There is a line in a song that goes “Let me call you sweetheart I’m in love with you.” Sweetheart has been a word that women like to hear. We use it as a term of endearment and love for those who are special to us. Merriam –Webster, defines sweetheart as “a loved one or lover.” However, as you hear the word batted about this fall by the political pundits it will be used as an adjective that means anything but sweet. Most politicians do not want to be linked to any deal labeled “sweetheart.” What exactly are sweetheart deals and are they illegal?
I think a sweetheart deal is a financial benefit made available to insider pals and friends that is not available to members of the general public. For example, let’s say the governor awards a contract to a publicly traded company to provide oil and gas supplies for that state’s highway department. The week after that contract is made the governor’s sister is granted a stock option to purchase 10,000 shares of the publicly traded company at a greatly reduced price. This is a “sweetheart deal” because the governor’s sister is given the chance to make a lot of money fast simply because she is the governor’s sister or worst case scenario because her brother awarded them a contract.
In this fictitious example, a governor’s sister could made hundreds of thousands of dollars simply because she is connected to someone in elected office, not because she has any savvy when it comes to investing in the stock market. You, Citizen Sue, are not given the same chance to buy this stock at a reduced price because you do not have political connections and do not have the political power to give a company an important contract.
Many pundits raised cain because Hilary Clinton made a lot of money fast when she invested at a very opportune time in futures at a time when her husband was Governor of Arkansas. The talk was that she was given a chance to invest simply because she was married to the governor. This happens all across the country every day and the press is having a field day throwing the words “sweetheart deal” at many in power today in Washington, D.C. Is this crooked? Is it illegal?
Are sweetheart deals as bad as the corporate greed so readily displayed by Ken Lay and his cronies at Enron? Are sweetheart deals part of why corporate world has been given the grade of “F” when it comes to ethics? The character Michael Douglas portrayed in the movie Wall Street said, “Greed is good! Greed is right! Greed works! Greed will save the U.S.A.!” Should we care whether or not our elected officials should be held to standards that will encourage them not to participate in sweetheart deals and how can you find out if they have? Should they benefit by industries that are regulated by our government including alcohol, nursing homes and prisons?
What should you look for when you cast your vote this fall? It’s pretty simple. Was the playing field of finance level and fair to all? Did everyone get the same chance to make money? Or did only a few close friends and relatives get to play in that financial game while the general public was not given the same information and a chance to make money. If all is not as it should be, then as my friend Martha (not Stewart) often tells me when something is out of sync, “I smell a mouse.” If you smell a mouse when it comes to ethics with a candidate then look for other options when it comes to casting your vote.
As this column goes to print things look grim for Martha Stewart who is today’s icon for how to run an estate home with ease and flair. If Martha broke the law then she certainly should be punished. However, have you noticed the way talk show pundits talk about how greedy she is and how much jail time she should serve? I always ask them - and I admit talking back to TV and the New York Times - why hasn’t Ken Lay, the CEO of Enron been arrested? Is a rich man with political ties to powerful Democrats and Republicans getting away with it while poor Martha is not? If so, is Martha being persecuted because she is a somewhat attractive woman who has built an empire? Only time will tell. If you see Martha Stewart organizing fundraisers for those running for office in Tennessee if could really smell interesting!
Next month’s column will focus on the roles of women in the campaigns of Tennessee’s fall elections. Do you know who these women are or who they should be? If so, please contact me.
Saralee Terry Woods is President of BookMan/BookWoman Used Books, an author and President of bookmanbookwoman.com. Her email is saraleewoods@bookmanbookwoman.com
