crony capitalism

Saudi prince sues Forbes after it says he’s only worth $20 billion

"Saudi billionaire Prince Alwaleed bin Talal has sued Forbes magazine for libel in a British court, alleging its valuation of his wealth at $20 billion was short of the mark by $9.6 billion. The prince, a grandson of Saudi Arabia’s founder and nephew of King Abdullah, had attacked the US magazine’s ranking of world billionaires as flawed and biased against Middle Eastern businesses. Through his Kingdom Holding Company, Prince Alwaleed owns large stakes in Citigroup, News Corp and Apple Inc, among other companies. He is also owner or part-owner of luxury hotels including the Plaza in New York, the Savoy in London and the George V in Paris." Continue reading →

Continue ReadingSaudi prince sues Forbes after it says he’s only worth $20 billion

Saudi prince sues Forbes after it says he’s only worth $20 billion

"Saudi billionaire Prince Alwaleed bin Talal has sued Forbes magazine for libel in a British court, alleging its valuation of his wealth at $20 billion was short of the mark by $9.6 billion. The prince, a grandson of Saudi Arabia’s founder and nephew of King Abdullah, had attacked the US magazine’s ranking of world billionaires as flawed and biased against Middle Eastern businesses. Through his Kingdom Holding Company, Prince Alwaleed owns large stakes in Citigroup, News Corp and Apple Inc, among other companies. He is also owner or part-owner of luxury hotels including the Plaza in New York, the Savoy in London and the George V in Paris." Continue reading →

Continue ReadingSaudi prince sues Forbes after it says he’s only worth $20 billion

Dentists vs. Smiles

"Everyone wants an attractive smile, which is why teeth whitening is a rapidly growing industry. But thanks to lobbying by licensed dentists, Alabama—like a growing number of states—has made it a crime to sell teeth-whitening products, even if customers apply those products to their own teeth. Alabama is not the only state to shut down non-dentist teeth whiteners. In 2011, the Connecticut State Dental Commission outlawed the practice. In fact, at least 30 states have tried to shut down teeth-whitening entrepreneurs either through new statutes and regulations or through new interpretations of existing statutes." Continue reading →

Continue ReadingDentists vs. Smiles

Hospital investors ‘sold’ on Obamacare

"Shares of U.S. hospital operators have been on a tear this year, on average posting triple the gains of the broader stock market, as investors tallied up the benefits of President Barack Obama’s healthcare reform. They expect company earnings to strengthen as more Americans gain insurance coverage and hospitals lose less money treating the uninsured. The reform law has spurred consolidation among hospitals, and further merger activity could lift valuations. The biggest benefit from health reform is expected to be an influx of patients whose treatment will be paid for either through expanded Medicaid programs or from state-based exchanges." Continue reading →

Continue ReadingHospital investors ‘sold’ on Obamacare

How Bad Is The Surveillance State?

"Even more baffling to me is the reaction of some 'conservatives' who deny the scope of spying activities and, at once, minimizing the civil-liberties threat and justifying the activities as absolutely necessary and vital for the protection of the country. The truth is that the network television show 'Person of Interest' is much closer to reality than most people think – except for the fact that no one is actually using the mining of data to protect the lives of innocent American citizens caught in the crossfire. Let’s look at some of the hard, cold facts of today’s surveillance state." Continue reading →

Continue ReadingHow Bad Is The Surveillance State?

Senator: Contractor that vetted Snowden is under investigation

"A company that conducted a 2011 background investigation into Edward Snowden, the source of recent leaks about U.S. secret surveillance programs, is itself under investigation, Senator Claire McCaskill said on Thursday. In her opening statement before a Senate homeland security subcommittee hearing, McCaskill said USIS is currently under investigation by the Office of Personnel Management’s Inspector General based on allegations is systemically failed to adequately conduct investigations under its contract. 'It is a reminder that background investigations can have real consequences for our national security,' McCaskill said." Continue reading →

Continue ReadingSenator: Contractor that vetted Snowden is under investigation

How Much Are the NSA and CIA Front Running Markets?

"A 2008 paper by Arindrajit Dube, Ethan Kaplan, and Suresh Naidu (hat tip MS) found evidence that the CIA and/or members of the Executive branch either disclosed or acted on information about top-secret authorizations of coups. Stocks in 'highly exposed' firms rose more in the pre-coup authorization phase than they did when the coup was actually launched. Given the fact that there’s reason to believe that people in the intelligence with access to privileged information weren’t above leaking it to people who could take advantage of it, why should we expect things to be different now?" Continue reading →

Continue ReadingHow Much Are the NSA and CIA Front Running Markets?

Richard Retting, ‘Father Of Red Light Cameras In America’, Becomes A Paid Camera Lobbyist

"Retting is being paid to oppose the measure introduced by Assemblyman Adrin Nazarian (D-San Fernando Valley) that would mandate one extra second of yellow warning time at intersections that use red light cameras. The policy has been in effect in Georgia since January 2009 where it has resulted in a massive reduction in red light violations. The prospect has photo ticketing firms like Redflex worried, because the majority of Georgia cities that once used red light cameras dumped them after the law took effect and revenue dried up. Lasercraft, then the number one photo ticketing firm in the state, went out of business." Continue reading →

Continue ReadingRichard Retting, ‘Father Of Red Light Cameras In America’, Becomes A Paid Camera Lobbyist

IRS Deputy Won’t Testify Before Congress on Awards to Friend

"An Internal Revenue Service deputy director whose office awarded more than $500 million in contracts to a friend’s technology company wouldn’t testify before a congressional committee. Greg Roseman was subpoenaed to appear today before a U.S. House committee investigating how Strong Castle Inc., a small business formed in late 2011, managed to attract so much contract work in such a short time. At a House Oversight and Government Reform Committee hearing, he declined to answer questions about his relationship with Braulio Castillo, president of Washington-based Strong Castle." Continue reading →

Continue ReadingIRS Deputy Won’t Testify Before Congress on Awards to Friend