crony capitalism

Hillary Clinton Starts to Cash in Big Time

"In the six months since stepping down as secretary of state, Clinton has addressed apartment-complex developers in Dallas, private-equity managers in Los Angeles and business executives in Grand Rapids, Mich. Still to come are travel agents, real estate brokers, clinical pathologists and car dealers — collecting more than $200,000 per appearance, according to one executive who arranges speaking tours.[...] Most of the trade groups Clinton has addressed actively lobby Congress on issues both substantial and mundane. Some audiences have many millions of dollars at stake in federal tax policies." Continue reading →

Continue ReadingHillary Clinton Starts to Cash in Big Time

Feds Shake Down Farmer For Free Raisins

"Marvin Horne, 68, stopped giving the government his raisins in 2002 and now 'owes the U.S. government at least $650,000 in unpaid fines,' in addition to '1.2 million pounds of unpaid raisins, roughly equal to his entire harvest for four years.' Horne violated Marketing Order 989, passed during the Truman administration, 'a federal regulation meant to solve a problem from the era after World War II, which created the national raisin reserve. The program gives the U.S. government a heavy-handed power to interfere with the supply and demand for dried grapes' and takes 'away a percentage of every farmer’s raisins' without paying for them." Continue reading →

Continue ReadingFeds Shake Down Farmer For Free Raisins

Anonymous predicts demise of Corrections Corporation of America

"A final, interesting facet of the report - analyzing a recent development that's been little discussed among advocates - was its dissection and critique of the company's decision to become a 'real estate investment trust' (REIT) as essentially a tax dodge. Find below the jump a substantial excerpt (citations omitted) from the report explaining CCA's REIT strategy and the implications for their business model, shareholders and taxpayers." Continue reading →

Continue ReadingAnonymous predicts demise of Corrections Corporation of America

Phone companies earn big profits as Uncle Sam’s wiretapping merchants

"AT&T and Verizon are the two carriers making the most off this scheme, CBS notes, but others are getting in on the action as well. Verizon is particularly pricey, charging the government $775 to connect a wiretap, and another $500 every month it stays connected. AT&T comes in second with a $325 activation fee, along with a $10-a-day running tab. Smaller carriers like Cricket are said to charge around $250 per connection. Smaller fees were associated with text messages, but emails were largely given away for free." Continue reading →

Continue ReadingPhone companies earn big profits as Uncle Sam’s wiretapping merchants

Wal-Mart walks away from plans for 3 D.C. stores after ‘living wage’ law passes

"Wal-Mart Stores Inc. said it was scrapping plans to build three stores in Washington, D.C., after the city council passed a bill late Wednesday that would require big retailers to pay starting wages that are 50% higher than the city’s minimum wage. The bill requires retailers with corporate sales of $1 billion or more and with stores of at least 75,000 square feet to pay workers starting salaries of no less than $12.50 an hour. The city’s minimum wage is $8.25. The measure includes an exemption for unionized businesses and gives existing big stores, which include Target Corp. and Macy’s Inc., four years to comply." Continue reading →

Continue ReadingWal-Mart walks away from plans for 3 D.C. stores after ‘living wage’ law passes

A brand-new $34 million U.S. military headquarters in Afghanistan. And nobody to use it.

"The U.S. military has erected a 64,000-square-foot headquarters building on the dusty moonscape of southwestern Afghanistan that comes with all the tools to wage a modern war. A vast operations center with tiered seating. A briefing theater. Spacious offices. Fancy chairs. Powerful air conditioning. Everything, that is, except troops. The windowless, two-story structure, which is larger than a football field, was completed this year at a cost of $34 million. As American troops pack up to return home, U.S.-funded contractors are placing the finishing touches on projects that are no longer required or pulling the plug after investing millions of dollars." Continue reading →

Continue ReadingA brand-new $34 million U.S. military headquarters in Afghanistan. And nobody to use it.

The Case of the Missing $700 Billion

"1. Banks took $700 billion in bailout money and paid off their high-interest debt. That included FDIC-insured CDs, which they called in, leaving seniors and savers without many viable alternatives for safe investing. 2. Banks stopped lending to the public because they found a better deal. If you could take billions of dollars from the government and lend it back to them by buying US bonds, wouldn't you do the same thing? 3. Banks turned a big profit and paid out handsome bonuses to their higher-ups. 4. By reducing interest rates in the public sector, the Treasury reduced the cost of its own massive debt.[...]" Continue reading →

Continue ReadingThe Case of the Missing $700 Billion

Big tobacco stubs out e-cigarette competitors

"In anticipation of Reynolds’ first effort in the e-cigarette market, the company’s lobbyists are pushing laws at the state level that could add costs, paperwork and headaches onto smaller competitors that have largely served the e-cigarette market so far. More worrisome is that the online activities of thousands of e-cigarette consumers, who are looking for a tar-free alternative to smoking, could be effectively outlawed. The number of American smokers who have tried e-cigarettes doubled from 10 percent in 2010 to about 21 percent in 2011." Continue reading →

Continue ReadingBig tobacco stubs out e-cigarette competitors

How Many Millions Do Washington D.C, Crony Capitalist CEOs Get Paid?

"Lockheed Martin, Robert J. Stevens, $23.8 million; General Dynamics, Jay L. Johnson, $18.0 million; Northrop Grumman, Wesley G. Bush, $15.5 million; Alliant Techsystems, Mark W. DeYoung, $6.8 million; Exelis, David F. Melcher, $5.8 million; SAIC, John P. Jumper, $5.4 million." Continue reading →

Continue ReadingHow Many Millions Do Washington D.C, Crony Capitalist CEOs Get Paid?

Virginia Gov. did not disclose $120,000 in donations from company he promoted

"Virginia Gov. Robert McDonnell (R) and his family received another unreported $120,000 from the head of a dietary supplement company he promoted, the Washington Post reported Tuesday. McDonnell and his family are already being investigated for allegedly accepting a $6,500 watch and $15,000 in catering costs for his daughter’s wedding from Star Scientific CEO Johnnie R. Williams, Sr. in exchange for his help urging state health officials to approve the company’s anti-inflammatory supplement as an option for Medicare recipients, despite not being federally approved. McDonnell has argued that the payment toward the catering expenses was a gift for his daughter." Continue reading →

Continue ReadingVirginia Gov. did not disclose $120,000 in donations from company he promoted