Monday, November 09, 2009

Tony Podesta's Lobbying Operation

The Huffington Post reports:
Tony Podesta's firm, the Podesta Group, has already reported nearly $19 million from more than 130 clients -- blowing last year's full-year-total, a record high of $16 million, out of the water. He's registered 50 new clients -- way up from the average clip of 20 new clients a year for previous decade.

Bills Would Set Limits on Financial Companies to Alleviate Risk

The Wall Street Journal reports:
Democrats are advancing proposals in Congress designed to limit the size and complexity of financial companies so that any collapse wouldn't damage the broader economy, a sign that lawmakers are responding to anti-Wall Street sentiment by toughening the administration's rewrite of finance rules.

The proposals would allow the government to break up healthy financial companies, and in some cases, would reassert rigid demarcations within finance that were cleared away in 1999, such as barring commercial banking firms and investment banking firms from merging.

Paterson: New York State Will Be Broke Before Christmas

WCBS TV

Despite FBI Ban, Holder to Speak to Muslim Group

Politico

Joe Perry: Steven Tyler has quit Aerosmith

Las Vegas Sun

California State Worker Claims SEIU Members Beat Him Bloody

Breitbart TV

CalPERS' image takes a hit

The L.A. Times reports:
For much of the last decade the California Public Employees' Retirement System cultivated the image of a cutting-edge pension fund -- pouring billions of dollars into potentially lucrative but high-risk investments, hounding companies to rein in executive pay and championing financial security for government workers.

Now, CalPERS finds itself caught in a maelstrom of troubles that threatens its reputation as the gold standard for public pension funds.

Slammed by huge investment losses in last year's meltdown of financial markets, the nation's largest public retirement plan faces questions about its long-term ability to make good on the benefits it owes more than 1.6 million workers, retirees and their families.

All Californians have a stake in the fund's performance: If CalPERS' $200-billion portfolio comes up short, and state and local governments refuse to cut workers' benefits, the bill falls to taxpayers -- many of whom have no guaranteed pension benefits of their own.

They sure are special.

Rothenberg: the Most Accurate Pollster is SurveyUSA

Red State

Exclusive: Police Report on Gladney Beating by SEIU Thugs

Big Government

Rezko Politicians Unite: Gutierrez endorses Giannoulias for Senate

Congressman Louis Gutierrez of Tony Rezko real estate fame has endorsed Chicago Mob linked Alexi Giannoulias of Broadway Bank fame.

GE, Comcast Reach Agreement on Valuing NBC Universal

The Wall Street Journal

Carrie Prejean's Mother Saw the Sex Tape

TMZ

Obamacare Endorsements: What the Bribe Was

Newsmax

A Slow Job Recovery in Silicon Valley

New Geography

Wall Street Bonuses Rise as Big 3 May Pay $30 Billion

Bloomberg

'Don't choose men based on their looks,' warns Michelle Obama in dating advice for women

The Daily Mail reports:
In a series of dating tips, Michelle Obama has urged women not to choose men based on looks alone.

The U.S. First Lady, who has been married to President Barack Obama for 17 years, said: 'Cute's good. But cute only lasts for so long and then it's: "Who are you as a person?"

Michelle Obama , the expert.

Poll: Voters skeptical of California reform proposals

The L.A. Times

Socialist Bernie Sanders could be the spoiler as Reid moves forward

The Hill

Unions Drive Detroit to the Edge of Bankruptcy

The Wall Street Journal reports:
Detroit has been in trouble for decades. It has the highest taxes in Michigan, the highest murder rate in the country, and a dreadful public school system. Only 25% of high school students graduate each year. Its tens of thousands of abandoned homes offer safe haven to drug dealers and criminals. All of this has produced an exodus of businesses—there is no longer a single major department store in the city—and residents. Detroit's population is less than half of its peak of two million in the 1960s.
Imagine that.

Flashback: Pelosi Says Not Giving Members Three Days to Read Bill Is ‘Absolute Outrage’

Breitbart TV

Berkshire Says ‘Credit Crisis Has Abated’ as Profit Triples

Bloomberg

Alleged Fort Hood Shooter Frequented Local Strip Club

Fox News

Sunday, November 08, 2009

Default notices rising in upper echelon ZIPs

The San Francisco Chronicle

The Man Who Predicted the Depression

The Wall Street Journal looks at Ludwig von Mises.

State Worker Beat Up At SEIU Meeting

CBS reports:
A state worker is recovering after a bloody brawl at a union hall. He says members of the local SEIU 1000 beat him up and sent him to the hospital all because he wanted to expose allegedl corruption within the union.

Ken Hamidi is a state worker at the California Franchise Tax Board. Last night he walked into a union hall in Sacramento for an SEIU local 1000 meeting.

"We had every right to be here, very simple; it wasn't anything private or anything exclusive," said Hamidi.

But Hamidi says the union members did not want him there.
For a look at SEIU ties to organized crime.

Framed for child porn — by a PC virus

AP

House health care vote is just the first step

McClatchy

Healthcare measure faces tough path in Senate

Reuters

Did the Democrats Hide a $283 Million Dollar Bribe in the Health Care Bill?

Breitbart TV

Health Care Vote

House of Representatives

Ill. prosecutors seek journalism students' grades

AP

Key Details of Democrats' Health Overhaul Bill

Newsmax

Senate now in healthcare spotlight

Reuters

California's best years have passed, voters say

The L.A. Times

House Narrowly Passes Landmark Health Care Bill




ABC News reports:
In a victory for President Barack Obama, the Democratic-controlled House narrowly passed landmark health care legislation Saturday night to expand coverage to tens of millions who lack it and place tough new restrictions on the insurance industry. Republican opposition was nearly unanimous.

The 220-215 vote cleared the way for the Senate to begin debate on the issue that has come to overshadow all others in Congress.

Saturday, November 07, 2009

JPMorgan’s Dimon Hires His Father for Bear Stearns Brokerage

Bloomberg

Health Reform Passes a Big Test, With Obama’s Aid

The New York Times

Chicago's Warehouse dreams derailed

Crain's Chicago Business reports:
Chicago's vision of a rich future as the nation's transportation and distribution hub has given way to a less-enviable distinction: home to the most vacant industrial space in the country.

A staggering 140 million square feet of warehouse and factory space stands vacant in the metropolitan area, roughly equal to all the office space in downtown Chicago.
An article well worth your time.

'I'm doing God's work.' Meet Mr Goldman Sachs

The London Times

Which states have the highest standards for students?

CS Monitor

Obama Tells Michigan Businessman Taxes Are ‘Too High’

Breitbart TV

Police Pensions and Voodoo Actuarials

New Geography has an excerpt from Steve Greenhut's new book:
A key argument that public-safety officials use to justify their absurdly high pension benefits –- i.e., “3 percent at 50” retirements that allow them to retire with 90 percent or more of their final year’s pay as early as age 50 -- is this: We die soon after retirement because of all the stresses and difficulties of our jobs. This is such a common urban legend that virtually every officer who contacts me mentions this “fact.” They never provide back-up evidence.

Here is one article I’ve been sent by police to make their point. It was written in 1999 by Thomas Aveni of the Police Policy Council, a police advocacy organization. Here is the key segment: “Turning our attention back towards the forgotten police shift worker, sleep deprivation must be considered a serious component of another potential killer; job stress. The cumulative effect of sleep deprivation upon the shift-working policeman appears to aggravate job stress, and/or his ability to cope with it.

Even more troubling is the prospect that the synergy of job stress and chronic sleep indebtedness contributes mightily to a diminished life expectancy. In the U.S., non-police males have a life-expectancy of 73 years. Policemen in the U.S. have a life expectancy of 53-66 years, depending on which research one decides to embrace. In addition, police submit workman's compensation claims six times higher than the rate of other employees ...”
Steve Greenhut reminds us:
If that were so, there would be no unfunded liability problem because of pension benefits. Police officers would retire at 50-55, then live a few years at best.
You'll want to read the entire article and buy this important new book.

Wal-Mart's Price war, no deals barred

The L.A. Times reports:
With another tough holiday season looming, Wal-Mart Stores Inc. is ratcheting up a price war that could be good for shoppers but has competitors fearing the worst.

The world's largest retailer has for years snatched sales from department stores, discounters, supermarkets, electronics sellers and mom-and-pop shops. Its intensive markdowns helped drive chains such as Circuit City and Mervyns out of business over the last year.
Deflation of prices is good!

Barney Frank Present When Partner Arrested for Pot

Fox News

Compromise Reached on Health Care Bill: Anti-Abortion Admendment to Be Given Floor Vote

The Huffington Post

Texas is the new retirement mecca

The L.A. Times reports:
Reporting from Galveston, Texas - After trying out Pasadena, Atlanta and Miami, Lilian Junco decided this was the place to retire. Being near her son was the first attraction, but soon she was drawn in by the same combination of features that has lured tens of thousands of others from out of state: Gulf Coast living and super-low costs.

With some of the country's lowest prices for housing, gas and food, no state income tax and one of the most resilient economies in the nation, Galveston and other parts of the Lone Star State are emerging as the new Florida.

This week, Florida disclosed population figures that show a decline of 57,000 over the 12 months ended April 1, the first annual drop since the 1940s. Much of the loss has come in parts of southern Florida that long attracted retirees.

Meantime, other Sun Belt states such as Nevada and Arizona have been hit hard by the recession, and expensive California has long seen more people leave than move in, a domestic migration measure that doesn't include foreign immigration or births.
It appears many Americans don't want to live the SEIU lifestyle.

Virtual Goods Start Bringing Real Paydays

The New York Times

Top Chicago Cop 'nervous' about likely retirement surge

The Chicago Sun-Times reports:
Chicago Police Supt. Jody Weis said Friday he is "extremely nervous" that a wave of police retirements next year -- after an arbitrator rules on the new police contract -- will stretch a burgeoning manpower shortage beyond levels he considers safe.

Roughly 1,000 officers are eligible to retire now that Mayor Daley has promised to extend premium health benefits to officers who call it quits at 55. But many are waiting until the contract is settled in hopes that a raise will lock in a higher rate of retirement pay.

Credit card firms hurry to raise rates

The Boston Globe reports:
Credit card companies are rushing to increase interest rates to historic highs of more than 30 percent, cut credit limits, and add new fees, even for customers who pay their bills on time.

Friday, November 06, 2009

What the PelosiCare will require you to do

The Wall Street Journal reports:
On Nov. 2, the Congressional Budget Office estimated what the plans will likely cost. An individual earning $44,000 before taxes who purchases his own insurance will have to pay a $5,300 premium and an estimated $2,000 in out-of-pocket expenses, for a total of $7,300 a year, which is 17% of his pre-tax income. A family earning $102,100 a year before taxes will have to pay a $15,000 premium plus an estimated $5,300 out-of-pocket, for a $20,300 total, or 20% of its pre-tax income. Individuals and families earning less than these amounts will be eligible for subsidies paid directly to their insurer.

AMA Faces Revolt By State Branches

National Journal reports:
The Georgia Medical Association is racking up support for a move to force the American Medical Association to rescind its support for the House healthcare overhaul bill as delegates arrive in Houston for an AMA policy

Ex-Phone Co. Worker Convicted of Perjury and Lying to FBI Agents in Connection to Rogue LA Detective Pellicano

Tickle the Wire

Stephanie Seymour Takes Clothes Off For Vanity Fair


Vanity Fair

Congress fear their jobs are next

Politico

ACORN's New Orleans Office Raided By Louisiana Attorney General

Big Government

Stay Off Fox News: White House Tells Democratic Consultant

The Chicago Tribune reports:
At least one Democratic political strategist has gotten a blunt warning from the White House to never appear on Fox News Channel, an outlet that presidential aides have depicted as not so much a news-gathering operation as a political opponent bent on damaging the Obama administration.
I guess the Obama administration prefers the George Michael run ABC or the FDIC subsidized MSNBC.

The Quotes of House Democrats Questioning PelosiCare

Republican Whip Eric Cantor has some quotes from House Democrats:
Rep. John Adler (D-NJ): “We Will Be Unable To Support Any Health Care Legislation That Doesn’t Meet The President’s Goal Of Driving Down And Holding Down Cost Of Health Care As Determined By The CBO.” “Sustainability requires that the burden on the American taxpayer and the federal budget be limited. To that end, we will be unable to support any health care legislation that doesn’t meet the President’s goal of driving down and holding down the cost of health care, as determined by the CBO.” (Rep. John Adler, Letter To Speaker Pelosi And Leader Hoyer, Link, 10/14/09)

Rep. Jason Altmire (D-PA): Adding To The Deficit Is A Deal Breaker. For Altmire, the deal breaker would be whether the legislation adds to the federal deficit. He has said he will not support a bill that does not pay for itself. He also wants to see cost-cutting measures in health care and tax breaks for small businesses if they end up with an employer-based mandate to provide coverage. (Matt Snyder, “Dems Eye 'Public Option': Area Reps Outline Health Bill Stance,” The Herald, 10/28/09)

Rep. John Barrow (D-GA): “We Will Be Unable To Support Any Health Care Legislation That Doesn’t Meet The President’s Goal Of Driving Down And Holding Down Cost Of Health Care As Determined By The CBO.” “Sustainability requires that the burden on the American taxpayer and the federal budget be limited. To that end, we will be unable to support any health care legislation that doesn’t meet the President’s goal of driving down and holding down the cost of health care, as determined by the CBO.” (Rep. John Barrow, Letter To Speaker Pelosi And Leader Hoyer, Link, 10/14/09)

Rep. Marion Berry (D-AR): Rep. Berry Has Concerns Regarding How The Plan Is Paid For. Democrat Marion Berry of Arkansas, a member of the self- described fiscally conservative Blue Dog Coalition, said he still hasn’t decided if he’ll support the overhaul because he wants to see the changes in the bill. He said his biggest concern is how the plan is paid for. (James Rowley and Kristin Jensen, "House To Unveil Plan With Public Option, Wealth Tax," Bloomberg, 10/29/09)
There's more quotes, much more.

Reed Says ‘I’m Sorry’ for Role in Creating Citigroup

Bloomberg reports:
John S. Reed, who helped engineer the merger that created Citigroup Inc., apologized for his role in building a company that has taken $45 billion in direct U.S. aid and said banks that big should be divided into separate parts.

“I’m sorry,” Reed, 70, said in an interview yesterday. “These are people I love and care about. You could imagine emotionally it’s not easy to see what’s happened.”

Associate Pay May Need to Return to 1998 Levels, Consultant Says

Instapundit

Post Office Returns 107,831 Tax Refund Checks to IRS Due to Faulty Addresses

Tax Prof Blog

Fannie’s Draws From Emergency Treasury Fund Reach $60 Billion

Bloomberg

Denver School Investigated for ‘Dummy’ Classes, Fake Students

Breitbart TV

Hoyer admits Dems don’t have the votes for Pelosi Plan

Hot Air

Prominent Chicago Preacher Declares War on Teachers Union

He's the preacher of the largest congregation in the state of Illinois. He's also a state Senator in the Illinois legislature on the Democratic side of the isle. The Rev. James Meeks actually said this:


"Chicago Public Schools have a gang problem. The gang, however, is not the BDs (Black Disciples), the gang is not the GDs (Gangster Disciples), the gang is not the Vice Lords and the gang is not the Four Corner Hustlers. The gang is the Chicago Teachers Union."
You'll want to read this entire Chicago Tribune editorial. Just a reminder, Meeks is close friends with President Obama.

In a down economy, NFL viewership is up

The Washington Post

The unemployment rate rose from 9.8 to 10.2 percent in October

The Bureau of Labor Statistics reports:
The unemployment rate rose from 9.8 to 10.2 percent in October, and nonfarm
payroll employment continued to decline (-190,000), the U.S. Bureau of Labor
Statistics reported today. The largest job losses over the month were in con-
struction, manufacturing, and retail trade.

African-Americans hit inordinately hard by recession

The Chicago Tribune

Back from bankruptcy, Willie Aames looks to make change

Kansas City Star

Taxpayers risked trillions at height of crisis

AP

Why This Real Estate Bust Is Different

Business Week reports:
When Goldman Sachs (GS) sold complex bonds backed by the Arizona Grand Resort and other commercial properties in 2006, it suggested the returns would be strong. The 164-acre luxury Arizona Grand, set against the Sonoran Desert in Phoenix, boasted an award-winning golf course, deluxe spa, and several swank restaurants. The on-site water park was named one of the best in the country by the Travel Channel. With the resort's new owners planning to refurbish hotel rooms and common areas, Goldman told investors that the renovations would help boost cash flow.

As was so often the case during the real estate boom, the lofty projections didn't pan out. When the economy softened and business travel slumped, Arizona Grand's bookings slipped to 67%, from 80%. The resort defaulted on the $190 million underlying loan in 2009—a hit that alone could largely wipe out investors who bought the riskier pieces of the Goldman mortgage-backed securities deal.
You'll want to read the whole article.

Google's new Dashboard service lets users see what personal data are on file

The L.A. Times

Fannie to Rent to Owners in Foreclosure

The Wall Street Journal reports:
Fannie Mae will allow homeowners facing foreclosure to stay in their homes and rent them for as long as a year, as part of the government's latest effort to help troubled borrowers, while keeping more foreclosed properties from hitting the housing market.


The "Deed for Lease" Program lets borrowers who don't qualify for loan modifications transfer their property to Fannie Mae in exchange for a lease. Borrowers-turned-tenants will pay market rents, which in most cases are lower than the cost of mortgage payments, and might be offered extensions when their leases expire
.
Uncle Sam , the landlord.

Congress and the Administration Take Aim at Local Democracy

New Geography reports:
Local democracy has been a mainstay of the US political system. This is evident from the town hall governments in New England to the small towns that the majority of Americans choose to live in today.

World’s Central Banks Signal End to Policy ‘Largesse’

Bloomberg reports:
The world’s biggest central banks are starting to unwind emergency measures introduced earlier this year to stave off a second Great Depression.

The euro rose after European Central Bank President Jean- Claude Trichet yesterday said his bank will withdraw some liquidity operations, and the pound climbed after the Bank of England slowed the pace of bond purchases. A day earlier, the Federal Reserve outlined the circumstances in which it would be prepared to raise interest rates.

Law school takes on its detractors

The Boston Globe

Thursday, November 05, 2009

Kiplinger: Northwestern University a deal at $51,850 a year

The Chicago Sun-Times

Goldman Sachs Received H1N1 Vaccine Before Several Hospitals

Business Insider

Pelosi Breaks Pledge to Put Final Health Care Bill Online for 72 Hours Before Vote

The Weekly Standard

Enrollment Drops at L.A. Unified Public School System

The L.A. Times reports:
An apparent exodus of students to charter schools, combined with an overall enrollment decline, is disrupting Los Angeles-area schools and exacerbating an ongoing budget crisis.

Local independently run charter schools added more than 9,500 students this fall, a surge of almost 19% to more than 60,000. At the same time, enrollment is down more than 19,000 students, about 3%, at schools affiliated with the Los Angeles Unified School District.

Total district enrollment has fallen to 678,441, down from a peak of 747,009 in 2003.

It appears that this Blue American city really is in decline. Just a reminder, it appears illegals can't keep L.A. Public Schools' numbers up.

Jewish Dems denounce tea party signs

Politico

Inspector General: 43% of Taxpayers Risk Identity Theft When IRS Makes Copies of Their Tax Returns

Instapuundit

Businessman Charged With Bribing Chicago Alderman

The Chicago Sun-Times reports:
A Naperville businessman was charged in federal court today with offering a $100,000 bribe to a Chicago alderman in an effort to land concession contracts at O’Hare and Midway airports.

Wafeek Aiyash, 50, of Naperville is accused of passing bribes in the amounts of $5,000 and $10,0000 at a time, in an attempt at winning the contracts.


A criminal complaint filed in federal court reveals the FBI has used an unnamed cooperator in its investigation for at least a year.

The Chicago Sun-Times has learned that the cooperator is Ald. Isaac “Ike” Carothers — who was charged earlier this year with corruption. Carothers is one of 14 members of the City Council’s Aviation Committee.
For a look at Alderman Carothers contributions from Tony Rezko.

13 dead, 30 injured in shootings at Fort Hood

MSNBC

Obama looks for union label

The Detroit News reports:
Workers in Barack Obama's new economic order fall into two categories -- those who are worthy of the president's energies, and those who aren't. You may be surprised to learn where you rank.

Obama doesn't weigh the value of workers based on their paychecks, what they do or whether they slip their feet into wingtips or steel-toed boots in the morning. His sole interest is in whether they have a union card in their wallet.

If they do, the president is in their corner, working hard to make sure they don't get the short end of any stick. But if they are among the 88 percent of American workers who don't belong to a union? Ask Delphi's salaried employees what Obama thinks of them.

As part of Delphi's restructuring in bankruptcy court, the Troy-based auto parts maker dumped its pension plan onto the federal Pension Benefit Guarantee Corp.
For a detailed look at what the union movement in Chicago means.

Gore Not Interested In Solutions To Climate Change That Don’t Line His Pockets

Prison Planet

Federal Reserve Loses Expanded Powers Proposed By Obama Administration

Huffington Post

Sen. Burris Cites Unwritten Constitutional 'Health' Provision to Justify Forcing Americans to Buy Health Insurance

CNS News

Feds' New Insider Trading Target: Lawyers

Forbes reports:
Lawyers are paid to keep secrets. But like anyone else, the more valuable the information they're sitting on, the more likely they are to welsh on their promise of confidentiality and sell privileged information to the highest bidder.

As a case in point, two of the 14 defendants arrested in the government's latest Galleon Group-related insider trading bust are New York lawyers who allegedly accepted cash to funnel information on three 2007 corporate acquisitions to a one-time employee of the hedge fund.

Ron Paul's Son Frontrunner in GOP Senate Primary

Andrew Sullivan

AARP throw their support behind House healthcare bill

The L.A. Times

Rangel rally at City Hall

Politico

U.S. Arrests 7 People in Relation to Hedge Fund Insider Trading

Bloomberg

Another Fed–Goldman Sachs Rip-Off

Matt Taibbi has the story.

Italian court sentences 23 CIA agents in attack on rendition

CS Monitor reports:
After two years of wrangling to head off a case that centered around the Bush administration’s practice of abducting alleged terrorists abroad and sending them to friendly third states for interrogation, Italian prosecutors won a stunning victory on Wednesday, when 23 US intelligence agents were convicted in absentia by a Milan court for kidnapping.

Media Criticism, Chicago-Style : The campaign to stifle journalists in Cook County and the White House

The Wall Street Journal reports:
Who is a journalist? Ordinarily, that's something for readers and viewers to decide. But recently in Chicago and in Washington, we've seen attempts by the powerful to dictate who is—and who is not—a "real" journalist.

For the past several months, students at The Innocence Project, a program at Northwestern University's Medill School of Journalism, have come under fire from Cook County, Ill. Prosecutors aren't happy with their habit of turning up evidence demonstrating that defendants have been wrongly convicted. They've allegedly exposed the wrongful conviction of Anthony McKinney, a Chicago man jailed for 31 years on a false confession.

Discomfited prosecutors have responded by subpoenaing everything related to the students' investigation about the McKinney case: notes, interview records and even classroom grades. According to the prosecutors, the students aren't journalists, but an "investigative agency." This is a distinction that has legal bite because journalists' notes are protected under an Illinois journalist shield law.
You'll want to read the whole article. Yet another excellent one by Professor Glenn Reynolds. For the views of the Cook Cook State's Attorney on gun ownership watch the video. For a look at the man who slates all the judges in Cook County .

For Thrillers, Glenn Beck Is Becoming New Oprah

The New York Times reports:
Virtually every novelist in America fantasizes about being picked to appear on Oprah Winfrey’s talk show. But now an increasing number of writers have discovered a new champion: Glenn Beck, the outspoken media darling of populist conservatism.

On his radio show and cable television programs, first on CNN Headline News and now on the Fox News Channel, Mr. Beck has enthusiastically endorsed dozens of novelists, a majority of them writing in the thriller genre. Mr. Beck, who now attracts 9 million weekly listeners on radio and 2.7 million daily viewers on television, often selects authors whose plots or characters reflect political stances that mirror his own. But he also promotes the work of authors who may disagree with many of his views.

“He’s our Oprah,” said Brad Thor, a writer of political thrillers who has appeared on Mr. Beck’s radio and television programs several times. “God love him, we’re very fortunate.”

Mexican Pot Gangs Infiltrate Indian Reservations in U.S.

The Wall Street Journal

MLB admits selling World Series tickets to some

Newsday

Wednesday, November 04, 2009

Fed Statement

Federal Reserve

A Master's Degree In Tough Times?

Forbes

Most California Tax Measures Being Approved

The San Francisco Chronicle reports:
Cities across the Bay Area begged voters for new taxes to mend their bleeding budgets, and voters in most areas appeared willing to oblige, according to early election results Tuesday.

Ann Coulter Makes Fun of Rachel Maddow, NYT Polling and 2009 Results

Human Events

The Actual Bad Sign for Democrats From Tuesday

Newsweek

Republicans Bask in Glow of Victories in N.J. and Va.

The New York Times

JPMorgan Ends SEC Alabama Swap Probe for $722 Million

Bloomberg reports:
JPMorgan Chase & Co. agreed to a $722 million settlement with the U.S. Securities and Exchange Commission to end a probe into sales of derivatives that helped push Alabama’s most populous county to the brink of bankruptcy.

JPMorgan will give Jefferson County, Alabama, $50 million, pay a $25 million penalty and cancel $647 million in fees the county faced to unwind the transactions, according to an SEC news release. In addition, the agency charged two former JPMorgan employees for their roles in an “unlawful payment scheme” that allowed them to win bond and interest-rate swap business with the county.
You might wonder how certain people avoid criminal prosecution. Just a question to ponder.

Our Dwindling Email Privacy

Harper's reports:
What sort of privacy do you expect when you send an email? As Americans increasingly rely on the Internet for communication, Justice Department lawyers increasingly argue that Americans have no right to privacy there—notwithstanding repeated congressional efforts to bolster these rights. A recent case out of Oregon shows how the privacy expectation associated with emails and other Internet communications is being frittered away.

Your Taxes Are Being Used to Study 'Fat Taxes'

Club For Growth

Chicago’s inspector general’s office sues the city

The Chicago Sun-Times reports:
It’s a first.

NBC5 and the Chicago Sun-Times have learned the city Inspector General’s Office is taking the Daley administration to court after issuing a subpoena last month.

Top Dems: Obama Won't Get Health Care Bill in 2009

ABC News

Soros' Assault of Free Markets

The American Spectator

Getting Real About “Green” Jobs

New Geography

Cook County sales-tax receipts plunge

Crain's Chicago Business

Cuomo Files Federal Antitrust Lawsuit Against Intel

The New York Times

U.S. Home Prices Haven’t Really Bottomed, Pimco’s Simon Says

Bloomberg

How Safe Is Your Safe-Deposit Box?

ABC News reports:
The 50 U.S. states are holding more than $32 billion worth of unclaimed property that they're supposed to safeguard for their citizens. But a "Good Morning America" investigation found some states aggressively seize property that isn't really unclaimed and then use the money -- your money -- to balance their budgets.

Unclaimed property consists of things like forgotten apartment security deposits, uncashed dividend checks and safe-deposit boxes abandoned when an elderly relative dies.

Banks and other businesses are required to turn that property over to the state for safekeeping. The problem is that the states return less than a quarter of unclaimed property to the rightful owners.

California Stealin'

The Wall Street Journal

Nicole Kidman reveals her love life has been kinky as she opens up about 'strange sexual fetish' encounters


The Daily Mail

House Democrats clear the way for health care vote

AP

Great job openings, no candidates

CNN

Private Sector Sheds 203,000 Jobs, ADP Reports

The Wall Street Journal

Why did blue-chip Goldman Sachs take a walk on subprime's wild side?

McClatchy reports:
Goldman Sachs was one of the last Wall Street giants to enter the subprime lending world, but when it did, it quickly climbed into bed with profligate, highflying firms — companies such as New Century Financial Corp.

In at least nine deals from 2002 to 2007, Goldman sold bonds backed by more than $5 billion of New Century's mortgages, one even after the California lender's underwriting criteria all but disintegrated and a cash squeeze paralyzed its operation. Goldman also marketed at least three secret offshore deals bearing New Century's name.

Goldman has yet to explain why it risked its blue-chip reputation and financial health to buy and repackage at least $135 billion in loans mostly originated by companies that have since gone bust.
This is the last article in the four part series.

ANOTHER MUNICIPAL BANKRUPTCY

Instapundit

Contests serve as warning to Democrats: It's not 2008 anymore

The Washington Post

A deathblow to ObamaCare

The New York Post reports:
Chris Christie's gutsy win in New Jersey puts the arrogant big spender Jon Corzine in his place. But it is the election in Virginia that probably has more to say to marginal Democratic congressmen considering how to vote on health-care reform.

Obviously, Christie's victory is a body blow to Obama after Corzine outspent the Republican by five-to-one and the president put on a serious push for the incumbent. Corzine's defeat sends a message that the nation is moving sharply against Obama.

But Virginia results are the most important. More than 80 Democratic congressmen and 20 senators come from states that John McCain carried in 2008. For them, the sudden switch in Virginia, a swing state that Obama actually carried, heralds tough political times ahead.

Democrats, incumbents get wake-up call

Politico

Tuesday, November 03, 2009

Pelosi Bill Slips In $6 Billion Slush Fund

The Foundry

House OKs homebuyer tax credit extension

UPI

Christie Called Winner in New Jersey Governor's Race

CBS

Fannie Raises Lenders’ Net Worth Requirement Ten-Fold

The Housing Wire

The winner of the 2009 elections is: Ron Paul

The Hill

Not Being New York Resident Saves Billionaire $27 Million in Taxes: Court Victory for Hedge Fund Manager Julian Robertson

The Wall Street Journal reports:
What a difference four days can make.

Billionaire Julian Robertson won a $27 million tax case after he successfully argued that he wasn't a New York City resident for the year 2000 and didn't owe city taxes.


At issue was Mr. Robertson's whereabouts on four days during that leap year: April 15, July 23, July 31 and Nov. 16. The other 362 days were accounted for, with documentary proof of 183 days spent in the city and 179 spent outside. The New York State Department of Taxation and Finance argued that because he didn't have documentary proof for the four days, he was therefore a resident and owed city taxes of $26,792,341.

The stakes were high for Mr. Robertson. If he could prove he spent half of that 366-day year outside of New York City, often at his estate in the wealthy Long Island suburb of Locust Valley, he wouldn't have to pay the tax. And it was an all-or-nothing case, worth $27 million, an amount important enough to the hedge-fund manager that he and his staff spent hours and developed a complicated calendar system to track his whereabouts.
Some people don't want to pay high taxes no matter what greedy politicians say.

10 Years of FIRE

Dynamist

It is Japan we should be worrying about, not America

Telegraph reports:
Japan is drifting helplessly towards a dramatic fiscal crisis. For 20 years the world's second-largest economy has been able to borrow cheaply from a captive bond market, feeding its addiction to Keynesian deficit spending – and allowing it to push public debt beyond the point of no return.

McDonnell Wins Virginia Race for Governor

Fox News

Steve Martin, Alec Baldwin to co-host Oscars

AP

In Face of Bankrupt Trust Funds, Virginia Cuts Unemployment Benefits, Nevada Weighs Options

Pro Publica

Chicago Zoning official admits taking bribes

Crain's Chicago Business and Chicago Sun-Times.

Poll: Almost half of Americans reject swine flu vaccine

McClatchy

Al "Godfather" Gore

LRC Blog

Agency that runs Chicago's Navy Pier, McCormick Place in deep debt

The Chicago Sun-Times

Claim: New Jersey Dems Using Known Criminals for Get-Out-the-Vote Effort

Breitbart TV

Aspirin 'only for heart patients'

BBC reports:
The use of aspirin to ward off heart attacks and strokes in those who do not have obvious cardiovascular disease should be abandoned, researchers say.

TribCo papers will try ditching AP to cut costs

Crain's Chicago Business

Intrade Online Bettors Back Christie Over Corzine in New Jersey

Bloomberg

House GOP pens 230-page health bill draft

MSNBC

Numbers Don't Support Migration Exodus to "Cool Cities"

New Geography reports:
For the past decade a large coterie of pundits, prognosticators and their media camp followers have insisted that growth in America would be concentrated in places hip and cool, largely the bluish regions of the country.

Since the onset of the recession, which has hit many once-thriving Sun Belt hot spots, this chorus has grown bolder. The Wall Street Journal, for example, recently identified the "Next Youth-Magnet Cities" as drawn from the old "hip and cool" collection of yore: Seattle, Portland, Washington, New York and Austin, Texas.

It's not just the young who will flock to the blue meccas, but money and business as well, according to the narrative. The future, the Atlantic assured its readers, did not belong to the rubes in the suburbs or Sun Belt, but to high-density, high-end places like New York, San Francisco and Boston.

This narrative, which has not changed much over the past decade, is misleading and largely misstated. Net migration, both before and after the Great Recession, according to analysis by the Praxis Strategy Group, has continued to be strongest to the predominately red states of the South and Intermountain West.
You'll want to read the whole article. Another great one from Joel Kotkin.

Madoff Accountant Pleads Guilty To Fraud

The Wall Street Journal reports:
David Friehling, the former accountant to convicted Ponzi-scheme operator Bernard Madoff, pleaded guilty to fraud and other charges Tuesday in connection with his auditing work for Madoff's firm, but he denied knowing about the underlying Ponzi scheme.

Friehling, at a hearing before U.S. District Judge Alvin K. Hellerstein in Manhattan, pleaded guilty to securities fraud, aiding or abetting investment-adviser fraud, three counts of obstructing or impeding the administration of Internal Revenue laws, and four counts of making false filings with the U.S. Securities and Exchange Commission.

Friehling, 49 years old, admitted that he failed to conduct independent audits of Bernard L. Madoff Investment Securities LLC's financial statements, saying he took the information given to him by Madoff or Madoff's employees at "face value."

However, he denied any knowledge of Madoff's Ponzi scheme and said he entrusted his own retirement funds and his family's investments to Madoff, saying he had invested about $500,000 with the firm. Friehling said he didn't have contact with Madoff investors and didn't serve as a feeder for Madoff's business.

Non-Profit Deemed High Risk Half-Million Dollars In Questionable Spending Agency Slated To Receive Stimulus Dollars

The state of California Office of the Inspector General reports:
A Bay Area agency slated to receive Federal Recovery Act dollars has been deemed high risk and may owe the State over half a million dollars in unacceptable expenditures.

"The State's Department of Community Services Department (CSD), as well as the County and City of San Francisco, have done an exemplary job in identifying serious problems with the Economic Opportunity Council of San Francisco (EOCSF)," said California Inspector General Laura Chick who was appointed by Governor Arnold Schwarzenegger to oversee the spending of the state's stimulus funds.

The Economic Opportunity Council was due to receive $159,000 is stimulus dollars to perform weatherization projects in the community.

"The CSD has deemed the EOCSF high risk and has taken immediate action to stop the impending transfer of stimulus dollars," continued Chick. "However, this issue now rests with the Federal Government to determine if the State is required to not only continue to fund this agency, but also to give it Recovery dollars. As we saw on Wall Street, there needs to be a line in the sand when it comes to inappropriately spending taxpayer dollars."
The lack of "altruism" from some non-profits!

Borsellino wins $11M in suit vs. former NYSE Prez Putnam

Crain's Chicago Business reports:
A Chicago jury has sided with a former giant on the Chicago Mercantile Exchange trading floor who sued former New York Stock Exchange President Gerald Putnam in a dispute.

The jury has awarded Lewis Borsellino $11 million.

Mr. Borsellino sued Mr. Putnam in 2000, alleging he was cheated out of a stake in a company that Mr. Putnam eventually built into Archipelago Holdings Inc., which later merged with the NYSE in a deal that netted Mr. Putnam tens of millions of dollars.

Warren Buffett buys Burlington Northern for $34B

Crain's Chicago Business

Chicago Becomes of Town of Wimps

Dennis Byrne

Big money buys seats at lawmakers' dinner tables

The Washington Times

49% Blame Bush for Economy, 45% Blame Obama

Rasmussen Reports

He earned $53 million opening doors to CalPERS money

The L.A. Times

Not too late: Weight loss works in middle age

The Chicago Sun-Times

The Treaty Against U.S. Sovereignty is Days Away

You Tube

Goldman left foreign investors holding the subprime bag

McClatchy reports:
Inside the thick Goldman Sachs investment circular were the details of a secret, $2 billion deal channeled through a Caribbean tax haven.

The Sept. 26, 2006, document offered sophisticated U.S. and European investors an opportunity to buy into a pool of supposedly high-grade bonds backed by residential, commercial and student loans. The transaction was registered through a shell company in the Cayman Islands.

Few of the potential investors knew it, but the ratings of many of the mortgage securities hid their true risks and, in some cases, Goldman's descriptions exaggerated their quality.

The Cayman offering — one of perhaps dozens made through the British territory — occurred as Goldman began to ditch the subprime mortgage business before the U.S. housing market collapsed under an avalanche of homeowner defaults.
This is the third article of the impressive series of articles from McClatchy. Here's the second article, and the first.

Al Gore Climate Change Profiteer

The New York Times

New Housing Bubble?

Newsweek

FDIC, FHA, Fannie and Freddie Real Estate Exposure Killing Home Values in Georgia

Seeking Alpha

Monday, November 02, 2009

Sen. Hatch Questions Constitutionality of Obamacare: If Feds Can Force Us to Buy Health Insurance ‘Then There’s Literally Nothing the Federal Governme

CNS News

Meet President Obama’s Most Frequent White House Visitor

Breitbart TV

San Jose Police will be first to use ear-mounted video cameras to record arrests

The San Jose Mercury News reports:
The San Jose Police Department will be the first law enforcement agency in the country to use new ear-mounted video and audio recorders on the job this month, and police say they will provide a new window into arrests and other situations.

NYC's Bid to Save Cash Leaves New Teachers Out in the Cold

Village Voice

Be cautious upgrading to Windows 7

The Chicago Tribune

Emanuel Said to Press for Sarbanes-Oxley Exemption

Bloomberg

The pro-Fox Democrats

Politico

Lawry's settles male sex discrimination suit

AP

Political pundit Ed Rollins pummeled by debt

The Detroit News

Roll Call: 9 of 10 Vulnerable Reps are Democrats

Newsmax

Urban Hospitals May Feel Squeeze in Health Overhaul

The New York Times

Controversial New Video of Obama’s Pastor

AIM

Reason TV: Ayn Rand’s relevance

Hot Air

FBI Whistleblower Sibel Edmonds Names Names

Anti-War.com

How not to make love like a porn star

Salon

Rev. Wright Praises Magazine’s ‘No Nonsense Marxism’

Breitbart TV

DVR, Once TV’s Mortal Foe, Helps Ratings

The New York Times

Lotto winners stay grounded

The Detroit Free Press

Secrets of Selling a Used Car

Kiplinger

Ford shares soar after surprise profit

Reuters

Do-It-Yourself iPhone Apps

Business Week

Bank of America Joins China as Buyer of Treasuries

Bloomberg

The Big-Spending, High-Taxing, Lousy-Services Paradigm

City Journal reports:
One out of every five Americans is either a Californian or a Texan. California became the nation’s most populous state in 1962; Texas climbed into second place in 1994. They are broadly similar: populous Sunbelt states with large metropolitan areas, diverse economies, and borders with Mexico producing comparable demographic mixes. Both are “majority-minority” states, where non-Hispanic whites make up just under half of the population and Latinos just over a third.

According to the most recent data available from the Census Bureau, for the fiscal year ending in 2006, Americans paid an average of $4,001 per person in state and local taxes. But Californians paid $4,517 per person, well above that national average, while Texans paid $3,235. It’s worth noting, by the way, that while state and local governments in both California and Texas get most of their revenue from taxes, the revenue is augmented by subsidies from the federal government and by fees charged for governmental services and facilities, such as trash collection, airports, public university tuition, and mass transit. California had total revenues of $11,160 per capita, more than every state but Alaska, Wyoming, and New York, while Texas placed a distant 44th on this scale, with revenues of all governmental entities totaling $7,558 per person.
You'll want to read the whole article.

Will Corzine Allies Steal the Election in New Jersey?

Big Government

The Coming Default of U.S. Debt

Gary North

Highest paid private college presidents

AP

Deals keep Chicago Sewage Boss Flush

The Chicago Sun-Times

Goldman Looks to Buy Fannie Tax Credits

The Wall Street Journal reports:
Goldman Sachs Group Inc. is in talks to buy millions of dollars of tax credits from government-controlled mortgage giant Fannie Mae, but the potential deal is running into opposition from the U.S. Treasury, which could block the deal.

A sale would bring some needed financial respite to Fannie Mae. But the administration is leery about approving a deal that would help Goldman reduce its tax bill, given the animus held by many lawmakers toward big Wall Street firms in general and Goldman in particular.

The Obama administration is looking at the deal with a critical eye and could block it. Goldman, meanwhile, is hopeful it could win approval this week.

"Treasury is reviewing and will not let it proceed unless it is clearly in the taxpayers' interest," spokesman Andrew Williams said.

Fannie Mae and its regulator, the Federal Housing Finance Agency, declined to comment.

"Fannie Mae is owned and controlled by the federal government," said Goldman Sachs spokesman Michael DuVally, who wouldn't confirm the company was in talks with Fannie about the credits. "The only basis on which approval for any transaction would be given would be if it was clearly in the taxpayers' best interest."
Great moments in big, activist government.

Deputy prosecutors sue L.A. County over alleged union retaliation

The L.A. Times

Health care plan hits rich with big tax increases

AP