growing chaos of the free market. ibid.
Goldsmith and Milken now set out to take over the technostructure. They would do it by borrowing billions of dollars with the promise that they would repay vast interest. They were confident they could do this because hidden away within the giant corporations was fantastic wealth which they could unlock and sell off. ibid.
It was the reconstruction of America by the power of the market. ibid.
A patrician elite who had run America for fifty years. ibid.
Downsizing became one of the most important factors fuelling a boom in the American stock market. Every time the raiders sacked managers and workers their share price soared, and in turn that pushed the bull market even higher. As the takeover boom grew, millions of workers were downsized. Whole towns were decimated. ibid.
But Goldsmith was beginning to suffer from delusions of grandeur: he forgot that he was no more than a creature of the banks. And having taken over control of industry from the state, he decided he now had the power and the money to take over foreign policy as well. And the first thing he decided he would do was undermine the Soviet Union. Goldsmith believed that the growing anti-nuclear movement in the West was completely controlled by the Soviet Union; so he and a number of right-wing tycoons set up a private organisation to undermine the peace movement. Goldsmith was going to privatise Western Intelligence. Goldsmith’s main target was the World Peace Council, an innocuous and ineffectual organisation. ibid.
Goldsmith’s belief that he was powerful was a fantasy. The men who really had the power were the bankers. The men who really had the power were the bankers. They were using Goldsmith’s bullying nature as a weapon to break down the corporations. But the banks themselves were about to fall from grace. And Goldsmith would be left helpless and exposed. ibid.
The New York attorney [Giuliani] revealed that the takeover movement was riddled with corruption. ibid.
But the revelations of corruption started by Boesky kept growing. They now spread to Britain. As in America, the Guinness scandal exposed a network of illegal share-dealing, but unlike America, only four men were convicted. Evidence of a much wider system of corruption was quietly buried. ibid.
5,000 miles away in the Mexican jungle … He was Tiny Rowland and he too had been marginalised by the on-rush of the economy. Rowland believed that the Conservative Party had been corrupted by the boom. Both these men [Rowland and Goldsmith] wanted vengeance for their loss of power. And both now set out to destroy the Conservative Party. And they would be joined by a third vengeful tycoon who had been cast aside: Mohamed al-Fayed. Adam Curtis, The Mayfair Set IV: Twilight of the Dogs
Tiny Rowland was doing the same in Africa: he was taking over the old British-owned companies that had once dominated the empire. Rowland used ruthless methods to build a vast industrial empire; this included bribing the new rulers of independent Africa. They were methods that shocked the merchant banks in London. ibid.
The Conservatives’ boom had turned sour. It had led to inflation and industrial violence. And in November the Arab oil price rise pushed the market over the edge. It fell further than in the crash of 1929. The politicians now turned on the tycoons. When Rowland’s corrupt methods were revealed, Edward Heath publicly called him ‘the unacceptable face of capitalism’. And Goldsmith was now seen as a greedy spiv who had torn British industry apart to make himself a fortune. ibid.
The bankers not the politicians would change Britain. ibid.
Rowland knew that he had been stopped because of his corrupt past. He was furious because to him it was the height of hypocrisy. Rowland knew that underneath the new shiny enterprise culture there was a growing mass of corruption, corruption on a far grander scale than anything he had indulged in. ibid.
Fayed paid MPs to defend him in Parliament … The lobbyists found it easy to buy MPs, not just because politicians were greedy but because increasingly they were disillusioned. They knew that power had shifted from parliament to the City of London. ibid.
Currency markets decided to take on the British government. They deliberately set out to force John Major to devalue and to leave the Exchange Rate Mechanism. It was to be a defining battle over who now really controlled Britain’s economy – the markets or the government. ibid.
‘There’s a divorce between the interests of major corporations and of society,’ ibid. James Goldsmith, television interview
1997: The Labour government gave away its power and the markets rewarded them. Money did not flee from London as it had done when previous Labour governments had been elected, and the boom continued. ibid.
Financial and political corruption on a huge scale … Those who ran many of America’s corporations were faking profits on an enormous scale … Despite the growing evidence of corruption, the Clinton administration portrayed the boom as something revolutionary. It was a genuine democracy of the market place in which everyone at all levels of society was benefiting. But this was completely untrue. Adam Curtis, The Trap II: The Lonely Robot, BBC 2007
Horst Mahler had been born in what was now East Germany. His father had been a fervent Nazi and an anti-Semite … They knew that many of those in charge of the country had been senior members of the Nazi party. But no-one talked about it … Horst Mahler and other radicals began to think that the problem was far deeper than just individual Nazis. That maybe the whole Nazi system had also survived and was hiding behind the facade of modern capitalism. They argued that the very system of industrial rationality and bureaucratic control that had made the Nazi state so efficient had simply mutated. It had been taken up by the victors, above all by America, and was now being used to run the new global capitalism and the multinational corporations that were ruthlessly exploiting what was called the Third World. Anything that stood in the system’s way was bombed or burnt. Adam Curtis, Can’t Get You Out of My Head II: Shooting and Fucking are the Same Thing, BBC 2021