It appears that General Motors is trying to remedy one of the latest criticisms against them. That criticism is that the company has way too large a “cash hoard” and most recently came from former Obama Auto Task Force member turned shareholder activist, Harry Wilson. Well Harry, be at ease; GM has managed to reduce that so-called hoard by over $3 billion in just three months as first quarter earnings flopped on Wall Street.
Today I sent this letter to Senators Charles Grassley (R-IA) and Richard Blumenthal (D-CT):
We strongly urge you to re-introduce legislation similar to the Government Settlement Transparency Reform Act (S.1654) in the 113th Congress.
As you know, the death toll from General Motors’ failure to act on an ignition switch defect continues to climb, now at 87. Although GM's decision to create a fund to compensate victims and their families is a step in the right direction, we are troubled by GM’s ability to write off the cost as an expense for federal tax purposes.
The verdict is in from the National Highway Traffic Safety Administration (NHTSA) on General Motors’ corroding brake line problem. Despite having received thousands of complaints from motorists regarding brake failure due to brake line rust, the agency claims GM does not have higher failure rates than other manufacturers. The clear evidence to the contrary makes this a classic case of what economists call "regulatory capture." First identified by Nobel laureate George Stigler (in photo) in 1971, it's when a government agency tasked with protecting the public interest instead acts to the benefit of an industry or particular company.
A stimulus-backed Department of Energy loan program that has not been tapped for four years, and was deemed unwanted two years ago by the Government Accountability Office, is suddenly ready and willing to dole out more taxpayer millions again – to a corporation that doesn’t need it.
Submitted by NLPC Staff on Mon, 03/30/2015 - 13:31
CNN reporter Chris Frates has identified “plenty of red flags” that former Florida Governor Jeb Bush should have seen before he joined in a business relationship with a company called InnoVida, headed by Claudio Osorio, who is now serving a 12 ½-year prison sentence for defrauding investors. Osorio's mug shot is at right.
While Osorio’s efforts to cozy up to politicians in both parties have been previously reported, the CNN report includes important new facts. From the report:
For a first-hand lesson in the timidity of corporate America, look no further than Intel Corp. This January, the Santa Clara, Calif.-based chip maker announced it would set aside $300 million by 2020 for hiring, training and promoting “underrepresented” racial minorities and women. Intel CEO Brian Krzanich revealed the plan at the annual Consumer Electronics Show in Las Vegas only weeks after he and other top company officials had met privately with Jesse Jackson. The announcement was a triumph for Jackson’s Silicon Valley shakedown campaign. “It’s a huge first step,” he declared, urging other tech firms to follow suit. Given the acquiescence of eBay, Google and Facebook to Jackson at shareholder meetings last May, it is no surprise those companies are doing just that.
Depositions for General Motors’ executives, including CEO Mary Barra, will begin in May, according to the Detroit News. The testimonies will be at the center of class-action lawsuits (set for trial in January, 2016) against GM for its ignition switch defect cover-up and are slated to conclude in early October of this year. It will not be the first time Barra has testified under oath about the recall debacle which is now blamed for having caused 74 deaths.
The death toll for General Motors’ defective ignition switch cover-up has reached 67. Up to now, you were more likely to hear crickets chirping than you were to hear calls for justice for those who died as a direct result of GM’s actions (or inaction) in the case.
That may finally be coming to an end as major news outlets are reporting today that GM has officially been accused of a huge cover-up, and that the proof is still being hidden from the public.
I have sent this letter to Brian France, Chief Executive Office of NASCAR:
We ask that NASCAR end its financial support of Al Sharpton and his organization, the National Action Network (NAN).
According to programs for the NAN national convention, NASCAR has served as a sponsor of the event in recent years, which is Sharpton’s primary annual fundraising event.
The cold-blooded murder of two New York City police officers, Rafael Ramos and Wenjian Liu, followed weeks of Sharpton’s vilification of law enforcement personnel. Now two police officers have been gunned down in Ferguson, Missouri.
Lachlan Markay of the Washington Free Beacon website today details the saga of something called the Clean Energy Project. Founded and staffed by for former aides to Senate Minority Leader Harry Reid (D-NV), the nonprofit collected donations from corporations which received hundreds of millions in federal grants and loan guarantees at Reid’s urging. From the article:
Their donations to the CEP suggest “a vehicle to promote pay-to-play politics,” says Ken Boehm, chairman of the National Legal and Policy Center, an ethics watchdog group.
“It is run by Reid insiders, funded by those who want Reid’s political favors, and there’s a track record of Reid dispensing favors to those who fund it,” Boehm said in an email. “As the late Senator [Sam] Ervin said, sometimes things are what they look like.”