What's Hot
12/06/2010 - 14:05

Appearing on New York City's Channel 5 this morning, Rep. Charles Rangel (D-NY) was asked about allegations that he improperly used funds from his so-called National Leadership PAC for his legal defense in his House ethics case. Rangel responded by calling the allegations "ridiculous" and attacking NLPC.

3,037 reads
12/06/2010 - 10:31

Kindler photoPfizer CEO Jeffrey Kindler has unexpectedly announced his resignation. NLPC recently filed a shareholder proposal with Pfizer critical of the company's deal with the White House to support ObamaCare. We foresaw Kindler's retirement in the resolution's supporting statement:

If ObamaCare fails to control health care costs, as several studies now suggest, the government will seek savings through price controls. Shareholders ultimately will lose. Perhaps Kindler plans to retire before Pfizer is required to sell its products for less than the cost of production.

We were more prescient than we realized.

4,012 reads
12/03/2010 - 13:20

Cancu photoThe 13th annual global warming alarmism fiesta is well underway in Cancun, but Eric Carlson, president of carbon offset organization Carbonfund (whose corporate partners include Hyundai, Motorola, Volkswagen, Staples, JetBlue, Dell, Virgin America, Avis and Amtrak), wants the United States to just go away:

3,527 reads
12/03/2010 - 10:29

Meeks photoBenjamin Lesser of the New York Daily News reports today that Rep. Gregory Meeks (D-NY) on November 17 amended his 2008 financial disclosure forms to show $3,500 in "gambling winnings." This disclosure, late by two years, raises more questions than it answers. According to the Daily News:

The amendment does not say how Meeks won the money, where he was gambling or how much he bet. It merely says: "In 2008, I had gambling winnings of approximately $3,500."

2,832 reads
12/02/2010 - 18:54

On the House floor tonight, Rep. Charles Rangel (D-NY) again asserted that he did not personally gain from the acts of which he is accused, notwithstanding the fact that he failed to report, or pay taxes on, rental income received from his Dominican Republic beach house. Rangel seems to believe that if you repeatedly say something, it becomes true, no matter how absurd.

2,829 reads
12/02/2010 - 11:17

Rangel & Holder photoToday's imminent censure of Rep. Charles Rangel (D-NY) is the result of Ethics Committee investigations that went much further than we expected, even after we exposed Rangel's failure to pay taxes on income from his Dominican Republic beach house and his acceptance of corporate-funded Caribbean junkets.

Rangel filed the ethics complaint against himself in late 2008. He no doubt expected the Committee to cover up for him, fulfilling the same role it has played during Rangel's 40 years in Congress. Rangel seems amazed that the accusations against him could result in his censure. Perhaps he feels betrayed by the Democratic leadership and the institution of Congress that traditionally has taken care of its own.

4,082 reads
12/01/2010 - 12:15

money in handDemanding reparations from the federal government is now a growth industry. And Congress just helped it grow some more. Yesterday the House of Representatives voted 256-152 to authorize $4.55 billion to settle a pair of unrelated longstanding class-action lawsuits, one against the U.S. Department of Agriculture (USDA) and the other against the Department of the Interior. In the first case, tens of thousands of black farmers - or at least blacks claiming to have been farmers - will receive $1.15 billion for alleged discrimination during 1981-96 at the hands of administrators of USDA aid programs, but who filed (or could have filed) claims after the deadline. This would be on top of the more than $1 billion that over 15,000 other plaintiffs have received. In the second case, an estimated 300,000 to 500,000 Indians will receive access to a $3.4 billion trust fund intended to rectify alleged Interior Department mishandling of royalty payments for the extraction of oil, gas, timber and other natural resources from tribal lands for economic activity. The Senate on November 19 unanimously had approved the settlements.

4,923 reads
Ken Boehm
11/30/2010 - 10:35

Rangel photoNLPC yesterday filed a Complaint with the Federal Election Commission (FEC) alleging that Rep. Charles Rangel (D-NY) violated the Federal Election Campaign Act by using almost $400,000 in funds from his National Leadership PAC to pay legal bills related to the House Ethics Committee actions against him. The Committee yesterday referred a censure resolution to the entire House after earlier this month finding Rangel guilty of violating House rules on 11 counts. Click here to download an 11-page pdf of the Complaint.

As the Complaint points out:

2,921 reads
11/29/2010 - 10:24

Michael Forde photoStanding before a judge in Manhattan federal court on Friday, November 19, Michael Forde learned the price of high living and the crime that made it possible: 11 years in prison. For some members of the organization he once headed, the New York District Council of Carpenters and Joiners, that isn't long enough. Forde had pleaded guilty to racketeering, bribery and perjury in late July in connection with taking as much as $1 million in illegal contractor bribes and skimming many millions more from union benefit funds. The Justice Department uncovered the scheme as part of a probe that recently netted guilty pleas from eight persons and the jury conviction of Genovese crime family-linked contractor Joseph Olivieri. In addition to serving time, Forde must forfeit $100,000 in cash, pay a $50,000 fine, and pay restitution that union officials put at $18 million.

4,396 reads
11/28/2010 - 12:09

GM logoGeneral Motor's CEO, Dan Akerson, recently proclaimed that GM's balance sheet was "pristine" and that the company was aiming to have zero debt in the future. I guess the question is, "how do you define pristine?"

The recent prospectus for GM's Preferred Series "B" share offering gives the following accounting of some of the company's liabilities: as of September 30, 2010, $10.3 billion of outstanding debt and $9 billion Preferred Series "A" obligations. In addition, there are still under-funded UAW pension obligations of over $20 billion. The Preferred "B" share offering was for another approximate $4.5 billion of shares paying a 4.75% dividend.  This is money that GM already has mostly committed to UAW obligations.

2,707 reads
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