crony capitalism

Prison Phone Call Industry Will Fight New FCC Rules Lowering Inmate Rates

"After a decade of delay, the FCC voted 2-1 in August to set maximum rates for collect and prison debit card calls. The new maximum rate for a collect call will be 25 cents a minute -- still far above the average for a traditional landline, but a serious reduction. In an interview with The Huffington Post, the CEO of the second-largest company in the $1.2 billion a year industry said he will go to court to stop the still-unreleased rules if they are issued as described in an FCC press release. He also lashed out at the industry's critics. After a decade-long period of consolidation and mergers in the industry, Securus and another company, Global-Tel-Link, control 80 percent of the prison phone call market." Continue reading →

Continue ReadingPrison Phone Call Industry Will Fight New FCC Rules Lowering Inmate Rates

Rite Aid joins promotion effort for Obamacare

"Department of Health and Human Services Secretary Kathleen Sebelius made the announcement Monday alongside Rite Aid CEO John Standley in New Jersey, where the feds will operate the health insurance exchange after Gov. Chris Christie rejected creating a state-run one. CVS Caremark in July announced plans to inform uninsured customers about the law. CVS pharmacies will host trained 'navigators,' who are funded by the health law to educate people about their coverage options. Walgreens also announced plans over the summer to team up with the Blue Cross Blue Shield Association to educate customers in its stores." Continue reading →

Continue ReadingRite Aid joins promotion effort for Obamacare

Donald Trump eyeing ‘building swap’ for FBI headquarters

"Flamboyant New York property developer and reality TV star Donald Trump is casting his eye on what some Washingtonians consider an architectural eyesore in the US capital — FBI headquarters. He told The Washington Post in an interview posted online Wednesday that he might take an opportunity to acquire the Brutalist-style premises on Pennsylvania Avenue in return for erecting a new and bigger home for the storied federal law enforcement agency. Inaugurated in the mid-1970s, the 11-floor J. Edgar Hoover Building houses more than half of the 10,000 employees of the Federal Bureau of Investigation in the greater Washington area." Continue reading →

Continue ReadingDonald Trump eyeing ‘building swap’ for FBI headquarters

Bill Bonner: Where did the US$ 700 billion go?

"You remember TARP? It was the feds' $700 billion program to rescue the US economy from a correction. Neil Barofsky was in charge of it. So we decided to go down and ask him how it turned out: '[..] What did they do with the money? They were supposed to increase lending so as to help bring about a recovery. None of them did that. Instead, they used it to repay each other's loans. In other words, they used it to reduce the amount of credit available...not increase it. And they bought US agency bonds...just as you'd expect. And they paid out their bonuses. In other words, they looked out for themselves...just as you'd expect.'" Continue reading →

Continue ReadingBill Bonner: Where did the US$ 700 billion go?

Treasury: $238b financial bailout ‘avoided catastrophe,’ only $3b outstanding

"The US Treasury said Wednesday the government’s massive response to the economic crisis five years ago paid off, avoiding a catastrophic breakdown of the financial system. In a report marking the anniversary of the bankruptcy of investment bank Lehman Brothers — which snowballed into the worst crisis since the 1930s — the Treasury defended deploying hundreds of billions of taxpayer dollars to save other banks, major financial institutions and auto companies. While the rescue effort required piling up government debt, it was necessary, said Treasury officials who briefed reporters." Continue reading →

Continue ReadingTreasury: $238b financial bailout ‘avoided catastrophe,’ only $3b outstanding

Warren Buffett’s Keystone Connection In One Chart

"Buffett's railroad interests have been doing quite well since the government's suspension of Keystone Pipeline extension. His key railroad interest, Burlington Northern, is the preferred alternative petroleum shipping method to the Keystone Pipeline. This is interesting because Buffett bought his stake in Burlington Northern just before the government halted the Keystone project, and he allegedly influenced the government's decision to suspend. And how much reward has Buffett reaped from the Burlington Northern/State Department deal? Keep in mind that demand for gasoline has been tanking while rail car loadings of petroleum have been going parabolic." Continue reading →

Continue ReadingWarren Buffett’s Keystone Connection In One Chart

The hustlers and parasites who make up Washington’s establishment

"Washington has always had a permanent establishment of politicians, lobbyists and journalists. But this class has exploded in size in recent decades, and has become more introspective and self-serving. The news media have produced a hydra of talking heads who are forever yelling at each other (debate) or pontificating about who is up and who is down (analysis). The lobbying industry has spent billions greasing the revolving door: in 2009 alone, special interests spent $3.47 billion lobbying the federal government. In 1974 3% of retiring policymakers became lobbyists. Now 50% of senators and 42% of congressmen do." Continue reading →

Continue ReadingThe hustlers and parasites who make up Washington’s establishment

California poised to implement first electronic license plates

"The idea is that rather than have a static piece of printed metal adorned with stickers to display proper registration, the plate would be a screen that could wirelessly (likely over a mobile data network) receive updates from a central server to display that same information. In an example shown by a South Carolina vendor, messages such as 'STOLEN,' 'EXPIRED,' or something similar could also be displayed on a license plate. A South Carolina company, Compliance Innovations, did not immediately respond to Ars’ request for comment. Smart Plate Mobile’s founder, Michael Jordan, declined to speak to Ars." Continue reading →

Continue ReadingCalifornia poised to implement first electronic license plates

IRS Finalizes Penalty for ObamaCare Mandate

"Last week, federal tax collectors finalized a rule to penalize individuals who do not obtain health insurance under ObamaCare. The regulation from the IRS formally codifies the fine charged to people without insurance under the health care law's individual mandate, says The Hill. Under the law, most Americans must either be covered by health insurance or pay a penalty. For the first year, the charge for not obtaining health insurance is $95 or 1 percent of household income. The penalty will increase, though, to $695 per person or 2.5 percent of household income in 2016 and then according to a cost-of-living formula for following years." Continue reading →

Continue ReadingIRS Finalizes Penalty for ObamaCare Mandate

The People Who Profit from Marijuana Prohibition are Upset with the DOJ

"'Smart Approaches to Marijuana' sends a letter to the DOJ: Re: State Laws Legalizing Marijuana: 'We represent tens of thousands of people working in drug prevention, drug and mental health treatment, medicine, criminal justice reform, and millions of individuals and families in recovery from alcohol and drug dependence.' Of course, it’s signed by a Who’s Who of people who profit from marijuana prohibition. Patrick Kennedy, Kevin Sabet, Peter Bensinger, Robert DuPont, Calvina Fay, Howard Meitiner, Steven J. Pasierb, Betty Sembler, and some others in the treatment industry." Continue reading →

Continue ReadingThe People Who Profit from Marijuana Prohibition are Upset with the DOJ