Say what you want about Duke Energy and the often-injudicious CEO James Rogers, but at least he is focused on his company’s profitability and the interests of shareholders.
Last week he composed an op-ed for The News & Observer of Raleigh in which he praised Democrat Sen. Kay Hagan and Republican Sen. John McCain for their introduction of the Foreign Earnings Reinvestment Act. The bill would give American companies a “holiday” from the 35 percent U.S. corporate income tax, enabling businesses to – as James Valvo of Americans for Prosperity explained – invest in capital and R&D, hire and train employees, and pay dividends to shareholders.
Last week we had the marketing whizzes at General Motors apologizing for its "reality sucks" ad campaign (see story here) around the same time that Chevy dealer and congressman, Mike Kelly, was revealing that there is very little demand for the much-hyped, taxpayer-funded Chevy Volt. The reality of the limitations of the Volt seems to be something that GM execs do not want to face. Worse yet, Government Motors continues to try and convince the American taxpayers, who spent billions of dollars to develop and sell the Volt, that demand is wonderful and it is supply that is lagging.
After enduring years of Chevy Volt hype, we now get a new "new best thing" from General Motors in the form of an electric version of the Chevy Spark. And I have it on good authority that the Spark will be made in Korea.
The media seems to be pretty excited about the prospects for yet another green vehicle entry from Government Motors, despite the fact that the Volt did not exactly live up to the hype. Well, fool media once, shame on GM; fool media twice, shame on media.
In the aftermath of the Solyndra scandal, in which $535 million guaranteed by taxpayers for the solar company’s loan has been lost, President Obama told ABC News his people “felt that it was a good bet.”
As "Occupy Wall Street" demonstrations have gone national, observers are taking note of the prominent role of labor unions in this anti-business crusade. The rote denunciations of "corporate greed" at these events could have been lifted from almost any AFL-CIO convention speech. That doesn't necessarily mean, of course, that union organizers are putting words in protestors' mouths. Yet it does strongly suggest that organized labor and street radicals recognize each other as natural allies.
Paul Pelosi, husband of House Minority Leader Nancy Pelosi, will reportedly make millions of dollars from a previously undisclosed real estate venture in Mrs. Pelosi's home state of California. Mr. Pelosi is a real estate developer and an investment banker and entered into this project with the father of the current Ambassador to Hungary, as reported by The Washington Times earlier this week. Mrs. Pelosi helped the ambassador secure her the post.
Are the anti-Wall Street protestors demonstrating against themselves? The richest and most prominent Wall Street executives overwhelmingly supported and bankrolled Barack Obama's presidential campaign in 2008.
And on Wall Street, little distinction is made between liberal Democrats and avowedly socialist activist groups. The big banks financed ACORN. Although ACORN has disbanded in the wake of scandal, the JPMorgan Chase Foundation, formerly headed by White House Chief of Staff William Daley, continues to fund similar groups committed to undermining capitalism and debasing democracy.
The merger hearings for Duke Energy and Progress Energy before the North Carolina Utilities Commission were supposed to be the last major hurdle for the deal to be approved, but now the concerns of a small coastal city and a federal government regulatory agency have cast last-minute doubts. It turns out the demands by environmental groups for Duke to pay more money into weatherization boondoggles were minor irritants compared to the threat posed by the Federal Energy Regulatory Commission.
Tim Foley is part of a long, ongoing Chicago tradition of public-sector income double-dipping. But two days ago he became a casualty of another Chicago tradition: investigative reporting. This Monday, on October 3, Foley resigned as business manager-financial secretary of International Brotherhood of Electrical Workers Local 134 following weeks of allegations that he and three other local officials had violated Illinois law by simultaneously collecting lucrative pensions from the city government and the local. "Recent focus in news reports has impacted how we are perceived by the public," Foley stated in a press release. "Placing each of the 15,000 members and their families ahead of me is the easy part of my decision to resign." In his absence, Vice President Terry Allen will become interim head of the Chicago union, which represents private- as well as public-sector electricians.