WSJ Confirms Earlier NLPC Story on Plummeting Chevy Volt Resale Values

The Wall Street Journal recently reported that electric car resale values are plunging. The report confirms what I had reported back in August of last year when I examined auction sales for the rapidly depreciating Chevy Volt. The resale values of cars like the Chevy Volt continue to suffer, further bringing in to question the wisdom of government subsidies for green vehicles that are unable to succeed in the free marketplace without the taxpayers' support.

A recent search of Manheim’s auction site gives the best indicator of Chevy Volt’s wholesale value. A whopping 138 model year 2012 Volts sold in just one week at the auction. That’s about the same amount of NEW Chevy Volts that are sold by General Motors in a week!

The news for Volt owners is not good. The average sale price for a 2012 Volt at auction was below $12,000. That’s about $3,000 less … Read More ➡

Hidden Video Captures Eric Garner Daughter Blasting Sharpton

Achieving justice, Al Sharpton-style, isn’t cost-free. And even his natural allies are admitting that the New York-based civil rights leader-provocateur can’t say “no” when it comes to money. This Tuesday, the New York Post published an article on a Staten Island, N.Y. rally on behalf of the late Eric Garner, a local black resident who died last July 17 soon after being arrested by police. Rev. Sharpton has championed his cause, insisting that white cops had racial motivations in using a banned chokehold in the arrest, which involved Garner’s attempted sale of loose cigarettes. Yet Garner’s adult daughter, Erica Snipes, is not impressed. Asked by an undercover video journalist if she thought Sharpton was a crook, she responded, “He’s (Sharpton’s) about this,” rubbing her fingers together. And she’s not the only person who feels the Rev is putting his bank account first.

Al Sharpton, now 60, needs money. Without it, … Read More ➡

Apple Accused of Poaching Chinese Know-How Paid for by US Taxpayers

Lu GuanqiuSince 2011 NLPC has tracked the stimulus-funded fiascoes that were/are battery-maker A123 Systems and luxury electric automaker Fisker Automotive, who at one point were business partners (or stuck with each other, depending on your perspective). Both eventually went bankrupt, and cost taxpayers millions of dollars from Department of Energy awards that were never paid back. Chinese company Wanxiang Group ended up with both failed enterprises, buying their assets for cheap.

While the Obama administration declared the two bankruptcies (among others, such as Solyndra) part of their “successful” green energy investment strategy, two Republican Senators – Charles Grassley of Iowa and John Thune of South Dakota – have applied pressure to DOE over the fate of American jobs and intellectual property created by A123 and Fisker, but paid for with U.S. tax dollars.

Now, as the Senators continue to express concern about DOE policy over innovations … Read More ➡

ComEd Steers Contributions to Illinois Politicians’ Charities

Today’s Chicago Tribune spotlights Commonwealth Edison’s “charitable” contributions to activist groups that might be expected to oppose electricity rate increases. From the article by Julie Wernau:

Ken Boehm, chairman of the National Legal and Policy Center just outside Washington, D.C., called the practice of making such donations a "double cheat" on ratepayers.

"Why should ratepayers have to pay increased rates so the utility can go out and give money to groups that might otherwise criticize their increase request?" Boehm said.

The article also detailed contributions to foundations and groups associated with Illinois politicians:

Commonwealth Edison spent $27,000 in ratepayer money in 2013 for a golf outing hosted by members of the Illinois Legislative Black Caucus, which was raising money for the legislative body's foundation.

ComEd used $736,000 in ratepayer money in 2011 to fund World Business Chicago, an economic development organization chaired by Chicago Mayor Rahm Emanuel. The CEO

Read More ➡

Harry Wilson’s Teamsters Connection and the Return of Government Motors

Harry WilsonIs the fix in? General Motors is acting like it faces a major decision in responding to the self-nomination of Harry Wilson for its board of directors. Wilson was one of the key members of President Obama’s Auto Task Force, and purports to be acting at the behest of hedge funds who want GM to spend the “cash hoard” that was made possible by US taxpayers.

Ironically, Wilson was one of the people who determined how much of a “hoard” GM would accumulate, an amount he now criticizes as being excessive. During, and just prior to, GM’s bankruptcy process, taxpayers supplied about $50 billion to “invest” in the company. Canadian taxpayers chipped in about $10 billion while GM had its balance sheet cleared of about $30 billion of debt. The liabilities owed to the politically-favored UAW remained intact.

Why did the Auto Task Force that Wilson served believe that GM … Read More ➡

Fox & Friends Interview Kicks Off Publication of ‘Sharpton: A Demagogue’s Rise’

NLPC’s Carl Horowitz talked about Al Sharpton’s access to the White House, and his new book Al Sharpton: A Demagogue’s Rise, on “Fox & Friends” this morning. Here’s the video:

Read More ➡

Ex-Detroit Police Union Official, Two Others Convicted in City Pension Bribery Scheme

bigstockphoto_detroit_1503723Among the explanations for decades of decay in Detroit, public corruption ranks high on the list. Such was evident in a courtroom on December 8, where a federal jury convicted three persons, including Paul Stewart, formerly vice president of the Detroit Police Officers Association and a trustee of the city’s Police and Fire Retirement System, on conspiracy to commit honest services fraud through bribes and kickbacks. The cash and other gifts Stewart received weren’t enormous – they amounted to a little under $50,000 – but they were enough to induce him and other convicted co-defendants to steer pension plans toward highly risky investments that wound up losing $97 million. The case, part of a broad federal probe, is another legacy of Kwame Kilpatrick, the former Detroit mayor now serving a lengthy federal prison term on corruption charges.

The decline of Detroit is a familiar story, often accompanied by photos … Read More ➡

Watchdog Criticizes Harry Wilson GM Buyback Plan as Favor to UAW

NLPC Associate Fellow Mark Modica was a guest on Closing Bell today on CNBC. He was joined by Kevin O'Leary of Shark Tank.

Here is a transcript:

Sara Eisen:  At first it seemed like it was just another activist investors at work but our next guest says something else is in play here. We're talking about Harry Wilson, the restructuring expert who served on President Obama's auto industry task force during the financial crisis and was instrumental in bringing GM out of bankruptcy. Now Wilson is a GM activist investor and represents hedge funds holding a total of 34 million shares asking General Motors' CEO Mary Barra for a seat on the board and is pressing for a stock buyback, Simon.

Simon Hobbs: Our next guest is a former GM bondholder who says the company isn't so financially healthy, that it shouldn't burn through its reserves with buybacks … Read More ➡

Harry Wilson to the Rescue of GM— or UAW?

Harry WilsonHarry Wilson, the nemesis of General Motors bondholders who were wiped out in the government-orchestrated GM bankruptcy, is back on the scene. On the front page of today’s Wall Street Journal, Wilson is portrayed as an “activist” investor, who seeks to maximize shareholder value. While his suggestion that GM buy back $8 billion of common shares would give a temporary boost to share price, Wilson’s motivations may not be entirely pure. His real agenda could be to expand the already-favored position of UAW shareholders, and to bolster the political fortunes of unions in general.

Wilson was a retired banker elected to serve on President Obama’s Auto Task Force and was the driving force behind preventing old GM bondholders from receiving due process during the GM bankruptcy process. His involvement led to his current status as a “restructuring expert” and CEO of the MAEVA Group. It now seems that our … Read More ➡

Ex-New York State Senator Malcolm Convicted of Bribery

Former New York State Senator Malcolm Smith was convicted in federal court last week of bribery, wire fraud and extortion. A former majority leader in the New York Senate, Smith was defeated for re-election in 2014.

Convicted at the same time was Vincent Tabone, a former Queens Republican Party official. Smith, Tabone, and other GOP officials conspired to allow Smith, a liberal Democrat, to run for New York City mayor as a Republican in 2013, in return for $25,000.

Smith is the latest associate of U.S. Rep. Gregory Meeks (D-NY) to be convicted of crimes. Formal investigations of several New York politicians began in 2010 after the National Legal and Policy Center (NLPC) exposed corruption through stories in the New York Post, New York Times and New York Daily News.

The first story, in the New York Post of January 31, 2010, focused on a nonprofit called New … Read More ➡

Page 18 of 125« First...10...1617181920...304050...Last »