General Motors recently announced that it bought back preferred stock from the UAW Retiree Medical Benefits Trust and the Canadian government. The deal closed in December of 2014 and supposedly will result in a reduction to GM's fourth quarter earnings to the tune of $800 million. GM had the option to redeem the shares at face value after December 31st of 2014. The timing of the deal brings into question the motivation behind the move and also leads us to reexamine a previous preferred share buyback that occurred in late 2013.
Sound the trumpets! Here comes the next best, all-new, electric wonder-car from General Motors. The dust had not even cleared from the rollout of the new and improved 2016 Chevy Volt when GM CEO Mary Barra announced the newest Tesla-killer from GM, the Chevy Bolt. Let's hope that the engineers working on the Bolt put more thought into the design of the vehicle than the GM executives put into naming the car.
President Obama traveled to Michigan this week to declare the auto bailout a success. Interestingly, he toured a Ford plant. The company did not participate in the bailout. GM is still trying to shake the Government Motors moniker, and that was certainly the reason for Obama's nonvisit.
As if New York City did not have enough corruption of it own, the administration of Mayor Bill di Blasio has reached into New Jersey and recruited an operative named Bill Crawley for a key post in the New York City Housing Authority (NYCHA). As pointed out by investigative reporter Gerard Flynn on the Gothamist website:
Bill Crawley is the former CEO of a controversial Newark non-profit disbanded in 2011 amid allegations of millions of dollars in graft and a pay-to-play scandal that sent Newark's deputy mayor to federal prison.
The New York Times reports in a front-page story today that Senator Robert Menendez (D-NJ) successfully pressed Cheryl Mills, Hillary Clinton's chief of staff at the State Department, to grant a visa to an Ecuadoran woman whose family made significant donations to his campaign and other Democratic campaign groups, including the Obama Victory Fund.
The woman, Estefania Isaias, is the daughter of Roberto Isaias, a wealthy Ecuadoran who is wanted along with his brother, William Isaias, for allegedly looting a bank in their home country. Estefania was barred from entering the United State because she previously had illegally brought her maids into this country.
Submitted by NLPC Staff on Tue, 12/16/2014 - 15:11
"If you ask what is the single most important key to longevity, I would have to say it is avoiding worry, stress and tension" - so observed George Burns, who managed to live just past his 100th birthday. George J. Heideman apparently never got that memo. Now 102, the not-quite-retired Heideman has been doing a lot of worrying lately.
He's come out with a new book published by NLPC called "To Restore American Liberty: A 21st Century Patriot's Declaration of Personal Independence." A 280-page collection of essays, observations, and letters to newspaper editors, congressmen and at least one president, the book is a credible primer in natural rights for our political class. His goal: restoring lost liberties.
The death toll for General Motors' faulty ignition switch victims continues to rise with the last reported number being 42. There has been speculation that the death count is significantly higher, as safety advocate Clarence Ditlow has written to GM to request an expansion of efforts to uncover victims of accidents resulting from defective GM vehicles.
Today, we requested that the House Committee on Oversight & Government Reform undertake an "independent" investigation of the General Motors ignition switch recall delay, in light of newly obtained emails by lawyers suing GM.
Those emails suggest that the Treasury may have timed its final sale of GM shares to precede public knowledge of the ignition switch fiasco. They also cast doubt on GM CEO Mary Barra's previous account of what she knew and when she knew it.
Here is the text of a letter I sent today to Rep. Jason Chaffetz (R-UT), in photo, the incoming Chairman of the Oversight & Government Reform Committee:
That doesn’t mean the fear-mongers have given up, of course, as the latest effort by environmental pressure group Ceres illustrates. The activist group – which exerts its influence via shareholder activism (claiming $10 trillion in assets) in pursuit of their definition of a “sustainable” global economy – last week sent a letter endorsed by 223 companies to President Obama, in support of EPA’s controversial proposed standard for existing power plants to limit carbon dioxide emissions. Some of the largest and most recognized corporations signed on, including Adidas, IKEA, Kellogg Company, Levi Strauss & Co., Mars Inc., Nestle, Nike, Starbucks, and Symantec – as well as numerous “green”-minded and renewable energy businesses.
Loretta Lynch, who has been nominated by President Obama to replace Eric Holder as Attorney General, took part in a 2007 panel discussion at Duke Law School prompted by the Duke lacrosse rape case. Lynch's comments provide insight into her mindset and raise unsettling questions about her commitment to equal justice and the rights of the accused.
The event took place on September 28, 2007. The wounds were still raw for members of the Duke lacrosse team, their families, and in a sense, the entire nation. That same month, Michael Nifong, the former District Attorney who had knowingly pursued false rape and hate crime accusations against three teammates, had been found guilty of criminal contempt of court.