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02/03/2014 - 14:08

Melgen Menendez photoSenator Robert Menendez (D-NJ) disclosed on Friday that he accepted a third flight on a jet owned by Dr. Salomon Melgen, his largest donor, who is apparently under investigation for Medicare fraud. Last year, when Menendez was forced to admit to that he accepted two flights from Melgen, his office asserted that there were no more flights. Menendez' failure to reimburse Melgen was characterized as an "oversight," the same term his office used in reference to the first two flights.

1,690 reads
02/03/2014 - 13:05

Mary Barra and VoltGeneral Motors shares are dropping again today as January sales figures disappointed Wall Street. Sales for the month fell 11.9% from a year ago with weakness across the board. The news follows last week's announcement that GM has now dropped to number three in global sales, being surpassed by both Toyota and Volkswagen.

1,393 reads
01/30/2014 - 10:12

Barra SOTUThe Obama Administration may have sold the last of the taxpayers' shares in General Motors, but it appears that politics will continue to play a powerful role in the management of the company. New GM CEO Mary Barra did not seem too concerned about appearances when she attended the State of the Union as Obama's guest. Her predecessor Dan Akerson in previous months had gone to great lengths to distance GM from the federal government.

1,521 reads
01/27/2014 - 14:25

Government MotorsGeneral Motors is now approaching its fifth year of existence since emerging as a new entity as a result of the 2009 auto bailouts which saw taxpayers fund a bankruptcy process to the tune of $50 billion. Much has been debated about the "success" of GM since the controversial government-orchestrated restructuring. While GM management recently announced a dividend in an attempt to ensure investors of financial stability, a more telling indicator of the likelihood of future profitability may be found through an analysis of how competitive the company's vehicles are.

2,042 reads
01/23/2014 - 23:57

Menendez photoNew York TV station NBC 4 reported today that the federal criminal probe of New Jersey Senator Robert Menendez is expanding:

The Department of Justice is investigating Menendez's efforts on behalf of two fugitive bankers from Ecuador, multiple current and former U.S, officials tell NBC 4 New York. The probe into Menendez's dealing with the bankers comes as federal authorities are also investigating his relationship to a big campaign donor from Florida.

The donor is Salomon Melgen, Menendez' largest contributor. In 2012, Melgen contributed $700,000 to a super PAC affiliated with Senate Majority Leader Harry Reid (D-NV) that spent the bulk of the funds for Menendez' re-election. The report notes:

1,605 reads
01/23/2014 - 13:32

Worker centerUnion Corruption Update several times during the past year has noted the fast-rising profile of 'worker centers.' Anyone doubting that these nonprofit groups in certain ways operate as unions all but in name should read a new monograph published by the Workforce Freedom Initiative, a project of the U.S. Chamber of Commerce. Titled, "The Emerging Role of Worker Centers in Union Organizing: A Strategic Assessment" (see pdf), the report explains why these organizations have become crucial to a Left network dedicated to building an alternative model for labor and political organizing. It also identifies many of the tax-exempt foundations that provide funds. The author, Jarol Manheim, a political scientist at George Washington University, is the right person to do the job.

2,566 reads
01/16/2014 - 09:40

The internet was ablaze Tuesday evening with stories presenting a perceived positive move by General Motors' outgoing government-appointed management. All hail! "General Motors to pay first dividend since 2008," trumpeted the headlines. GM shares immediately spiked up in after-hours trading with shares rising about $1.60 or 4% on the news. Unfortunately for those duped by the proclamation, GM followed the story hours later with a profit warning. For the time being, the bad news outweighed the good with GM shares reversing course and ending the day Wednesday with a loss of over one and a half percent on a day that the market rallied.

1,885 reads
01/14/2014 - 10:44

Silvardo awardGeneral Motors seems to be really good at winning awards for its vehicles. The Chevy Silverado just took home the North American Truck of the Year Award at the Detroit Auto Show. The truck also was just embarrassingly recalled due to a potential fire hazard. Unfortunately for GM, the bad news outweighs the good as awards do not always result in increased sales. Just look at the award-winning Chevy Volt as an example.

2,041 reads
01/14/2014 - 10:30

Emily LitellaWere the late Saturday Night Live cast member Gilda Radner still with us today, Tesla Motors might look to her character Emily Litella for its latest public relations campaign to address overheating and fires with its Model S charging systems.

“Never mind,” the Weekend Update commentator would say.

That’s was also essentially the response from Tesla on Friday when the company announced – after it had vehemently denied any culpability about overheating systems or power cords just three weeks earlier – that it would send all Model S owners new cords to replace the defective old ones. This followed a garage fire in Irvine, Calif., which local authorities blamed on either “a high resistance connection at the wall socket or the Universal Mobile Connector from the Tesla charging system.” New charger connectors will be mailed in the next two weeks, according to a Bloomberg report.

1,622 reads
01/13/2014 - 21:12

Top Ten logo Though union membership as a share of  American workers continues its long decline, union officials in 2013 showed they're not the sort to stand on the sidelines, especially in the legal realm. Organized labor was unusually active last year in using the courts and Congress to press their interests. Their ultimate weapon: immigration amnesty/surge legislation. Eight members of the Senate, four from each party ("the Gang of Eight"), solicited advice exclusively from supporters of open borders in hopes of achieving their idea of "comprehensive reform." The Senators unveiled the measure in April and passed it by 68-32 in June, Yet the bill, deservedly, has stalled in the House. Drafted in secret, with no hearings or debate, it represents a corruption of the political process.

3,626 reads
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