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What You Should Know / October 12, 2011

www.nakedcapitalism.com -- If you’re a Wall Street behemoth, there are endless opportunities to privatize profits and socialize losses beyond collecting trillions of dollars in bailouts from taxpayers. One of the ingenious methods that has remained below the public’s radar was started by the Rudy Giuliani administration in New York City in 1998. It’s called the Paid Detail Unit and it allows the New York Stock Exchange and Wall Street corporations, including those repeatedly charged with crimes, to order up a flank of New York’s finest with the ease of dialing the deli for a pastrami on rye. The corporations pay an average of $37 an hour (no medical, no pension benefit, no overtime pay) for a member of the NYPD, with gun, handcuffs and the ability to arrest. The officer is indemnified by the taxpayer, not the corporation.

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2 Comments

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  • 1. Anarchy Wolf  |  October 13th, 2011 at 10:09 am

    Someone needs to start a rousing rendition of God Bless America.

  • 2. super390  |  October 13th, 2011 at 3:48 pm

    Christ, the entire armed security force in Houston consists of off-duty cops. I did depositions for a law firm that was involved in a lot of cases where some cretinous teenybopper salesgirl got scared and hit the panic button because she saw some black kid breathe funny, and the store’s off-duty cops roared in like the KKK at the end of “Birth of a Nation”. It’s a bad system, but certain capitalist pigs here keep thinking that they can, uh, mold their unwhite customers into being better citizens.


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