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01/24/2011 - 13:31

man in barrelThe New York Times reported last week that policy makers are working behind the scenes on ways to allow states to declare bankruptcy. States are currently banned from seeking protection in federal bankruptcy court.

One has to wonder if General Motors' bankruptcy outcome will embolden lawmakers to pursue a similar course for states that are overburdened with pension obligations and municipal bond debt. In the case of the GM outcome, union pension obligations were given precedence over creditor claims. The precedents set by the Obama Administration's manipulation of GM's bankruptcy will continue to have far-reaching, negative implications.

4,223 reads
01/21/2011 - 10:40

Schwarzman photoStephen Schwarzman is Chairman, CEO and Co-Founder of the Blackstone Group private equity firm. He is reportedly worth $8 billion. According to the Blackstone website, 36% of the money it manages is in public pensions, the largest single source.

On Wednesday, the Blackstone Group put out this statement:

2,671 reads
01/20/2011 - 13:28

Akerson photoGeneral Motors has announced that its Daewoo Group unit will now sell all of it vehicles under the Chevrolet name. The Korean Daewoo operation has suffered from falling sales and a reputation for shoddily built cars. So what is GM's answer to these challenges? Change the name!

The name change game has been played before when GMAC became Ally Financial. More recently, GM introduced the "all new" Chevy Sonic, which is an updated Aveo. This smoke and mirrors marketing philosophy will only take GM so far before the public asks, "Is this all GM has got?"

3,310 reads
01/18/2011 - 13:03

Rep. Steve King photoWhen Congress last November approved $1.15 billion to settle residual claims of racial discrimination by black farmers against the U.S. Department of Agriculture (USDA), supporters lauded the vote and President Obama's signature the following month. This, they said, was justice belatedly done. Yet critics justifiably have argued that the class-action suit rests on an edifice of fraud. One of them, a member of Congress, Rep. Steve King, R-Iowa, is taking action. He's lined up a pair of unnamed witnesses, one a black farmer and the other a longtime USDA employee, willing to tell all. Early this month, Rep. King announced these individuals indicated a willingness to reveal to Congress that plaintiffs' attorneys engaged in an unscrupulous campaign to sign up co-plaintiffs, many of whom never farmed in their lives. The issue now is whether he can persuade his colleagues to hold a hearing.

5,721 reads
01/14/2011 - 13:27

McCrudden photoThe FBI's reported arrest of money manager Vincent McCrudden for allegedly making threats to kill members of the Securities and Exchange Commission (SEC) and other government officials prompts the question of what role, if any, anti-capitalist and anti-Wall Street rhetoric played in his actions. If the logic of the Left that was applied to the Tucson shootings - that Tea Partiers and Sarah Palin somehow had something to do with Jared Loughner's rampage -  should not President Obama and other politicians be held responsible for McCrudden's threats?

According to CampaignMoney.com, a Vincent McCrudden made a $2,300 donation to Obama for America on April 19, 2007.

4,070 reads
01/13/2011 - 14:30

autoworkerThe New York Times reports that the auto industry "overhaul" (AKA General Motors' bankruptcy) is about to "pay off handsomely" for UAW workers at GM. GM, along with Ford, is expected to announce profit-sharing checks for hourly workers this month. UAW president, Bob King, states that workers expect to get a piece of GM's profits.

6,468 reads
01/11/2011 - 17:05

Top TenOrganized labor, masters of aggressive politics, had its share of triumphs in 2010. With Democrats, their natural ally, the previous year having taken control of the White House and the Senate while increasing their advantage in the House, this was to be expected. AFL-CIO President Richard Trumka and other union officials used their window of opportunity to pressure Congress into passing a health care overhaul mandating unprecedented degrees of government intrusion, and by extension, major opportunities for unionization of the health care labor force. They also secured key presidential appointments.

10,729 reads
01/11/2011 - 15:41

Would a cut in the corporate tax rates really help create jobs? I debate this question today with David Callahan of Demos. CNBC hosts are Tyler Mathison, Sue Herera and Michelle Caruso-Cabrera. Here's a transcript:

3,437 reads
01/10/2011 - 03:53

UAW/GM logosThe positive news on GM has been so rampant that many risks factors to share price have been overlooked. It is tough to get unbiased opinions since most analysts work for the GM underwriters and TV networks receive millions of dollars from GM ad revenue. While GM has much good news to discuss, the very obvious risk factor of share dilution to benefit the UAW has not been mentioned.

Here are the facts regarding GM's plans for diluting shares in order to make a $2 billion contribution to the UAW benefits fund in GM Investor Relations' own words:

4,106 reads
01/06/2011 - 17:08

William Daley photoIt looks like the "Chicago Way" will continue with William Daley taking the White House Chief of Staff position formerly held by Rahm Emanuel. Daley is a particularly poor choice because he represents the nexus of big government, big business and the left-wing activist groups they enable and bankroll.

Daley is not a "centrist," nor is he "pro business," except when he is getting a piece of the action. Daley has carried the title of "Midwest Chairman" of JPMorgan Chase but he is not a banker or a businessman. He is a broker of influence. That is why JPMorgan Chase hired him in the first place.

2,765 reads
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