Louis Proyect: The Unrepentant Marxist

March 5, 2018

Millionaire leftist Bard professors removed from Alexis Tsipras’s cabinet

Filed under: Academia,bard college,economics,Greece — louisproyect @ 5:03 pm

Dimitris Papadimitriou

Rania Antonopoulos

Husband and wife Dimitris Papadimitriou and Rania Antonopoulos are big-time post-Keynesian economists at Bard College who just resigned from Alexis Tsipras’s cabinet. It seems that Antonopoulos was receiving a 1000 euro per month housing subsidy for her rental apartment in the swanky Kolonaki neighborhood in Athens even though the couple were multimillionaires. Apparently this did not sit well with ordinary working people suffering through a terrible austerity.

The right-wing press in Greece dug up the dirt on the couple and used it to scandalize Syriza since it is perceived as not serving the bourgeoisie adequately. Think of Fox News going after Obama and you’ll get what has been taking place. Neos Kosmos, a newspaper based in Melbourne, Australian with no discernible ties to the right-wing as far as I can tell, supplied the economic data on the two economists:

According to their tax records, the couple declare an annual income of more than half a million dollars, while their assets and property portfolios are valued in the millions. The Greek media report that the couple owns a luxury villa of 300 sq.m. plus 180 sq.m. supplementary space, 80 sq.m. swimming pool on the island of Syros; a 110-square-meter apartment in New York; a 31.6 sqm apartment in Glyfada, Athens; assets in stocks and bank deposits worth of more than 3,000,000 euros.

The last time I saw such opulence married to “socialist” pretensions was back in 2007 when Jared Kushner’s newspaper—the NY Observer—reported that Trotskyist chieftain Jack Barnes had just sold his West Village condo for a cool $1.87 million.

Interestingly enough, despite her wealth, Antonopoulos went out of her way to file for the housing subsidy as she indicated in a statement to the press:

According to Law 4366/2015 which entitles non-parliamentary members of the government to receive a residence subsidy, since they do not own a home in Athens, I have requested and received a significant amount as a rent subsidy. This provision of the legislator has been enjoyed since 1994 by all non-Athens deputies without any other income conditions.

Many months after its institutionalization I was informed that as a non-parliamentary member of the government I am entitled to a subsidy, and indeed by my colleagues. So I filed an application and since then I have received a total of 23,000 euros for two years.

What a little piggy. She and her husband have a joint income of $520,000 per year and still she applies for a housing subsidy as if she were a single mom working at Walmarts with 3 kids to support. Even after she got caught with her grubby fingers in the till, she  refused at first to resign as the Greek Reporter indicated on February 26th.

Dimitris Papadimitriou and Rania Antonopoulos came to Greece with ambitious plans to rescue the country from the hole that German bankers had dug. He ran the Jerome Levy Institute at Bard, a think-tank devoted to post-Keynesian wisdom, and was a Hyman Minsky scholar. Minsky is a big favorite with “progressive” economists, especially after the 2007 mortgage-backed securities meltdown. He writes all about the instability that plagues the capitalist system through chronic boom and bust cycles.

For Minskyian theory to work, it has to focus almost exclusively on the financial sector, which of course economists like Paul Krugman tended to do. Ooh, those dirty, rotten banks. However, it misses out on the real problem facing American capitalism, namely the declining rate of profit that is a function of the system’s need to replace people with machinery—and hence reduce the amount of surplus value that can be wrung from their muscles. Anwar Shaikh, who happened to have been on the staff of Jerome Levy Institute at one point, just came out with a massive study of this process. Papadimitriou’s dissertation at the New School was about the measurement of the rate of surplus value in Greece. I guess studying it helped him to extract it later on in life.

Needless to say, bourgeois economists, like the inner cadre at Jerome Levy Institute, step gingerly around the question of capitalism itself since they are far too wedded to the system on a material basis and understand as well that Keynesianism still has plenty of purchase in elite circles. Who wants to hear from an annoying Marxist, especially when his or her ideas clash with owning mansions, yachts, and million-dollar paintings. In other words, like all of the people serving on the Bard College Board of Trustees.

Bard College and its president-for-life Leon Botstein embody a culture in which people like Dimitris Papadimitriou and Rania Antonopoulos can flourish. Back in 1995, I came into contact with a union organizer from Local 100 of the Restaurant Workers Union named Brook Bitterman who was trying to apply pressure on Jerome Levy to come to terms with the workers Bitterman represented at Smith and Wollensky, one of Levy’s businesses. I gave Bitterman a copy of the Bard College alumni directory that he used for a direct mail campaign to get the mostly pinko graduates to demand justice for the workers as enunciated in a letter the union sent to Dimitris Papadimitriou:

Dear Dr. Papadimitriou

We are writing to express our concern about what we perceive to be a striking contradiction between the goals and work of the Jerome Levy Institute of Economics and the private business affairs of its founder and chief supporter, Leon Levy, who also serves as a Trustee of Bard College.

Over the past several years, the Jerome Levy Institute – Bard College’s first post-graduate institution – has become a respected outlet for academics and policy analysts concerned with growing income inequality and crisis-prone financial markets. As a union of low wage, mostly immigrant and minority restaurant workers, Local 100 is very familiar with the growing inequality in the American labor market. Many of our members and their families have also seen firsthand how financial market developments, such as the leveraged buyout frenzy of the 1980s, can have a profoundly negative impact on the quality of their lives.

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Not long after this campaign began, I received a letter from the president of the Board of Governors of the Bard Alumni Association taking great umbrage at Local 100’s campaign. It stated: “Many of our trustees, overseers, advisory board members, donors, alumni/ae, faculty, administrators, parents of students and students, have business relationships — some of which may be deemed by you or others as ‘controversial’ — unrelated to their relationship with the College. It would hardly be appropriate for us to inject ourselves into those relationships. Such is the case with the alleged relationship between Leon Levy and Smith & Wollensky.”

Yeah, who the hell would want a Bard College alumnus like me poking around in the private affairs of Leon Levy or Rania Antonopoulos? Maybe that’s the reason I’ve been removed from the Bard College alumni database and no longer receive communications from the school, either in the mail or electronically.

4 Comments »

  1. Louis, I’ll bet you and Joel Kovel have had a dust-up or two over the years, but I’m guessing you and others would “enjoy” his account of his dismissal from Bard’s Alger Hiss Chair several years ago as recounted in his memoir, The Lost Traveller’s Dream. A part of Kovel’s telling of this tale includes the act of shocking treachery Noam Chomsky pulled on Joel and the left in general.

    We would heatedly disagree on some issues, but I am always impressed by the quantity and quality of your commentary. Of course, you have been a major player in left and left-liberal politics over the years, and I would certainly read your memoir, should it be written.

    Comment by Joe Barnwell — March 5, 2018 @ 7:01 pm

  2. Louis wrote about Kovel’s dismissal here: https://louisproyect.org/2009/02/19/bard-college-terminates-joel-kovel/

    Comment by Richard Estes — March 5, 2018 @ 8:30 pm

  3. Off topic! Louis: do you know anything about a professor at Bard by the name of David Kettler? He’s published a lot (on Karl Mannheim) with an old friend of mine and I’ve wondered if he’s played any role in some of the (admittedly few , it seems) struggles there?

    Comment by uh...clem — March 6, 2018 @ 12:26 am


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