The departure of Jeff Fisher as head coach of the Tennessee Titans leaves the team management with the daunting task of finding an adequate replacement while avoiding a conflict with affirmative action's gift to pro football known as the "Rooney Rule.''
Finalized in 2003 and named after Pittsburgh Steelers owner Dan Rooney, who headed the NFL committee leading to its creation, this bylaw stipulates that any team with a head coaching vacancy must interview at least one minority candidate in good faith or face commissioner sanctions.
During an appearance on Fox Business Network on Tuesday, NLPC Associate Fellow (and GM bondholder) Mark Modica warned that the GM bankruptcy may provide a model for insolvent states and localities to crush bondholders and taxpayers to protect politically-connected unions. "Follow the Money" host is Eric Bolling. Here's a transcript:
Today we asked the House Committee on Oversight and Government Reform to investigate actions by the Federal Communications Commission (FCC) that benefitted Harbinger Capital Partners after its founder Phil Falcone (at right) made large contributions to the Democratic Senatorial Campaign Committee.
As we describe in the letter to the Committee's ranking members, Rep. Darrell Issa (R-CA) and Rep. Edolphus Towns (D-NJ):
Chrysler recently reported a 4th quarter loss of $652 million. So what does a UAW majority owned company that is losing money do? How about a bonus for UAW workers?
Current Chrysler ownership breakdown puts the UAW at a 63.5% ownership stake while the US Treasury holds a 9.2% stake. Italy's Fiat currently owns 25%. Bonuses planned for UAW workers are estimated to average $750.
Rangel has genuine vitriol for the National Legal and Policy Center, which filed complaints against him with the Federal Election Commission, the IRS and the House Ethics Committee. He claims that investigators for the group followed him to the Dominican Republic and broke into his office.
Rangel has made no secret of his contempt for the National Legal and Policy Center (NLPC), but this is the first time he has libeled us or accused us of committing a crime.
Washington Post reporter Wil Haygood today examines the plight of Rep. Charles Rangel (D-NY) since his Censure in early December. Haygood sat down with Rangel for two recent interviews, and reports Rangel's "answers were full of contradictions that seem to defy easy explanation." Also:
Rangel has genuine vitriol for the National Legal and Policy Center, which filed complaints against him with the Federal Elections Commission, the IRS and the House Ethics Committee.
Haygood paints a picture of a bitter and confused politician who seems unable to accept the fact that his time has long passed:
Ford stock is taking a hit today after reporting earnings that missed analysts' estimates. European losses accounted for much of the earnings disappointment. General Motors is also known to have major issues with its European brand, Opel. GM recently assigned Alix Partners to oversee their European unit's "turnaround" plan. Alix Partners is a bankruptcy consulting firm that was hired by GM prior to their own bankruptcy filing. This is just one of many risk factors that have been glossed over by media coverage.
There are few things quite like a mass arrest to serve as a reminder of the Mafia's continuing presence in American life. The mob roundup last Thursday morning, the largest in U.S. history, at once underscores the large dent that the Justice Department has been making in organized crime and how deeply entrenched so many organized crime operations have been. Some 800 FBI agents, U.S. marshals, state police and New York City cops fanned out and arrested nearly 120 wise guys and associates named in an 82-page, 16-count indictment for acts of murder, racketeering, money-laundering, loan-sharking, extortion and other offenses going back three decades. The takedown includes crime soldiers from each of New York's "Five Families," plus the DeCavalcante (Northern New Jersey) and Patriarca (New England) families. A number of the arrestees were heavily involved in labor corruption.
As someone who has sponsored "Say on Pay" shareholder proposals with companies like Boeing and Procter & Gamble, I wonder whether SEC-mandated votes on executive compensation will do any good. In fact, I worry that it may lead to a false sense of shareholder empowerment.
Yesterday, the Securities and Exchange Commission voted 3-2 to adopt a rule requiring public companies to hold an advisory vote on executive pay at least once every three years.
Upbeat reports of GM's "progress" have prompted politicians to pronounce the auto bailout a "success" and rocket the share price to 37. But do these reports reflect reality? The unrelated declines of both the American automotive and daily newspaper businesses have resulted in even less reporting on a beat that was thinly covered to begin with.
Right now, news about GM is what GM says it is. Business editors have little choice but to recycle GM press releases. They do not have the troops to do actual reporting. Even in the heat of the IPO coverage, GM's financial data was uncritically repeated, never mind that the company could not even attest to its own financials.