Posts Tagged ‘big labor’

If The Occupy Wall Street Crowd Had Any Integrity, They’d Be Attacking Obama (Who Has Raked In More Wall Street $ Than ANYONE)

October 11, 2011

I don’t want anyone to get hurt, so please make sure your seated before you read the next line.

The Occupy Wall Street mob, you know, the (what was that word Nancy Pelosi used to denounce the Tea Party movement?) Astroturfers manufactured by George Soros and Big Labor, are a giant gathering of hypocrites.

I know.  It’s just amazing, isn’t it?

But with all the outrage being directed at “Wall Street fat cats,” here is the actual truth:

Guess which President has raked in the most Wall Street bucks in a generation?
posted at 11:25 am on October 10, 2011 by Ed Morrissey

While the professional Left trashes Wall Street, they might want to consider how their current President got elected. The Sunlight Foundation reports that Barack Obama didn’t just win the Wall Street sweepstakes in 2008 over John McCain — he’s done better at getting Wall Street cash than any other President in the last 20 years:

Despite his rhetorical attacks on Wall Street, a study by the Sunlight Foundation’s Influence Project shows that President Barack Obama has received more money from Wall Street than any other politician over the past 20 years, including former President George W. Bush.

In 2008, Wall Street’s largesse accounted for 20 percent of Obama’s total take, according to Reuters. …

By the end of Barack Obama’s 2008 campaign, executives and others connected with Wall Street firms, such as Goldman Sachs, Bank of America, Citigroup, UBS AG, JPMorgan Chase, and Morgan Stanley, poured nearly $15.8 million into his coffers.

Goldman Sachs contributed slightly over $1 million to Obama’s 2008 presidential campaign, compared with a little over $394,600 to the 2004 Bush campaign. Citigroup gave $736,771 to Obama in 2008, compared with $320,820 to Bush in 2004. Executives and others connected with the Swiss bank UBS AG donated $539,424 to Obama’s 2008 campaign, compared with $416,950 to Bush in 2004. And JP Morgan Chase gave Obama’s campaign $808,799 in 2008, but did not show up among Bush’s top donors in 2004, according to the Center for Responsive Politics.

That’s not limited to the 2008 cycle, either. The same people under attack from Obama’s political allies are still lining up to dump cash on the incumbent — or at least were:

So far Wall Street has raised $7.2 million in the current electoral cycle for President Obama, according to the Center for Responsive Politics. Obama’s 2012 Wall Street bundlers include people like Jon Corzine, former Goldman Sachs CEO and former New Jersey governor; Azita Raji, a former investment banker for JP Morgan; and Charles Myers, an executive with the investment bank Evercore Partners.

Those figures predate Obama’s sudden class-warrior pose of the last four weeks, though. After watching Obama incite these demonstrations aimed at intimidating investors and financiers, I wonder just how anxious they will be to continue funding Obama’s campaign. That impact won’t be clear until the 4th quarter numbers are released in January, but don’t be surprised if all of these “Occupy” protests don’t push those contributors towards an eventual Republican nominee — or maybe even a particular contender, perhaps one that comes from their world. Hmmmm.

In my maiden column for The Fiscal Times, I look at the eruption of class warfare in American politics and the irony of a generation shaped by Steve Jobs attacking the very investor market and private-property rights that made Jobs’ success possible:

As we honor Jobs, there is no small irony in the fact that Wall Street protests are coinciding with his death. Jobs was hardly a financial wallflower: Besides his extensive holdings in and control of Apple (part of a fortune estimated at more than $6.5 billion to $7 billion by Forbes), he was the largest individual shareholder in Disney, thanks to the sale of Pixar a few years ago, and a member of its board as well. It’s likely that a large number of the youthful protesters in the Occupy Wall Street demonstrations rely on products Jobs either invented or improved; many might even be using iPhones and iPads to help coordinate their efforts. None of that would have been possible without capital risk-taking and Wall Street investment in Apple, among other companies.

Think of the world before Jobs, before a handful of bright young minds began exploring the potential of small, relatively inexpensive computing. Communication meant either writing letters or picking up a phone – with service largely provided by a national monopoly. Having access to research materials meant buying an encyclopedia and subscribing to yearbooks for updates to already obsolete data, or spending plenty of time at the local library. News from around the world came to most people either from the only major newspaper in town or one of three national broadcast networks. Social networking meant going to cocktail parties and company events.

Compared with today, that sounds positively medieval, doesn’t it? …

Contrast the explosive success of personal computing, which lacked heavy government direction, to that of solar and wind power. Federal and state governments have subsidized and regulated these industries for decades, and they have deliberately handicapped other traditional energy-production technologies to make the renewables more competitive. According to Reason Magazine, each megawatt-hour of energy produced by wind and solar power in 2007 was delivered via more than $20 ofgovernment subsidies, as opposed to $2 for nuclear power and a dollar or less for coal and oil – most of those in the form of tax incentives rather than direct subsidies.

With all of that effort over several decades, are we closer to mass-produced solar and wind power? Have these industries even matured to the point of producing jobs? The industries that Jobs, Gates, and their colleagues created through private-sector innovation based on technological success employ millions of people around the world. In 2009, President Obama got $38.6 billion in job-stimulus funding to create a “green jobs” explosion that would also employ millions. Thirty months later, we have spent $17.2 billion of those funds, and created less than 3,600 jobs, roughly at a cost of $4.85 million per position.

Capital markets drive innovation, create and expand industries, and can rapidly improve our lives — if we keep government out of the way, and certainly out of the position of distorting markets to favor losers over productive use of capital and especially redistributive policies. As Wall Street has learned, three years of accelerated redistribution didn’t satisfy the Left — it only drove them to demand more of it. Time to end the war on capital by defunding the anti-capitalists.

And:

Cream of the Crop Gone Sour: America’s Troubled CEOs

The executives who ran the nation’s biggest banks and corporations were trained at some of the country’s top universities

The final tab: :

Harvard: 11
Columbia: 6
Chicago: 4
Duke: 4
Stanford: 4
American University: 2
MIT: 2
NYU: 2
Tufts: 2
University of Iowa: 2

Open Secrets Obama Top 20 Contributors in 2008:

University of California $1,648,685
Goldman Sachs $1,013,091
Harvard University $864,654
Microsoft Corp $852,167
Google Inc $814,540
JPMorgan Chase & Co $808,799
Citigroup Inc $736,771
Time Warner $624,618
Sidley Austin LLP $600,298
Stanford University $595,716
National Amusements Inc $563,798
Wilmerhale Llp $550,168
Skadden, Arps et al $543,539
Columbia University $541,002
UBS AG $532,674
IBM Corp $532,372
General Electric $529,855
US Government $517,908
Morgan Stanley $512,232
Latham & Watkins $503,295

(Excerpt) Read more at foxnews.com

Barack Obama is owned lock, stock and barell by the very people whom the Occupy Wall Street fascists say are most responsible.  And the funniest thing of all is they’re going to go vote in 2012 for the very same corrupt bastards who brought America down and who paid Obama to KEEP bringing America down.

It would be funny if it wasn’t causing so much destruction to the formerly greatest nation in the history of the world.

Here’s a nice counter-protest sign for these hypocrites:

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Government, UAW To Own 89% Of GM In Restructuring

April 27, 2009

Game, set, and match to the Statists and the big labor agenda.  From this point forward, the government will be deciding what cars are made, and the unions will literally be negotiating with themselves to determine how much they’ll earn making them.

The government was able to buy it’s way into total control of the auto industry for only a few billion dollars.  A tremendous day for Statism, a dark day indeed for the free market and for individual liberty.

From the Associated Press:

DETROIT – General Motors Corp. could be majority owned by the federal government under a massive restructuring plan laid out Monday that will cut 21,000 U.S. factory jobs by next year and phase out the storied Pontiac brand.

The plan, which includes an offer to swap roughly $27 billion in bond debt for GM stock, would leave current shareholders holding just 1 percent of the century-old company, which is fighting for its life in the worst auto sales climate in 27 years.

GM is living on $15.4 billion in government loans and said Monday in a filing with the U.S. Securities and Exchange Commission that it envisions receiving an additional $11.6 billion.

GM said that it will ask the government to take more than 50 percent of its common stock in exchange for canceling half the government loans to the company as of June 1. The swap would cancel about $10 billion in government debt.

In addition, GM is offering stock to the United Auto Workers for at least 50 percent of the $20 billion the company must pay into a union run trust that will take over retiree health care expenses starting next year.

If both are successful, the government and UAW health care trust would own 89 percent of GM stock, with the government holding more than a 50 percent stake, CEO Fritz Henderson said in a news conference at GM’s Detroit headquarters.

Henderson said that although the government would own a majority of GM’s outstanding common shares, the Treasury “hasn’t demonstrated interest in running the company,” but would have someone on the board looking out for the taxpayers’ interest. The task force has directed current board chairman Kent Kresa to replace several board members.

This is about as blatant of a case of simultaneously talking out of both sides of one’s mouth as there is.  The government has no interest in running GM; they just want to be able to fire the company’s GM and have the power to decide who is on the board of directors.  You’ve got to give the Obama administration points for sheer chutzpah.  And millions of political cuckolds are literally choosing to believe him rather than trusting their own lying eyes.

There’s a story entitled, “The Devil and Daniel Webster” that describes what can happen when one foolishly makes a deal with the devil.  Unfortunately, the Jabez Stone stand-in (GM) won’t have any Daniel Websters to confound Mr Scratch (brilliantly depicted by Barrack Hussein).  The lesson of this story is that it’s bad enough to do a deal with the devil; but never, NEVER, NEVER do a deal with the government.  You can’t win, and you won’t even be able to lose with dignity.

“The shareholders, the VEBA (health care trust) and the government would want to have a someone on the board of directors,” he said.

Deals with the UAW and the Treasury have yet to be finalized, he said.

The struggling automaker said it will offer 225 shares of common stock for every $1,000 in notes held by bondholders as part of a debt-for-equity swap. Henderson said the objective is to reduce GM’s $27 billion of outstanding public debt by about $24 billion. The company estimates that after the exchange, bondholders would own 10 percent of the company.

That would leave current common stockholders with only 1 percent, GM said. Still, GM shares rose 34 cents, or 21 percent, to $2.03 in midday trading.

The plans, if successful, would reduce GM’s debt by $44 billion from the present figure of about $62.4 billion.

“We would be substantially less-leveraged as a company,” Henderson said.

Kip Penniman Jr., an analyst with KDP Investment Advisors Inc., predicted the exchange offer would fail and GM will file for bankruptcy….

The company also said it plans to reduce its dealership ranks by 42 percent from 2008 to 2010, cutting them from 6,246 to 3,605. When asked how GM would accomplish that, Henderson would say only that the company would be making offers to the dealers in the coming weeks.

Mark LaNeve, vice president of North American sales and marketing, said a big chunk of the dealership reduction — about 450 — would come with the elimination or sale of Saturn, Hummer and Saab. GM would then look to end relationships with dealers that do only a small volume of business with GM, and then move on to other dealers, he said….

The dealer closings are not included in the job loss numbers sited at the beginning of this article, which will easily add well over one hundred thousand more jobs to the low-ball total cited at the beginning of the article.

The same government that couldn’t run a cafeteria without going millions of dollars into the red; the same government that still can’t run a successful post office in spite of the numerous successful businesses that have sprung up all around it; the same government whose model for successful customer service is the Department of Motor Vehicles, is going to be teaming up with the very unions who ran the auto manufacturing industry out of business in the first place to build cars.

The auto industry today; the oil industry tomorrow.  We don’t need oil anyway.  Just ask Senate Majority Leader Harry Reid: It’s devil-juice, for sure.

I wrote an article around a youtube video entitled, “The Car That Will Save The Auto Industry (And The Planet!).”  It’s not a joke any more, given that we elected a bunch of totalitarian Statists to run our country.

Ever heard of the Soviet government-produced Lada?  You haven’t?  Don’t worry; you’ll be getting a chance to own its American equivalent in just a few years.