Archive for the category "Business & Finance"
As if we needed still more evidence that financial authority over national political campaigns is increasingly wielded by fewer and fewer really rich people, consider this exhibit:
Super PACs raised about $181 million in the last two years — with roughly half of it coming from fewer than 200 super-rich people.
That’s the news from a study called “Auctioning Democracy” jointly conducted by Demos, an organization that says it practices “advocacy to influence public debate and catalyze change,” and the U.S. Public Interest Research Group. Both groups seek to strengthen, if not compel full disclosure and expenditure rules.
Super PACs’ power stemmed from the U.S. Supreme Court’s July 2010 SpeechNow.org v. Federal Election Commission decision. The Court’s Citizen United decision further strengthened corporations’ claim to personhood and weakened the requirement for full disclosure of donations to super PACs.
Politico’s Ken Vogel and Abby Phillip’s analysis of the study noted that
A relatively few wealthy backers are keeping super PACs afloat — and they’re saying so. Last year alone, individuals gave super PACs $63 million.
The news only worsens.
Full story »
Corporate sponsorship is important for a great many of America’s non-profits, and that’s certainly true of the Susan G. Komen Foundation. Of course, any time you strike an alliance with another entity, you can’t help assuming some of their risk. Your partner jumps the tracks, all of a sudden people are looking at you even though you didn’t do anything wrong.
I tend to believe that Komen’s sponsors had nothing but the best intentions in donating their time and money to supporting a worthy cause. However, I also can’t help noticing that I haven’t heard a peep out of any of them regarding the foundation’s appalling decision to de-fund Planned Parenthood, an entity that doesn’t harness its public health mission to partisan prerequisites. Full story »
Gillian Tett, normally a font of level-headedness and good judgment over at The Financial Times, had a very odd column this past weekend. She was at Davos (of course!) and was vaguely unhappy about Unilever’s presentation about all the good works it was undertaking in the name of Social Responsibility.
I know, I know, who is going to believe Unilever, one of the largest food and consumer products companies in the world, is Socially Responsible? What does that even mean, anyway? Well, leaving that aside for the moment, I’ve been following this area for a while, and in fact Unilever does spend a fair amount of time and money (relatively speaking) in this area. Why? Because there are an increasing number of investors that are demanding it. Full story »
It’s easy to blame China for lots of stuff. Its absurd veto (along with Russia, someone else we can blame stuff on) of the recent Security Council Resolution over Syria. Its persistent devaluation of the renminbi to keep it cheap to the US dollar. The fact that it owns an extraordinary amount of US debt, and keeps buying more, giving it increased influence in US economic decision-making. Its constant and never-ending theft of other countries’ intellectual property. Its refusal to stop building coal power plants. Its somewhat slavish adoption of all things American except democracy. Its reluctance to bail out Saab. Its complete lack of anything like a good rock and roll band.
If you’re one of those people for whom any or all of the above casts a cloud over your ability to make it through the day, help is at hand. Your worst nightmares may soon be over. And all we had to do was sit back and let the Chinese embrace yet another Western cultural institution—the Business School. Full story »
 Orwell, George. The Road to Wigan Pier. (1937) — Orwell is best know for his dystopic 1984 and Animal Farm, but Orwell cut his chops as a journalist, and he understood the power of his pen. In Wigan Pier, he looks at the abominable Depression-era conditions of northern England’s working class. “I have seen just enough of the working class to avoid idealizing them,” Orwell says, yet he obviously admires them for somehow making due, lowering their standards of living rather than giving in to despair. He also realizes their value in calling out the hypocrisies of the country’s middle class. Full story »
During their 2008 presidential campaign, Barack Obama and John McCain both claimed the support of the people, citing evidence of small donors who gave to their campaigns. Both used that as a claim to be the true inheritors of the populist mantle.
We were so naive back then about purchasing power financing campaigns. How times have changed despite the continuing fiction of claims by candidates of “popular” support. Our small $201 checks no longer matter. Other people write bigger checks. Corporations can write indescribably large checks.
A report from the Campaign Finance Institute following the 2008 election refuted their claims. Looking at small donors (at least $201), mid-range donors ($201-$999) and large donors ($1,000 and up), the CFI concluded that nearly half of the 450 million donations to President Obama’s campaign committee came from the $1,000-and-up donors.
Both Obama’s and McCain’s campaign made use of bundlers (fundraisers who package checks from other donors), a practice perfected by President George W. Bush. Each raised tens of millions of dollars through the bundled checks of large donors.
Well, presidential candidates are populists no more. Super PACs, organizations freed by the Supreme Court to raise unlimited amounts of money for electioneering communications, have killed that lingering civics-class fantasy.
Full story »
Consider the continual political warfare among tea partiers, Democrats, Republicans, President Obama, members of Congress, and anyone else with a media megaphone over size of the deficit run up by the American government. You’d assume they were confident the government knew how much money it took in and how much it spent. You’d assume the government knew how to keep its checkbook in order.
And you’d be wrong. According to the fiscal 2011 financial report by the nation’s bookkeeper, the Government Accounting Office, some government agencies cannot soundly manage their fiscal affairs.
Full story »
If you’re a working journalist, congratulations. You have survived a horrendous year of newsroom job cuts. The Newsosaur, Alan Mutter, compiles the sad, frustrating, dismaying news:
The number of jobs eliminated in the newspaper industry rose by nearly 30% in 2011 from the prior year, according to the blog that has been tracking the human toll on the industry for the last five years.
Mutter, working with data from Erica Smith, author of the Paper Cuts blog, notes layoffs have been horrific over the past four years.
Since Smith began her running count of publishing layoffs in the middle of 2007, 39,806+ newspaper jobs have been eliminated. This represents 11% of the all the jobs in an industry that, according to the Census Bureau, employed 360,633 individuals in 2007.
Worse, Mutter points out, the number of journalists in America’s print newsroom is at an all-time low. The layoffs, over time, have taken a staggering toll on newsrooms.
Full story »
2011 was a big year where issues of political power were concerned. The #Occupy movement made a great deal of noise the past few months. Finally, there was lots of discussion about Citizens United and corporate personhood, and the “99%” began asserting its anger. There was l’affaire WikiLeaks and the ongoing Julian Assange and Bradley Manning battles, with Anonymous getting involved a bit, as well. The “who owns the Internet?” question is far from settled. In addition, AT&T was forced this week to abandon its attempt to further consolidate its domination of the mobile industry. And so on.
If you’ve been paying attention at all, you’ve probably been alarmed by the ongoing assault on your privacy. Full story »
I think the educated, informed and politically active electorate on all sides get the three-ring circus metaphor for our government. There just needs to be more of them, on all sides. Let’s see what happens, though, when I look, with beginner’s eyes, at the nuts ‘n’ bolts under the hood of the the Klown Kar in the lead-up to the featured act. For this exercise, I’ll use a bit of legislation currently up for debate, S.1726, Withholding Tax Relief Act of 2011, a bill to repeal the imposition of withholding on certain payments made to vendors by government entities.
I first became aware of this issue by following Sen. Jon Tester (D-MT) on Facebook. Full story »
Citizens across the country are embroiled in battles to keep developers from destroying the character of their cities and towns, and now one such fight has made its way to my neighborhood, the Denver West Highlands. Here’s the note I just sent to the mayor and city council. I suspect a lot of our readers know exactly how I feel.
_____________
Dear ______________:
I know you’re aware of the issue so I’ll keep this brief. If the developers are allowed to blight the Highlands with high rises I will work aggressively for your opponent in the next election. Full story »
 
A couple of weeks ago, as I was lamenting what looked (at the time) like the end of the road for the NBA 2011-12 season, I explained that the league was facing an especially nasty confound. You had three factions (players, big market owners and small market owners), and there was simply no common ground between two of them (the players and the small market owners). When all the motivations were factored in, it was simply hard to imagine a long-term accord that served everyone. Now that the parties have settled, I’m looking at the new collective bargaining agreement and trying to understand how it’s anything more than a band-aid on a sucking chest wound.
I see how the players won. They gave back a few percent of revenue but prevailed on several critical structural issues. The big market owners (BMOs) have to deal with some new luxury tax issues but they’re still positioned to spend big and dominate the league. Full story »
Here’s a bit of a surprise–moldy applesauce going into baby food and school lunches. MSNBC fills us in:
A Washington state fruit processor that supplies the nation’s schools and a baby food maker is under scrutiny by federal health regulators for repackaging applesauce contaminated with several kinds of potentially dangerous, multi-colored molds, msnbc.com has learned.
Repackaging? What the hell is that?
Food and Drug Administration officials this week posted a warning letter to Snokist Growers of Yakima, Wash., saying the company cannot ensure the safety of moldy applesauce and fruit puree that has been reconditioned for human consumption.
Wait–I thought it was just repackaged. What is this? Full story »
by Richard A. Lee
The topics dominating the discussion about the Republican primary for president – Rick Perry’s inability to recall the details of his own campaign proposal and the sexual harassment allegations against Herman Cain – may be captivating, but they don’t tell us what we need to determine who is best equipped to serve in the Oval Office.
Sure, we’d like our leaders to be pillars of virtue, but there have been some very effective presidents, governors and mayors whose personal lives were not exactly role models. Likewise, Perry’s gaffe in the CNBC debate was downright embarrassing, but should our judgments on the next leader of the free world be based on a 53-second YouTube moment? There must be better ways to gauge who would be a good president.
Mitt Romney would have us believe that a proven track record of running a successful business will produce similar results in the White House. It’s a message that resonates well with voters who often lament that government should run more like a business. It sounds good in theory, but how it plays out in practice is a different story.
Full story »
There are still nights when the nightmares take me. I am in the shop I made, standing behind the till. My wares are on the shelves and I wait for customers who never come.
I see them passing by the windows, looking in. Their faces, a mixture of curiosity and contempt I dare not interpret. My heart-beat is erratic. I am 10 kilos down. I sleep maybe two hours a night. I am exhausted.
These are the days and nights of the zombie business; too weak to live, too strong to die. Full story »

When we were putting S&R together in 2007 I hunted down Gavin Chait and begged him to join us. He’s one of the smartest guys I know, a relentless, good faith thinker and someone you can count on to hit you with a perspective you hadn’t thought about. He wrote our very first post and also penned at least one of our absolute very best posts.
We don’t always agree, though. (Which is good – how boring would it be if we did?) In a recent post, Gavin addressed the topic of the latest Discworld novel in a post entitled “Terry Pratchett and the redemption of the Orcs.” If you review the post and the comment thread you’ll see that I take Gavin to task for misrepresenting Pratchett. Gavin’s reply (@2) neatly gets to his overarching point: Full story »
So Twitter is abuzz with the news that the Port of Oakland has been shut down; major news sites are either ignoring the act or standing with reports from earlier in the day that the port is operating. That makes it sound like the general strike, focusing on the port, has been a failure. But then there’s this:
The Port of Oakland was chosen as the protest site because the International Longshore and Warehouse Union has a rare contract clause that allows workers to honor certain community picket lines. If workers arriving for a 7 p.m. shift decide not to cross the line, a shutdown could result. LA Times
So i suppose that neither sort of report is true, or even knowable yet.
There are also reports of wildcat strikes inside the port, but those may well be work related. It’s possible that the longshoremen will walk out when the Occupy protesters form their picket line outside the port. Full story »
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