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Investments Can Yield More on K Street, Study Indicates
2009-04-12, Washington Post
http://www.washingtonpost.com/wp-dyn/content/article/2009/04/11/AR20090411020...

In a remarkable illustration of the power of lobbying in Washington, a study released last week found that a single tax break in 2004 earned companies $220 for every dollar they spent on the issue -- a 22,000 percent rate of return on their investment. The study by researchers at the University of Kansas underscores the central reason that lobbying has become a $3 billion-a-year industry in Washington: It pays. The paper by three Kansas professors examined the impact of a one-time tax break approved by Congress in 2004 that allowed multinational corporations to "repatriate" profits earned overseas, effectively reducing their tax rate on the money from 35 percent to 5.25 percent. More than 800 companies took advantage of the legislation, saving an estimated $100 billion in the process, according to the study. The largest recipients of tax breaks were concentrated in the pharmaceutical and technology fields, including Pfizer, Merck, Hewlett Packard, Johnson & Johnson and IBM. Pfizer alone repatriated $37 billion, representing 70 percent of its revenue in 2004, the study found. The now-beleaguered financial industry also benefited from the provision, including Citigroup, J.P. Morgan Chase, Morgan Stanley and Merrill Lynch, all of which have since received tens of billions of dollars in federal bailout money. The researchers calculated an average rate of return of 22,000 percent for those companies that helped lobby for the tax break.

Note: For lots more on corporate corruption from reliable sources, click here.

‘No-Risk’ Insurance at F.D.I.C.
2009-04-07, New York Times
http://www.nytimes.com/2009/04/07/business/07sorkin.html?partner=rss&emc=rss&...

The Federal Deposit Insurance Corporation was set up 76 years ago with the important but simple job of insuring bank deposits. Now, because of what could politely be called mission creep, it’s elbowing its way into the middle of the financial mess as an enabler of enormous leverage. In the fine print of Treasury Secretary Timothy F. Geithner’s plan to lend as much as $1 trillion to private investors to help them buy toxic assets from our nation’s banks, you’ll find some details of how the F.D.I.C is trying to stabilize the system by adding more risk, not less, to the system. It’s going to be insuring 85 percent of the debt, provided by the Treasury, that private investors will use to subsidize their acquisitions of toxic assets. These loans, while controversial, were given a warm welcome by the market when they were first announced. And why not? The terms are hard to beat. They are, for example, “nonrecourse,” which means that if an investor loses money, he owes taxpayers nothing. It’s the closest thing to risk-free investing — with leverage! — around. But, as we’ve learned the hard way these last couple of years, risk-free investing is an oxymoron. So where did the risk go this time? To the F.D.I.C., and ultimately, to us taxpayers. A close reading of the F.D.I.C.’s statute suggests the agency is using a unique — some might call it plain wrong — reading of its own rule book to accomplish this high-wire act. Somehow, in the name of solving the financial crisis, the F.D.I.C. has seemingly been given a blank check, with virtually no oversight by Congress.

Note: For a powerfully revealing archive of reports from reliable sources on the hidden realities of the financial bailout, click here.

Fed Refuses to Disclose Recipients of $2 Trillion
2008-12-12, Bloomberg News
http://www.bloomberg.com/apps/news?pid=20601109&sid=apx7XNLnZZlc

The Federal Reserve refused a request by Bloomberg News to disclose the recipients of more than $2 trillion of emergency loans from U.S. taxpayers and the assets the central bank is accepting as collateral. Bloomberg filed suit Nov. 7 under the U.S. Freedom of Information Act requesting details about the terms of 11 Fed lending programs, most created during the deepest financial crisis since the Great Depression. The Fed responded Dec. 8, saying it’s allowed to withhold internal memos as well as information about trade secrets and commercial information. “If they told us what they held, we would know the potential losses that the government may take and that’s what they don’t want us to know,” said Carlos Mendez, a senior managing director at New York-based ICP Capital LLC. The Fed stepped into a rescue role that was the original purpose of the Treasury’s $700 billion Troubled Asset Relief Program. The central bank loans don’t have the oversight safeguards that Congress imposed upon the TARP. Total Fed lending exceeded $2 trillion for the first time Nov. 6. It rose by 138 percent, or $1.23 trillion, in the 12 weeks since Sept. 14, when central bank governors relaxed collateral standards to accept securities that weren’t rated AAA. “There has to be something they can tell the public because we have a right to know what they are doing,” said Lucy Dalglish, executive director of the Arlington, Virginia-based Reporters Committee for Freedom of the Press.

Financial Bailout Balloons to the Trillions
2008-11-25, ABC News
http://abcnews.go.com/Business/Economy/story?id=6332892

The government's financial bailout will be the most expensive single expenditure in American history, potentially costing around $7.5 trillion -- or half the value of all the goods and services produced in the United States last year. In comparison, the total U.S. cost of World War II adjusted for inflation was $3.6 trillion. The bailout will cost more than the total combined costs in today's dollars of the Marshall Plan, the Louisiana Purchase, the Korean War, the Vietnam War and the entire historical budget of NASA, including the moon landing, according to data compiled by Bianco Research. It remains to be seen whether the government's multipronged approach to bail out banks, stimulate spending and buy up mortgages will revive the economy, but as the tab continues to grow so does concern over where the government will find the money. Monday the government guaranteed an additional $306 billion to bail out Citigroup, and today Treasury Secretary Henry Paulson pledged $800 billion to make credit more available to consumers and small businesses, and to buy up mortgages from Fannie Mae and Freddie Mac. Congress last month allocated $700 billion for an emergency bailout of some of Wall Street's most storied firms by purchasing their troubled assets. The funds allocated through the Troubled Assets Relief Program are but a small part of the government's overall bailout spending. Bailout programs also include a Federal Reserve plan to buy as much as $2.4 trillion in short-term notes called commercial paper that began Oct. 27, and an FDIC plan to spend $1.4 trillion to guarantee bank-to-bank loans that commenced Oct. 14, according to Bloomberg News, which first compiled the total cost of the bailout.

Note: $7.5 trillion amounts to about $25,000 for every person in the U.S. What's going on here? For many revealing reports on the realities of the Wall Street bailout, click here.

Paulson makes it clear: He's in charge
2008-11-13, San Francisco Chronicle (San Francisco's leading newspaper)
http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2008/11/13/BUUK1439IF.DTL

Henry Paulson's speech Wednesday made it pretty clear: The Treasury secretary has seized control of the financial system. "He is absolutely the most powerful person in the country. Maybe the world," says Wall Street accounting expert Robert Willens. The most telling line in his speech came when Paulson was explaining why he did a 180-degree turn with money approved by Congress under the $700 billion bailout bill. Instead of using it to buy troubled mortgage assets from banks, as clearly envisioned, he scrapped that idea and used it to make equity investments in banks. "In consultation with the Federal Reserve, I determined that the most timely, effective step to improve credit market conditions was to strengthen bank balance sheets quickly through direct purchases of equity in banks," he said. If Paulson bothered consulting with President Bush, he didn't mention it. In fact, he didn't even mention the president until the tail end of his speech, when he talked about the global summit Bush is hosting this weekend. I can understand why Paulson wants to distance himself from an unpopular president, especially one who has little facility for complex financial matters. But Bush is [the] president and even President-elect Barack Obama knows there can be only one president at a time. And his last name is not Paulson. In September, when Paulson asked for a $700 billion blank check from Congress to fix the financial markets, he got a lot of blowback. By the time Congress was done with his proposal, it had grown from 2 1/2 pages to more than 450. Yet it now appears that Paulson got the blank check he wanted.

Note: Why doesn't Congress have some say in what is done with this $700 billion? That's over $3,000 for every taxpayer in the U.S. which is being spent with practically no accountability. Is this what democracy looks like? For many key articles revealing the hidden realities of the bailout, click here.

Warning: King Henry's bailout like Rummy's Iraq
2008-11-10, MarketWatch (A Wall Street Journal Digital Network Website)
http://www.marketwatch.com/news/story/reagonomics-hides-sleeper-cells-harbori...

So you thought Barack Obama's victory signaled the death of Reaganomics? Wrong, wrong: Reaganomics is very much alive. In a subtle, bloodless coup, the Reaganomics ideology magically pulled victory out of the jaws of defeat in the meltdown. The magic happened fast and quietly, in the shadows, while you were in a trance, distracted by the election drama. Recently Naomi Klein, author of The Shock Doctrine: The Rise of Disaster Capitalism, framed the issue perfectly: "Has the Treasury partially nationalized the private banks, as we have been told? Or is it the other way around?" The question was rhetorical, the answer painfully clear. In a few weeks Wall Street did the old bait and switch, emerging from an economic and market disaster with new powers, in total control of America. And thanks to Treasury Secretary Henry Paulson's brilliant bailout coup, Reaganomics is now the new "sleeper cell" quietly hidden inside the Obama White House and America's Treasury, where it will be for a long time to come. Listen closely folks: You and your government are and will continue being conned out of trillions. Klein further exposed this insanity in a recent Rolling Stone article, "The New Trough: The Wall Street bailout looks a lot like Iraq, a 'free-fraud zone' where private contractors cash in on the mess they helped create." Paulson's privatization, outsourcing and management of the $700 billion bailout has the exact same Reaganomics ideological, strategic and deceptive footprints that President George W. Bush and former Defense Secretary Donald Rumsfeld used to privatize, outsource and mismanage the costly Iraq War blunder.

Note: For the powerfully revealing article by Naomi Klein mentioned in the article above, click here. Speaking on Tulsa Oklahoma’s 1170 KFAQ, Senator James Inhofe of Oklahoma (Republican) has revealed that Treasury Secretary Henry Paulson was the source of the threat of martial law in the US if the $700 billion bailout bill was not passed that was exposed on the House floor by Rep. Brad Sherman. For many key articles revealing the hidden realities of the bailout, click here.

White House defends money for banks
2008-10-30, Washington Post
http://www.washingtonpost.com/wp-dyn/content/article/2008/10/30/AR20081030022...

Under fire from Democrats and Republicans alike, the White House ... defended giving billions of bailout dollars to banks that plan to reward shareholders and executives -- or even buy other banks. Allowing banks to engage in such normal business activities actually could help loosen lending and revive the sagging economy, said Ed Lazear, chairman of the Council of Economic Advisers. He said the administration would not impose any conditions on banks beyond those required when Congress created the bailout program, which authorized the government to buy stock in financial institutions. Lazear was put before the cameras in the White House briefing room amid a rising chorus of complaints from lawmakers about the latitude that banks will have when they receive bailout money from Washington. That bailout was originally sold by the administration as a plan for the government to purchase toxic mortgage-based assets from financial institutions, to get them off their books and inspire the resumption of normal lending. After passage, though, the administration decided the better course would be to devote $250 billion into buying ownership stakes in banks. With taxpayers' money flowing into their vaults, banks are going ahead with paying dividends to shareholders, giving bonuses to top executives and acquiring competitors. Lawmakers are asking why banks with the money to do those things need taxpayer-funded help. The rescue legislation included some limits on executive compensation, considered weak by many. And while it does not allow institutions receiving the money to increase dividends, it does not prevent them from paying those dividends.

Note: For extensive coverage of continuing revelations about the Wall Street bailout, click here.

A Few Speculators Dominate Vast Market for Oil Trading
2008-08-21, Washington Post
http://www.washingtonpost.com/wp-dyn/content/article/2008/08/20/AR20080820038...

Regulators had long classified a private Swiss energy conglomerate called Vitol as a trader that primarily helped industrial firms that needed oil to run their businesses. But when the Commodity Futures Trading Commission examined Vitol's books last month, it found that the firm was in fact more of a speculator, holding oil contracts as a profit-making investment rather than a means of lining up the actual delivery of fuel. Even more surprising to the commodities markets was the massive size of Vitol's portfolio -- at one point in July, the firm held 11 percent of all the oil contracts on the regulated New York Mercantile Exchange. The discovery revealed how an individual financial player had gained enormous sway over the oil market without the knowledge of regulators. Other CFTC data showed that a significant amount of trading activity was concentrated in the hands of just a few speculators. The CFTC ... now reports that financial firms speculating for their clients or for themselves account for about 81 percent of the oil contracts on NYMEX, a far bigger share than had previously been stated by the agency. That figure may rise in coming weeks as the CFTC checks the status of other big traders. Some lawmakers have blamed these firms for the volatility of oil prices, including the tremendous run-up that peaked earlier in the summer. "It is now evident that speculators in the energy futures markets play a much larger role than previously thought, and it is now even harder to accept the agency's laughable assertion that excessive speculation has not contributed to rising energy prices," said Rep. John D. Dingell (D-Mich.).

Are Our Leading Pediatricians Drug Industry Shills?
2008-07-13, San Francisco Chronicle (San Francisco's leading newspaper)
http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2008/07/12/IN7G11L6TL.DTL

Most parents have never heard of him, but Joseph Biederman of Harvard may be the United States' most influential doctor when it comes to determining whether their children are normal or mentally ill. In 1996, for example, Biederman suggested that drugs like Ritalin might serve 10 percent of American kids for Attention Deficit Hyperactivity Disorder. By 2004, one in nine 11-year-old boys was taking the drug. Biederman and his team also are more responsible than anyone for a child bipolar epidemic sweeping America (and no other country) that has 2-year-olds on three or four psychiatric drugs. The science of children's psychiatric medications is so primitive and Biederman's influence so great that when he merely mentions a drug during a presentation, tens of thousands of children within a year or two will end up taking that drug, or combination of drugs. This happens in the absence of a drug trial of any kind - instead, the decision is based upon word of mouth among the 7,000 child psychiatrists in America. That's why [the] recent revelation that Biederman did not declare $1.6 million in drug company consulting fees is so important, scary and tragic. American medicine, with psychiatry the most culpable, has fallen back to a time more than 100 years ago. Now once again, drug company money is corrupting medical practice and the maintenance of our country's health. Virtually all doctors who receive drug company money say they are not influenced, but every independent study examining the effects of such money says they are.

Note: For lots more on health issues from reliable, verifiable sources, click here.

Iraq corruption whistleblowers face penalties
2007-08-25, MSNBC/Associated Press
http://www.msnbc.msn.com/id/20430153/

One after another, the men and women who have stepped forward to report corruption in the massive effort to rebuild Iraq have been vilified, fired and demoted. Or worse. For daring to report illegal arms sales, Navy veteran Donald Vance says he was imprisoned by the American military in a security compound outside Baghdad and subjected to harsh interrogation methods. He had thought he was doing a good and noble thing when he started telling the FBI about the guns and the land mines and the rocket-launchers — all of them being sold for cash, no receipts necessary, he said. The buyers were Iraqi insurgents, American soldiers, State Department workers, and Iraqi embassy and ministry employees. The seller, he claimed, was the Iraqi-owned company he worked for, Shield Group Security Co. “It was a Wal-Mart for guns,” he says. “It was all illegal and everyone knew it.” So Vance says he blew the whistle, supplying photos and documents and other intelligence to an FBI agent in his hometown of Chicago because he didn’t know whom to trust in Iraq. For his trouble, he says, he got 97 days in Camp Cropper, an American military prison outside Baghdad. Congress gave more than $30 billion to rebuild Iraq, and at least $8.8 billion of it has disappeared. “If you do it, you will be destroyed,” said William Weaver, professor of political science at the University of Texas-El Paso and senior advisor to the National Security Whistleblowers Coalition. “Reconstruction is so rife with corruption. Sometimes people ask me, ‘Should I do this?’ And my answer is no. If they’re married, they’ll lose their family. They will lose their jobs. They will lose everything,” Weaver said.

U.S. health care is bad for your health
2007-06-03, San Francisco Chronicle (San Francisco's leading newspaper)
http://sfgate.com/cgi-bin/article.cgi?f=/c/a/2007/06/03/EDGHQP1J6K1.DTL

[A new] study ... finds that not only is the U.S. health care system the most expensive in the world (double that of the next most costly comparator country, Canada) but comes in dead last in almost any measure of performance. Although U.S. political leaders are fond of stating that we have the best health-care system in the world, they fail to acknowledge an important caveat: It is the best only for the very rich. For the rest of the population, its deficits far outweigh its advantages. [The] study compared the United States with Australia, Canada, Germany, New Zealand and the United Kingdom. Although the most notable way in which the United States differs from the other countries is in the absence of universal coverage, the United States is also last on dimensions of access, patient safety, efficiency and equity. The other five countries considered spend considerably less on health care, both per capita and as a percent of gross domestic product, than the United States. The United States spends $7,000 per person per year on health care, almost double that of Australia, Canada and Germany, each of which achieve better results on health status indicators than the United States. The United States also lags behind all industrialized nations in terms of health coverage. 46.6 million Americans (about 15.9 percent of the population) had no health insurance coverage during 2005. It is no wonder, then, that medical bills are overwhelmingly the most common reason for personal bankruptcy in the United States.

Note: For a treasure trove of reliable information on health, click here.

Income Gap Is Widening, Data Shows
2007-03-29, New York Times
http://www.nytimes.com/2007/03/29/business/29tax.html?ex=1332820800&en=fb472e...

Income inequality grew significantly in 2005, with the top 1 percent of Americans — those with incomes that year of more than $348,000 — receiving their largest share of national income since 1928. The top 10 percent, roughly those earning more than $100,000, also reached a level of income share not seen since before the Depression. While total reported income in the United States increased almost 9 percent in 2005, the most recent year for which such data is available, average incomes for those in the bottom 90 percent dipped slightly compared with the year before, dropping $172, or 0.6 percent. The gains went largely to the top 1 percent, whose incomes rose to an average of more than $1.1 million each, an increase of more than $139,000, or about 14 percent. The new data also shows that the top 300,000 Americans collectively enjoyed almost as much income as the bottom 150 million Americans. The top group received 440 times as much as the average person in the bottom half earned, nearly doubling the gap from 1980. The disparities may be even greater. The [IRS] estimates that it is able to accurately tax 99 percent of wage income but that it captures only about 70 percent of business and investment income, most of which flows to upper-income individuals. For Americans in the middle, the share of income taken by federal taxes has been essentially unchanged across four decades. By comparison, it has fallen by half for those at the very top of the income ladder. [Incomes of] the top tenth of a percent and top one-hundredth of a percent ... soared by about a fifth in one year, largely because of the rising stock market and increased business profits.

Cars that make hybrids look like gas guzzlers
2007-03-04, San Francisco Chronicle (San Francisco's leading newspaper)
http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2007/03/04/ING44OD4AS1.DTL

Toyota Prius owners tend to be a proud lot since they drive the fuel-efficient hybrid gas-electric car that's ... one of the hottest-selling vehicles in America. A few, however, felt that good was not good enough. They've made "improvements" even though the modifications voided parts of their warranties. Why? Five words: one hundred miles per gallon. "We took the hybrid car to its logical conclusion," [Felix] Kramer says, by adding more batteries and the ability to recharge by plugging into a regular electrical socket at night. Compared with the Prius' fuel efficiency of 50 mpg, plug-in hybrids use half as much gasoline by running more on cleaner, cheaper, domestic electricity. These trendsetters monkeyed with the car ... to make a point: If they could make a plug-in hybrid, the major car companies could, too. Kramer ... and a cadre of volunteers formed the California Cars Initiative (online at calcars.org). They added inexpensive lead-acid batteries ... giving the car over 100 mpg in local driving and 50 to 80 mpg on the highway. The cost of conversion is about $5,000 for a do-it-yourselfer. Several small companies like EnergyCS ... started doing small numbers of conversions for fleets and government agencies using longer-lasting, more energy-dense lithium-ion batteries. Kramer hired EnergyCS to convert his Prius and reported on a typical day of driving. Compared with driving his Prius before the conversion, he ... spewed out two-thirds less greenhouse gases at a total cost of $1.76 for electricity and gasoline, instead of the $3.17 it would have required on gasoline alone. People want plug-in hybrids but can't get them. Dealers don't sell them yet, and the few conversion services cater to fleets.

Note: For a video and educational package to guide those who want to build a 100 mpg car, see www.eaa-phev.org. For why the car companies with their massive budgets haven't developed cars like this, click here.

Nazis rode to war on GM wheels
2007-01-07, San Francisco Chronicle (San Francisco's leading newspaper)
http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2007/01/07/INGPHNCLHH1.DTL

In the late spring of 1933, concentration camps such as Dachau were generating headlines reporting great brutality. Nonetheless, GM and Germany began a strategic business relationship. General Motors World, the company house organ, covered [a 1934] May Day event glowingly in a several-page cover story, stressing Hitler's boundless affinity for children. The next day, May 2, 1934, after practicing his sieg heil in front of a mirror, [President of GM Overseas Corp. James] Mooney ... went to meet Hitler. As Mooney traversed the long approach to Hitler's desk, he began to pump his arm in a stern-faced sieg heil. This was ... one of many contacts between the Nazis and GM officials that are spotlighted in thousands of pages of little-known and restricted Nazi-era and New Deal-era documents. The biggest automotive manufacturer in Germany -- indeed in all of Europe -- was General Motors, which since 1929 had owned and operated the longtime German company Opel. A few weeks after the [Hitler meeting], General Motors World effusively recounted ... "Hitler is a strong man, well fitted to lead the German people. He is leading them, not by force or fear, but by intelligent planning." In 1937, almost 17 percent of Opel's Blitz trucks were sold directly to the Nazi military. That military sales figure was increased to 29 percent in 1938. In 1938, just months after the Nazi annexation of Austria, Mooney, head of GM's overseas operations, received the German Eagle with Cross, the highest medal Hitler awarded to foreign commercial collaborators and supporters.

Eli Lilly Said to Play Down Risk of Top Pill
2006-12-17, New York Times
http://www.nytimes.com/2006/12/17/business/17drug.html

The drug maker Eli Lilly has engaged in a decade-long effort to play down the health risks of Zyprexa, its best-selling medication for schizophrenia, according to hundreds of internal Lilly documents and e-mail messages among top company managers. The documents ... show that Lilly executives kept important information from doctors about Zyprexa’s links to obesity and its tendency to raise blood sugar — both known risk factors for diabetes. Lilly’s own published data, which it told its sales representatives to play down in conversations with doctors, has shown that 30 percent of patients taking Zyprexa gain 22 pounds or more after a year on the drug, and some patients have reported gaining 100 pounds or more. But Lilly was concerned that Zyprexa’s sales would be hurt if the company was more forthright about the fact that the drug might cause unmanageable weight gain or diabetes, according to the documents, which cover the period 1995 to 2004. Zyprexa has become by far Lilly’s best-selling product, with sales of $4.2 billion last year, when about two million people worldwide took the drug. Critics, including the American Diabetes Association, have argued that Zyprexa, introduced in 1996, is more likely to cause diabetes than other widely used schizophrenia drugs. As early as 1999, the documents show that Lilly worried that side effects from Zyprexa, whose chemical name is olanzapine, would hurt sales. “Olanzapine-associated weight gain and possible hyperglycemia is a major threat to the long-term success of this critically important molecule,” Dr. Alan Breier wrote in a November 1999 e-mail message to two-dozen Lilly employees.

Note: For lots more on corporate corruption from reliable sources, click here.

Blowing the Whistle on Big Oil
2006-12-03, New York Times
http://www.nytimes.com/2006/12/03/business/yourmoney/03whistle.html?ex=132280...

During a 22-year career, Bobby L. Maxwell routinely won accolades and awards as one of the Interior Department’s best auditors in the nation’s oil patch. “Mr. Maxwell’s career has been characterized by exceptional performance and significant contributions,” wrote Gale A. Norton, then the secretary of the interior, in a 2003 citation. Less than two years later, the Interior Department eliminated his job. That came exactly one week after a federal judge in Denver unsealed a lawsuit in which Mr. Maxwell contended that a major oil company had spent years cheating on royalty payments. Invoking a law that rewards private citizens who expose fraud against the government, Mr. Maxwell has filed a suit [which] contends that the Interior Department ignored audits indicating that Kerr-McGee was cheating. Maxwell says his first serious doubts about the Interior Department originated in 1998, when the agency reluctantly began to investigate accusations of systematic cheating on royalties for oil. Several of the nation’s biggest oil companies eventually settled that investigation by paying nearly $440 million. Mr. Maxwell said, “There have always been people who don’t want to pursue things. But now it’s grown into a major illness.” Broader investigations by Congress and the Interior Department’s own inspector general [are investigating] whether the agency properly collects the money for oil and gas pumped from public land. The Interior Department’s inspector general told a House subcommittee in September that senior officials at the agency had repeatedly glossed over ethical lapses. “Short of crime, anything goes at the highest levels of the Department of the Interior,” declared Earl E. Devaney, the inspector general.

Note: If you want to understand how corruption can grow and fester in large government agencies, this entire article is highly educational and revealing.

Experts Concerned as Ballot Problems Persist
2006-11-26, New York Times
http://www.nytimes.com/2006/11/26/us/politics/26vote.html?ex=1322197200&en=0d...

After six years of technological research, more than $4 billion spent by Washington on new machinery and a widespread overhaul of the nation’s voting system, this month’s midterm election revealed that the country is still far from able to ensure that every vote counts. Tens of thousands of voters, scattered across more than 25 states, encountered serious problems at the polls. The difficulties led to shortages of substitute paper ballots and long lines that caused many voters to leave without casting ballots. Voting experts say it is impossible to say how many votes were not counted that should have been. In Florida alone, the discrepancies ... amount to more than 60,000 votes. In Colorado, as many as 20,000 people gave up trying to vote ... as new online systems for verifying voter registrations crashed repeatedly. In Arkansas, election officials tallied votes three times in one county, and each time the number of ballots cast changed by more than 30,000. Election experts say that with electronic voting machines, the potential consequences of misdeeds or errors are of a [great] magnitude. A single software error can affect thousands of votes, especially with machines that keep no paper record. In Ohio, thousands of voters were turned away or forced to file provisional ballots by poll workers puzzled by voter-identification rules. In Pennsylvania, the machines crashed or refused to start, producing many reports of vote-flipping [where] voters press the button for one candidate but a different candidate’s name appears on the screen. In Ohio, even a congressman, Steve Chabot, a Republican, was turned away from his polling place because the address listed on his driver’s license was different than his home address.

Drug Industry Is on Defensive as Power Shifts
2006-11-24, New York Times
http://www.nytimes.com/2006/11/24/washington/24drug.html?ex=1322024400&en=55e...

Hoping to prevent Congress from letting the government negotiate lower drug prices for millions of older Americans on Medicare, the pharmaceutical companies have been recruiting Democratic lobbyists [and] lining up allies in the Bush administration and Congress. Many drug company lobbyists concede that the House is likely to pass a bill intended to drive down drug prices, but they are determined to block such legislation in the Senate. If that strategy fails, they are counting on President Bush to veto any bill that passes. With 49 Republicans in the Senate next year, the industry is confident that it can round up the 34 votes normally needed to uphold a veto. They began developing strategy last week at a meeting of the board of the Pharmaceutical Research and Manufacturers of America. Billy Tauzin, president of that group [and] a former congressman...met with Senator Byron L. Dorgan, a North Dakota Democrat who has been trying for six years to allow drug imports from Canada. The industry vehemently opposes such legislation. The 2003 Medicare law prohibits the federal government from negotiating drug prices or establishing a list of preferred drugs. Drug makers have not set a budget for their campaign. They and their trade groups already spend some $100 million a year on lobbying in Washington. Representative Frank Pallone Jr., Democrat of New Jersey [said] “The 2003 Medicare law was essentially written by the drug industry.” Drug companies may be open to some changes in the Medicare drug benefit, but they say they cannot accept any form of price negotiation.

Note: For lots of verifiable information on the power of the drug industry to corrupt Congress, click here.

Richest Are Leaving Even the Rich Far Behind
2005-06-05, New York Times
http://www.nytimes.com/2005/06/05/national/class/HYPER-FINAL.html?ex=12756240...

It is no secret that the gap between the rich and the poor has grown, but the extent to which the richest are leaving everyone else behind is not widely known. The people at the top of America's money pyramid have so prospered in recent years that they have pulled far ahead of the rest of the population. They have even left behind people making hundreds of thousands of dollars a year. The share of the nation's income earned by those in this uppermost category has more than doubled since 1980, to 7.4 percent in 2002. The share of income earned by the rest of the top 10 percent rose far less, and the share earned by the bottom 90 percent fell. Under the Bush tax cuts, the 400 taxpayers with the highest incomes - a minimum of $87 million in 2000, the last year for which the government will release such data - now pay ... taxes amounting to virtually the same percentage of their incomes as people making $50,000 to $75,000. From 1950 to 1970 ... for every additional dollar earned by the bottom 90 percent, those in the top 0.01 percent earned an additional $162. From 1990 to 2002, for every extra dollar earned by those in the bottom 90 percent, each taxpayer at the top brought in an extra $18,000. An Internal Revenue Service study found that the only taxpayers whose share of taxes declined in 2001 and 2002 were those in the top 0.1 percent. Some of the wealthiest Americans, including Warren E. Buffett, George Soros and Ted Turner, have warned that such a concentration of wealth can turn a meritocracy into an aristocracy and ultimately stifle economic growth.

Fans of GM Electric Car Fight the Crusher
2005-03-10, Washington Post
http://www.washingtonpost.com/ac2/wp-dyn/A21991-2005Mar9

What's at stake, they say, is no less than the future of automotive technology, a practical solution for driving fast and fun with no direct pollution whatsoever. GM agrees that the car in question, called the EV1, was a rousing feat of engineering that could go from zero to 60 miles per hour in under eight seconds with no harmful emissions. The market just wasn't big enough, the company says, for a car that traveled 140 miles or less on a charge before you had to plug it in like a toaster. Some 800 drivers once leased EV1s, mostly in California. After the last lease ran out in August, GM reclaimed every one of the cars, donating a few to universities and car museums but crushing many of the rest. Enthusiasts discovered a stash of about 77 surviving EV1s behind a GM training center in Burbank and last month decided to take a stand. Mobilized through Internet sites and word of mouth, nearly 100 people pledged $24,000 each for a chance to buy the cars from GM. On Feb. 16 the group set up a street-side outpost of folding chairs that they have staffed ever since in rotating shifts, through long nights and torrential rains, trying to draw attention to their cause. GM refuses to budge. Toyota is aware of a growing fad among do-it-yourselfers who put a new battery in their Prius so it can be plugged in at home and then travel about 20 miles on electric power alone.

Note: Why would GM simply crush cars for which people are willing to pay $24,000? For a possible answer to this important question, click here. To learn how to convert a Toyota Prius to get 100 mpg, click here.

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