The planet is in a nearly two-decade global warming standstill; an Arctic research expedition to study warm was halted due to too much ice; polar bear habitat is healthy; another quiet hurricane season is expected; and a paper on sea level rise by climate alarmism founder Dr. James Hansen has been dismissed by his fear-mongering colleagues as “flimsy.”
Nonetheless the corporate world has loyally marched to the White House doorstep to pledge fealty to President Obama’s carbon dioxide reduction agenda. On Monday 13 large companies announced they would collectively spend $140 billion on various initiatives to reduce carbon dioxide emissions and expand so-called “clean” energy. The collective action has been dubbed the “American Business Act on Climate Pledge” by the White House, and is intended to enhance the president’s negotiating position at international climate talks in Paris at the end of the year.
Global warming is the current issue that will be forgotten again next week, but while the watermelons demonstrated in New York City where President Obama spoke at the Climate Summit at the United Nations, former Bush (II) Treasury Secretary Henry Paulson ran his mouth at the Clinton Global Initiative’s annual meeting.
A Republican that leftists turn to for a good “enviro-kumbaya” session came through with the rhetoric again this week. Most recently known for his partnership with statists Tom Steyer and Michael Bloomberg in the shame-the-capitalists effort called “Risky Business,” Paulson delivered a financial market parallelism on climate change that any Occupy Wall Streeter would be proud of.
On what seemed to be a randomly assembled panel of non-experts that also included the Rockefeller Foundation’s Judith Rodin and Danish Prime Minister Helle Thorning-Schmidt (famous for the selfies she took with President Obama at Nelson Mandela’s memorial), Paulson …
It’s been a month since the billionaire triumvirate of Tom Steyer (pictured), Henry Paulson and Michael Bloomberg introduced their ballyhooed Risky Business report on the climate, and after all the op-eds, blog posts and public interviews so far, all that can be said about it is that it is already an empty, meaningless PR campaign upon which the financial hot shots have wasted their money.
There is no there, there.
Logical scrutiny of the project, from its genesis to its outcome, would reveal how deeply flawed and biased it is. Given every contributing factor, there is no other verdict that would have been reached other than “we must all do something about global warming!” Yet the legacy media has treated Risky Business as something that was objectively conceived, and which has delivered perfectly reasonable conclusions. That is to be expected from pack journalists who don’t look beyond the climate crystal …
When it comes to Tesla Motors, an irrational exuberance has overtaken Wall Street, the Department of Energy, electric car advocates, government interventionists, crony capitalists, techie nerds and Elon Musk fanboys everywhere.
The praise comes rapid fire: $20 billion market capitalization! It’s worth more than Chrysler! Its stock price is at $169! They’ve had two consecutive profitable quarters! They paid back their government loan early! The Model S is the safest car of all time! Consumer Reports says it’s almost perfect! Its batteries don’t burn up!
But the media has not tried to mute the celebration too much with the reality that much of Tesla’s “success” has come thanks to government mandates, subsidies, and taxpayer support. NLPC reported last month, for example, that Tesla’s second quarter results included $51 million in zero-emission credits revenue thanks to a warped California vehicle …
The Securities and Exchange Commission recently notified us that it will allow Goldman Sachs to exclude our shareholder proposal that asks for a report on the company’s lobbying priorities. The basis for the exclusion was that another shareholder, The Needmoor Fund, had already submitted a similar proposal. We disagree that the proposals duplicate each other. We hope that Needmoor will raise the issues that prompted our proposal, especially Goldman’s endorsement of Dodd-Frank, but we doubt they will.
Goldman has reportedly bowed to the American Federation of State, County and Municipal Employees (AFSCME) who filed a proposal to split the positions of Chairman and CEO, a role now filled by Lloyd Blankfein. Often dismissed as pests or gadflies, it is nice to see shareholder activists score once in while, but its clear that Goldman is more responsive to its left-wing critics.
Here is our proposal:
Goldman Sachs’ primary responsibility is to
How did a start-up electric car company that raised more than $1 billion suddenly fail to meet government-lending standards, to the point where it can no longer draw on an awarded Department of Energy loan and has therefore halted renovation work on a Delaware plant?
That’s one curiosity about Fisker Automotive, a high-end manufacturer that apparently has burned through so much cash that it does not want to move forward with plans to produce an electric family sedan without the assurance that another $336 million will come forth from taxpayers. Despite having a reported $850 million in private investment and $193 million from that $529 million loan, Fisker laid off 65-or-so employees last week as DOE froze payments.
DOE’s action was attributed to Fisker’s failure to attain certain unidentified “milestones.” Fisker had projected the delivery of 15,000 Karmas in 2012, at a showroom cost of $102,000 for the …
Anybody using the financial services industry puts their faith and trust in a whole lot of people they have never seen or ever will. We all rely on regulators and regulations that are instituted by state and federal governments. In fact, almost anybody who has any savings probably has them parked in one of our financial institutions. To sharpen your focus on this, remember that about 80% of the balance of your checking account is tied up in loans that some strangers have promised to repay.
As a test of your thinking, how would you like to invest in this, as described in Wikipedia?
…2005 saw Man Financial make its largest deal with the transformative $323 million acquisition of client assets and accounts from entities of Refco, following the U.S. financial-services group’s collapse in late 2005. The Refco deal…boosted Man Financial’s scale in retail and institutional business.
Are the anti-Wall Street protestors demonstrating against themselves? The richest and most prominent Wall Street executives overwhelmingly supported and bankrolled Barack Obama’s presidential campaign in 2008.
And on Wall Street, little distinction is made between liberal Democrats and avowedly socialist activist groups. The big banks financed ACORN. Although ACORN has disbanded in the wake of scandal, the JPMorgan Chase Foundation, formerly headed by White House Chief of Staff William Daley, continues to fund similar groups committed to undermining capitalism and debasing democracy.
Goldman Sachs and other big financial institutions lobbied for Dodd-Frank, which institutionalizes the “too big to fail” policy. In doing so, Goldman and the others support the same type of politically directed capital allocation as advocated by the people in the streets.
The Fortune 500 companies are headed by executives, many of whom attended elite liberal universities and came of age during the late 60s and early 70s. …
Last week’s stock market turmoil was a reminder that America continues to struggle to recover from the financial collapse of 2008-2009. Benchmarks of our economic progress, or lack of it, are over 40 million people on food stamps, unemployment rates stuck over 9%, and GDP growth slowing, as it just missed expectations of 1.3% growth. The Obama Administration’s massive deficit spending has almost doubled the publicly held debt which was $5.808 trillion on 9/30/08, or 40% of GDP, to an estimated $10.672 trillion as of 9/30/11, or almost 71% of GDP. This is all just in 3 fiscal years. The road to recovery for most people looks longer than anyone expected.
But the American economy, being what it is, there are bright spots for some people. From the March 15, 2011 Wall Street Journal:
Warren Buffett‘s Berkshire Hathaway Inc. said Monday it will buy chemical maker Lubrizol Corp.
The electorate’s repudiation of Barack Obama and his Congressional allies was not only a rejection of Big Government, but also of business elites who were buffeted from the downturn by political dealing at the expense of ordinary people.
Unless Corporate America heeds the election results, it too will risk the wrath of an informed and energized public. Here are CEOs who must pay attention to what happened yesterday:
Pfizer CEO Jeffrey Kindler– Not only did Kindler (above) lead the charge of Big Pharma CEOs for ObamaCare, he actually got a multi-million dollar bonus from Pfizer for doing so. This is not going to look very good once ObamaCare spikes insurance premiums, prompts hospital closures, and explodes the number of uninsured. Of course, Kindler wasn’t naïve or confused, he had reason to help destroy the health system. Big Pharma made a deal that guarantees it customers and insulation from competition. …