Sunday, January 19, 2014

Plutocrat Spotlight: John Arnold!


  • According to Forbes, Arnold is one of America's 400 richest people, with a net worth of 2.8 billion. Currently, he dabbles in philanthro-capitalism.

Employment background:
  • Trader at Enron; hedge-fund manager
Enron work environment, according to The Smartest Guys in the Room:
Traders cackling about raising energy prices on "Grandma Millie" and jamming electricity rates "right up her ass for fucking $250 a megawatt hour."
Arnold's work persona, according to The Smartest Guys in the Room:
Bragging about his minions manipulating energy prices, praising them for "learning how to use the Enron bat to push around the markets," comments which later earned Arnold visits from federal investigators, who let him get away with claiming he didn't mean what he said. 
Physical description, according to Rolling Stone:
He's a lipess, eager little jerk with the jug-eared face of a Division III women's basketball coach, exactly what you'd expect a former Enron commodities trader to look like.
Further information, according to Rolling Stone:
As Enron was imploding, Arnold played a footnote role, helping himself to an $8 million bonus while the company's pension fund was vaporizing. He and other executives were later rebuked by a bankruptcy judge for looting their own company.  Public funds nationwide, reportedly, lost more than $1.5 billion thanks to their investments in Enron.  In 2002, Arnold started a hedge-fund and over the course of the next few years, made roughly a $3 billion fortune as the world's most successful natural-gas trader.
Current devilry:

  • After suffering losses in 2010, Arnold left hedge-funding to begin philanthro-capitalizing, creating the John and Laura Arnold Foundation, an organization dedicated to reducing public workers' pensions and blaming inner-city teachers for "bad schools."
Quote from Arnold's blog:
The essence of our democracy [is] vigorous public discourse and debate in every forum.  In fact, Laura and I are among the largest financial supporters of organizations dedicated to safeguarding First Amendment Rights.
So to sum things up, John Arnold is a plutocrat who nevertheless believes that the illusion of American democracy is still worth maintaining.

He's one to keep our eyes on, readers.

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