When Seattle Raised Minimum Wage to $15, They Had No Idea This Would Happen
The liberal stronghold of Seattle is quickly finding itself in a situation that they may want to rethink, concerning a recent ordinance to skyrocket the minimum wage to a staggering $15 per hour.While the wage is highly attractive for low-skilled workers, such as those who serve french fries from a drive-through window, the exorbitant rise in labor costs for most businesses in the area will be too much to handle.
Business owners like Kathrina Tugadi of Seattle’s El Norte Lounge have already made plans, including not hiring musicians or anything that doesn’t directly contribute to the bottom line – even saying that the business will likely not survive the wage hike when it goes into full effect.
Her business is one of many who operate on slim margins and can barely afford to hire new workers at the existing minimum wage — let alone $15 per hour.
The ordinance will quickly end in massive job loss and hours cut across the city, leaving people who once made $8 an hour with a new wage of $0 per hour.
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Seattle council passes $15 minimum wage ordinance
Patcnews The Patriot Conservative News Tea Party Network Has To with our Friend Eric Miller At the Apple Store in Seattle... He only works 5 hours per week that right 1 hour per day...
June 2, 2014: Caitlyn Faircloth, a worker with Molly Moon's Homemade Ice Cream, hands out free ice cream next to a tip jar at a rally celebrating the passage of a $15 minimum wage measure outside Seattle City Hall in Seattle.AP
June 2, 2014: Caitlyn Faircloth, a worker with Molly Moon's Homemade Ice Cream, hands out free ice cream next to a tip jar at a rally celebrating the passage of a $15 minimum wage measure outside Seattle City Hall in Seattle.AP
The issue has dominated politics in the liberal municipality for months, and a boisterous crowd of mostly labor activists packed the Council chambers for the vote. Mayor Ed Murray, who was elected last year, had promised in his campaign to raise the minimum wage to $15 an hour. A newly-elected socialist City Council member had pushed the idea as well.
"We did it. Workers did this," said Kshama Sawant, the socialist City Councilmember "We need to continue to build an even more powerful movement."
Councilmember Tom Rasmussen said "Seattle wants to stop the race to the bottom in wages" and address the "widening gap between the rich and the poor."
The measure, which would take effect on April 1, 2015, includes a phase-in of the wage increase over several years, with a slower process for small businesses. The plan gives businesses with more than 500 employees nationally at least three years to phase in the increase. Those providing health insurance will have four years to complete the move. Smaller organizations will be given seven years.
The International Franchise Association, a Washington, D.C.-based business group that represents franchise owners, said it plans to sue to stop the ordinance.
"The City Council's action today is unfair, discriminatory and a deliberate attempt to achieve a political agenda at the expense of small franchise business owners," the group said in a statement.
The ordinance came from recommendations made by an advisory group of labor, business and nonprofit representatives convened by Murray. After more than four months of discussion, the group presented its plan last month. Last week the Council delayed implementation by a few months and approved a sub-minimumwage for teenagers, a provision opposed by labor representatives.
Although some local businesses have come out in support of the measure, a group of restaurant owners oppose it, saying it would force them to scuttle expansion plans, decrease hiring and possibly cut service hours.
Nick Musser, executive chef and general manager of the Icon Grill in downtown Seattle, doesn't think thewage credit for tips should phase out after seven years and finds the differentiation between large and big companies irrelevant.
"The reality is that the larger companies are going to ratchet up their wages and we're going to have to play at that level anyway," said Musser, whose restaurant employs between 50 and 60 people, depending on the time of year. Most of them are paid minimum wage.
Ubah Aden, 40, a Seattle home health worker who says she now earns $10.95 an hour, is looking forward to the way a higher wage will help her support her three children. But she also likes the idea of Seattle setting an example for the rest of the nation.
"If this passes, then it will pave the way for other cities and states. I really think so" Aden said.
She said she and her three kids are living with her brother because she can't afford an apartment of her own even though she works full time. "This will make changes to myself and also a lot of other people in my shoes."
San Francisco currently has the nation's highest hourly minimum wage at $10.74.
The current minimum wage in Washington state is $9.32 an hour.
Earlier this year Minnesota raised the state's guaranteed wage by more than $3, to $9.50, by 2016. California, Connecticut and Maryland also have passed laws increasing their respective wages to $10 or more in coming years.
- Townhall |
For Americans who can’t find jobs, the booming demand for temp workers has been a path out of unemployment, but now many fear it’s a dead-end route.What didn't the NBC report discuss? The reason behind a record number of part time jobs: Obamacare. Conservatives and labor union leaders have been loudly warning for years about how Obamacare will (and already has) destroy the traditional work week in America thanks to overreaching mandates requiring employers to provide health insurance for employees above a certain threshold in work hours. As a result, we've seen millions of Americans unable to find full-time work, not to mention a career, leaving them without a health plan or retirement through one solid employer.
With full-time work hard to find, these workers have built temping into a de facto career, minus vacation, sick days or insurance. The assignments might be temporary — a few months here, a year there — but labor economists warn that companies’ growing hunger for a workforce they can switch on and off could do permanent damage to these workers’ career trajectories and retirement plans.
“It seems to be the new norm in the working world,” said Kelly Sibla, 54. The computer systems engineer has been looking for a full-time job for four years now, but the Amherst, Ohio, resident said she has to take whatever she can find.
“I know a lot of people who are doing this temping. It seems to be the way this is going,” she said.
Here's a flashback from last summer:
When you and the President sought our support for the Affordable Care Act (ACA), you pledged that if we liked the health plans we have now, we could keep them. Sadly, that promise is under threat. Right now, unless you and the Obama Administration enact an equitable fix, the ACA will shatter not only our hard-earned health benefits, but destroy the foundation of the 40 hour work week that is the backbone of the American middle class.President Obama, who claims to be a crusader for the middle class and working Americans, has successfully destroyed both in addition to the American economy as a whole. "Recovery summer" 6.0 is about to start will tens-of-millions of Americans out of work and in the food stamp line.
Like millions of other Americans, our members are front-line workers in the American economy. We have been strong supporters of the notion that all Americans should have access to quality, affordable health care. We have also been strong supporters of you. In campaign after campaign we have put boots on the ground, gone door-to-door to get out the vote, run phone banks and raised money to secure this vision.
Now this vision has come back to haunt us.
min wage increase for 2014 in Seattle WA $15.00 per Hour
min wage increase for 2014 in Portland OR $12.00 per Hour
min wage increase for 2014 in Hollywood CA $14.00 per Hour
So What All companies departments Stores and Most retail Stores has done is cut employees hours down to two hours of work in most cases
So if your looking for a full time job your not going to get one sorry
thank you obamacare
min wage increase for 2014 in Portland OR $12.00 per Hour
min wage increase for 2014 in Hollywood CA $14.00 per Hour
So What All companies departments Stores and Most retail Stores has done is cut employees hours down to two hours of work in most cases
So if your looking for a full time job your not going to get one sorry
thank you obamacare
Photo of Chris Christie Governor of New Jersey as The Pillsbury Doughboy and the obama regime
Obamacare Incompetence
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U.S. President Barack Obama at Port Miami on March 29, 2013
This is a really bad sign. There will be those who argue that it’s not the Administration’s fault. It’s the fault of the 33 states that have refused to set up their own exchanges. Nonsense. Where was the contingency planning? There certainly are models, after all — the federal government’s own health-benefits plan (FEHBP) operates markets that exist in all 50 states. So does Medicare Advantage. But now, the Obama Administration has announced that it won’t have the exchanges ready in time, that small businesses will be offered one choice for the time being — for a year, at least. No doubt, small-business owners will be skeptical of the Obama Administration’s belief in the efficacy of the market system to produce lower prices through competition. That was supposed to be the point of this plan.
Certainly, the Republicans who have stood in the way of these exchanges — their own idea, by the way, born in the conservative Heritage Foundation — deserve a great deal of “credit” for the debacle. But we are now seeing weekly examples of this Administration’s inability to govern. Just a few weeks ago, I reported on the failure of the Department of Defense and Veterans Affairs to come up with a unified electronic health care records system. There has also been the studied inattention to the myriad ineffective job-training programs scattered through the bureaucracy. There have been the oblique and belated efforts to reform Head Start, a $7 billion program that a study conducted by its own bureaucracy — the Department of Health and Human Services — has found nearly worthless. The list is endless.
Yes, the President has faced a terrible economic crisis — and he has done well to limit the damage. He has also succeeded in avoiding disasters overseas. But, as a Democrat — as someone who believes in activist government — he has a vested interest in seeing that federal programs actually work efficiently. I don’t see much evidence that this is anywhere near the top of his priorities.
One thing is clear: Obamacare will fail if he doesn’t start paying more attention to the details of implementation, if he doesn’t start demanding action. And, in a larger sense, the notion of activist government will be in peril — despite the demographics flowing the Democrats’ way — if institutions like the VA and Obamacare don’t deliver the goods. Sooner or later, the Republican Party may come to understand that its best argument isn’t about tearing down the government we have, but making it run more efficiently.
Sooner or later, the Democrats may come to understand that making it run efficiently is the prerequisite for maintaining power.
Read more: http://swampland.time.com/2013/04/02/obamacare-incompetence/#ixzz2PzvYLdmA
Journalists react in shock to Drudge Report header featuring Hitler and Stalin
Shocked journalists this afternoon were quick to react to the
Drudge Report’s controversial header photo comparing President Obama to
Hitler and Stalin. The item linked to a Weekly Standard article
reporting that President Obama was willing to address the gun issue with
an executive order.
“Hitler and Stalin!” exclaimed BuzzFeed Editor Ben Smith on Twitter alerting most of his followers by linking directly to the Drudge Report.
“Drudge rules our world,” responded Slate journalist David Weigel to Smith’s post on Twitter, later adding sarcastically, “SOMETHING SHOCKING HAS BEEN POSTED ON THE INTERNET.”
“Our right is nuttier than your right (US to 193 countries),” wrote the Al-Monitor’s Laura Rozen.
The Washington Post’s Greg Sargent begged his followers not to talk about or visit the Drudge Report.
“Dear everyone: Talking about how Drudge’s visuals are ruse to get attention = giving Drudge attention,” he wrote.
“Also, don’t link to Drudge – link to twitpic,” the Washington Post’s James Downie added.
“Why didn’t @Drudge just go all the way and put Obama’s photo between Adolph and Josef?” asked Michael Rosten, a social media editor for the New York Times.
“The new gold standard in Godwin’s Law violations,” wrote Business Insider’s Joseph Weisenthal in reaction to the picture.
“Seriously Drudge?” asked Newsweek’s Michael Moynihan who added a link to one of his own columns, “Someone needs to read my @tabletmag column.”
“Yep, Obama is just like Hitler and Stalin by trying to clean up databases on gun purchases and violence,” Sam Stein from the Huffington Post tweeted sarcastically.
“Has the Drudge Report ever been Drudgier than it is right now?” tweeted The Washington City Paper’s Mike Madden.
“Drudge thinks that there hasn’t been enough Drudge talk lately,” surmised Mike Memoli a reporter in the Tribune/LA Times DC Bureau.
“Really? Drudge is shocking people?” asked Roll Call’s David Drucker sarcastically. “C’mon.”
“Whoa. Drudge sending a message today. Wow,” tweeted Breitbart.com’s Matthew Boyle.
“So Drudge is right now comparing President Obama to Hitler and Stalin on his homepage,” reported John Avlon, a Senior Columnist for Newsweek & The Daily Beast.
“Current splash on Drudge Report should satisfy the entirety of their mouthbreather audience,” tweeted the Huffington Post’s Drew Guarini.
“Disgusting,” tweeted The Huffington Post’s Amanda Terkel retweeting a Teletubbies parody of the controversial headline tweeted by the @HuffPostHill account. The message read: “Drudge has crossed the line: pic.twitter.com/BYCn6MPE”
A
Republican Senator who sponsored a controversial amendment to expand
background checks received a record-high approval rating in a new poll.
Another Republican Senator who voted against the measure saw her
approval rating drop drastically.
Those are the ramifications that have come out of last week's failed vote to expand background checks, something that gun-control advocates think will cause backlash since 90 percent of voters routinely approved of the measure.
Sen. Pat Toomey (R-Pa.), who co-sponsored the amendment with West Virginia Democrat Joe Manchin, saw his approval rating jump to 48 percent in a new Quinnipiac poll. Sen. Kelly Ayotte (R-N.H.), who voted against the measure, saw her approval rating dip to 44 percent in a new Public Policy Polling survey.
For both, the swings were drastic. Toomey now has an approval-to-disapproval split of 48-30, a net increase of 7 points from March. His approval held steady among Republicans, and he gained ground with Independents and Democrats.
Ayotte, meanwhile, is now underwater with an approval-to-disapproval split of 44-46. That was a 15-point net decrease from last October.
It remains to be seen if these trends will continue, or if gun issues will be a driving force for voters at the polls. But a recent Fox News poll found that voters would be much more likely to support a candidate who supported an expansion of background checks.
Read more: http://www.businessinsider.com/gun-control-votes-approval-ratings-pat-toomey-kelly-ayotte-background-checks-2013-4#ixzz2RghaIKdd
The
IRS Tea Party Scandal grows exponentially daily as more and more
revelations of the degree of harassment against the Tea Party
organizations, and dozens of other conservative groups, deepen. What is
clear and certain with each twisted statement uttered by White House
Press Secretary Jay Carney at his daily briefings is the drip, drip,
drip of apparent cover up conduct.
Now it has been revealed by Fox News that even the IRS Inspector General’s audit report on Tea Party was coordinated between the IRS, Department of the Treasury and the White House Chief of Staff and the White House Counsel well before the president admitted knowledge of it from news reports.
In actuality, according to J. Russell George, the Treasury inspector general for tax administration admitted last week before the House Ways and Means Committee, that he informed officials of a Tea Party conduct audit at Treasury on June 4 2012, according to the Associated Press. Those officials were Treasury’s general counsel, on June 4, 2012, and Deputy Treasury Secretary Neal Wolin afterward.
The facts that are now being strained by the congressional Oversight Committee from administration witnesses in response to the IRS Inspector General Report are merely the tip of the iceberg. The reality that basic civil liberties of all Americans are at stake if a rouge operation exists within this organization and can impede and invade the rights of Tea Party members.
It is important to consider the weight of this constitutional crisis and understand that a simple break in of a Democrat campaign office, which led to the Watergate scandal, is a snowball compared to this crisis and scandal, which is an avalanche.
Many who lived through the Watergate years remember the crucial question of “What did the president know and when did he know it?” The answers were essential to connecting the criminal conspiracy of the break-in cover-up. The question that Americans now are being forced to swallow from Obama is, “Why did I have to know anything and what does it matter?”
Here is why it mattered to Nixon’s conduct and matters to Obama’s current conduct:
Articles of Impeachment
Article 2.1
Read more: http://clashdaily.com/2013/05/nixon-and-obama-impeachment-for-irs-scandal/#ixzz2U8TVA47m
Get more Clash on ClashDaily.com, Facebook, Twitter, and YouTube.
As Patrick Caddell has pointed out here at Breitbart News, the Obama Administration has never truly been worried about leaks, because the Administration itself has been the main source of leaks. And why the leaks? For political advantage, of course. That is, to make the Administration look good, especially in regard to the war on terror in the run-up to the 2012 election.
The Obamans wanted to maintain their exclusive “franchise” on leaks, rewarding friendly reporters, such as The New York Times’ David Sanger, with information on highly-classified programs, including the Stuxnet virus used against Iran. In fact, Chairman of the Senate Intelligence Committee, Senator Dianne Feinstein, upon reading Sanger’s book Confront and Conceal: Obama’s Secret Wars and Surprising Use of American Power, said, "You learn more from the book than I did as Chairman of the Intelligence Committee, and that's very disturbing to me." In other words, US national security was a distant second, well behind the primary goal, which was the President’s re-election.
To be sure, the Obama Administration leaked for other reasons, too. As Breitbart News’ Matthew Boyle reported, the Obama Justice Department was happy to leak documents to advance its own interests in the “Fast and Furious” scandal.
It is obvious that the Obama Administration will leak any information regardless of its sensitivity to national security or to individual’s reputations when it is expedient for political gain. The facts are incontrovertible, over a broad range of issues, over a long period of time.
While the Obama administration has been playing this dangerous game, Roger Ailes has been clear and straightforward. The Ailes Manifesto is, indeed, fierce in its defense of freedom. As the Fox News founder--at the helm, now, for 17 years--wrote:
Indeed, as the Ailes Manifesto continues to reverberate through the media and political landscape, we can observe three kinds of reaction: first, strong awareness and support from the activist public; second, a surprising amount of solidarity from the other journalists and journalistic organizations; and third, a cringing U-turn by some notorious Obama administration lackeys and lapdogs.
So let’s look at each of these three categories in turn.
First, support from the activist public. Social media showed a huge outpouring of support for reporter Rosen and the Ailes letter. "Ailes' letter give you a sense of him as a boss," one Twitter user said. "Kind of man that inspires real loyalty out of respect."
"Simply put, Roger Ailes, a true principled Leader," said another. One response read, "The Roger Ailes memo might be the most badass thing I've ever read."
Another reader remarked, "Roger Ailes sounds downright Churchillian."
Second, others in the MSM have chosen to side with Fox, at least on this one issue. Urged on by press leaders--including Fox News’ Ed Henry, who said to fellow pressies, “let’s not be a bunch of lemmings”--many MSM-ers have chosen to do the right thing, even if it pains them. As Pollak noted, stalwart liberal Alex Seitz-Wald of Salon.com was moved to tweet, “I understand lib cognitive dissonance on Obama admin going after Fox reporter, but only right answer is #TeamRosen.”
Fox News Opinion summed up much of this diverse media support in a May 23 compendium titled, “They All Stand with Fox News’ James Rosen.” The piece took note of supportive comments from staffers of CNN, The New Yorker, The Washington Post--even former anchor Keith Olbermann. Remarkably, the tabloid-y TMZ, not known for its political coverage, had to agree that the controversy, and the Ailes Manifesto, constituted a hot story.
On May 21, the White House Correspondents Association issued a strong statement:
Third, even some of Obama’s most groveling fans have had to adjust course in light of the new knowledge about his administration’s bullying methods. In fact, support for Ailes and Fox has been so broad and strong that even mortal enemies of Fox have had to come around, however grudgingly. For example, Media Matters for America (MMFA), the George Soros-funded anti-Fox smear operation run by David Brock, has been forced to do a 180 from its original pro-Obama position.
On May 14, as the news about the Justice Department investigations was breaking, MMFA slavishly published talking points in support for the Obama administration. In other words, the MMFA Obama-propaganda operation was trying to teach others how they, too, could be Obama-propagandists. Yet after a firestorm of criticism, MMFA shifted its position, albeit over ten long days.
On May 24, MMFA Senior Fellow and Andrew Breitbart bête noire Eric Boehlert, reflecting this new line, complained that “federal law enforcement seems preoccupied with snooping around, in increasingly clandestine ways, and ensnaring reporters in criminal investigations.” Well, yes; better late than never.
Boehlert continued in this manner, even allowing for the heretical thought that Fox News might not be at fault in everything:
Of course, as Pollak wrote, the pro-Ailes/pro-Fox sentiment, while welcome, is unlikely to last for long:
On this Memorial Day, these words of Ailes have it exactly right:
Attorney General Eric Holder is head of the Department of Justice—in
charge of enforcing the nation’s laws. So what happens when the head law
enforcer gets caught up in questionable conduct?
The Obama Administration is under scrutiny for the scandals of the IRS targeting conservative groups and the Justice Department investigating journalists, and Holder’s role is the focus of a lot of speculation. We sat down with Heritage senior legal fellow Hans von Spakovsky to get some context.
A number of news organizations including the Associated Press, CNN, and The New York Times just refused to meet with Eric Holder “off the record” about guidelines for investigating journalists. Have we even begun to get to the bottom of this?
A soured relationship with the press over the subpoenas of AP and Fox News phone records is just one of the problems that Holder faces. When he was asked about the AP investigation during an oversight hearing before the House Judiciary Committee on May 15, he told the committee that he could not provide them with information because he had recused himself from being involved in the case.
“Recusal” is the legal term lawyers use when they remove themselves from having any involvement in a case because of an actual or perceived conflict of interest. In the AP case, Holder said he had removed himself because he had been interviewed by the FBI about the leaks, although he testified that he told the FBI that he had not leaked any classified information.
So was he involved in obtaining the Fox News reporter’s phone records?
At the time of the oversight hearing I just mentioned, information about the investigation of the phone records of James Rosen of Fox News was not yet public. But in answer to a question from Rep. Hank Johnson (D-GA) about investigations of the press, Holder said, “with regard to potential prosecutions of the press for the disclosure of material, that is not something that I have ever been involved, heard of, or would think would be a wise policy.”
Yet we now know that the Attorney General “personally approved a decision to subpoena Fox News telephone records.” In fact, the affidavit that supported the subpoena request referred to Rosen as a possible “aider, abettor and/or co-conspirator” in the national security leak.
What’s being done about Holder’s inconsistent answers?
The discrepancy between Holder’s testimony and what actually happened at the Justice Department prompted the chairman of the House Judiciary Committee, Bob Goodlatte (R-VA), to send a letter to Justice on Wednesday expressing “great concern” over the fact that Holder’s testimony “appeared to be at odds” with the approval of the Fox News investigation and search warrant “at the highest levels” of the Justice Department.
This is a very polite way of raising the possibility that Holder may have misled the committee. Goodlatte asks for an explanation of the discrepancy and whether the “investigation of Mr. Rosen as a potential co-conspirator or aider/abettor was a ‘wise policy’?”
Our government should investigate the leak of classified information, especially any leak that endangers national security. But it appears, at least at this point, that the Attorney General’s actions and sworn testimony are not the last word on this saga.
Let’s not forget the IRS targeting of conservative groups trying to obtain tax-exempt status. Should Holder appoint a special prosecutor to investigate the IRS?
There have been some calls for Holder to appoint a special prosecutor, something that he has refused to do. The independent counsel statute, which was used to investigate prior scandals like Whitewater, has expired, so the only alternative to a normal investigation authorized by the Attorney General is for the AG to give a Justice Department attorney full authority to investigate and prosecute a case without going through the usual process of having the AG review and approve his decisions.
It is questionable whether such an appointment of a special prosecutor, like a U.S. attorney—all of whom are all political appointees just like Holder—would make any real difference in the investigation conducted by the Justice Department.
In any event, however, DOJ’s opening of a criminal investigation should not inhibit Congress from exercising its oversight function and conducting an extensive inquiry into why and how the IRS was targeting conservative organizations.
ATLANTA (WXIA) - Macy's announced this week that they are closing six stores across the nation, in what the retailer said was a part of a normal review of business. None of the stores closing are in Georiga.
The stores closing include a Bloomingdale's Fashion Show Home Store in Las Vegas, and Macy's stores in Paseo, Colo., Belmont, Mass., Honolulu, St. Paul and Houston.
After the closings the chain will operate 798 stores in 45 states, including the Macy's Central division flagship store at Lenox Square. In Georgia, Macy's also has full-service stores at North Point, Athens, Cumberland, Greenbriar, Northlake, Perimeter, Augusta, Mall of Georgia, Columbus, North DeKalb and South DeKalb Malls, Arbor Place, Town Center, Stonecrest, Southlake, Savannah and Macon. There is one Bloomingdale's location in Lenox Square, and Macy's Furniture locations in Duluth, Alpharetta, at Town Center and at Perimieter Mall.
Company officials said they plan to open an additional nine Macy's and Bloomingdale's locations around the nation to replace the stores it is closing.
This is a list of corporate collapses and scandals. A collapse involves a major insolvency or bankruptcy of a failure. A scandal involving allegations of unethical behavior by people acting within or on behalf of a corporation. A corporate scandal sometimes involves accounting fraud of some sort. A wave of such scandals swept many United States companies in 2002 (see list at accounting scandals).
obama said, 'Get your Green Cards out everybody'
obama said, 'Let me make one thing clear I'm planning to move America into Mexico'
obama said, 'Get your Green Cards out everybody I'm going to send more American workers to Mexico to create more jobs.'
“Hitler and Stalin!” exclaimed BuzzFeed Editor Ben Smith on Twitter alerting most of his followers by linking directly to the Drudge Report.
“Drudge rules our world,” responded Slate journalist David Weigel to Smith’s post on Twitter, later adding sarcastically, “SOMETHING SHOCKING HAS BEEN POSTED ON THE INTERNET.”
“Our right is nuttier than your right (US to 193 countries),” wrote the Al-Monitor’s Laura Rozen.
The Washington Post’s Greg Sargent begged his followers not to talk about or visit the Drudge Report.
“Dear everyone: Talking about how Drudge’s visuals are ruse to get attention = giving Drudge attention,” he wrote.
“Also, don’t link to Drudge – link to twitpic,” the Washington Post’s James Downie added.
“Why didn’t @Drudge just go all the way and put Obama’s photo between Adolph and Josef?” asked Michael Rosten, a social media editor for the New York Times.
“The new gold standard in Godwin’s Law violations,” wrote Business Insider’s Joseph Weisenthal in reaction to the picture.
“Seriously Drudge?” asked Newsweek’s Michael Moynihan who added a link to one of his own columns, “Someone needs to read my @tabletmag column.”
“Yep, Obama is just like Hitler and Stalin by trying to clean up databases on gun purchases and violence,” Sam Stein from the Huffington Post tweeted sarcastically.
“Has the Drudge Report ever been Drudgier than it is right now?” tweeted The Washington City Paper’s Mike Madden.
“Drudge thinks that there hasn’t been enough Drudge talk lately,” surmised Mike Memoli a reporter in the Tribune/LA Times DC Bureau.
“Really? Drudge is shocking people?” asked Roll Call’s David Drucker sarcastically. “C’mon.”
“Whoa. Drudge sending a message today. Wow,” tweeted Breitbart.com’s Matthew Boyle.
“So Drudge is right now comparing President Obama to Hitler and Stalin on his homepage,” reported John Avlon, a Senior Columnist for Newsweek & The Daily Beast.
“Current splash on Drudge Report should satisfy the entirety of their mouthbreather audience,” tweeted the Huffington Post’s Drew Guarini.
“Disgusting,” tweeted The Huffington Post’s Amanda Terkel retweeting a Teletubbies parody of the controversial headline tweeted by the @HuffPostHill account. The message read: “Drudge has crossed the line: pic.twitter.com/BYCn6MPE”
We're Starting To See Some Very Real Ramifications From Senators' Votes On Gun Control
Associated Press
Sen. Pat Toomey (R-Pa.), who co-sponsored the amendment with West Virginia Democrat Joe Manchin, saw his approval rating jump to 48 percent in a new Quinnipiac poll. Sen. Kelly Ayotte (R-N.H.), who voted against the measure, saw her approval rating dip to 44 percent in a new Public Policy Polling survey.
For both, the swings were drastic. Toomey now has an approval-to-disapproval split of 48-30, a net increase of 7 points from March. His approval held steady among Republicans, and he gained ground with Independents and Democrats.
Ayotte, meanwhile, is now underwater with an approval-to-disapproval split of 44-46. That was a 15-point net decrease from last October.
It remains to be seen if these trends will continue, or if gun issues will be a driving force for voters at the polls. But a recent Fox News poll found that voters would be much more likely to support a candidate who supported an expansion of background checks.
Read more: http://www.businessinsider.com/gun-control-votes-approval-ratings-pat-toomey-kelly-ayotte-background-checks-2013-4#ixzz2RghaIKdd
Nixon and Obama: Impeachment for IRS Scandal?
The
IRS Tea Party Scandal grows exponentially daily as more and more
revelations of the degree of harassment against the Tea Party
organizations, and dozens of other conservative groups, deepen. What is
clear and certain with each twisted statement uttered by White House
Press Secretary Jay Carney at his daily briefings is the drip, drip,
drip of apparent cover up conduct. Now it has been revealed by Fox News that even the IRS Inspector General’s audit report on Tea Party was coordinated between the IRS, Department of the Treasury and the White House Chief of Staff and the White House Counsel well before the president admitted knowledge of it from news reports.
In actuality, according to J. Russell George, the Treasury inspector general for tax administration admitted last week before the House Ways and Means Committee, that he informed officials of a Tea Party conduct audit at Treasury on June 4 2012, according to the Associated Press. Those officials were Treasury’s general counsel, on June 4, 2012, and Deputy Treasury Secretary Neal Wolin afterward.
The facts that are now being strained by the congressional Oversight Committee from administration witnesses in response to the IRS Inspector General Report are merely the tip of the iceberg. The reality that basic civil liberties of all Americans are at stake if a rouge operation exists within this organization and can impede and invade the rights of Tea Party members.
It is important to consider the weight of this constitutional crisis and understand that a simple break in of a Democrat campaign office, which led to the Watergate scandal, is a snowball compared to this crisis and scandal, which is an avalanche.
Many who lived through the Watergate years remember the crucial question of “What did the president know and when did he know it?” The answers were essential to connecting the criminal conspiracy of the break-in cover-up. The question that Americans now are being forced to swallow from Obama is, “Why did I have to know anything and what does it matter?”
Here is why it mattered to Nixon’s conduct and matters to Obama’s current conduct:
Articles of Impeachment
Article 2.1
Using the powers of the office of President of the United States, Richard M. Nixon, in violation of his constitutional oath faithfully to execute the office of President of the United States and, to the best of his ability, preserve, protect, and defend the Constitution of the United States, and in disregard of his constitutional duty to take care that the laws be faithfully executed, has repeatedly engaged in conduct violating the constitutional rights of citizens, impairing the due and proper administration of justice and the conduct of lawful inquiries, or contravening the laws governing agencies of the executive branch and the purposed of these agencies.Americans are not stupid. Despite the attempts by Obama to convince citizens to believe that for more than 27 months no Tea Party organization was given nonprofit approval due to low level political, overzealous hi-jinks, no one is biting. These actions were practiced by staffers in the IRS Cincinnati office and others, and now the real truth needs to be coordinated by a House Select Committee to ferret out the truth.
This conduct has included one or more of the following:
1. He has, acting personally and through his subordinates and agents, endeavored to obtain from the Internal Revenue Service, in violation of the constitutional rights of citizens, confidential information contained in income tax returns for purposed not authorized by law, and to cause, in violation of the constitutional rights of citizens, income tax audits or other income tax investigations to be initiated or conducted in a discriminatory manner.
Read more: http://clashdaily.com/2013/05/nixon-and-obama-impeachment-for-irs-scandal/#ixzz2U8TVA47m
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The Ailes Manifesto: America Rallies Around Roger Ailes and Fox News
Fox News CEO Roger Ailes’ May 23 stirring letter to Fox employees will be remembered as a turning point in the battle for freedom of the press in the age of Obama.
The Ailes letter, denouncing the Obama administration’s trampling on the First Amendment, should be seen, of course, as a strong defense of Fox correspondent James Rosen. In addition, the Ailes letter--in truth, a manifesto--is a staunch vindication of Fox News and its “speak-truth-to-power” approach to journalism. Finally, the Ailes Manifesto should be seen as a clarion call for freedom--for freedom of the press, and also for the freedom of all Americans to think freely, liberated from the MSM thought-monopoly.As Patrick Caddell has pointed out here at Breitbart News, the Obama Administration has never truly been worried about leaks, because the Administration itself has been the main source of leaks. And why the leaks? For political advantage, of course. That is, to make the Administration look good, especially in regard to the war on terror in the run-up to the 2012 election.
The Obamans wanted to maintain their exclusive “franchise” on leaks, rewarding friendly reporters, such as The New York Times’ David Sanger, with information on highly-classified programs, including the Stuxnet virus used against Iran. In fact, Chairman of the Senate Intelligence Committee, Senator Dianne Feinstein, upon reading Sanger’s book Confront and Conceal: Obama’s Secret Wars and Surprising Use of American Power, said, "You learn more from the book than I did as Chairman of the Intelligence Committee, and that's very disturbing to me." In other words, US national security was a distant second, well behind the primary goal, which was the President’s re-election.
To be sure, the Obama Administration leaked for other reasons, too. As Breitbart News’ Matthew Boyle reported, the Obama Justice Department was happy to leak documents to advance its own interests in the “Fast and Furious” scandal.
It is obvious that the Obama Administration will leak any information regardless of its sensitivity to national security or to individual’s reputations when it is expedient for political gain. The facts are incontrovertible, over a broad range of issues, over a long period of time.
While the Obama administration has been playing this dangerous game, Roger Ailes has been clear and straightforward. The Ailes Manifesto is, indeed, fierce in its defense of freedom. As the Fox News founder--at the helm, now, for 17 years--wrote:
The administration’s attempt to intimidate Fox News and its employees will not succeed and their excuses will stand neither the test of law, the test of decency, nor the test of time. We will not allow a climate of press intimidation, unseen since the McCarthy era, to frighten any of us away from the truth.Even amidst the greatest threat to press freedom in six decades, neither Fox, nor its friends and allies, are going to back away, or back down. The fight for freedom is a fight for all of us.
Indeed, as the Ailes Manifesto continues to reverberate through the media and political landscape, we can observe three kinds of reaction: first, strong awareness and support from the activist public; second, a surprising amount of solidarity from the other journalists and journalistic organizations; and third, a cringing U-turn by some notorious Obama administration lackeys and lapdogs.
So let’s look at each of these three categories in turn.
First, support from the activist public. Social media showed a huge outpouring of support for reporter Rosen and the Ailes letter. "Ailes' letter give you a sense of him as a boss," one Twitter user said. "Kind of man that inspires real loyalty out of respect."
"Simply put, Roger Ailes, a true principled Leader," said another. One response read, "The Roger Ailes memo might be the most badass thing I've ever read."
Another reader remarked, "Roger Ailes sounds downright Churchillian."
Second, others in the MSM have chosen to side with Fox, at least on this one issue. Urged on by press leaders--including Fox News’ Ed Henry, who said to fellow pressies, “let’s not be a bunch of lemmings”--many MSM-ers have chosen to do the right thing, even if it pains them. As Pollak noted, stalwart liberal Alex Seitz-Wald of Salon.com was moved to tweet, “I understand lib cognitive dissonance on Obama admin going after Fox reporter, but only right answer is #TeamRosen.”
Fox News Opinion summed up much of this diverse media support in a May 23 compendium titled, “They All Stand with Fox News’ James Rosen.” The piece took note of supportive comments from staffers of CNN, The New Yorker, The Washington Post--even former anchor Keith Olbermann. Remarkably, the tabloid-y TMZ, not known for its political coverage, had to agree that the controversy, and the Ailes Manifesto, constituted a hot story.
On May 21, the White House Correspondents Association issued a strong statement:
Reporters should never be threatened with prosecution for the simple act of doing their jobs. The problem is that in two recent cases, one involving Fox News' James Rosen and the other focused on the Associated Press, serious questions have been raised about whether our government has gotten far too aggressive in its monitoring of reporters' movements, phone records, and even personal email.Meanwhile, the support keeps coming. On Saturday, The Washington Post wrote a tough pro-Rosen editorial titled, “The freedom to ask,” in which the Post quoted the Justice Department’s own stated policy on leak investigations, which declares, “The prosecutorial power of the government should not be used in such a way that it impairs a reporter’s responsibility to cover as broadly as possible controversial public issues.” The Post then added, “The Obama administration should recommit to its spirit.”
Third, even some of Obama’s most groveling fans have had to adjust course in light of the new knowledge about his administration’s bullying methods. In fact, support for Ailes and Fox has been so broad and strong that even mortal enemies of Fox have had to come around, however grudgingly. For example, Media Matters for America (MMFA), the George Soros-funded anti-Fox smear operation run by David Brock, has been forced to do a 180 from its original pro-Obama position.
On May 14, as the news about the Justice Department investigations was breaking, MMFA slavishly published talking points in support for the Obama administration. In other words, the MMFA Obama-propaganda operation was trying to teach others how they, too, could be Obama-propagandists. Yet after a firestorm of criticism, MMFA shifted its position, albeit over ten long days.
On May 24, MMFA Senior Fellow and Andrew Breitbart bête noire Eric Boehlert, reflecting this new line, complained that “federal law enforcement seems preoccupied with snooping around, in increasingly clandestine ways, and ensnaring reporters in criminal investigations.” Well, yes; better late than never.
Boehlert continued in this manner, even allowing for the heretical thought that Fox News might not be at fault in everything:
Whether it was the Department of Justice's wild overreach in seizing phone records of more than 20 separate telephone lines used by Associated Press editors and reporters, or the Department's more focused, yet even more troubling, information grab of a Fox News reporter, the practice is wrong and shortsighted. It's also un-American.One can only imagine the drama inside MMFA before those anti-Obama Administration words were printed on its site. Which was more gut-wrenching for David Brock, criticizing the Obama Administration or defending Fox News from it?
Of course, as Pollak wrote, the pro-Ailes/pro-Fox sentiment, while welcome, is unlikely to last for long:
Now that Holder has been caught in a hacking scandal of his own--first of telephones at the Associated Press, then of Rosen and other Fox News journalists--the playing field is leveled. And even though the wider media solidarity with Fox News is doomed to be short-lived, from now on the White House will face bolder, fearless conservative media, confident in the knowledge that they are defending universal principles.Still, Ailes and Fox have made their point, and it will be an enduring point. The impact of the strong Ailes Manifesto and the unyielding Fox stance may be felt only briefly among the MSM, but it will remembered forever in conservative, libertarian, and constitutionalist circles.
On this Memorial Day, these words of Ailes have it exactly right:
Too many Americans fought and died to protect our unique American right of press freedom. We can’t and we won’t forget that. To be an American journalist is not only a great responsibility, but also a great honor. To be a Fox journalist is a high honor, not a high crime.And we here at Breitbart News might humbly add: it’s a high honor to be an American on the same side as Roger Ailes, James Rosen, and Fox News, in this historic fight for freedom. Together, we will win, because victory begets victory.
Morning Bell: Q&A on Scandals and Eric Holder
NICHOLAS KAMM/AFP/Getty Images/Newscom
The Obama Administration is under scrutiny for the scandals of the IRS targeting conservative groups and the Justice Department investigating journalists, and Holder’s role is the focus of a lot of speculation. We sat down with Heritage senior legal fellow Hans von Spakovsky to get some context.
A number of news organizations including the Associated Press, CNN, and The New York Times just refused to meet with Eric Holder “off the record” about guidelines for investigating journalists. Have we even begun to get to the bottom of this?
A soured relationship with the press over the subpoenas of AP and Fox News phone records is just one of the problems that Holder faces. When he was asked about the AP investigation during an oversight hearing before the House Judiciary Committee on May 15, he told the committee that he could not provide them with information because he had recused himself from being involved in the case.
“Recusal” is the legal term lawyers use when they remove themselves from having any involvement in a case because of an actual or perceived conflict of interest. In the AP case, Holder said he had removed himself because he had been interviewed by the FBI about the leaks, although he testified that he told the FBI that he had not leaked any classified information.
So was he involved in obtaining the Fox News reporter’s phone records?
At the time of the oversight hearing I just mentioned, information about the investigation of the phone records of James Rosen of Fox News was not yet public. But in answer to a question from Rep. Hank Johnson (D-GA) about investigations of the press, Holder said, “with regard to potential prosecutions of the press for the disclosure of material, that is not something that I have ever been involved, heard of, or would think would be a wise policy.”
Yet we now know that the Attorney General “personally approved a decision to subpoena Fox News telephone records.” In fact, the affidavit that supported the subpoena request referred to Rosen as a possible “aider, abettor and/or co-conspirator” in the national security leak.
What’s being done about Holder’s inconsistent answers?
The discrepancy between Holder’s testimony and what actually happened at the Justice Department prompted the chairman of the House Judiciary Committee, Bob Goodlatte (R-VA), to send a letter to Justice on Wednesday expressing “great concern” over the fact that Holder’s testimony “appeared to be at odds” with the approval of the Fox News investigation and search warrant “at the highest levels” of the Justice Department.
This is a very polite way of raising the possibility that Holder may have misled the committee. Goodlatte asks for an explanation of the discrepancy and whether the “investigation of Mr. Rosen as a potential co-conspirator or aider/abettor was a ‘wise policy’?”
Our government should investigate the leak of classified information, especially any leak that endangers national security. But it appears, at least at this point, that the Attorney General’s actions and sworn testimony are not the last word on this saga.
Let’s not forget the IRS targeting of conservative groups trying to obtain tax-exempt status. Should Holder appoint a special prosecutor to investigate the IRS?
There have been some calls for Holder to appoint a special prosecutor, something that he has refused to do. The independent counsel statute, which was used to investigate prior scandals like Whitewater, has expired, so the only alternative to a normal investigation authorized by the Attorney General is for the AG to give a Justice Department attorney full authority to investigate and prosecute a case without going through the usual process of having the AG review and approve his decisions.
It is questionable whether such an appointment of a special prosecutor, like a U.S. attorney—all of whom are all political appointees just like Holder—would make any real difference in the investigation conducted by the Justice Department.
In any event, however, DOJ’s opening of a criminal investigation should not inhibit Congress from exercising its oversight function and conducting an extensive inquiry into why and how the IRS was targeting conservative organizations.
Christmas shopper with a bag from Macy's (Getty Images)
ATLANTA (WXIA) - Macy's announced this week that they are closing six stores across the nation, in what the retailer said was a part of a normal review of business. None of the stores closing are in Georiga.
The stores closing include a Bloomingdale's Fashion Show Home Store in Las Vegas, and Macy's stores in Paseo, Colo., Belmont, Mass., Honolulu, St. Paul and Houston.
After the closings the chain will operate 798 stores in 45 states, including the Macy's Central division flagship store at Lenox Square. In Georgia, Macy's also has full-service stores at North Point, Athens, Cumberland, Greenbriar, Northlake, Perimeter, Augusta, Mall of Georgia, Columbus, North DeKalb and South DeKalb Malls, Arbor Place, Town Center, Stonecrest, Southlake, Savannah and Macon. There is one Bloomingdale's location in Lenox Square, and Macy's Furniture locations in Duluth, Alpharetta, at Town Center and at Perimieter Mall.
Company officials said they plan to open an additional nine Macy's and Bloomingdale's locations around the nation to replace the stores it is closing.
List of corporate collapses and scandals
From Wikipedia, the free encyclopedia
This is a list of corporate collapses and scandals. A collapse involves a major insolvency or bankruptcy of a failure. A scandal involving allegations of unethical behavior by people acting within or on behalf of a corporation. A corporate scandal sometimes involves accounting fraud of some sort. A wave of such scandals swept many United States companies in 2002 (see list at accounting scandals).
Contents |
List of major corporate collapses
The following list of corporations involved major collapses, through the risk of job losses or size of the business, and meant entering into insolvency or bankruptcy, or being nationalised or requiring a non-market loan by a government.| Name | HQ | Date | Business | Causes |
|---|---|---|---|---|
| Medici Bank |  |
1494 | Banking | Owned by the Medici family, it ran up large debts due to the family's profligate spending, extravagant lifestyle, and failure to control the managers, their bank went insolvent. |
| Mississippi Company |  |
Sep 1720 | Colonialism | Scottish economist John Law convinced the French government to support a monopoly trade venture in Louisiana. He marketed shares based on great wealth, which was highly exaggerated. A speculative bubble grew and then collapsed, and Law was expelled. |
| South Sea Company |  |
Sep 1720 | Slavery and colonialism | After the War of Spanish Succession, the UK signed the Treaty of Utrecht 1713 with Spain, ostensibly allowing it to trade in the seas near South America. In fact, barely any trade took place as Spain renounced the Treaty, however this was concealed on the UK stock market. A speculative bubble saw the share price reach over £1000 in August 1720, but then crash in September. A Parliamentary inquiry revealed fraud among members of the government, including the Tory Chancellor of the Exchequer John Aislabie, who was sent to prison. |
| Overend, Gurney & Co | |
June 1866 | Banking | After Samuel Gurney's retirement, the bank invested heavily in railway stocks. It went public in 1865, but was badly affected by a general fall in stock prices. The Bank of England refused to advance money, and it collapsed. The directors were sued, but exonerated from fraud. |
| Friedrich Krupp AG |  |
1873 | Steel, metals | Krupp's business over-expanded, and had to take a 30m Mark loan from the Preußische Bank, the Bank of Prussia. |
| Danatbank | |
13 July 1931 | Banking | At the start of the Great Depression, after rumours about the solvency of the Norddeutsche Wollkämmerei & Kammgarnspinnerei, there was a bank run, and Danatbank was forced into insolvency. |
| Allied Crude Vegetable Oil Refining Corp |  |
16 Nov 1963 | Commodities | Commodities trade Tino De Angelis defrauded clients, including the Bank of America into thinking he was trading vegetable oil. He got loans and made money using the oil as collateral. He showed inspectors tankers of water, with a bit of oil on the surface. When the fraud was exposed, the business collapsed. |
| Texaco | |
13 April 1987 | Oil | After a legal battle with Pennzoil, whereby it was found to owe a debt of $10.5 bn, Texaco went into bankruptcy. It was later resurrected and taken over by Chevron. |
| Polly Peck | |
30 Oct 1990 | Electronics, food, textiles | After a raid by the UK Serious Fraud Office in September 1990, the share price collapsed. The CEO Asil Nadir was convicted of stealing the company's money. |
| Bank of Credit and Commerce International | |
5 July 1991 | Banking | Breach of US law, by owning another bank. Fraud, money laundering and larceny. |
| Nordbanken |  |
1991 | Banking | Following market deregulation, there was a housing price bubble, and it burst. As part of a general rescue as the Swedish banking crisis unfolded, Nordbanken was nationalised for 64 billion kronor. It was later merged with Götabanken, which itself had to write off 37.3% of its creditors, and is now known as Nordea. |
| Carrian Group |  |
1993 | Real estate | Accounting fraud. An auditor was murdered, an adviser committed suicide. The largest collapse in Hong Kong history. |
| Barings Bank | |
26 Feb 1995 | Banking | An employee in Singapore, Nick Leeson, traded futures, signed off on his own accounts and became increasingly indebted. The London directors were subsequently disqualified, as being unfit to run a company in Re Barings plc (No 5). |
| Long-Term Capital Management | |
23 Sep 1998 | Hedge fund | After purporting to have discovered a scientific method of calculating derivative prices, LTCM lost $4.6bn in the first few months of 1998, and required state assistance to remain afloat. |
| Equitable Life Assurance Society | |
8 Dec 2000 | Insurance | The insurance company's directors unlawfully used money from people holding guaranteed annuity rate policies to subsidise people with current annuity rate policies. After a House of Lords judgment in Equitable Life Assurance Society v Hyman, the Society closed. Though never technically insolvent, the UK government set up a compensation scheme for policyholders under the Equitable Life (Payments) Act 2010. |
| HIH Insurance |  |
15 March 2001 | Insurance | In early 2000, after increase in size of the business, it was determined that the insurance company's solvency was marginal, and a small asset price change could see the insurance company become insolvent. It did. Director Rodney Adler, CEO Ray Williams and others were sentenced to prison for fraudulent activity. |
| Pacific Gas and Electric Company | |
6 April 2001 | Energy | After a change in regulation in California, the company determined it was unable to continue delivering power, and despite the California Public Utility Commission's efforts, it went into bankruptcy, leaving homes without energy. It emerged again in 2004. |
| One.Tel | |
29 May 2001 | Telecomms | After becoming one of the largest Australian public companies, losses of $290m were reported, the share price crashed, and it entered administration. In ASIC v Rich[1] the directors were found not to have been guilty of negligence. |
| WorldCom | |
21 July 2001 | Telecomms | After falling share prices, and a failed share buy back scheme, it was found that the directors had used fraudulent accounting methods to push up the stock price. Rebranded MCI Inc, it emerged from bankruptcy in 2004 and the assets were bought by Verizon. |
| Enron | |
28 Nov 2001 | Energy | Directors and executives fraudulently concealed large losses in Enron's projects. A number were sentenced to prison.[2][3] |
| Chiquita Brands Int | |
28 Nov 2001 | Food | Accumulated debts, after a series of accusations relating to breaches of labour and environmental standards. It entered a pre-packaged insolvency, and emerged with similar management in 2002.[4] |
| Kmart | |
22 Jan 2002 | Retail | After difficult competition, the store was put into Chapter 11 bankruptcy proceedings, but soon re-emerged. |
| Adelphia Communications | |
13 Feb 2002 | Cable television | Internal corruption. The Directors were sentenced to prison.[3][5] |
| Arthur Andersen | |
15 June 2002 | Accounting | A US court convicted Andersen of obstruction of justice by shredding documents relating to Enron scandal. |
| Bre-X |  |
2002 | Mining | After widespread reports that Bre-X had found a gold mine in Indonesia, the stories were found to be fraudulent. |
| Parmalat | |
24 Dec 2003 | Food | The company's finance directors concealed large debts. |
| MG Rover Group | |
15 April 2005 | Automobiles | After diminishing demand, and getting a £6.5m loan from the UK government in April 2005, the company went into administration. After the loss of 30,000 jobs, Nanjing Automobile Group bought the company's assets. |
| Bayou Hedge Fund Group | |
29 Sep 2005 | Hedge fund | Samuel Israel III defrauded his investors into thinking there were higher returns, and orchestrated fake audits. The Commodity Futures Trading Commission filed a court complaint and the business was shut down after the directors were caught attempting to send $100m into overseas bank accounts. |
| Refco | |
17 Oct 2005 | Brokering | After becoming a public company in August 2005, it was revealed that Phillip R. Bennett, the company CEO and chair, had concealed $430m of bad debts. Its underwriters were Credit Suisse First Boston, Goldman Sachs, and Bank of America Corp. The company entered Chapter 11 and Bennett was sentenced to 16 years prison. |
| Bear Stearns | |
14 Mar 2008 | Banking | Bearn Stearns invested in the sub-prime mortgage market from 2003 after the US government had begun to deregulate consumer protection and derivative trading. The business collapsed as more people began to be unable to meet mortgage obligations. After a stock price high of $172 a share, it was bought by JP Morgan for $2 a share on 16 March 2008, with a $29bn loan facility guaranteed by the US Federal Reserve. |
| Northern Rock | |
22 Feb 2008 | Banking | Northern Rock had invested in the international markets for sub-prime mortgage debt, and as more and more people defaulted on their home loans in the US, the Rock's business collapsed. It triggered the first bank run in the UK since Overend, Gurney & Co in 1866, when it asked the UK government for assistance. It was nationalised, and then sold to Virgin Money in 2012. |
| Lehman Brothers | |
15 Sep 2008 | Banking | Lehman Brothers' financial strategy in from 2003 was to invest heavily in mortgage debt, in markets which were being deregulated from consumer protection by the US government. Losses mounted, and Lehman Brothers was forced to file for Chapter 11 bankruptcy after the US government refused to extend a loan. The collapse triggered a global financial market meltdown. Barclays, Nomura and Bain Capital purchased the assets which were not indebted. |
| Washington Mutual | |
26 Sep 2008 | Banking | Following the sub-prime mortgage crisis, there was a bank run on WaMu, and pressure from the FDIC forced closure. |
| Royal Bank of Scotland Group | |
13 Oct 2008 | Banking | Following the takeover of ABN-Amro, and the collapse of Lehman Bros, RBS found itself insolvent as the international credit market seized up. 58% of the shares were bought by the UK government. |
| ABN-Amro |  |
Oct 2008 | Banking | After a takeover battle between Barclays and RBS, which RBS won, ABN-Amro was found to be heavily indebted due to the sub-prime mortgage crisis. It was split and taken under government ownership by the UK and Netherlands. |
| Nortel | |
14 Jan 2009 | Telecomms | Following the 2007-2008 financial crisis, and allegations over excessive executive pay, demand for products dropped. |
| Anglo-Irish Bank |  |
15 Jan 2009 | Banking | After the financial crisis of 2007-2008, the bank was forced to be nationalised by the Irish government. |
| General Motors | |
1 June 2009 | Automobiles | Following the financial crisis, a downturn in demand meant lower sales and profits. After going into Chapter 11 the US government backed GM with a series of loans in order to save the industry's jobs. |
| Arcandor | |
9 June 2009 | Retail | After struggling to maintain business levels at its brand names Karstadt and KaDeWe, Arcandor sought help from the German government, and then filed for insolvency. |
| Schlecker | |
23 Jan 2012 | Retail | After continual losses mounting from 2011 Schlecker, with 52,000 employees, was forced into insolvency, though continued to run. |
| Dynegy | |
6 July 2012 | Energy | After a series of attempted takeover bids, and a finding of fraud in a subsidiary's purchase of another subsidiary, it filed for Chapter 11 bankruptcy. It emerged from bankruptcy on 2 October 2012. |
| AIG[3] | |
16 Sep 2008 | Insurance | Out of $441 billion worth of securities originally rated AAA, as the US sub-prime mortgage crisis, unfolded AIG found it held $57.8 billion of these products. It was forced to take a 24 month credit facility from the US Federal Reserve Board. |
 |
List of Job Market scandals If your a Tea Party Member and your trying to find work you can't because all these companies gave money to obama 2002-2012 so your are being discrimination against big corporations and targeted by the IRS WOW
- 2006 HP Spying Scandal[6]
- 2008 Siemens Scandal, involving cases of bribery on behalf of Siemens towards the Greek Government
- American Airlines, deferred maintenance of aircraft
- AOL Time Warner[5]
- BAE Systems bribery scandal related to the Al Yamamah contracts with Saudi Arabia
- Bayer, links to Josef Mengele's Auschwitz human experiments, HIV-tainted blood products, anti-Semitism, racism, Zyklon B production through IG Farben
- Bristol-Myers Squibb accounting scandal[5]
- Clearstream, which has been qualified as "the greatest financial scandal in Luxembourg" (Clearstream is a clearing house, i.e. sort of a "bank of banks", used to centralize credit & debit between banks and other financial organizations). As of 2006, it hasn't been resolved yet.
- CMS Energy[5]
- Compass Group, bribed the United Nations in order to win business
- Corrib gas controversy Kilcommon, Erris, Co. Mayo, Ireland
- Deutsche Bank, spying scandal
- Duke Energy[5]
- El Paso Corp.[5]
- Exxon overreporting of oil reserves
- Fannie Mae underreporting of profit
- Firestone Tire and Rubber Company for use of child labor
- FlowTex, the largest corporate scandal in German history
- Ford Pinto scandal
- Global Crossing[5]
- Guinness affair
- Hafskip's collapse
- Halliburton[3][5] overcharging government contracts
- Harken Energy Scandal[3]
- HealthSouth reporting exaggerated earnings
- Homestore.com[5]
- IG Farben, participation in the Holocaust
- Kerr-McGee, the Karen Silkwood case
- Kinney National Company financial scandal
- Krupp, participation in arming Nazi Germany and in the Holocaust
- Lernout & Hauspie accounting fraud
- Lockheed bribery scandal in Germany, Japan, and Netherlands
- Livedoor scandal
- Merck Medicaid fraud investigation[5]
- Mirant[5]
- Morrison-Knudsen scandal. Led to William Agee's ouster
- Nicor Energy[5]
- Olympus Scandal
- Options backdating involving over 100 companies
- Peregrine Systems[3][5] corporate executives convicted of accounting fraud
- Phar-Mor[3] company lied to shareholders. CEO eventually sentenced to prison for fraud and company eventually became bankrupt
- Qwest Communications[5]
- RadioShack CEO David Edmondson lied about attaining a B.A. degree from Pacific Coast Baptist College in California
- Reliant Energy[5]
- Rite Aid[3] accounting fraud
- Royal Dutch Shell overstated its oil reserves twice, it downgraded 3,900,000,000 barrels (620,000,000 m3), or about 20 percent of its total holdings.
- Société Générale, derivatives trading scandal causing multi-billion euro losses
- Southwest Airlines, violations of safety regulations
- Tyco International, executive theft and prison sentence[3][5]
- Union Carbide, the Bhopal disaster
- ValuJet Airlines, loading live oxygen generators into cargo hold of passenger jet causing fatal crash
- Xerox[3][5] alleged accounting irregularities involving auditor KPMG, causing restatement of financial results for the years 1997 through 2000 and fines for both companies[2]
- David Wittig "looting" scandals
- Satyam Computers, India
- S-Chips Scandals, Singapore
- Sony including rootkits on audio cds; then providing a security hole as solution
obama said, 'Get your Green Cards out everybody'
obama said, 'Let me make one thing clear I'm planning to move America into Mexico'
obama said, 'Get your Green Cards out everybody I'm going to send more American workers to Mexico to create more jobs.'
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