crony capitalism

Pentagon may be wasting billions a year in erroneous payments to contractors

"Although the Defense Department reported making over $1.1 billion in overpayments in fiscal year 2011 to military personnel and retirees, civilian defense workers, contractors, and others, investigators from the Government Accountability Office said that figure is not credible due to missing invoices and other flawed paperwork, as well as errors in arithmetic. GAO found defense finance officials didn't have procedures in place to collect and maintain the data they need to come up with a credible estimate. Even when the department could find and document mistaken payments, it frequently did not take cost-effective steps to recover the money, the GAO said." Continue reading →

Continue ReadingPentagon may be wasting billions a year in erroneous payments to contractors

Iowa City Council Votes To Ban Traffic Cameras And Drones

"Rather than allow residents of Iowa City, Iowa to decide whether to impose a permanent ban on red light cameras, speed cameras and drones, the city council unanimously decided Tuesday to directly adopt the proposed initiative with some modification. This marks the first time that a city council with a strong pro-camera majority has repealed an automated ticketing ordinance in response to a public petition. The ordinance states no drone, red light camera, speed camera or license plate recognition system can be used in the city without a police officer operating the device personally handing the traffic citation to, or arresting, the alleged offender." Continue reading →

Continue ReadingIowa City Council Votes To Ban Traffic Cameras And Drones

Why Did KKR Hire a Four Star General for a High Profile Private Equity Position?

"More and more of business needs a nod from Washington D.C. for its operations. If you don't have a D.C. insider, you are not protected. KKR, in the hiring of David Petraeus, just bought itself major protection. Big business is building a moat around itself, using government regulators to keep out competition. It will get tougher and tougher for new businesses to launch with just grit and a great idea, when big business is hiring DC insiders who have the power to snuff out new operators. This is one of the reasons there are fewer exciting jobs for new college graduates. They are often hired by upstarts, the type big business is doing a pretty good job of snuffing out." Continue reading →

Continue ReadingWhy Did KKR Hire a Four Star General for a High Profile Private Equity Position?

Speed Cameras Tear Apart Ohio Town

"The village of Elmwood Place, Ohio can no longer perform all the functions of local government, thanks to speed cameras. Four of the village's six councilmen have resigned over the way automated ticketing machines are used, and without a quorum village can no longer take any actions it faces a court contempt hearing on Tuesday. The controversy began in September 2012 when the village allowed Optotraffic to begin issuing $105 tickets using a portable speed camera with a 40 percent cut of the revenue going to the private company. Tickets were being issued at a rate that would have generated $2 million per year, or over $1000 per resident." Continue reading →

Continue ReadingSpeed Cameras Tear Apart Ohio Town

Orwell Reigns Over Raw Milk Trial

"The trial of Vernon Hershberger for the crime of selling healthy, unprocessed milk to informed and willing customers is a sadly damning commentary on the times in which we currently live. This humble yet learned Amish farmer faces the ruin of his farm, his family, and jail time in a trial that highlights the utter depravity of the so-called authorities who claim the right to rule over the rest of us. Over and over thugs raided the peaceful Hershberger's farm, destroying his property and terrorizing his ten children. His crime was selling a product that has been consumed from time immemorial and which thousands upon thousands of families increasingly swear by." Continue reading →

Continue ReadingOrwell Reigns Over Raw Milk Trial

Pentagon approves iPhones, iPads for military use

"The Defense Department said Friday that it has approved Apple devices for use on its networks, meaning that it can issue its employees iPhones and iPads at the office. With the announcement, Apple joins Samsung and BlackBerry on a short list of commercial smartphone makers that the Pentagon says are secure enough for its workers to use. Apple iPhones and iPads running iOS 6 meet that standard, the Defense Department said in a release. Earlier this month, the Pentagon gave its nod to new phones from Samsung that run a business-focused version of Google’s Android mobile operating system and also approved BlackBerry’s latest phones." Continue reading →

Continue ReadingPentagon approves iPhones, iPads for military use

Tesla’s Elon Musk Is No Dummy

"You have to be pretty smart to create an online payment company, an electric car company and a space exploration company in quick succession. Indeed, Elon Musk, who founded or co-founded PayPal, Tesla Motors and SpaceX, has degrees in economics and physics. He started a PhD at Stanford in applied physics and materials science, but dropped out to become an entrepreneur. Smart move. Today, Musk is worth an estimated $4.3 billion after strong gains in Tesla shares, along with Solar City, where he is chairman and owns 28 percent. Proceeds from share sales will be used to pay off Tesla’s taxpayer loan under a Department of Energy program." Continue reading →

Continue ReadingTesla’s Elon Musk Is No Dummy

‘Monsanto Protection Act 2.0′ Would Ban GMO-Labeling Laws At State Level

"An amendment inserted into the 2013 Farm Bill passed by the House of Representatives' Agriculture Committee Wednesday would revoke the ability of individual states' lawmakers to pass GMO-labeling laws, food advocates warn. The amendment, introduced by Rep. Steve King, a California Republican, is the newest salvo in an ongoing battle between food advocates and companies like Monsanto that create and sell genetically modified and genetically engineered seeds, which grow into GMO crops and find their way into an estimated 70 percent of processed foods in American grocery stores." Continue reading →

Continue Reading‘Monsanto Protection Act 2.0′ Would Ban GMO-Labeling Laws At State Level

Insurers predict 100% to 400% Obamacare rate explosion

"Internal cost estimates from 17 of the nation's largest insurance companies indicate that health insurance premiums will grow an average of 100 percent under Obamacare, and that some will soar more than 400 percent, crushing the administration's goal of affordability. New regulations, policies, taxes, fees and mandates are the reason for the unexpected 'rate shock,' according to the House Energy and Commerce Committee, which released a report Monday based on internal documents provided by the insurance companies. The 17 companies include Aetna, Blue Cross Blue Shield and Kaiser Foundation." Continue reading →

Continue ReadingInsurers predict 100% to 400% Obamacare rate explosion

Insurers predict 100% to 400% Obamacare rate explosion

"Internal cost estimates from 17 of the nation's largest insurance companies indicate that health insurance premiums will grow an average of 100 percent under Obamacare, and that some will soar more than 400 percent, crushing the administration's goal of affordability. New regulations, policies, taxes, fees and mandates are the reason for the unexpected 'rate shock,' according to the House Energy and Commerce Committee, which released a report Monday based on internal documents provided by the insurance companies. The 17 companies include Aetna, Blue Cross Blue Shield and Kaiser Foundation." Continue reading →

Continue ReadingInsurers predict 100% to 400% Obamacare rate explosion