His considerable portfolio reflects his identity as a Texas oilman and a friend to oil-rich Saudis.
Research assistance was provided by the Investigative Fund of the Nation Institute.
Let's not begrudge Dick Cheney his $36 million income last year.
Sure, it dwarfs the puny $744,682 reported by the President, but George
W. Bush represents old money, and he knows better than to be too showy,
particularly when you're running for office as a Joe Six-Pack kind of
guy. Better to roll over the income from inherited money into
Cheney didn't have time for such accounting niceties. Bush caught him
right in the middle of a tax year with that Vice President nod, and
remember, Cheney was only supposed to be advising Bush on the best choice
for Veep. How was Cheney to know he'd be forced to recommend himself as
the most qualified?
Still, just because he had become Vice President didn't mean he had to
take a vow of poverty. As Cheney told CBS News at the time, "I'd like not
to give away all of my assets to serve the public." And why should he,
since there's no law limiting the assets of federal office-holders or any
requirement that they give up their acquired wealth? Cheney had only to
look as far as Bush, who merely put his in a blind trust, no questions
Huge financial assets are now the norm for leaders of our
representative democracy, and it wasn't unexpected that the mostly
wealthy members of the Senate recently voted rich people like themselves
an enormous tax cut, albeit not as large as the one Bush wanted for
himself and his pals.
Cheney's assets are only at risk of taxation if he wants to leave a
huge amount to his heirs without paying additional taxes. Soon, even that
will no longer be a problem because Bush and Cheney are sensitive to the
unfairness of the estate tax to ordinary people like themselves, and they
want to eliminate it.
What was at issue during the campaign was not Cheney's assets or his
income but his future stock options in Halliburton Co. These being tied
to the rise and fall of Halliburton stock, presented a potential conflict
of interest because, as Vice President, it was conceivable that he could
influence stock prices. Under considerable pressure, Cheney decided to
donate those stock options to charity, but he was left with a bit more
than a hair-shirt.
Even after taxes, Cheney cleared more than $20 million in 2000. If the
Bush tax cut had been in effect last year, Cheney would've saved another
couple of million, to which he obviously feels entitled.
Don't forget, Cheney was playing catch-up after years in the public
sector, first as a congressman and then as Defense secretary. As it
turned out, he only had about five years in the private sector to cash in
his chips, and he didn't really know much about the energy business. When
he hired on to serve as the CEO of an oil services firm, he knew he would
have to justify the big bucks he was getting paid.
Fortunately for him and Halliburton, it all worked out in the end.
For the Texas-based Halliburton, there initially was some concern.
Only two years ago, with the company's stock floundering, the board of
directors chastised Cheney for the company's poor performance. But then
came the presidential election, and those same directors must have
figured they had died and gone to heaven after Cheney got the Veep nod.
That's when the board of directors turned around and rewarded him with an
incredibly lucrative severance package providing the bulk of his reported
$36 million income in 2000.
Can you blame them? Most of Cheney's working hours last year were
devoted to seizing the White House for the most avidly pro-Big Oil
presidency in US history, and servicing Big Oil is what Halliburton Co.
is all about. That and construction projects around the world that an
anti-environmental Administration now seems all too eager to facilitate.
Quite an impressive record for an executive who was just learning the
business. They knew the guy would be good; after all, as a congressman he
had one of most pro-industry voting records. And it was Defense Secretary
Cheney who had made the decision to privatize logistical support
facilities for the military, which gave Halliburton's subsidiary, Brown &
Root, huge construction contracts for the US military at bases
throughout the world.
Of course, as the former Defense secretary who'd saved Kuwait, where
Halliburton has huge contracts, Cheney was already known to be an
effective player. But how could Halliburton have known Cheney would be
this good? Not only did he help elect another Texas oil guy as President,
but if you look at the short record of the Bush-Cheney Administration,
when it comes to opening the environment for energy exploration, even
that most pristine area in Alaska, these guys know no limits.
Indeed, they must be guffawing down in Texas to have two good old boys
running the White House without a scintilla of shame. It's been oil money
It's cherry blossom time in Washington, DC, and there's no better
place to retreat from the lobbyist feeding ground that is called the US
Congress than the Franklin Delano Roosevelt memorial. The stench of the
trough recedes, and the optimism of spring is restored as one wanders
down the beautiful Cherry Walk along the Tidal Basin to absorb the words
of a president who cared so deeply about putting government at the
service of all.
At the Capitol, the avarice of the over-represented rich and powerful
is on sickening display as their lackeys rush to pass the current
President's plans to stuff the pockets of their kith and kin. This is a
President who never learned that it's possible to be a leader born of
privilege and yet be absorbed with the fate of those in need.
Not so Roosevelt, a true aristocrat whose genuine love of the common
man united this country to save it during its most severe time of
economic turmoil and devastating world war. At the memorial, his words,
cut in granite, are a stark reminder of how far greed has taken us from
the simple but eloquent notion of economic justice that sixty-four years ago a
President dared embrace:
"The test of our progress is not whether we add more to the abundance
of those who have much; it is whether we provide enough for those who
have too little."
Does George W. Bush not know there are tens of millions in this
country, many of them children, who have too little? Is it conceivable
that he believes the best way to serve them is a tax cut whose main
purpose is to add to the abundance of the super-rich? We may no longer be
the nation that Roosevelt saw as one-third "ill-housed, ill-clad,
ill-nourished," but we are uncomfortably close.
Rich people can be progressive, as Roosevelt so admirably
demonstrated, but only when they step out of their own too-comfortable
skins, a feat Bush the Younger has yet to attempt. Roosevelt, like Bush,
was raised by servants, but for FDR they became the constituency he most
Objecting to Bush's feed-the-rich policies is not class warfare, as
GOP reactionaries claim, but rather a rational attempt to save capitalism
from its worst excesses. That's why more than 800 wealthy Americans, led
by Warren Buffet and Bill Gates Sr., have risen to decry the proposed
repeal of the estate tax, which would further exacerbate class
differences based on accident of birth.
Even more obscene is the Bush administration's attempt to blame
environmental safeguards for poverty when it's the poor who are stuck
with toxic land and foul water. Roosevelt was ever mindful, as this
administration isn't, that it's counterproductive when economic crisis is
used as an excuse to rape the environment. In his message to Congress on
January 24, 1935, Roosevelt warned: "Men and nature must work hand in hand.
The throwing out of balance of the resources of nature throws out of
balance also the lives of men."
That was said in the midst of the country's deepest economic
depression, yet now we have the sight of our presumed leader smashing
environmental safeguards when faced with the prospect of a mild
Finally, what Roosevelt and his saintly wife, Eleanor, brought to
Washington, and which Bush seems bent on denigrating, is a respect for
government as an indispensable ally to our betterment. At the FDR
memorial, one is overwhelmed by the breadth of Roosevelt's achievements
in putting the power of the government at the service of the people.
Projects that transformed this nation, ranging from the Tennessee Valley
Authority, which brought electricity to vast darkened swaths of this
nation, to the Works Progress Administration, which treated artists not
as a suspect and subversive cadre but rather as an indispensable source
of light in the bleakest of times.
There was no rural hovel or city ghetto beyond the reach of FDR's
government. When Roosevelt died, I was a young kid living in a Bronx
tenement being raised by a family of often unemployed workers, until
Roosevelt became our salvation. Millions like us, of all ages, poured
into the streets at the news of FDR's death, crying from love but also
from fear that the man who had stood between us and the abyss was no
longer our President.
Secretary of State Colin Powell, who lived a few subway stops from my
neighborhood, and who was in my class at the publicly funded City College
of New York, has written in his autobiography that he and his family felt
the same way about Roosevelt. Maybe he should take his boss down to the
FDR memorial some quiet night to consider a new role model.
Time to ease up on George W. So what that he tore up the Kyoto
agreement, which had been painstakingly hammered out among 100 nations in
an attempt to control global warming. Bush doesn't know any better, and
why should he, since he never seemed to think that there was a world out
there worth visiting, let alone saving.
Here's a guy born with credit cards in his cradle, enough to take him
anywhere in the world, first class, who nevertheless pointedly refused to
go. Even kids without any money manage to scrape up a few bucks and go
see the world, but not young George, who satiated his curiosity about
foreign lands with a few beer busts down in Mexico.
Heck, this fellow is so partial to sleeping in his own bed that during
the campaign his handlers had to cajole him into making appearances
outside of Texas. A state that is, the then-governor would tell his
out-of-state audiences, the most perfect place in the world. His bold
plan for the nation is to make it "a greater Texas."
What makes Texas perfect for Bush is that they have gas and oil
profits there, which paid for Bush's run for governor and the presidency
and made his Vice President and other key players in his Administration
very, very rich. Nothing can be allowed to cut into those profit margins,
especially those environmental extremists who are always talking about
clean air and harmful emissions.
Sure Bush is for clean air--as long as it doesn't hurt oil company
profits. Why, when the black smoke in his hometown of Odessa got so nasty
that you had to turn on your headlights in the daytime, Gov. Bush went so
far as to politely ask the big oil companies to come up with a plan to
regulate themselves. They're still working on it.
What he would not buy, as he made clear in the presidential campaign,
is that there is some sort of "greenhouse gas" effect already at work
changing the world's climate in ways that all those alarmists say will
prove disastrous. Yes, it's true that as part of his successful campaign
strategy of conning the center and not frightening the Naderites, he did
pledge to enforce limits on carbon dioxide emissions. So he lied. Big
deal. At least it wasn't about something important, like sex.
Greenhouse gases are not important to Bush because all you have is a
bunch of scientific geeks with all their studies, such as the recent one
by the United Nations' Intergovernmental Panel on Climate Change, which
concluded that such emissions have "contributed substantially" to global
warming. But our President still is not convinced, and that's all that
matters now, thanks to a weird and dubious election.
Anyway, no matter what those scientific studies show, Bush is not
about to let other countries tell us--the United States of America!--what
to do. So what that our 5 percent of the world's population accounts for 25 percent of
its greenhouse gases--on a per capita basis twice that of Western Europe.
Evidently the toxic Texan wants us to be No. 1 in everything, including
Bush is impervious to the argument of other industrialized nations,
which recognize that, being the source of most of the damage, they must
take the lead in repairing it while also setting an example for more
impoverished nations. The response to Bush's position from our
traditional allies has been withering, as typified by France's
environment minister, who termed Bush's actions "completely provocative
and irresponsible." The heck with them if they can't take a joke.
Bush's typically fractured response to the torrent of foreign
criticism was breathtakingly insular: "We will not do anything that harms
our economy. Because first things first are the people who live in
America." Bush must believe that some sort of divine intervention will
preserve the United States as the ice cap melts and the seas rise.
Perhaps this is where the corporate greed faction of the GOP finds common
ground with the party's religious right.
It's sad that party moderates, led by Environmental Protection Agency
chief Christie Whitman and Secretary of State Colin Powell, have not been
able to bring Bush the younger up to speed on this issue. And a pity that
Bush doesn't even listen to William K. Reilly, the EPA administrator
during the first Bush presidency, who urged George W. to at least abide
by the 1992 international convention to combat global warming, which his
But Bush the younger is so steeped in the ideology of Big Oil that he
obviously cannot think clearly about environmental issues. The mind,
particularly of a president, is a terrible thing to waste. But when it
comes to saving the environment, George Bush does seem uneducable.
Well, John, it's nice to have you back again.
Your colleagues all paid close attention when
You cast all those aspersions on this house.
If only George W. Bush were content to merely market nights in the
Lincoln Bedroom or issue some questionable pardons, the public would be
much better off. But no, the new President has taken the art of selling
White House access to an unprecedented level, with disastrous
consequences for millions of Americans.
While the media remain obsessed with trying to prove that the Clinton
Administration was on the take from corrupt fat cats, the Republicans
have unashamedly turned over the federal government to the very
corporations that purchased the dubious Bush electoral victory.
MBNA, the world's biggest credit card dispenser, which hooks your kids
with teaser rates that can quickly balloon to usurious proportions, is
about to get the bill ending bankruptcy protection for little people that
it had in mind when it led the Bush campaign contributor list.
The big corporate givers are all lined up with wish lists in hand.
"There is no longer any countervailing power in Washington; business is
in complete control of the machinery of government," former Labor
Secretary Robert Reich concluded recently.
In less than two months, the Administration has reversed workplace
protection for repetitive stress injury, betrayed Bush's campaign promise
to curtail industry carbon dioxide emissions that cause global warming
and revved up plans for Arctic drilling. For all of his belief in a free
market, the President used the club of the state to force mechanics at
Northwest Airlines back to work.
Not that congressional Democrats are without blame. As the bipartisan
support for the bankruptcy bill demonstrated, corporate contributions are
as compelling as they are pervasive.
Bush has indicated he's eager to sign this atrocious bill--an
identical measure was vetoed by President Clinton--which strips away a
century of protection for small debtors. No longer will holders of
unsecured debt, who average $22,000 a year in income, be given a fresh
start. Under this bill, such debtors who file for bankruptcy will not
have their debt eliminated under the easy-to-use Chapter 7 protection of
the Bankruptcy Code but will be forced to file a repayment plan under the
more rigorous Chapter 13. That places this unsecured debt on the same
level as all other claims requiring payment, such as child support and
alimony, leaving divorced spouses and their children competing with banks
for a claimant's paycheck.
At the same time, Congressional Republicans refused to accept any
amendments restraining the marketing of credit cards or the regulating of
usurious interests rates charged. These largely unscrupulous banking
practices that prey upon the young and gullible, with billions of mailed
solicitations a year, is what often leads people into bankruptcy.
What in God's name is going on? The Bible warns against these money
handler who charge usurious rates: "Let the exacting of usury stop" is
commanded in Nehemiah, where the word "usury" is applied to loans among
Israelites bearing a mere 1 percent interest. On a more secular note, the
California Constitution had placed a 10 percent limit on interest, but that has
been watered down by court decisions.
By those historical standards, the current average charge of 18 percent on
credit cards, often rising more than 24 percent, certainly qualifies as
"exorbitant," to use Webster's definition of usury. Indeed, the common
practice of the banks would seem to fall under the category of criminal
loan-sharking, but just try to find a prosecutor with the guts to
classify a leading bank as organized crime.
The analogy with loan-sharking is valid, given that both credit card
companies and gangsters loan money to people who have no means of
repayment. The gangsters compel repayment with the threat of physical
force, and banks will now have the legal intimidation of the courts.
Because Clinton vetoed this legislation, the banking industry weighed
in heavily for Bush in the last election. MBNA employees accounted for
$240,000 in donations to Bush, compared to $1,500 to Al Gore. The bank's
chairman hosted a $1,000-a-plate dinner for Bush, and the bank
contributed a nifty $100,000 to the Bush inaugural festivities.
Financial institutions, which gave Republicans $26 million in the last
election, have been rewarded with quick passage of the bankruptcy bill
that Clinton rejected. The big difference this time around is that Bush
has already stated that he will sign the bill, so there is no pressure on
Congress to build in even the most minor consumer protections.
This year alone, a million Americans, many of them young people
suckered into financing their education by maxing out their credit cards,
will attempt to use the bankruptcy court as a second chance, only to find
the door closed. They should thank Bush the next time an election rolls
Let's see which Bush softball we can hit out of the park this week.
Should it be tolerating arsenic in the water supply, cutting funds for
abused children or eliminating the historic and nonpartisan evaluation of
judicial candidates by the American Bar Assn.?
With the Senate hanging on one vote, this administration acts as if it
has only limited time to do as much damage as possible to the
environment, consumers, the non-rich and common sense.
One day, President Bush appoints as the government's head regulator a
professor who's made a career of milking corporate funding while opposing
environmental regulation. The next day, we learn that our new UN
ambassador-in-waiting aided Central American death squads. Not to mention
earlier Bush Administration appointments, such as turning over the
Justice Department to John Ashcroft and other right-wing zealots. As the
Washington Post reported, "President Bush is quietly building the most
conservative administration in modern times, surpassing even Ronald
Reagan in the ideological commitment of his appointments."
Hardly "conservative" in the sense of preserving clean air and water
and pristine land in Alaska. To the contrary, the gang in power is out to
pillage and rape the environment with an abandon not witnessed since the
days when strip-mining was in vogue. The principle seems to be that
what's good for a company that gave money to the Bush campaign is good
for the country. As a Los Angeles Times front-page headline put it: "With Bush, Happy Days Here Again for Business Lobby."
The Times quoted big business lobbyists claiming they were frozen out
during the Clinton years of "over-regulation." Strange, isn't it, that
the economic boom that benefited so many of them was hardly stifled by
those same regulations. But public interest be damned as lobbyists enjoy
a rapid string of successes, from wiping out workplace safety rules to
freeing mine owners from having to post bonds to ensure they will clean
up their messes. Last week, much to the pleasure of industrial polluters,
Bush reversed President Clinton's order to lower the level of arsenic in
the nation's drinking water.
This followed on the heels of Bush's betrayal of a campaign pledge to
prevent global warming by enforcing cutbacks on carbon monoxide emission
from power plants. This is an administration that seems to thrill at high
energy prices. It is even gutting federal programs to promote energy
efficiency by a devastating 30%.
Bush needs to be locked in a room with Erin Brockovich, either the
movie or the person, to be reminded that corporations will lie to the
public when profit dictates.
But it's not only business greed that moves this MBA President. He's
committed to turning back civil rights gains made through the courts by
women and minorities. The theft of the presidential election by the US
Supreme Court's right-wing junta is the harbinger of what's to come.
If anyone doubts that, look at what Bush did last week when he ended
the practice, used since President Eisenhower, of submitting federal
judicial candidates to the ABA for professional evaluation. In doing so,
Bush was catering to the far right, which has been unhappy with the bar
group since 1987, when Judge Robert H. Bork, though rated "well
qualified" by the ABA, received negative reviews from a few on the ABA
review committee. Nor is the conservative right happy about the bar's
support of the Supreme Court's position in Roe v. Wade.
The rights of the unborn remain paramount to this administration. Too
bad it doesn't care more about children once they are born, especially
disadvantaged children. Bush trumpets a $1.6-trillion tax cut with 43 percent of the benefits going to the super rich, while his budget slashes funding
for child care, for ending child abuse and for training doctors in
children's hospitals. Data compiled by the states shows 900,000 children
are abused or neglected each year, yet Bush cut $15.7 million a year
destined for the states to investigate such cases. Bush seeks to "save"
another $200 million by cutting child care funding at a time when limits
imposed by welfare reform dramatically increase the number of working
mothers who cannot afford caretakers for their children.
A $20 million "early learning fund" to improve preschoolers' child
care also was eliminated. When Clinton signed that bill last December,
one of its co-authors, Alaskan GOP Sen. Ted Stevens, promised the new
administration would be supportive: "I expect our new first lady, Laura
Bush, a former librarian, to be a champion of early childhood education."
Perhaps she is, but she is not the President.
Unfortunately, neither is John McCain, the one Republican with the
guts to buck the Administration's unseemly embrace of big money.
Ralph Nader was wrong: There is a huge difference between the two
parties. And for the Bush Administration, it's payback time on every
front for his greedy legions.
On the morning after, people awoke to the drear prospect of "gush and bore" for the next six months, and excitement flew out the window.
The first son seemed anointed, then
The tide began to ebb.
Did anybody ever ask,
"So could we bring in Jeb?"