We?re running outta suits

Another day, another prominent white man arrested: Topping even the mind-bogglination of the Dreier debacle, FBI agents knocked on Illinois Gov. Rod Blagojevich?s door at the rude hour of 6:15 a.m. to haul him in on federal corruption charges today (his chief-of-staff received the same wake-up call). In addition to several standard-issue corruption allegations (soliciting bribes and campaign cash in exchange for state commission appointments, jobs and contracts, etc.), the feds say Blagojevich attempted to use quid pro quo to have critical Chicago Tribune editorial page writers fired and essentially placed President-elect Obama?s vacated Senate seat up for auction.

The arrest caps a three-year investigation into a number of alleged pay-to-play schemes involving the Democrat; as in the Dreier case, the feds contend that they?ve caught the Guv?nah discussing his exploits at length on tape?an assertion to which Blagojevich half-responded Monday, "I appreciate anybody who wants to tape me openly and notoriously, and those who feel like they want to sneakily, and wear taping devices, I would remind them that it kind of smells like Nixon and Watergate." (Note to aspiring politicians: Do not equate self to Nixon. Or plight to Watergate.)

The curtain fell a day after Blagojevich threatened to halt all state business with Bank of America following the company?s decision to cut off a credit line to a Chicago manufacturer that still owes laid-off employees back pay and benefits. The roughly 250 unionized workers are staging a highly publicized sit-in at a factory the company closed last Friday. Blagojevich?s posturing drew the ire of at least one BigLawyer: Paul Hastings partner John Douglas, whose client list, conveniently, includes B of A, called the prospect of government involvement in the operations of Big Business ?a very dangerous thing.? This in regard to the same company that readily accepted $15 billion from the Treasury Department last month (with an additional $10 billion in taxpayer investment coming once B of A completes its merger with Merrill Lynch).

To recap, Big Finance?s justifiable approach to Uncle Sam, according to the Douglas Doctrine: Leave us alone. Wait, we?re broke. Give us money. Excellent. Now go away.

-posted by ben fuchs