Archive for cronyism

Montana Rep. Denny Rehberg Claims Corporations and Lobbyists Are the ‘Solution’

As lobbyists make record sums and taxpayer dollars continue to flood Wall Street accounts, voters must realize that the fundamental principles of American democracy—capitalism, free-enterprise—are being dismantled by elected officials who claim they support traditional conservative principles.

When officials like Montana Rep. Denny Rehberg, currently running for a Republican seat in the Senate, claim corporations and lobbyists are working for pro-American policies it is an absolute sham. Read about Rehberg’s remarks to the American League of Lobbyists and consider whether these men truly represent the American public interest.

"Montana Rep. Denny Rehberg has been pounding Democratic Sen. Jon Tester over lobbyist fundraising in their tight Senate race, but Rehberg declared last year in a meeting with the influence peddlers that he probably would have chosen their profession over his own if he had been 'smart.'" Michael McAuliff, Huffington Post

From The Huffington Post

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NHTSA’s Automobile “Black Box” Regulations Scheduled to Take Effect September 1

On September 1, NHTSA regulations are scheduled to take effect for automobiles with voluntarily installed “black box” devices that track your driving habits, routes and destinations. Promoted by insurers as a way to reduce premiums for safe drivers, these devices may soon become mandatory on new vehicles.

Salon.com’s David Sirota examines another likely scenario wherein the captured data is used to increase rates based not on speeding tickets or accidents, but on ‘bad’ driving habits. Read the article and share your thoughts below.

"Your insurance company wants to install a device in your car to track your every decision and move. Be afraid." David Sirota, Salon.com

From Salon.com

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Jon Corzine is reportedly planning to start up his own hedge fund.

In the absence of any criminal charges filed against him, former NJ Governor Jon Corzine is reportedly planning to start up his own hedge fund; this as authorities close a ten month criminal investigation into the sudden bankruptcy of his firm, MF Global, and $1.2 billion in client funds that still remains “missing.”

Even if he skates prosecution, there should be regulatory or industry rules that would ban financial executives for, at a minimum, grossly negligent misconduct. People go to prison for stealing a few hundred bucks, while Corzine and the other “Too Big To Jail” banksters go right back to work after billions of dollars magically disappear. Your thoughts?

"Jon Corzine, who had only $3 million of his own money in MF Global, was said to be buying a French château with his wife two weeks before the firm’s bankruptcy." Photo by Andrew Harrer/Corbis.

From The New York Times

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Two “Dark Money” Groups Outspending All Super PACs Combined

A recent ProPublica analysis of political spending shows the two largest non-profit super PACs, Karl Rove’s Crossroads GPS and the Koch brothers’ Americans for Prosperity, have outspent all other super PACs combined. Our political process has been so corrupted by anonymous corporate money that public campaign funding must be implemented to save American democracy.

Our elected officials and judges know how corrosive big money is, yet they refuse to reform campaign finance laws for fear of losing political advantage. What are your thoughts on how super PAC money will affect the billion dollar 2012 presidential election?

"Two conservative nonprofits, Crossroads GPS and Americans for Prosperity, have poured almost $60 million into TV ads to influence the presidential race so far, outgunning all super PACs put together, new spending estimates show." Kim Barker, ProPublica

From Kim Barker, Propublica

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Big Pharma spends 19 times more on advertising than it does on research.

With the exception of investment bankers and defense contractors, those who rule over the American pharmaceutical oligopoly are some of the most powerful corporatists in America. Have you ever wondered why we pay twice as much for drugs as citizens in other countries?

A recent study from BMJ shows that for every $1 dollar spent on research alone, Big Pharma spends $19 on marketing and advertising for brand-name drugs, not to mention the enormous sums paid to keep generic drugs off the market. Your thoughts?

From The Huffington Post

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47 donors contribute more than half of the $230 million taken in by super-PACs this year.

With enormous resources and an agenda driven by short-term profits, most plutocratic super-PAC donors are apathetic toward the American public interest. A recent analysis of FEC and Sunlight Foundation data reveals that a mere 47 donors contributed more than half of the $230 million taken in by super-PACs this year, with 1,082 individual donations making up 94% of that total amount.

With corporate takeover of our political campaigns well underway, the only power still capable of opposing ‘USA, Inc.’ is the people themselves — an informed, united citizenry willing to reclaim their country. Where do you stand?

From Mother Jones

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Four years after bailouts, megabanks continue to dismantle efforts to restore economic stability.

During the 2008 bailouts, our financial policies were so out of whack that the failure of a single investment house threatened to bring the most powerful nation on the planet to its knees. Now, JP Morgan Chase, HSBC, and Barclays, among others, are dismantling efforts to restore economic stability. Politicians must re-regulate the banking industry or ‘out’ themselves as industry lackies.

In his latest New York Times blog post, MIT Sloan Professor Simon Johnson lays out three myths used by megabank executives to defend against serious regulatory discussion. Read the article and share your thoughts.

From The New York Times

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Banksters lie and cheat to win, but rarely do they own up to their misdeeds.

Banksters like Sandy Weill have no qualms with lying and cheating to win. Rarely do they ever confess their crimes—not until we’re tapped out, they’re caught on tape, or as ruse to lower suspicion while preparing their next assault.

From The Atlantic Wire

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Republican Senator Jon Kyl insists that rich ‘Michael Jordans’ will rebuild our domestic economy.

‘Job creators’ have the opportunity to make huge profits here in the U.S., but they are keeping literally TRILLIONS of dollars in tax havens overseas. Still, Republican Senator Jon Kyl insists that rich ‘Michael Jordans’ will rebuild our domestic economy.

From The Huffington Post

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Evidence in Libor rate-rigging sheds light on regulatory authorities’ implicit approval.

Recent evidence in the Libor rate-rigging scandal sheds light on the implicit approval of regulatory ‘authorities’ who had knowledge of bankers’ long-standing manipulation of the Libor. This “see no evil, speak no evil” regulatory approach must be met with serious repercussions for all those involved.

We should be nurturing an economic environment that enables no-nonsense regulators who have the manpower, funding and GUTS to impose heavy sanctions. Instead, Stockholm Syndrome appears to be a recurring theme in recent regulatory failures.

From The New York Times

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