Archive for August, 2010

Eye View Unintended Consequences Alert, Dodd-Frank Act Will Cause Workers To Lose An Arm

August 31, 2010

A little-noticed provision in the mammoth Dodd-Frank financial reform act will force companies to disclose regularly the ratio of the median annual pay of all their employees to that of their chief executive.

The measure raises potential public relations problems for some of the US’s biggest companies, as well as significant administrative burdens. The published ratios will vary significantly but some may look alarmingly unfair to the eyes of the average small shareholder.

The $1,025,000 median salary of an S&P500 chief executive last year, according to the Equilar analysis, is 25 times the $40,174 that official statistics show was paid to the average US private sector employee. The chief executive’s $7.5m median total pay package, including bonuses and stock options, is 187 times that average private sector pay and some 19 times President Barack Obama’s basic $400,000 salary.

The provision was inserted into the Dodd-Frank bill “at the last minute, with no discussion and not based on any particular problem”, says Charles Elson, a corporate governance professor at the University of Delaware. He categorised the pay ratio as a “thrill disclosure” that would generate headlines without offering meaningful comparisons.

“This is a political disclosure, as opposed to an economic disclosure, and that’s the problem,” Prof Elson adds.

Lawyers caution that the formula mandated by the act has some seemingly perverse consequences, in terms of factors that will produce a low ratio – an apparent but potentially misleading sign of a company without excessive executive remuneration.

“It will favour companies that outsource and use independent contractors, and those that use franchised rather than company-owned stores, since these relatively low paid jobs will not count towards the median tally,” says Richard Susko, a partner at law firm Cleary Gottlieb.

Once again political disclosure at the expense of American workers.. Washington sticks their nose in business, forcing workers to lose an arm.

 

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People Show Up At National Mall, Not So Much At Retail Malls

August 31, 2010

Glenn Beck kicked off Monday’s radio show by thanking the many attendees at Saturday’s “Restoring Honor” rally in front of the Lincoln Memorial — at least 500,000 by his count. Beck said he’s “still waiting on the real number” and plans to look closely during his 5 p.m. Fox News show at photos of the large crowd assembled on the National Mall.

The rally — which took place on the 47th anniversary of Martin Luther King’s famous “I Have a Dream” speech at the memorial — drew a good deal of controversy, with civil rights leaders holding a countermarch. But the event largely kept free of overt political references, as Beck (a longtime scourge of the Obama White House) had pledged it would. It stressed religious themes, together with celebrations of noncontroversial virtues such as charity and national service.

Even though Beck is still tabulating a crowd estimate, it can be expected to be significantly higher than the number CBS News reported over the weekend: 87,000.

Regardless of the size of people at the National mall it was still greater than those at our retail malls…

 

 

 

 

Sebelius Ready to Reeducate Us, Health Care Reeducation Camps Might Be Nice

August 31, 2010

With a number of polls showing a sustained level of opposition to the Democrats’ health care reform efforts more than five months after passage, Health and Human Services Secretary Kathleen Sebelius said the Obama administration has “a lot of reeducation to do” heading into the midterms.

While some surveys – namely the Kaiser Family Foundation monthly tracking poll  – have suggested an uptick in support for the reforms, most other surveys continue to show a steady level of opposition to the new law that remains higher than the favorable opinions of it.

“Unfortunately, there still is a great deal of confusion about what is in [the reform law] and what isn’t,” Sebelius told ABC News Radio in an interview Monday. 

With several vulnerable House Democrats touting their votes against the bill, and Republicans running on repeal, Sebelius said “misinformation given on a 24/7 basis” has led to the enduring opposition nearly six months after the lengthy debate ended in Congress. 

“So, we have a lot of reeducation to do,” Sebelius said.

Confusion in Obamacare bill is because  no one has read it or can explain it…..Sebelius working hard to get American taxpayers mind right.

Eye View Fashion, Michele O Feeling Our Pain While Looking Good

August 30, 2010

The First Family left Martha’s Vineyard on Sunday and Michelle wore layered white tanks, a full black skirt and her silver flats as her traveling outfit. She also carried her favorite vacation bag, the Lambertson Truex canvas tote, which she has in lime green and baby blue.

Fashion never felt so bad but looked so good..

 

 

CBS Looking Scuzzy Wearing the Thread Bare “Levis”, Time To Change Brands

August 29, 2010

  NEW YORK (AP) – Levi Johnston chose one of his favorite television venues, CBS ‘”The Early Show,” to declare on Friday that he lied when he previously said he had lied about Sarah Palin.

It was the sixth time that Johnston, the father of the former Alaska governor’s grandson, has appeared on the show over the past two years. He spoke with correspondent Betty Nguyen about his second broken engagement with Palin’s daughter Bristol and plans to run for mayor of Wasilla, Alaska, and film a reality TV show.

The morning show’s interest in Johnston amounts to an “obsession,” according to a conservative media critic, who said he wondered whether CBS was out to embarrass Palin and her family.

CBS ratings in the tank. Time to change their redneck brand…

 

 

 

Taxpayers Believe Muslim Mosque Legal, Financially Feasible, Just Not Reasonable

August 29, 2010

The Muslim center planned near the site of the World Trade Center attack could qualify for tax-free financing, a spokesman for City Comptroller John Liu said on Friday, and Liu is willing to consider approving the public subsidy.

The Democratic comptroller’s spokesman, Scott Sieber, said Liu supported the project. The center has sparked an intense debate over U.S. religious freedoms and the sanctity of the Trade Center site, where nearly 3,000 perished in the September 11, 2001 attack.

“If it turns out to be financially feasible and if they can demonstrate an ability to pay off the bonds and comply with the laws concerning tax-exempt financing, we’d certainly consider it,” Sieber told Reuters.

Spokesmen for Mayor Michael Bloomberg, Governor David Paterson and the Islamic center and were not immediately available.

Something legal and financially feasible is not always reasonable. There will be a lot of people weighing in on this idea….They will have the ability for pay..back

O Got 88% of Contributions By Main Stream Media, Going Over The Cliff

August 29, 2010

Senior executives, on-air personalities, producers, reporters, editors, writers and other self-identifying employees of ABC, CBS and NBC contributed more than $1 million to Democratic candidates and campaign committees in 2008, according to an analysis by The Examiner of data compiled by the Center for Responsive Politics.

The Democratic total of $1,020,816 was given by 1,160 employees of the three major broadcast television networks, with an average contribution of $880.

By contrast, only 193 of the employees contributed to Republican candidates and campaign committees, for a total of $142,863. The average Republican contribution was $744.

Disclosure of the heavily Democratic contributions by influential employees of the three major broadcast networks follows on the heels of controversy last week when it was learned that media baron Rupert Murdoch’s News Corp. contributed $1 million to the Republican Governors Association

Obama, Democrats got 88 percent of 2008 contributions by TV network execs, writers, and reporters.
ABC, CBS, and NBC going over the cliff with the dems…..

Music Industry in The Tank, Thanks To Reallocation Of Illegal Music Download Wealth

August 28, 2010

The month of August — like, basically, every month for the past 10 years — has not been kind to the music industry.

Between August 8th and 14th, only 4.95 million albums were sold, the lowest weekly level since Neilsen Soundscan starting tracking sales in 1991. This past week, sales were up, but just barely: just over 5 million albums were sold, an increase of only 2 percent from the record low.

As you can see from the chart below, album sales have been on a steady decline since their peak in 2000. Digital album sales are growing, but not fast enough to make up the decline in sales of CDs.

So far this year, album sales are down 12 percent compared to the total sales at this time last year, according to Billboard

Music industry execs blame the dropping sales numbers on illegal downloads.

 Musicians should be happy with poor music lovers reallocating music wealth..

 

Thousands seeking Mortgage help Line up at Palm Beach County Convention Center this Morning, Call Out For Kid Attorney

August 27, 2010

WEST PALM BEACH — Thousands of people are lined up this morning outside the Palm Beach County Convention Center – some arriving by the busload, hoping the Neighborhood Assistance Corp. of America will help them save their homes.

They are here from throughout the country, including Detroit and California.

“I’m here because I have to be,” said P. Reed, who drove all night from South Carolina. “They put me in foreclosure last week.”

The non-profit group opened the doors at 9 a.m. to begin a five-day marathon of around-the-clock loan modifications. The event, which is free, aims to get homeowners cheaper monthly mortgage payments through interest rate reductions, extending the life of the loan and a reduction in loan amount.

To be first in line, Lizandra Garcet, of West Palm Beach, arrived Thursday morning to set up her beach chairs at the front entrance of the convention center.

But she was too late to take the top spot in the queue. Someone, who came on Wednesday, got that.

Lizandra, 16, is helping her mother, who doesn’t speak fluent English, through the process.

Sixteen- year old help parents with loan amortization and real estate law explanations. Reason for massive foreclosures become clear…shortage of kid  attorneys that speak English..

  

 

Joe Biden “Hits The Accelerator” On Stimulus, Must Be The Floor Mat

August 27, 2010

FRESNO, Calif. — Vice President Joe Biden said this week that the Obama administration “hit the accelerator” toward spending $5 billion under the economic stimulus law to weatherize people’s homes, create thousands of jobs, help consumers save money and put the nation on track for energy independence.

Yet the weatherization program the vice president highlighted in his visit Thursday to New Hampshire is widely considered among the least organized spending projects under the $814 billion economic stimulus law and has regularly been targeted for criticism of its slow progress by auditors and outsiders. Biden didn’t hint much at its troubles.

Nearly 18 months since it started, the stimulus weatherization program has experienced spending delays, inefficiencies and mismanagement. In Biden’s home state of Delaware, the entire program has been suspended since May, and last month federal auditors identified possible fraud.

Both Joe and Toyota have sticking floor mats…Time for recall……..