crony capitalism

Why the BBC Fails to Care

"Over the past three years, 150 managers received a total of £25 million in severance payments – and 10 of the most senior executives accounted for more than £5 million of that sum. The report from the National Audit Office (NAO) into severance payments at the BBC scotched the myth that the Corporation had been contractually bound to make them. Over the past three years, 150 managers received a total of £25 million – and 10 of the most senior executives accounted for more than £5 million of that sum. The NAO said the BBC not only operated an excessively generous policy on severance payments, but had 'exceeded contractual requirements' in doing so." Continue reading →

Continue ReadingWhy the BBC Fails to Care

Virginia: $10 Million Red Light Camera Caught With Short Yellow

"One of the most profitable red light camera intersections in Virginia Beach, Virginia has been pulling in millions based from faulty engineering. The automated ticketing machine at the corner of Great Neck Road and Virginia Beach Boulevard generated $10 million worth of red light camera tickets, only to see profits tumble 64 percent when the yellow signal timing was extended by half-a-second in January. The longer yellows provide only partial relief, as the city and its for-profit vendor Redflex Traffic Systems of Australia have issued 92 percent of the tickets to drivers turning right on red in a perfectly safe manner." Continue reading →

Continue ReadingVirginia: $10 Million Red Light Camera Caught With Short Yellow

Supreme Court rules generic drug makers cannot be held liable for defects

"The U.S. Supreme Court ruled on Monday that makers of generic drugs already approved by the U.S. Food and Drug Administration cannot be held liable under state law for claims of design defects. In a 5-4 vote, the court ruled for Mutual Pharmaceutical Co, a unit of URL Pharma, owned by Sun Pharmaceutical Industries." Continue reading →

Continue ReadingSupreme Court rules generic drug makers cannot be held liable for defects

Price of Lunch with Warren Buffett Crashes

"In recent years, last-minute bidding has regularly pushed the price to record levels. Last year's lunch for eight almost tripled in the final minute of bidding, closing at $3.46 million. With bidding nearing the $1 million mark by mid-afternoon Friday, expectations ran high that the lunch with the Berkshire Hathaway Chairman and CEO could cross $4 million for the first time. But as the auction closed at just $1,000,100, some attending the invitation-only countdown party at Restaurant Lulu in San Francisco could be heard speculating that a glitch must have occurred." Continue reading →

Continue ReadingPrice of Lunch with Warren Buffett Crashes

Florida County Moves To Shut Down Red Light Cameras With Public Vote

"The board of commissioners in Hernando County, Florida has been trying for months to force the city of Brooksville to remove red light cameras from the county's right-of-way. So far, nothing has worked and the county commissioners agreed last week to use the ultimate political persuasion -- a vote of county residents -- to force the issue. Yellow light warning times at the camera intersections were also increased on Thursday." Continue reading →

Continue ReadingFlorida County Moves To Shut Down Red Light Cameras With Public Vote

Going Postal

"Now we hear that the same USPS that cannot operate without massive financial losses -- even with a monopoly on first class mail delivery -- somehow has the resources to photograph the front and back of each piece of mail processed! They cannot deliver our mail properly, cannot operate at a profit, cannot provide anything resembling customer service beyond the 1950s East Europe model, yet somehow they have unlimited resources to play big brother with all our postal communications." Continue reading →

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To those who say ‘trust the government’: Remember J. Edgar Hoover’s FBI?

"Hundreds of these sorts of companies have come about in the last few years, operating in close partnerships with the state, yet existing beyond the view of Congress, the media and 'public eyes'. Even in the unlikely instance when their activities come to light, potentially illegal behavior goes unpunished; even calls by congressmen to investigate the sordid Themis conspiracy were ignored by the Department of Justice. This, then, is the environment in which public officials and Beltway insiders like Friedman are asking us to trust the intelligence community and its private partner firms with increasing power over information." Continue reading →

Continue ReadingTo those who say ‘trust the government’: Remember J. Edgar Hoover’s FBI?

Protesters rally in support of anti-bank chalk activist facing 13 years

"Demonstrators gathered outside the Hall of Justice in San Diego, California on Sunday to chalk their support for a local man facing up to 13 years in jail for using washable chalk to voice his protests against Bank of America. 'All I am permitted to say is, I disagree,' the defendant, Jeff Olson, told KGTV-TV as he joined the rally on his behalf before slapping a piece of tape across his mouth with the words 'Gag order' written on it to comply with Judge Howard Shore’s order for him not to comment on the case. Olson attracted the attention of the office of City Attorney Jan Goldsmith at the behest of bank officials, who asked for him to be prosecuted." Continue reading →

Continue ReadingProtesters rally in support of anti-bank chalk activist facing 13 years

Obama Introduces $300 Billion Crony Capitalism Electricity Program for Africa

"Africa needs electricity. What else is new? Africans need many things. So do people all over the world. Obama has 'pledged' $7 billion toward we-know-not-what that is supposed to build Africa's electricity. The White House says it will cost $300 billion by 2030. Liberals are liberals. They promote endless government programs and endless government, and often, as in this case, it's subsidizing particular businesses that will benefit. This is crony capitalism, which is not free market capitalism. And, as has often been the bi-partisan case, they promote funds that trickle down through corrupt governments [...] and are largely wasted and mis-directed." Continue reading →

Continue ReadingObama Introduces $300 Billion Crony Capitalism Electricity Program for Africa

Obama Introduces $300 Billion Crony Capitalism Electricity Program for Africa

"Africa needs electricity. What else is new? Africans need many things. So do people all over the world. Obama has 'pledged' $7 billion toward we-know-not-what that is supposed to build Africa's electricity. The White House says it will cost $300 billion by 2030. Liberals are liberals. They promote endless government programs and endless government, and often, as in this case, it's subsidizing particular businesses that will benefit. This is crony capitalism, which is not free market capitalism. And, as has often been the bi-partisan case, they promote funds that trickle down through corrupt governments [...] and are largely wasted and mis-directed." Continue reading →

Continue ReadingObama Introduces $300 Billion Crony Capitalism Electricity Program for Africa