Wall St. companies sponsor the NYPD.

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.

New York City gets a 10 percent administrative fee on top of the $37 per hour paid to the police. The City’s 2011 budget called for $1,184,000 in Paid Detail fees, meaning private corporations were paying wages of $11.8 million to police participating in the Paid Detail Unit. The program has more than doubled in revenue to the city since 2002.

The taxpayer has paid for the training of the rent-a-cop, his uniform and gun, and will pick up the legal tab for lawsuits stemming from the police personnel following illegal instructions from its corporate master. Lawsuits have already sprung up from the program.

When the program was first rolled out, one insightful member of the NYPD posted the following on a forum: “… regarding the officer working for, and being paid by, some of the richest people and organizations in the City, if not the world, enforcing the mandates of the private employer, and in effect, allowing the officer to become the Praetorian Guard of the elite of the City. And now corruption is no longer a problem. Who are they kidding?”

Just this year, the Department of Justice revealed serious problems with the Paid Detail unit of the New Orleans Police Department. Now corruption probes are snowballing at NOPD, revealing cash payments to police in the Paid Detail and members of the department setting up limited liability corporations to run upwards of $250,000 in Paid Detail work billed to the city.

Wall Street finance firms have funnelled millions of dollars into the police department, in an arrangement that critics say compromises the NYPD.

JPMorgan gave a massive gift of $4.6 million to the New York City Police Foundation in the form of money, patrol car laptops, “security monitoring software,” and other tech resources. But the donation was given starting late last year and was completed by spring 2011, so it was obviously not made in response to the Occupy Wall Street protests. At the time, Commissioner Ray Kelly sent JPMorgan CEO Jamie Dimon a note expressing his “profound gratitude” for the donation, and a company-written news item about the gift described it as “unprecedented” in size.

The police foundation is the private fundraising arm of the NYPD. It allows donors to make tax-exempt gifts to the department and in turn the foundation funds a wide-range of specialized NYPD units, international counterterrorism work, and high-tech gadgetry.

“This gift is especially disturbing to us because it creates the appearance that there is an entrenched dynamic of the police protecting corporate interests rather than protecting the First Amendment rights of the people,” says Heidi Boghosian of the National Lawyers Guild, which has had legal observers posted at the major Occupy Wall Street marches. “They’ve essentially turned the financial district into a militarized zone.”

 The police presence at the union solidarity march in support of Occupy Wall St included many hundreds of officers, scores of cruisers, vans, and buses, at least one mobile surveillance tower, and at least three helicopters. Kelly said this week the department has spent $2 million on overtime for officers since Occupy Wall Street began in mid-September.

As it turns out, JPMorgan is not the only financial institution that has been generous to the police foundation. In the 2009-10 year, Goldman Sachs, Barclays Capital, investment bank Jeffries and Co., investor Carl Icahn, and investment firm The Renco Group each gave over $100,000 to the foundation, putting them in the top-tier of donors, according to the foundation’s website. Bank of America also gave over $75,000 that year. (Another $100,000+ donor was Rupert Murdoch’s News Corp.)

http://www.counterpunch.org/2011/10/10/financial-giants-put-new-york-city-cops-on-their-payroll/

http://politics.salon.com/2011/10/07/the_nypd_now_sponsored_by_wall_street/singleton/