Take heed republicrats, wealthcare reform is not a liberal or conservative issue. Both parties are guilty of selling out to private insurance companies. Politicians should be required to dress like race car drivers displaying their Big Pharma, Big Insurance and Big Banking sponsors on their jackets
Do police officers, firefighters and teachers qualify as socialists? So why isn't medical care a government run, not for profit system as well? At the very least a reform bill should include the Kucinich amendment allowing states to decide for themselves on a single payer plan, without facing litigation from private companies.
For more information on viable health care reform visit: http://www.singlepayeraction.org/Take heed republicrats, wealthcare reform is not a liberal or conservative issue. Both... more
[This in my opinion is a really interesting article to read, share, and debate over.]
If you happened to be present in the Anglican Church on London’s Trafalgar Square a few nights ago, you might believe it to be so.
Barclay’s Catholic CEO, John Varley, addressed a captive church audience, “If we fail to pay or are constrained from paying competitive rates then that talent will move to another employer.” Nothing is odd about that statement coming from a banking executive except that Varley was justifying bonuses on purely Christian principles.
In Varley’s view “Christianity and capitalism are compatible” because, “The injunction of Jesus to love others as ourselves is an endorsement of self-interest.”
Okay. Is he seriously tying Self-Interest to the Golden Rule? I wonder if Mr. Varley would have liked his 85 year-old mother to be tricked into a 30 year adjustable mortgage? I can’t be certain, but I don’t think predatory loans were what Jesus had in mind.
Varley’s speech is part of a concerted effort by London’s Christian Association of Business Executives to quell the growing rage against bankers. Also making the church rounds were Goldman Sachs’ International adviser Brian Griffiths and Lazard International Chairman Ken Costa.
Following a lecture at St. Paul’s Cathedral, a member of the congregation said, “People are very, very angry at the gross iniquity of rewards in society.” Griffiths responded with, “We have to tolerate the inequality as a way to achieving greater prosperity and opportunity for all.” He really said that? It’s kind of like the modern equivalent of “Let them eat cake.”
World-renowned investor Jim Rogers explains why Nouriel Roubini's calls on oil and gold are completely incorrect, and he helps navigate us in a better direction ...World-renowned investor Jim Rogers explains why Nouriel Roubini's calls on oil and... more
Three of the largest Wall Street firms -- which together received $45,000,000,000 in taxpayer bailouts -- are on track to hand out $29,700,000,000 in bonuses this year.
That's only the three largest firms. JP Morgan Chase took $25 billion in government aid; Goldman Sachs and Morgan Stanley, $10 billion each. All three have paid back the government bailout money they've received, but the liquidity and "cheap money" offered by the Fed have kindled record profits at their investment and trading arms.http://rawstory.com/2009/11/top-bailedout-banks-pay-30-billion-bonuses/
Three of... more
Goldman's reputation is suddenly as toxic as the credit default swaps and other inexplicably exotic financial instruments it used to buy with glee. That's bad for the one thing it values more than anything else: business. Being the prime target for popular and political outrage could put Goldman first in line for draconian new regulation. So it has, reluctantly, decided that the time has come to speak out, to fight its corner. That's how, on one of those bright autumnal New York mornings when anything seems possible -- even an invitation to break bread with the masters of the universe -- I find myself walking past the security guard who held up Michael Moore and into the building with no name.
Amid the ongoing financial regulation overhaul, the banking industry is hoping to pull off a quiet power grab that has eluded its grasp since the Great Depression, by stripping the independence of the board that sets financial accounting standards.
The move could effectively let banks set their own accounting standards in rough economic times.
Astonishingly, at a time when the public is crying out for greater regulation to limit excessive risk-taking by financial institutions, the banks are trying to get Congress to agree that the next time there's a big downturn, they should have the ability to alter their accounting standards -- essentially, fudge the numbers -- so that the public and investors won't be able to tell how insolvent they really are. By ignoring their declining asset values, they can avoid the standard requirement of raising more capital.
The mechanism is contained in an amendment set to be introduced in mid-November by Rep. Ed Perlmutter (D-Colo.) that would move final authority over the Financial Accounting Standards Board (FASB) from the Securities and Exchange Commission to a new body, a so-called "oversight" board, that would include the officials charged with managing systemic risks to the financial markets.
These regulators would have the authority to override FASB's accounting guidelines by taking into account economic conditions.
The move is so radical that it has split corporate America. The bankers and members of Congress who support it have earned themselves an unlikely enemy: the U.S. Chamber of Commerce.
A typical business or investor, after all, prefers honest, independent accounting, because they buy and sell real things based on real value.
The dilemma over how limited supplies of the H1N1 vaccine should be distributed was underscored today as government health officials defended their allocation of vaccine to Wall Street firms. But doctors around the country bristled at this news, asking why these firms can get the vaccine while physicians and hospitals still face shortages. It is a controversy that prompted a comment from the White House, a letter from the CDC, and protest to congress from a citizens group.
"Greed goes beyond just money," said Dr. Michael Coates, professor of Family and Community Medicine at Wake Forest University in Winston-Salem, N.C., of the news, which first appeared in a BusinessWeek article on Monday. "We have neither the seasonal nor the H1N1 vaccines for our patients. I had several high-risk individuals in my clinic this morning who should get vaccinated."
The report also prompted Citizens for Responsibility and Ethics in Washington (CREW) to demand an investigation into why the Centers for Disease Control and Prevention approved small amounts of H1N1 vaccine for distribution at 13 companies including Goldman Sachs and Citigroup.
Prompted by various news reports about Goldman Sachs officials receiving H1N1 vaccines, White House Press Secretary Robert Gibbs said CDC director Dr. Thomas Frieden sent a letter to states reiterating the importance of vaccinating priority groups.
Frieden said in his letter, "The goal of the H1N1 vaccination program is to protect our population -- focusing first on these high-risk groups and ensuring equitable access to the vaccine. While vaccine supplies are still limited, any vaccine distribution decisions that appear to direct vaccine to people outside the identified priority groups have the potential to undermine the credibility of the program."
But because the vaccine is actually distributed through state health departments, the CDC may have little direct say in this matter. Moreover, some experts say that allowing large companies and businesses to become points of distribution for vaccine may be logical.
When you make [vaccination] easy and accessible to people, you improve immunization rates," said Dr. Gregory Poland, director of the Mayo Vaccine Research Group at the Mayo Clinic in Rochester, Minn. "It's the nature of people who are in the workplace or in schools to congregate and that's where the virus spreads."
In New York City, the Health Department places vaccine orders on behalf of health care providers who register and submit requests. These providers, which include schools, hospitals, health centers and employee health services, must agree to recognize priority groups in order to receive any vaccine.
"The Health Department does not distinguish between workplace and non-workplace vaccination settings," said Jennifer Scaperotti, spokesperson for the New York City Health Department. "As a result, it is not always possible to determine where a particular provider will vaccinate patients in a workplace, an internist's office or another setting. As long as the provider is adhering to the priority groups listed in the vaccine application, either is legitimate."
So far, New York City has received 98 percent of the 873,600 doses of H1N1 vaccine allotted to them by the CDC, of which the majority of doses have gone to pediatric facilities and hospitals. Adult providers, which include workplaces, have received 6 percent of all the available doses so far.
Balancing Those Who Need Vaccine
Poland pointed out that it was important to strike a balance between vaccinating priority groups and the general population, and that while doling out vaccine on a rolling schedule is the best way to vaccinate the greatest number of people, the practice can be frustrating for some.
Wwhile pregnant women and children with respiratory problems are struggling to get access to scarce doses of the H1N1 vaccine, bankers at Goldman Sachs have been given a stockpile of 200 doses of the vaccine. That's the same amount allotted to Lenox Hill Hospital in New York.
With hospitals, schools and community health clinics in desperate need of the H1N1 vaccine, it's unconscionable that Wall Street can just cut in line and secure scarce doses for bankers.
Goldman Sachs received over $1 billion in taxpayer bailouts during the financial meltdown. But that's not all. It was the single-largest recipient of taxpayer money in the AIG bailout, receiving almost $13 billion once AIG's positions were unwound.
And now, analysts predict Goldman Sachs could give its bankers as much as $23 billion in bonuses, while the rest of country struggles through the jobless "recovery."
The same Wall Street players that upended the economy are clamoring to open up a massive market to swap, chop, and bundle carbon derivatives. Sound familiar?
Greg Gordon: There is nothing that can prohibit or stop the Wall St. firms from making secret betsGreg Gordon: There is nothing that can prohibit or stop the Wall St. firms from making... more
Need a quick analogy to explain "Too Big To Fail"? William Black references Blazing Saddles ...Need a quick analogy to explain "Too Big To Fail"? William Black references Blazing... more
In 2006 and 2007, Goldman Sachs Group peddled more than $40 billion in securities backed by at least 200,000 risky home mortgages, but never told the buyers it was secretly betting that a sharp drop in U.S. housing prices would send the value of those securities plummeting.
Goldman's sales and its clandestine wagers, completed at the brink of the housing market meltdown, enabled the nation's premier investment bank to pass most of its potential losses to others before a flood of mortgage defaults staggered the U.S. and global economies.
Only later did investors discover that what Goldman had promoted as triple-A rated investments were closer to junk.
Now, pension funds, insurance companies, labor unions and foreign financial institutions that bought those dicey mortgage securities are facing large losses, and a five-month McClatchy investigation has found that Goldman's failure to disclose that it made secret, exotic bets on an imminent housing crash may have violated securities laws.
http://bravenewfilms.org/blog/?p=71903
The company has two luxury corporate jets. They dine on fine gold plated silver, all at the expense of denying life saving care to policyholders they sponge off of.http://bravenewfilms.org/blog/?p=71903
The company has two luxury corporate jets.... more
Timothy Geitner says we should keep a watch on the companies designated in secret as "too big to fail".http://www.huffingtonpost.com/les-leopold/geithner-advocates-perman_b_340505.html... more
Our economic system is overrun with barely legal scams masquerading as businesses. Let's cap them rather than demand pennies on the stolen dollars be returned.Our economic system is overrun with barely legal scams masquerading as businesses.... more
There is a movement afoot to stop Fox News. Michael Moore recently said that the top 1% of America's population owns more wealth than the bottom 95% combined. He questions that we live in a democracy where the few, the rich, control Congress and own everything. ACORN is an organization based on religious teaching to help the poor. Yet Fox News has an all out attack on ACORN as if it were some kind of conspiracy to undermine the wealthy who control this country.
Well they're right. Those who fight for the voice of the people do have the intention of regaining control of this country for the majority of America's as it was founded on, not for the top 1% who Fox caters to.
Few things have changed faster than the way we communicate. Coupled with the Corporate Social Responsibility (CSR) or green movement, there has been an explosion of information available about how and what companies and organizations are doing to improve society and the environment.
During the past year, at least three major events have influenced how communications relate to CSR:
1) The new administration in Washington is focused on volunteerism, green-collar jobs, alternative energy and other CSR issues.
2) Bernie Madoff and the “collapse” of Wall Street spotlighted (once again) the need for greater transparency and corporate governance.
3) Consumers are demanding information about what the companies from which we buy our goods and services are doing to have a positive impact on society, improve the environment, and in general “save the world.” Companies are finally starting to be held accountable and responsible for the impact and influence they can have to affect change, and they realize the need to communicate it. From a media and PR perspective, this presents both opportunities and challenges.
Any company can issue a press release talking about all the good they’re doing, and consequently greenwashing — and a lack of authenticity has become almost epidemic. It seems every brand wants to capture the green consumer.
The media challenge: To communicate effectively in ways that a growing, “green-focused” audience, consisting of varied demographics, is responsive to and can trust. Authenticity must absolutely be obvious. The age-old, traditional press release isn’t what it used to be. Yes, there’s still a place for it in modern communications, but it’s become widely accepted that its impact is diminished.
Enter blogs and bloggers, videos, podcasts, and various commentaries … all new and different ways to reach an audience no longer receptive to traditional methods such as press releases. Combine this with issues that people are passionate about, that affect their lives and their children’s lives, such as corporate responsibility and sustainability … and that’s the mix that must be communicated. To address that, successful organizations have begun to realize that the value of delivering their messages, consistently in all different media formats, engages a passionate audience.
--an excerptFew things have changed faster than the way we communicate. Coupled with the Corporate... more
Is the Wall Street network one big Ponzi scheme against your best interests? This awesome chart says, "Yes."Is the Wall Street network one big Ponzi scheme against your best interests? This... more
On Tuesday morning, in Chicago, the unions came to town. It was the final day of the rolling protest dubbed The Showdown in Chicago, a confrontation with the American Bankers Association, whose members had gathered for their annual meeting. With a crowd estimated at 5,000, it was without a doubt the largest demonstration against Wall Street's ravages since the economy crashed a year ago.
From the desperate manufacturing sector came members of the Sheet Metal Workers and the Machinists and the Steelworkers. From the collapsed housing market came the Carpenters and the Painters and the Insulators. There were laid off workers from shuttered factories – Republic Doors and Windows, whose battle over severance pay was captured in Michael Moore's new film, Capitalism: A Love Story, and Quad City Die Casting, whose hundred employees all lost their jobs with far less fanfare last month. Pulling up the rear, a large contingent of garment workers from Hart Marx, suit makers to the president, who successfully fought off a shutdown threatened by creditor Wells Fargo, saving some 3,500 jobs. And, of course, a vast purple army from the Service Employees Union, SEIU.
"There is something wrong with America," Anna Burger, SEIU's secretary treasurer, told the crowd, in the stirring rhetoric that was typical of the day. "Over a year ago the big banks on Wall Street, because of their greed and risky decisions, put our whole country and our whole economy at risk. And what did they do? They came to us. They asked for trillions of dollars and they said they would help us rebuild our economy. Did they rebuild our economy? Did they stop home foreclosures? Did they cut interest rates? Did they lower bank fees? Did they stop layoffs? Did they extend credit to small businesses? Or create new jobs? No. What did they do? They squeezed us harder. They exploited us more, raked in millions in fees, made lots of money and now they're giving themselves bigger bonuses than ever before." The shouting in response to her was boisterous, as it was to equally tough words from AFL-CIO president Richard Trumka.
more at link...On Tuesday morning, in Chicago, the unions came to town. It was the final day of the... more
Commissions are often created to defer tough decisions; to forge a consensus around a hard solution to a genuine problem; and, rarely, actually to delve into underlying facts. The Angelides commission (http://www.nytimes.com/2009/07/16/business/16inquiry.html?_r=1), officially chartered by Congress this summer as the Financial Crisis Inquiry Commission, has the chance to be that third kind of commission, gathering the missing empirical data on fundamental questions that can guide future decision-making.
We already know an awful lot more about what happened last year than we did in 1932, when the legendary Pecora commission(http://en.wikipedia.org/wiki/Pecora_Commission) was created to investigate the Wall Street crash. We know the fundamental violations of sound banking practice and regulatory failures that brought us to the precipice. Yet there are still critical areas that would benefit from the commission's detailed analysis: four structural issues that have not yet received adequate attention and one particular transaction that is still highly ambiguous.Commissions are often created to defer tough decisions; to forge a consensus around a... more
