FacebookTwitterGoogle+RedditEmail

The Fox in the Clippers’ Henhouse

by

Who is Richard Parsons, the man selected to run the Los Angeles Clippers while the NBA tries to force Donald Sterling to sell the team?

Parsons is a one per center who was enjoying retirement as the owner of an Italian winery. From 2000 to 2007 Parsons was the chairman of AOL Time Warner, parent company of Warners and many other record labels, where he was known for using a corporate jet to fly around the world to record company parties. Parsons was also known for occupying one of the most expensive corner offices ever built and for firing thousands of employees, forcefully expelling them from the middle class.

Although his previous political experience was as an advisor to Republican Rudy Giuliani and to billionaire Michael Bloomberg, in 2008 Parsons was brought aboard Obama’s economic advisory team.  Obama, almost certainly with the agreement of Parsons, embraced and expanded the bank bailout.

On November 17, 2008, Citigroup fired 52,000 workers.  Four days later the Fed committed $326 billion to Citigroup. Citigroup was charged less than one per cent interest on this “loan” at the same time it was charging up to seventeen per cent interest on sub prime loans. In January 2009, just as Obama took office, Citigroup tapped the Fed for $100 billion. The next month the other shoe dropped–Richard Parsons became chairman of Citigroup. According to the Government Accounting Office, Citigroup borrowed $2.513 trillion from the Fed between 2007 and 2010. It did not use that money to hire back the 52,000 workers who were fired in 2008.

In the process of forcing Donald Sterling to sell the Clippers (which will net Sterling up to a billion dollar profit), Parsons will work to protect the interests of the networks, the advertisers, and the other owners. The players? Well, Parsons made his bones in the music industry, whose business model is based on stealing money from artists, especially but not at all limited to black artists. Parsons is black but you don’t get into the one per cent without choosing sides.

Lee Ballinger, CounterPunch’s music columnist, is co-editor of Rock and Rap Confidential author of the forthcoming book Love and War: My First Thirty Years of Writing, interviewed Honkala for CounterPunch. RRRC is now available for free by emailing Ballinger at: rockrap@aol.com.

 

More articles by:

CounterPunch Magazine

minimag-edit

bernie-the-sandernistas-cover-344x550

zen economics

Weekend Edition
February 24, 2017
Friday - Sunday
Jeffrey St. Clair
Roaming Charges: Exxon’s End Game Theory
Pierre M. Sprey - Franklin “Chuck” Spinney
Sleepwalking Into a Nuclear Arms Race with Russia
Paul Street
Liberal Hypocrisy, “Late-Shaming,” and Russia-Blaming in the Age of Trump
Ajamu Baraka
Malcolm X and Human Rights in the Time of Trumpism: Transcending the Master’s Tools
John Laforge
Did Obama Pave the Way for More Torture?
Mike Whitney
McMaster Takes Charge: Trump Relinquishes Control of Foreign Policy 
Patrick Cockburn
The Coming Decline of US and UK Power
Louisa Willcox
The Endangered Species Act: a Critical Safety Net Now Threatened by Congress and Trump
Vijay Prashad
A Foreign Policy of Cruel Populism
John Chuckman
Israel’s Terrible Problem: Two States or One?
Matthew Stevenson
The Parallax View of Donald Trump
Norman Pollack
Drumbeat of Fascism: Find, Arrest, Deport
Stan Cox
Can the Climate Survive Electoral Democracy? Maybe. Can It Survive Capitalism? No.
Ramzy Baroud
The Trump-Netanyahu Circus: Now, No One Can Save Israel from Itself
Edward Hunt
The United States of Permanent War
David Morgan
Trump and the Left: a Case of Mass Hysteria?
Pete Dolack
The Bait and Switch of Public-Private Partnerships
Mike Miller
What Kind of Movement Moment Are We In? 
Elliot Sperber
Why Resistance is Insufficient
Brian Cloughley
What are You Going to Do About Afghanistan, President Trump?
Binoy Kampmark
Warring in the Oncology Ward
Yves Engler
Remembering the Coup in Ghana
Jeremy Brecher
“Climate Kids” v. Trump: Trial of the Century Pits Trump Climate Denialism Against Right to a Climate System Capable of Sustaining Human Life”
Jonathan Taylor
Hate Trump? You Should Have Voted for Ron Paul
Franklin Lamb
Another Small Step for Syrian Refugee Children in Beirut’s “Aleppo Park”
Ron Jacobs
The Realist: Irreverence Was Their Only Sacred Cow
Andre Vltchek
Lock up England in Jail or an Insane Asylum!
Rev. William Alberts
Grandiose Marketing of Spirituality
Paul DeRienzo
Three Years Since the Kitty Litter Disaster at Waste Isolation Pilot Plant
Eric Sommer
Organize Workers Immigrant Defense Committees!
Steve Cooper
A Progressive Agenda
David Swanson
100 Years of Using War to Try to End All War
Andrew Stewart
The 4CHAN Presidency: A Media Critique of the Alt-Right
Edward Leer
Tripping USA: The Chair
Randy Shields
Tom Regan: The Life of the Animal Rights Party
Nyla Ali Khan
One Certain Effect of Instability in Kashmir is the Erosion of Freedom of Expression and Regional Integration
Rob Hager
The Only Fake News That Probably Threw the Election to Trump was not Russian 
Mike Garrity
Why Should We Pay Billionaires to Destroy Our Public Lands? 
Mark Dickman
The Prophet: Deutscher’s Trotsky
Christopher Brauchli
The Politics of the Toilet Police
Ezra Kronfeld
Joe Manchin: a Senate Republicrat to Dispute and Challenge
Clancy Sigal
The Nazis Called It a “Rafle”
Louis Proyect
Socialism Betrayed? Inside the Ukrainian Holodomor
Charles R. Larson
Review: Timothy B. Tyson’s “The Blood of Emmett Till”
David Yearsley
Founding Father of American Song
FacebookTwitterGoogle+RedditEmail