crony capitalism

Glenn Greenwald: Obamacare architect leaves White House for pharmaceutical industry job

"Whatever one's views on Obamacare were and are: the bill's mandate that everyone purchase the products of the private health insurance industry, unaccompanied by any public alternative, was a huge gift to that industry. More amazingly still, when the Obama White House needed someone to oversee implementation of Obamacare after the bill passed, it chose a former health insurance industry executive. Now, Liz Fowler is once again passing through the deeply corrupting revolving door as she leaves the Obama administration to return to the loving and lucrative arms of the private health care industry." Continue reading →

Continue ReadingGlenn Greenwald: Obamacare architect leaves White House for pharmaceutical industry job

Glenn Greenwald: Obamacare architect leaves White House for pharmaceutical industry job

"Whatever one's views on Obamacare were and are: the bill's mandate that everyone purchase the products of the private health insurance industry, unaccompanied by any public alternative, was a huge gift to that industry. More amazingly still, when the Obama White House needed someone to oversee implementation of Obamacare after the bill passed, it chose a former health insurance industry executive. Now, Liz Fowler is once again passing through the deeply corrupting revolving door as she leaves the Obama administration to return to the loving and lucrative arms of the private health care industry." Continue reading →

Continue ReadingGlenn Greenwald: Obamacare architect leaves White House for pharmaceutical industry job

Obama’s inauguration committee to accept corporate cash

"President Obama’s inauguration in January will be funded in part by corporate cash, a reversal from 2008 when he declined corporate donations and capped individual donations to $50,000. Donations from both corporate donors and individuals to the 2013 Presidential Inaugural Committee will not have an upper limit, although the committee will not take funds from PACs or lobbyists. President of Public Citizen, Robert Weissman, told the Post, 'It’s not a bribe' but 'they’re going to expect access and the ability to have their views heard more favorably than they otherwise would be. And that’s not how the system should work.'" Continue reading →

Continue ReadingObama’s inauguration committee to accept corporate cash

Obama gives 83% of export loan guarantees to Boeing

"The Export-Import Bank (Ex-Im)’s primary way of subsidizing exports is through loan guarantees: a private bank lends money to a foreign buyer (such as a foreign company or government) who is buying an American good. Ex-Im guarantees the loan, meaning that if the foreign buyer defaults, U.S. taxpayers foot the bill. In fiscal year 2012, Ex-Im issued $14.7 billion in loan guarantees. $12.2 billion of that money subsidized Boeing sales. That’s right: 82.7% of all of Ex-Im’s taxpayer-backed loan guarantees benefitted one corporation." Continue reading →

Continue ReadingObama gives 83% of export loan guarantees to Boeing

Crony America: Goldman Sachs Settles with CFTC Run by Former Goldman Partner

"Goldman Sachs has agreed to pay $1.5 million to settle charges that it failed to supervise the activities of a former trader who in 2007 was able to amass an $8.3 billion trading position without detection. The head of the CFTC, Gary Gensler, is a former Goldman partner, who was recruited by Goldman right out of Wharton. CFTC Commissioner Bart Chilton said the settlement did not go far enough. Chilton dissented in part from the agreement and said the starting point for penalties should have been $7.8 million." Continue reading →

Continue ReadingCrony America: Goldman Sachs Settles with CFTC Run by Former Goldman Partner

Merry Christmas: Congress Could Vote for an Online Sales Tax before the End of the Year

"With less than five weeks to go in the year, supporters are concentrating most of their efforts on the Senate, where a measure giving states greater latitude to collect sales taxes from online purchases has a powerful backer in Majority Whip Dick Durbin (D-Ill.), says Politico. Both the Senate and House proposals would allow states to collect sales taxes from internet retailers located in other states, an approach that also has been backed by prominent GOP governors, such as Cato favorite Chris Christie." Continue reading →

Continue ReadingMerry Christmas: Congress Could Vote for an Online Sales Tax before the End of the Year

The TSA Meets Independent Media – Opt Out And Film Week

"On day one of the 'Opt Out And Film The TSA' campaign, Dan Dicks of Press For Truth and Ashley Jessica went to the Buffalo International airport to help raise awareness about the intrusive and invasive TSA procedures. We were immediately surrounded by members of the TSA and also the Buffalo Transit Police who tried various intimidation tactics on us but ultimately failed to deter us from taking part in this important campaign." Continue reading →

Continue ReadingThe TSA Meets Independent Media – Opt Out And Film Week

Alaskan town home to airport with no planes and harbor with no road

"Remember Alaska's infamous bridge to nowhere? Well, another town in 'Seward's Icebox' has upped the ante after building an unused $75.5 million airport and a $29 million harbor with no roads connecting to the town. The Aleutians community of Akutan is home to just over 1,000 seasonal workers and 75 full-time residents, though only about five boats. The Army Corps of Engineers, using $29 million in federal stimulus money, built the harbor." Continue reading →

Continue ReadingAlaskan town home to airport with no planes and harbor with no road

Governor Moonbeam and Cronies at Work in California

"California Governor Jerry Brown hailed his signature tax-hike to fund education—known as Proposition 30—as a towering achievement that will ensure educational excellence in higher education and spare those trapped in poor and failing K-12 California public schools from budget cuts. But a new study by five UC Berkeley doctoral students says that millions of dollars of the freshly raised revenues won’t go to California’s school children. An increasing number of posts in top UC management and on the Board of Regents have been filled by former Wall Street bankers." Continue reading →

Continue ReadingGovernor Moonbeam and Cronies at Work in California

Pilots Know More Than Just How to Fly Planes

"The Airline Pilots Association sure understands the importance of government regulation to create benefits for a small group and the value of limiting supply. According to WSJ, new regulations require newly hired pilots to have at least 1,500 hours of prior flight experience. That number is that is six times the current requirement. At the same time a large number of pilots are going to be forced to retire because they are bumping up against the current mandatory retirement age of 65." Continue reading →

Continue ReadingPilots Know More Than Just How to Fly Planes