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01/23/2014 - 23:57

Menendez photoNew York TV station NBC 4 reported today that the federal criminal probe of New Jersey Senator Robert Menendez is expanding:

The Department of Justice is investigating Menendez's efforts on behalf of two fugitive bankers from Ecuador, multiple current and former U.S, officials tell NBC 4 New York. The probe into Menendez's dealing with the bankers comes as federal authorities are also investigating his relationship to a big campaign donor from Florida.

The donor is Salomon Melgen, Menendez' largest contributor. In 2012, Melgen contributed $700,000 to a super PAC affiliated with Senate Majority Leader Harry Reid (D-NV) that spent the bulk of the funds for Menendez' re-election. The report notes:

1,546 reads
01/23/2014 - 13:32

Worker centerUnion Corruption Update several times during the past year has noted the fast-rising profile of 'worker centers.' Anyone doubting that these nonprofit groups in certain ways operate as unions all but in name should read a new monograph published by the Workforce Freedom Initiative, a project of the U.S. Chamber of Commerce. Titled, "The Emerging Role of Worker Centers in Union Organizing: A Strategic Assessment" (see pdf), the report explains why these organizations have become crucial to a Left network dedicated to building an alternative model for labor and political organizing. It also identifies many of the tax-exempt foundations that provide funds. The author, Jarol Manheim, a political scientist at George Washington University, is the right person to do the job.

2,439 reads
01/16/2014 - 09:40

The internet was ablaze Tuesday evening with stories presenting a perceived positive move by General Motors' outgoing government-appointed management. All hail! "General Motors to pay first dividend since 2008," trumpeted the headlines. GM shares immediately spiked up in after-hours trading with shares rising about $1.60 or 4% on the news. Unfortunately for those duped by the proclamation, GM followed the story hours later with a profit warning. For the time being, the bad news outweighed the good with GM shares reversing course and ending the day Wednesday with a loss of over one and a half percent on a day that the market rallied.

1,828 reads
01/14/2014 - 10:44

Silvardo awardGeneral Motors seems to be really good at winning awards for its vehicles. The Chevy Silverado just took home the North American Truck of the Year Award at the Detroit Auto Show. The truck also was just embarrassingly recalled due to a potential fire hazard. Unfortunately for GM, the bad news outweighs the good as awards do not always result in increased sales. Just look at the award-winning Chevy Volt as an example.

1,976 reads
01/14/2014 - 10:30

Emily LitellaWere the late Saturday Night Live cast member Gilda Radner still with us today, Tesla Motors might look to her character Emily Litella for its latest public relations campaign to address overheating and fires with its Model S charging systems.

“Never mind,” the Weekend Update commentator would say.

That’s was also essentially the response from Tesla on Friday when the company announced – after it had vehemently denied any culpability about overheating systems or power cords just three weeks earlier – that it would send all Model S owners new cords to replace the defective old ones. This followed a garage fire in Irvine, Calif., which local authorities blamed on either “a high resistance connection at the wall socket or the Universal Mobile Connector from the Tesla charging system.” New charger connectors will be mailed in the next two weeks, according to a Bloomberg report.

1,554 reads
01/13/2014 - 21:12

Top Ten logo Though union membership as a share of  American workers continues its long decline, union officials in 2013 showed they're not the sort to stand on the sidelines, especially in the legal realm. Organized labor was unusually active last year in using the courts and Congress to press their interests. Their ultimate weapon: immigration amnesty/surge legislation. Eight members of the Senate, four from each party ("the Gang of Eight"), solicited advice exclusively from supporters of open borders in hopes of achieving their idea of "comprehensive reform." The Senators unveiled the measure in April and passed it by 68-32 in June, Yet the bill, deservedly, has stalled in the House. Drafted in secret, with no hearings or debate, it represents a corruption of the political process.

3,461 reads
01/10/2014 - 12:07

Barra and VoltThe final tallies for 2013 sales are in for the Chevy Volt and its little sister, the Chevy Spark EV. The results are ugly.

While the Volt relies on both a gas engine and electric power, the Spark is actually an electric-only vehicle, assumedly designed to compete with the all-electric Nissan Leaf which had sales of 22,610 for the year. The Spark EV did not compete well, with sales for 2013 coming in at only 589 for the seven months in which it was offered. Chevy Volt sales for the year also disappointed, coming in at 23,094 and down from 2012 sales. The Volt's sales drop came during a year when overall US car sales rose about 8%.

2,273 reads
01/09/2014 - 23:55

Duke new logoIn a sudden, unexpected burst of concern about how mandates of renewable energy harm its low-income customers, a Duke Energy executive testified Tuesday that aspects of the government-imposed schemes (mostly welcomed by public utilities) cost far more than they save, and said they are net job losers.

The admission, by Duke’s president for North Carolina (the company’s home state), came during a hearing of a state legislative commission on energy. The specific policy targeted by Paul Newton was the practice of net metering, in which individual homeowners who have installed solar panels are able to sell their electricity to a utility’s grid at the same full kilowatt-hour price that it is delivered to them from the grid.

1,831 reads
01/07/2014 - 13:29

Melvin Watt sworn in as FHFA headAs a Democratic North Carolina congressman, Melvin Watt had a hand in creating the mortgage meltdown. Now he’s the new head of an agency charged with helping to reverse the meltdown. Irony is well and alive in Washington, D.C.  Yesterday former Rep. Watt (in photo) was sworn in to a five-year term as director of the Federal Housing Finance Agency (FHFA), created in 2008 to oversee Fannie Mae and Freddie Mac. These two companies now hold or guarantee roughly $5 trillion in assets. The Democratic-majority Senate had confirmed Watt on December 10 by 57-41 following a failed effort in October to block a Republican filibuster.

3,561 reads
01/01/2014 - 15:35

Volt in snowA recent study by fleetcarma.com unveils yet another drawback of General Motors' much-hyped Chevy Volt. It appears that the environmentally-conscientious, affluent owners of the vehicles who drive in cold weather will get about half of the electric range, on average, of those who drive in warmer climates.

3,460 reads
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