crony capitalism

iPhone app tracks route of cab ride so you can see if cabby took you for a ride

"It’s the oldest trick in a crooked cabby’s playbook — and it’s about to become obsolete. Taxi Turvi keeps hacks honest by tracking their route with GPS technology, then checks it at the end of the journey to see if there was a shorter, cheaper way to go. The free app — the brainchild of a former NYC resident whose Southern accent made her a frequent victim of the trick — was launched two weeks ago. To use it, riders simply press 'start' at the beginning of their trip. Then, at the end of the ride, they hit 'stop' — and the app displays the route that was taken in a red line. The shortest route on the same map is overlaid in a blue line." Continue reading →

Continue ReadingiPhone app tracks route of cab ride so you can see if cabby took you for a ride

NYC Taxi Medallions Sell for $1.1 Million

"More regulation madness. In New York City, Taxi prices are so out of line with what free market rates would be that corporations are now willing to pay over $1 million to own a taxi and collect the fares, which is what the ownership of a medallion allows. In a free market, even allowing for registration with the NYC Taxi and Limousine Commission, the cost would be the registration fee ($100?) and that would be it. Below is the NYC Taxi and Limousine Commission report for February, which shows 4 corporate taxi medallions were sold for $1,000,000 and 2 sold for $1,100,000." Continue reading →

Continue ReadingNYC Taxi Medallions Sell for $1.1 Million

Volcker Travelled as Chase Bank Official to Kuwait; Was Viewed as Federal Reserve Official

"How lucky for Chase Manhattan Bank. Below from a new batch of cables released by Wikileaks: A 1975 cable on Paul Volcker travelling to Kuwait as an official of Chase Manhattan Bank, who the State Department reports will be viewed by the Kuwaiti government as a senior Federal Reserve official." Continue reading →

Continue ReadingVolcker Travelled as Chase Bank Official to Kuwait; Was Viewed as Federal Reserve Official

Who Got the Fed Minutes in Advance of Everyone Else and Why?

"This is really an odd list and appears to be some type of very insider, VIP group. It contains major investment banks, such as Goldman Sachs, high powered law firms, such as Sullivan Cromwell and bank lobbying firms. I am on the list to receive FOMC minutes and other Fed releases, but did not receive the FOMC minutes in advance, like those on this list did. The real question is what is this list about, how does one get on it and do they receive any type notices from the Fed that are not released to anyone else? Indeed, the BIG question is why was this list put together?" Continue reading →

Continue ReadingWho Got the Fed Minutes in Advance of Everyone Else and Why?

These 12 Banks Got the Fed Minutes a Day Early

"It wasn't just Capitol Hill staffers and trade groups that received the Federal Reserve minutes a day early. Many banks and other financial institutions also got an early look at the minutes. A list of recipients obtained by CNBC reveals that at least 12 banks, a Wall Street law firm, a hedge fund and a private equity fund were on the distribution list that got the minutes early. The banks included Fifth Third, Citigroup, UBS, Barclays, U.S. Bancorp, Goldman Sachs, Wells Fargo, HSBC, BNP Paribas, BB&T, JPMorgan Chase and PNC. Sullivan & Cromwell, one of the most powerful Wall Street law firms, also got the email." Continue reading →

Continue ReadingThese 12 Banks Got the Fed Minutes a Day Early

School forces 25 hungry students to throw away lunches when they couldn’t pay

"A group Massachusetts parents are outraged and at least one worker has been placed on administrative leave after about 25 students Robert J. Coelho Middle School in Attleboro were forced to throw away their lunches over concerns that they could not pay for the food. Parents said that some students cried and went home hungry. School officials told The Sun Chronicle that Whitson’s, the contractor responsible for providing lunches, made the decision to stop students from eating their lunch if there was not enough credit in the student’s pre-paid account or they were not able to provide cash for the meal." Continue reading →

Continue ReadingSchool forces 25 hungry students to throw away lunches when they couldn’t pay

San Diego mayor OK with a certain company’s marijuana vending machines

"The San Diego mayor’s office accepts the use of some marijuana vending machines, according to a major manufacturer of the drug-dispensing devices. Though the company’s automated dispensing machine resembles typical vending machines, it differs in key ways. The touch-screen Canna MedBox can only be accessed via a special pre-paid card and fingerprint scan. The machine is also armored to prevent thefts and keeps a record of every transaction." Continue reading →

Continue ReadingSan Diego mayor OK with a certain company’s marijuana vending machines

The GOP’s Drug-Testing Dragnet

"The annual Drug & Alcohol Testing Industry Association (DATIA) conference, held in 2012 in San Antonio, Texas, looks like any other industry gathering. The 600 or so attendees sip their complimentary Starbucks coffee, munch on small plates of muffins and fresh fruit, and backslap old acquaintances as they file into a sprawling Marriott hotel conference hall. They will hear a keynote address by Robert DuPont, who served as drug policy director under Richard Nixon and Gerald Ford. Nothing odd about any of this until you consider that the main subject of the conference is urine." Continue reading →

Continue ReadingThe GOP’s Drug-Testing Dragnet

The condemned coca leaf: One standard for a major soft drink, another for people

"Efforts to kill the cocaine trade have haphazardly and heartlessly cracked down on anyone and everyone who produces or enjoys the unadulterated leaf. A 1961 agreement called the Single Convention on Narcotic Drugs, still in effect around the world, orders people to stop chewing the leaves and mandates the destruction of all wild coca bushes. The Single Convention was adopted after years of negotiations led in great part by Harry J. Anslinger, who Anslinger had a strange relationship with the coca plant: spearheading its prohibition while simultaneously ensuring access to the leaf for a single, powerful consumer, The Coca-Cola Company." Continue reading →

Continue ReadingThe condemned coca leaf: One standard for a major soft drink, another for people

Obama picks Goldman Sachs exec for ambassador to Canada

"U.S. President Barack Obama has selected a partner at the investment firm of Goldman Sachs in Chicago to be the new U.S. ambassador to Canada, CBC News has learned. Sources tell CBC News Network's Power & Politics that Bruce Heyman has accepted the job but still has to pass a vetting process in order to be be formally nominated. His confirmation will be up to the U.S. Congress. Well known as a high-level fundraiser to Barack Obama, Heyman and his wife Vicki, also a fundraiser, raised more than $1 million for Obama and were on his national finance committee. Heyman runs the private wealth fund at Goldman Sachs." Continue reading →

Continue ReadingObama picks Goldman Sachs exec for ambassador to Canada