Stanley Sporkin: BP's Ombudsman Fixer - by Stephen Lendman
Some call him Stanley the Fixer, Catherine Austin Fitts for one, a former high level government and Wall Street insider, now editor of Solari.com and running Solari, Inc., an ethical online investment firm specializing in preserving family wealth. Besides on her own firm and a wealth of information on important topics, her site provides extensive coverage of Sporkin, including unanswered questions about him.
On September 5, 2006, the Wall Street Journal reported that BP hired him as ombudsman "to hear worker complaints from Alaska and elsewhere in the US," a move to quiet criticism about company operations, given its history of safety and environmental violations, and long record as a serial scofflaw, making daily headlines for the past two months and sure for much longer, keeping Sporkin hyperactive on the job.
"I'll report them as I see them," he said when appointed. "My mandate is to do whatever is necessary to ascertain the facts about and identify solutions for problems that exist today as well as those likely to become issues in the future."
According to Kim Eisler in his Washingtonian.com July 16, 2007 article headlined, "Stanley Sporkin Does Things His Way:"
Sporkin "landed a very big client, BP America, and has been seen around town with (its then) president Bob Malone in tow....attempting to guide (him) through a maze of Capital Hill hearings and state inquests (concerning investigation(s about the company) over everything from Alaska pipeline failures to refinery fires and lost....worldwide CEO in a scandal."
Sporkin calls his job troubleshooting, "leading a team of investigators through the charges and countercharges," using his longtime fixer influence. While his compensation isn't known, "it's said to be substantial - more than (he) ever made during his years as a judge or at the CIA and SEC."
Who then is Sporkin, and what about his dark side? More on the latter below.
He's been a partner at Weil, Gotshal & Manges in its Washington, DC office, involved in corporate governance, other litigation matters, arbitration and mediation services. He's also a member of the Gavel Consulting Group with other former judges and senior government officials, and served as counsel to Wall Street Management & Capital, Inc.
Earlier, he served 20 years with the SEC, the last seven as Director of Enforcement, another five years as CIA General Counsel (under William Casey during the Iran-Contra years - more on that below), and 14 years as a US federal judge for the District of Columbia. He's also a CPA and consummate fixer, given his high-level insider connections, now BP's ombudsman representing its interests, not workers or what benefits them. That's cover for his real job.
Serving Wealth and Power Interests
Sporkin made his reputation doing it, including judicially harming Hamilton Securities, approving its takeover, locking out its staff, and seizing its software and databases - its innovative system to save taxpayers billions of dollars in government-guaranteed mortgage loans, what might have prevented the housing crisis and mortgage fraud, what profiteers engineered collaboratively with Washington, as well as the greatest economic crisis since the Great Depression, likely to way surpass it before recovery.
A Case History of Sporkin Shenanigans
Catherine Austin Fitts founded and was president of The Hamilton Securities Group, a Washington DC-based investment bank and financial software firm. She explained its establishment as follows:
While serving as Assistant Housing Secretary and FHA Commissioner at HUD (under GHW Bush), she "tried (in vain) on numerous occasions to persuade (HUD Secretary) Jack Kemp and his staff not to propose new policies that would result in the abrogation of government contracts or contractual obligations with respect to financial assets."
Had she succeeded, it might have prevented the housing bubble, mortgage fraud, and spillover financial crisis, destroying the wealth, jobs, home ownership, and futures of millions of Americans, what didn't happen by chance, what was engineered and implemented over years to let Wall Street and other profiteers earn billions at the public's expense.