UNDERNEWS
Undernews is the online report of the Progressive Review, edited by Sam Smith, who covered Washington during all or part of ten of America's presidencies and who has edited alternative journals since 1964. The Review, which has been on the web since 1995, is now published from Freeport, Maine. See main page for full contents

1 Comments:
The dirty little secret is that it's not really "his own money" in the sense the average person would think. Sure, legally it is his money. But amassing that kind of wealth is not generally done through genuine creativity or personal contribution. Bloomberg is one of the "in crowd". These are the nice folks who get let in on soon-to-skyrocket IPO stocks. The land soon to be purchased by developers. And so on. It was acquired so easily with such minimal risk and in such quantity that its expenditure is not such a big deal. And, importantly, it is easily replaced. He is at the crossroads of insider information. Making stinkpots full of money is not difficult if one has an inside track on future happenings. It's like shooting fish in a barrel. And he is not alone. Bloomberg's buddies will make sure his treasury is replenished. And, they do it in a putatively legal way, so there's no legal smoking gun. Is the whole game rigged? Of course it is!
Those of you who are reading this blog know how hard it is to make a dollar. Just recognize that this is not the case for Bloomberg. His spending $102 million tells us how easy it is for him to "earn" such a sum and not how much he wants the job.
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