Is This A Great Country or What???

Tuesday, August, 5, 2008 by Mel Phillips.

Under the chapter ”The Rich Get Richer” comes word that Mel Karmazin, CEO of Sirius XM Radio Inc. was not content owning a measly 6.5 million shares of the company he runs so he went out and bought 2 million more shares.  Karmazin now owns $11.8 million in stock and an additional 33,800 shares through a retirement plan.  Yikes!  I mean does anyone need that much wealth?  The Sirius all-stock takeover of XM was worth $2.76 billion and Mel is on his way to buying enough stock to eventually reach that figure.  Where does it end???

At close yesterday Sirius fell 7 cents to $1.39 in Nasdaq trading.  It has declined 54% this year.  We don’t know what Karmazin paid for all the stocks he owns but we do know that he paid $1.37 a share yesterday, a total of $2.74 million, according to a regulatory filing…

Look, this purchase is totally legal but is it fair for the CEO of any company to own as much of the company as he wants?  Put a damn cap on it.  There are salary caps in sports, why can’t the government or whoever controls the market put a cap on the sale of company stock to an individual?  I know buying stock in a company isn’t the same as insider selling of stock but isn’t it insider buying or something???  

10 Timeline Memories: 

1. 1884] Giving us liberty: The cornerstone for the Statue of Liberty  is laid on Bedloe’s Island in New York harbor…
2. 1921] Play ball, on Radio: The first play-by-play broadcast of a baseball game is done by Harold Arlin on KDKA Pittsburgh. Arlin describes the action between the hometown Pirates and visiting Philadelphia Phillies…
3. 1924] Comic strip debut: “Little Orphan Annie“, drawn by Harold Gray makes its debut in newspapers…
4. 1962] Hollywood shocker: The body of 36-year old blonde bombshell Marilyn Monroe is discovered in her Los Angeles home. Death is ruled a probable suicide from an overdose of sleeping pills. To this day a controversy remains as to the real reasons for her death…
5. 1963] Nuclear treaty: The U.S., Britain and the Soviet Union sign a treaty banning nuclear tests in the atmosphere, outer space and underwater. Now we need a treaty for those who still say, “nucular“…
6. 1964] Wedding Bells: Mel Brooks  and Anne Bancroft exchange vows followed by a lifetime of laughs until Bancroft’s death…
7. 1969] Pictures of Martians: The U.S. space probe Mariner 7 flew by Mars, sending back photos (of green people waving?) and scientific data…
8. 1981] Ronnie means business: The federal government begins firing air traffic controllers who walked out on strike…
9. 1994] Twinkle, twinkle little Starr: A three-judge panel of the U.S. Court of Appeals chooses Kenneth Starr  to take over the Whitewater investigation from the immortal Robert Fiske…
10. 2006] Duped by a dope: Floyd Landis  is fired by his team and the Tour de France no longer considers him its champion after his second doping sample tests positive. Landis maintained that it was his Wheaties that must have been laced by Lance Armstrong…

Music Memories:

• 1957] We’re going hoppin’: “American Bandstand” goes network on ABC-TV. I’ll never forget sending out the press release as a teenage mailboy at ABC.  I would later work for Dick Clark at the revival of United Stations Radio Network…
• 1967] Released on this date: “Ode To Billy Joe“ - Bobbie Gentry.  I still remember the outdoor party Capitol Records threw to introduce Bobbie to Boston radio…1972] “Nights in White Satin” - Moody Blues…

Commentary:

Charity Treks is celebrating its 7th year of raising funds to find a vaccine for HIV/AIDS.  From August 12 to the 16th bikers will be riding from Burlington (VT) to Portland (ME) to raise funds.  Onsite registration will take place on August 11th.  Registration fee is $160.  Charity Treks donates 100% of these funds to their beneficiaries.  For more information go to the Charity Treks Website…

“Happy Birthday…happy birthday“:

Patrick Ewing (46), Maureen McCormick (52), Samantha Sang (55), Rick Derringer (61), Bernie Carbo (61), Jimmy Webb (62), Loni Anderson (62), John Saxon (73), Neil Armstrong (79)…

Timeline Countdown: 3 days until the Summer Olympics, 27 days until Labor Day and 30 days until the NFL Opener (Washington @ NYG)…

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