Today's headlines that Jon Corzine gave "direct instructions" for MF Global customer money to be moved to another account to cover a $175 million overdraft raises big questions about how this case is being handled. Congressional Committee's are imperfect investigative vehicles, but this time the House Financial Services Subcommittee on Oversight and Investigation has really scored. By digging out and making public an email from MF Global assistant treasurer Edith O'Brien, the Committee has done a huge public service.
NLPC Chairman Ken Boehm has submitted this written testimony to the House Appropriations Subcommittee on Commerce, Justice, Science and Related Agencies, which is holding a hearing today on funding for the Legal Services Corporation (LSC):
Members of the House Committee on Appropriations are certainly used to hearing from representatives of federally-funded programs about the good work done by such programs and why they need many millions more in taxpayer funds, despite the unsustainable national debt. This year the Legal Services Corporation has submitted a FY2013 budget request for $470 million.
One takes a certain liberty in treating an extreme anecdote as indicative of a pattern. But in the context of the ongoing residential mortgage crisis, it is justifiable. The Washington Post thinks so. The paper's March 4 print edition features a lengthy cover story on a suburban Maryland couple, Keith and Janet Ritter, who readily admit to their freeloader status. The Ritters in 2006 bought their home for nearly $1.3 million with almost no money down and, in the ensuing years, haven't made a single mortgage payment, having adroitly used state law to avoid foreclosure and eviction. "We don't believe in living for free," says Mr. Ritter, without irony. He and his wife, after interminable legal wrangling, face eviction. Yet even now, they're mounting a last-ditch effort to get their property back. They're an extreme example of what's become a common syndrome across the U.S.
Securities law firms are lining up to get a piece of the action after a class action lawsuit was filed against federally subsidized First Solar, Inc., allegedly because the company failed to disclose the massive costs it was incurring due to defects in its solar panels, leading investors to believe the company’s stock was worth more than its actual value.
Fresh off the heels of its European Car of the Year award, the Chevy Volt has been named "Vincentric Best Value in America." You just can't make this stuff up. I didn't know that there were so many awards in the auto industry, but the less that the Volt sells, the more awards it seems to win. After this latest award, it dawned on me that the Chevy Volt is eerily like Wilbur, the prize-winning pig from the classic children's tale, Charlotte's Web.
Anyone following the Chevy Volt story has seen the internet headlines trumpeting the blog by General Motors' Bob Lutz in which he blasts Bill O'Reilly, Fox News and what he calls, "the rabid, sadly misinformed right." It remains a mystery as to why GM would take a political stance, and seek to identify with one ideological faction over another. It's ridiculous to blame poor Volt sales on a Republican conspiracy. It is also pretty stupid. After all, some of the people who buy cars are Republicans.