crony capitalism

Baltimore man gets speed camera ticket for going 0 MPH

"The City of Baltimore recently issued a ticket to Daniel Doty for speeding 38 miles per hour in a 25-mph zone — but photos and video captured by the speed camera system showed that his car was stopped at a red light at the time. Xerox State and Local Solutions, which is the contractor for Baltimore’s speed and red light cameras, said that each citation went through a two-step review to verify its accuracy, including an officer who must swear that the vehicle was going at least 12 MPH over the posted speed limit. Police spokesperson Anthony Guglielmi would not reveal which officer reviewed Doty’s ticket." Continue reading →

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Prison Labor Booms As Unemployment Remains High; Companies Reap Benefits

"The American government has been critical of China's forced-labor policies, but the United States has a burgeoning prison labor pool of its own. Hundreds of companies nationwide now benefit from the low, and sometimes no-wage labor of America's prisoners. Nearly a million prisoners are now making office furniture, working in call centers, fabricating body armor, taking hotel reservations, working in slaughterhouses, or manufacturing textiles, shoes, and clothing, while getting paid somewhere between 93 cents and $4.73 per day. Companies that pay workers can get up to 40 percent of the money back in taxpayer-funded reimbursements." Continue reading →

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Jane Marquardt: “Progressive” Prison Profiteer

"Last Saturday, members of the Salt Lake City Prison Divestment Campaign told Utah’s Democratic Party the truth about Jane Marquardt, who sought a position as vice chair of the Utah Democratic Party’s Central Committee. You see, Jane holds another vice chair position: Vice chair of the board at Management and Training Corporation (MTC), America’s third largest operator of for-profit prisons. Yet the Democratic Party claims to stand for immigrants, the poor, people of color, and the LGBT community, all of which are groups that Jane Marquardt’s company cages and abuses for profit." Continue reading →

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US War Crimes Bring Huge War Profits

"It seems like just yesterday that President Clinton's moralizing humanitarian interventionists were taking the US into an illegal war in partnership with the terrorist Kosovo Liberation Army (a 1990s version of current US partner, the 'Free Syrian Army'). Now in Kosovo, where you can stroll down Bob Dole Street and Bill Clinton Blvd. while admiring the hulking and grotesquely cartoonish statue of our 42nd president, the 'liberators' of that tiny mafia state have returned to collect their rewards for bathing the Balkans in blood." Continue reading →

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Obama approved F-16 fighter jets as gift to Egypt

"Despite instability due to the new Islamic government in Egypt, the US is sending more than 20 F-16 fighter jets to Egypt as part of a $1 billion foreign aid package. The first four Lockheed Martin F-16 fighter jets are set to arrive in Egypt on Jan. 22, an unnamed source told Fox News. The new Islamic president, Mohammed Morsi of the Muslim Brotherhood, has recently made political moves that have fueled anger and criticism both in the West and among secular Egyptians. Mass demonstrations are currently taking place in Cairo and several other Egyptian cities against Morsi’s decision to hold a referendum on a pro-Islamist constitution." Continue reading →

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The MIT-Central Bank Connection

"Every two months, more than a dozen bankers meet here on Sunday evenings to talk and dine on the 18th floor of a cylindrical building looking out on the Rhine. The dinner discussions on money and economics are more than academic. At the table are the chiefs of the world's biggest central banks, representing countries that annually produce more than $51 trillion of gross domestic product, three-quarters of the world's economic output. Their monetary strategy isn't found in standard textbooks. The central bankers are, in effect, conducting a high-stakes experiment." Continue reading →

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Bankster-Government Revolving Door (Mortgage Division)

"Bob Ryan, who served as a top housing adviser in the Obama administration, will leave for a senior mortgage-banking position at Wells Fargo next month. Ryan is currently a senior advisor to Shaun Donovan, the secretary for Housing and Urban Development. Ryan played a key role shepherding the $25 billion mortgage-foreclosure settlement between five of the nation’s largest lenders, including Wells Fargo, and 49 state attorneys general and federal regulators this past March. Wells faces a separate lawsuit over FHA-backed loans that was filed by federal prosecutors in October." Continue reading →

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Bankster-Treasury Revolving Door

"Former senior U.S. Treasury official Tim Adams will succeed Charles Dallara as the head of the Institute of International Finance, a bank lobbying group that represents more than 470 of the world’s largest financial companies. Adams will take over the helm during a major rewrite of financial regulations across the globe and amid the continuing debt and banking crises in Europe. Adams served as Treasury undersecretary for international affairs in the administration of President George W. Bush." Continue reading →

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Costco’s Dividend Tax Epiphany

"When President Obama needed a business executive to come to his campaign defense, Jim Sinegal was there. The Costco co-founder, director and former CEO even made a prime-time speech at the Democratic Party convention in Charlotte. But now these people at the very top of the top 1% who preach about tax fairness voting to write themselves a huge dividend check to avoid the Obama tax increase they claim it is a public service to impose on middle-class Americans who work for 30 years and finally make $250,000 for a brief window in time." Continue reading →

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The Link Between High Tax Rates and Corruption

"Let’s pretend we have a modest tax rate of 20 percent. Now imagine you are part of an industry with $200 million in profits and you want a special tax break. How much are you willing to pay to get that loophole? Well, with a 20 percent tax, the most you can save is $40 million. So how much would you spend on lobbyists, campaign contributions, etc, in order to get that loophole? One thing we can safely assume is that the industry would never spend more than $40 million. But let’s now assume you live in a world with 50 percent tax rates. Does that change the incentive for influence peddling in Washington? Of course it does." Continue reading →

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