NLPC has filed a formal Complaint with the Federal Election Commission (FEC) against Lois Frankel and her campaign committee. Democrat Frankel is running against incumbent Republican Rep. Allen West in Florida's 22nd Congressional District. Frankel is the former mayor of West Palm Beach, and announced her candidacy on March 21. She is opposed in the Democratic primary by businessman Patrick Murphy.
The Complaint alleges that Frankel reported more than $250,000 in income but failed to report virtually all of the expenses connected to fundraising or other campaign activity. The costs that apparently went unreported include direct mail, telephones, web hosting, a post office box, and the pay for a consultant named Brian Smoot. Click here to download a 6-page pdf of the Complaint.
There are some big rumors circulating about the finances of bailed-out General Motors. The first of these is that GM is considering repurchasing Treasury's stake in the automaker and were circulated by sources who, according to a Bloomberg report, "didn't want to be identified." The message was that GM is so cash-rich that they were considering buying back shares from Treasury, thus eliminating the government overhang on the company. This stance raises questions about past actions at GM. Why did GM issue $2 billion of new stock to help fund pension plans if they have adequate cash to do so? Why did GM's wholly owned finance arm need to issue half a billion dollars of junk bonds for "general purposes" if they are so flush with cash?
General Motor's CEO, Dan Akerson, wants higher gas taxes and the price of a gallon of gas to increase closer to $5 a gallon. Are you kidding me?! The comments were made in an interview with the Detroit News. Regarding government imposed fuel efficiency increases Akerson stated, "You know what I'd rather have them do, this will make my Republican friends puke, as gas is going to go down here now, we ought to just slap a 50-cent or a dollar tax on a gallon of gas. People will start buying more Cruzes and they will start buying less Suburbans." With comments like these, Akerson might make average Americans and GM investors "puke" along with those Republicans.
"Baseball, hot dogs, apple pie, Mao Zedong and Chevrolet." That could be GM's new slogan if recent comments by CEO Dan Akerson are taken to heart. Akerson shared a somewhat bizarre vision for GM in an interview with the Detroit News when he stated, "Whoever comes after me; it's going to be a more important appointment than mine because he or she will have to carry on a cultural revolution here. It's just like the Communist Party in China in the 1960s, there has to be a cultural revolution here." These comments come just weeks after the Washington Times reported GM's sponsorship of a Chinese Communist Party propaganda film.
A report on the Businessweek Web site Thursday illustrated how Chevrolet, General Motors’ subsidiary which gets most of its media love these days over the hyper-sensationalized electric Volt, is building its “Green-cred” in ways other than by the vehicles it manufactures.
But just as with the tax credit program for the Volt, in which dealers were discovered to be selling the vehicles to other dealers who then claim the $7,500 credit for themselves, all is not what it appears to be.
Today's jobs' report raises worries that the US may be headed for a double dip recession. Jobs creation was much lower than expected and the unemployment rate rose to 9.1%. And where is President Obama? Traveling to Ohio to brag about how many jobs were saved by spending billions of taxpayer dollars to bail out the auto industry. Oh well, Nero fiddled, Obama campaigns. While Obama tries to convince the majority of people who will be voting in 2012 that auto bailouts are a wonderful thing, individual investors in General Motors should consider the specific risks the company faces if the economy does not improve.
The Department of Education today released its highly controversial rule tightening regulation of for-profit trade, technical and career colleges. While the final regulation was softened from the initial proposed rule, it still is a textbook example of a flawed regulation created by an unethical process.
There are four solid reasons why this regulation should not be allowed to take effect.
General Motors shares fell 5% on Wednesday after May auto sales figures were reported. Most auto manufacturers were hit as sales for the industry fell pretty much across the board. Excuses for the industry shortfall ranged from higher prices for vehicles to Japan parts shortages. GM cannot claim the latter, since they earlier declared that there were no issues with parts supplies. The one telling statistic on GM is one that was not reported in most of the media coverage, which was the fact that incentives at the automaker were, once again, well above industry averages.