During an appearance on Fox Business Network on Tuesday, NLPC Associate Fellow (and GM bondholder) Mark Modica warned that the GM bankruptcy may provide a model for insolvent states and localities to crush bondholders and taxpayers to protect politically-connected unions. "Follow the Money" host is Eric Bolling. Here's a transcript:
Rangel has genuine vitriol for the National Legal and Policy Center, which filed complaints against him with the Federal Election Commission, the IRS and the House Ethics Committee. He claims that investigators for the group followed him to the Dominican Republic and broke into his office.
Rangel has made no secret of his contempt for the National Legal and Policy Center (NLPC), but this is the first time he has libeled us or accused us of committing a crime.
Washington Post reporter Wil Haygood today examines the plight of Rep. Charles Rangel (D-NY) since his Censure in early December. Haygood sat down with Rangel for two recent interviews, and reports Rangel's "answers were full of contradictions that seem to defy easy explanation." Also:
Rangel has genuine vitriol for the National Legal and Policy Center, which filed complaints against him with the Federal Elections Commission, the IRS and the House Ethics Committee.
Haygood paints a picture of a bitter and confused politician who seems unable to accept the fact that his time has long passed:
As someone who has sponsored "Say on Pay" shareholder proposals with companies like Boeing and Procter & Gamble, I wonder whether SEC-mandated votes on executive compensation will do any good. In fact, I worry that it may lead to a false sense of shareholder empowerment.
Yesterday, the Securities and Exchange Commission voted 3-2 to adopt a rule requiring public companies to hold an advisory vote on executive pay at least once every three years.
Upbeat reports of GM's "progress" have prompted politicians to pronounce the auto bailout a "success" and rocket the share price to 37. But do these reports reflect reality? The unrelated declines of both the American automotive and daily newspaper businesses have resulted in even less reporting on a beat that was thinly covered to begin with.
Right now, news about GM is what GM says it is. Business editors have little choice but to recycle GM press releases. They do not have the troops to do actual reporting. Even in the heat of the IPO coverage, GM's financial data was uncritically repeated, never mind that the company could not even attest to its own financials.
Stephen Schwarzman is Chairman, CEO and Co-Founder of the Blackstone Group private equity firm. He is reportedly worth $8 billion. According to the Blackstone website, 36% of the money it manages is in public pensions, the largest single source.
The FBI's reported arrest of money manager Vincent McCrudden for allegedly making threats to kill members of the Securities and Exchange Commission (SEC) and other government officials prompts the question of what role, if any, anti-capitalist and anti-Wall Street rhetoric played in his actions. If the logic of the Left that was applied to the Tucson shootings - that Tea Partiers and Sarah Palin somehow had something to do with Jared Loughner's rampage - should not President Obama and other politicians be held responsible for McCrudden's threats?
According to CampaignMoney.com, a Vincent McCrudden made a $2,300 donation to Obama for America on April 19, 2007.
Would a cut in the corporate tax rates really help create jobs? I debate this question today with David Callahan of Demos. CNBC hosts are Tyler Mathison, Sue Herera and Michelle Caruso-Cabrera. Here's a transcript:
It looks like the "Chicago Way" will continue with William Daley taking the White House Chief of Staff position formerly held by Rahm Emanuel. Daley is a particularly poor choice because he represents the nexus of big government, big business and the left-wing activist groups they enable and bankroll.
Daley is not a "centrist," nor is he "pro business," except when he is getting a piece of the action. Daley has carried the title of "Midwest Chairman" of JPMorgan Chase but he is not a banker or a businessman. He is a broker of influence. That is why JPMorgan Chase hired him in the first place.
Rep. Charles Rangel (D-NY) has formally opened a legal defense fund in an apparent acknowledgement of our accusation that he illegally used almost $400,000 in PAC funds for his legal defense. According to a statement Rangel made to Politics Daily:
The repeated filings of allegations, no matter how unsubstantiated, by the National Legal Policy Committee (sic), a politically-motivated right wing group dedicated to eviscerating civil rights and labor union protections, have led me to this action.
On November 29, we filed a Complaint with the Federal Election Commission alleging that Rangel violated the Federal Election Campaign Act by using almost $400,000 in funds from his National Leadership PAC to pay legal bills related to the House Ethics Committee actions against him.