Consumer Groups Champion Defeat of New Orleans Privatization Bids

In a landmark vote with repercussions that will ripple through the nation, the largest proposed municipal water privatization in the United States was rejected today by the New Orleans Water and Sewerage Board.
Citizens fighting to keep water in the public trust have triumphed over a private company’s profit-seeking venture.
Battling multinational companies is difficult when they wield their money and power. By rejecting the bids, the water board spoke for the people. This is truly a historic moment in our water battle.

Public Citizen, ACORN and the Service Employees International Union, Local 100, organized a coalition of 90 churches, civic organizations, seniors groups and environmental groups that opposed privatization. We are heartened that USFilter and United Water were defeated after their parent companies, Vivendi Environnement and Suez, engaged in a lengthy battle to gain control over the city’s water supply. As two of the world’s water giants, the French-owned companies have begun vying for control over city water infrastructures that are in desperate need of repair, investment and maintenance.
Water privatization can foster corruption and result in rate hikes, inadequate customer service and a loss of local control and accountability. Corporations have used rate hikes to maximize profits, which, by definition, is their reason for existing. Improved bottom lines often come at the expense of water quality and customer service, but not at the expense of inflated executive salaries.
Because corporate agendas are driven by profits rather than the public good, privatization usually results in the compromising of environmental standards.
Privatization in cities like New Orleans also can lead to massive layoffs and reduced local control.Consider Atlanta, where United Water took over the water system in 1998. Atlanta’s residents have since struggled with bad customer service and backlogged maintenance requests while continuing to suffer from a low-quality water supply.
New Orleans made the right choice by rejecting these potential problems.
The power of citizens’ voices should never be disregarded when they unite to fight against corporate influence. The people in New Orleans have spoken and have resoundingly said no to privatization. We hope Vivendi and Suez are listening to those voices today.

Ex: Wenonah Hauter, Director of Public Citizen’s Critical Mass Energy and Environment Program-16/10/02
bye now - Vi-One

by CHEF MANGO..
Putting the financial system on a solid foundatuion is critical to relaunching the US economy says Lehman Bros.
There's been a breakdown in banking - yah like you never heard before!!
At root the problems of convergence in the sector have had commercial banks on low-interest earnings pushing their bottom lines by lucrative investment bank-style charges or fees.
In turn such competitive pressuires have led to inducements to CEOs for procuring securities business et cetera.
With business methods failing TRUST is on the wane. As are bank earnings, the top 5 - Citigroup, JP Morgan Chase, Merrill Lynch, Goldman Sachs and Morgan Stanley - levelling incomes at 1998 levels.. AND.. coming in with a HUGE bad debt load off corporate lending.
NYU's Stern School puts distressed/defaulted corp bonds/loans at $880B. As losses rise big firms face legal action from investors convinced of a "massive con". 300 class actions are pending for up to $5B.
Wall St looks real sick and investors are staying home against a perceived "rigged game". US confidence and credibility - hallmarks of rise and shine - are taking a coldbath.
Big picture watchers (last decade and a half) tell how market forces shoved into a straight-laced banking sector has "made the whole financial system corrupt" according to respectable advisors, Rohatyn. And yes, repackaging loans into securities was no more than playing to the whims of the market.
Quinn Mills at Harvard's Biz School says banking excesses were a "train wreck waiting to happen."

All reading like a big bottom line of ERRORISM.. and with Pres. Bush's Administration pushing the wrong (read military) 'spend-up' buttons it can only get worse..
Bye for now
CM.
Text and Verse for believe you me's:
http://www.businessweek.com/magazine/content/02_40/b3802046.htm

Joburg had Green voices asserting Lapham's essay re America the new Rome. In fairness we should point out that the essayist knowingly or otherwise 'got it' from linking US dominance World Trade Organisation and Roman philosopher Cicero who wrote: "We are the absolute masters of what the earth produces". The link spin from this - doubtless a specious US thinktank - has been elites and policymakers' assertion on "AMERICAN MANIFEST DESTINY". Original concept was based on a tree growing unimpeded to its 'full potential' etc. Sadly (unfortunately) this AMD as dictated today has taken on a dimension whereby planet Earth is in effect ROOTBALL USA. That parallels have been drawn with Roman rule is interesting and perforce follow through, too, in decline and fall.

Allied to the above and following on from my (1/9/02) piece, I note Bill Grieder's article for The Nation(23/9/02) for its comprehensive look at massive and growing US deficits. Arising from this and WATCHOUT its trading partners and wouldbe bilaterals is the serious business of picking the plug-pulling date by US creditors. Hey, who'd wannabe widda Cap'n headed for that gurgler!!
Shrewdly, BG also points out how major trading partners would more likely tolerate US hegemony as they 'shift power' toward themselves rather than oppose Cap'n George's go at Saddam. [Leaves costs with the aggressor for one thing).
Historian Paul Kennedy(by this view) is thus proved right that it is economic power that sustains great nations more than military might. Untested, however, at this point [and thus uncertain as opposed to the IMF's misplaced 'greater certainty' support for a "short sharp campaign") is whether war by the USA against a single Arab state will justify assassination to secure the "energy-power" formula at base of US economic sustainability.
A useful indicator here is that over the past year Saudis have withdrawn some $200B (USD) from the US. A weaker buck and rising deficits is bad look any prospects that money returning. And indeed, its stashing into Asian growth along with Asian investment in itself makes for badder and badder.. the "ebbing" as BG puts it.
An irony of all of this is that at a time in this world of greater communications capability than at all previous points the loose cannon belongs to the biggest mili-mojos. In the circumstances headed for the fall kinda looks deserved. Wouldn't you say?
Bye now - KK Karnig