Peter Flaherty's blog

Walmart's Support for Cap and Trade to be Challenged at Annual Meeting

I will speak tomorrow at the Walmart annual meeting in favor of our shareholder proposal asking for a report on the business risks of climate change. The meeting takes place on Friday, June 3 in Fayetteville, Arkansas.

The supporting statement appearing in the proxy reads, in part:

Wal-Mart has committed itself to dramatic measures to reduce carbon emissions, and to support controversial political positions, even as scientific and political factors related to global warming are rapidly changing.

Gingrich Must Repudiate Sharpton

Sharpton Gingrich photoToday we are asking Republican presidential candidate Newt Gingrich to repudiate Al Sharpton. Gingrich appeared around the country in late 2009 as part of something called the Education Equality Project. At that time, we asked Gingrich to sever ties with Sharpton, only to be ignored.

Now that Gingrich has gone from private citizen to candidate, he must be made accountable for his associations. As Dr. Carl Horowitz of our staff has documented in our 2009 Special Report titled Mainstreaming Demagoguery: Al Sharpton's Rise to Respectability, Sharpton has promoted fake hate crimes against blacks, and has inspired racial antagonism against whites and Jews.

Mollohan Crony Burum Indicted in California Bribery Probe

Mollohan photoA wealthy California developer with close ties to former Rep. Alan Mollohan (D-WV) was indicted today in a burgeoning corruption scandal in San Bernardino County. Jeffrey Burum, co-manager of Colonies Partners, was charged in a scheme to bribe county officials to approve a legal settlement favorable to Colonies. Click here to download a 27-page pdf of the indictment.

IRS Asked to Investigate Charity Run by Obama's Brother

Abongo and Barack photoNLPC is asking the Internal Revenue Service (IRS) to investigate the Barack H. Obama Foundation, which is soliciting tax-deductible contributions from the public although it is not tax exempt. The Foundation is named for Obama's father and is apparently based in Kenya. Its founder and chairman is Abon'go Malik Obama (in photo), whose father is also the father of President Obama.

The Foundation has addresses in Kenya and in Arlington, Virginia to which it asks that donations be sent. Two members of the NLPC staff went to the Arlington address on May 6. It is a commercial mail drop facility where the clerk touted the fact that the address "looked like a real office address" and the facility could arrange to forward mail to any location in the world.

Another Underling Prosecuted as Rangel Gets Free Pass

Rangel photoJames Capel, who until February was a top aide to Rep. Charles Rangel (D-NY), pleaded guilty yesterday in Manhattan Criminal Court to charges resulting from his failure to file a tax return for the years 2007, 2008 and 2009. Capel reportedly did not file a tax return from 2003 onward, but was saved from prosecution by the statute of limitations for the earlier years. Capel must pay $42,088 in back taxes and pay a $1,000 fine.

Pfizer CEO Refuses to Repudiate Support for ObamaCare at Annual Meeting

Ian Read photoUnder questioning by me, Pfizer CEO Ian Read refused to repudiate the company's support for ObamaCare at the company's annual meeting today in Dallas. The exchange took place after my remarks in favor our shareholder proposal on the company's lobbying priorities.

When I asked Read if the company would drop its support for ObamaCare, he gave me a summary of what the company considers important in health care reform without directly answering. I said, "Sir, will you answer my question? A 'yes' or 'no' will do." Read rambled further and I responded by saying, "But have already cast your lot with one side." Finally, I said "I will take it as a 'no.' Thank you." Here are my remarks in favor of our proposal:

Pfizer Support for ObamaCare to be Challenged at Annual Meeting

Pfizer logoI will speak in favor of our shareholder proposal spotlighting Pfizer's deal with the White House to support ObamaCare at the company's annual meeting on Thursday, April 28 at the Renaissance Hotel in Dallas, Texas. The resolution itself asks for a report on Pfizer's lobbying priorities. Our supporting statement in the Pfizer proxy reads, in part:

CNBC: Flaherty Says Rajaratnam Conviction Will Impact Wall St.

Today I discussed whether Wall Street will change the way it does business if Raj Rajaratnam is convicted, with Richard Roth of The Roth Law Firm, and CNBC host is Scott Cohn. Here is a transcript:

GM Wastes Taxpayer Money at New York Auto Show

private reception signFrom General Motor's lavish presence at the New York International Auto Show taking place this week and next, you would think that the company is wildly profitable and that it has already paid back the $50 billion it got from taxpayers. Either that, or GM's much-ballyhooed cost cutting has failed, and that its bad old habits are very much alive.

NLPC Associate Fellow Mark Modica and I spent Wednesday walking the floor of the show at the massive Jacob Javits Convention Center on New York City's west side. It is impossible to know how much GM is spending on displaying its vehicles, technologies and related events, but it is more than any other car company. And it is certainly too much.

GM CEO Akerson Offers Little on Automaker's Future

Akerson photoAmid reports that the Treasury will soon attempt to sell the government's stake in General Motors at a huge loss, CEO Dan Akerson this morning offered thin gruel for those hopeful about the future of the company. Akerson keynoted a breakfast sponsored by the National Association of Automobile Dealers in New York City, the site of the New York International Auto Show.

Asked about the flagging share price, which is now below its IPO price, Akerson cited oil prices, supply chain problems in Japan, and the fact that GM "incented (sic) more heavily" in the first quarter. He offered no scenario that would propel the share price higher.

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