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Monthly Archives: August 2012

Some excerpts from Chris Christe’s powerful speech:

Let me be clear with the American people tonight.  Here is what we believe as Republicans and what they believe as Democrats.  We believe in telling hardworking families the truth about our country’s fiscal realities, telling them what they already know, the math of federal spending does not add up.

With $5 trillion in debt added over the last four years, we have no other option but to make the hard choices, cut federal spending and fundamentally reduce the size of this government.

Want to know what [the Democrats] believe?  They believe that the American people want to hear the truth about the extent of our fiscal difficulties.  They believe the American people need to be coddled by big government.  They believe the American people are content to live the lie with them.  They are wrong.

We believe in telling our seniors the truth about our overburdened entitlements.  We know seniors not only want these programs to survive, but they just as badly want them secured for their grandchildren. Our seniors are not children….

Now, we believe that the majority of teachers in America know our system must be reformed, to put students first so that America can compete, that teachers don’t teach to become rich or famous.  They teach because they love children.  We believe — we believe we should honor and reward the good ones, while doing what’s best for our nation’s future, demanding accountability, demanding higher standards, and demanding the best teacher in every classroom in America.

Get ready.  Here is what [the Democrats] believe.  They believe the educational savages will only put themselves ahead of children, that self- interest will always trump common sense, they believe in pitting unions against teachers, educators against parents, lobbyists against children.  [The Democrats] believe in teachers’ unions .  We believe in teachers….

Make no mistake about it, everybody.  The problems are too big to let the American people lose.  The slowest economic recovery in decades, a spiraling out of control deficit, and an education system that is failing to compete in the world.  It doesn’t matter how we got here.  There’s enough blame to go around.  What matters is what we do now.

See, I know.  I know we can fix our problems.  When there are people in the room who care more about doing the job they were elected to do than  they worry about winning reelection, it is possible to work together, achieve principal compromise, and get results for the people who give us these jobs in the first place.

The people have no patience for any other way anymore.  It is simple.  We need politicians to care more about doing something and less about being something….

We have to tell each other the truth, right?  Listen, there is doubt and fear for our future in every corner of our country.  I have traveled all over the country, and I have seen this myself.  These feelings are real.  This moment is real,and it is a moment like this where some skeptics wonder if America’s greatness is over.  They wonder how those who have come before the before us had in the spirit and tenacity to lead America to a new era of greatness in the face of challenge, not to look around and say “Not me”, but to look around and say “Yes, me.”

Now, I have an answer tonight for the skeptics and the naysayers, the dividers and the defenders of the status quo.  I have faith in us.  I know.

I know we can be the men and women our country calls on us to be tonight.  I believe in America and her history, and there’s only one thing missing now.  Leadership.  It takes leadership that you don’t get from reading a poll.  You see, Mr. President, real leaders do not follow polls.  Real leaders change polls.

BY PAULA SCHWARTZ

(NEWJERSEYNEWSROOM.COM)

“2016: Obama’s America,” an anti-Obama doc, is a surprise hit at the box office this weekend. The documentary – which makes no pretense at objectivity – digs into what the filmmakers perceive as the President’s suspicious past and takes a scary look into what they think the future holds if he is re-elected. The film racked in an astonishing $6.3 million at the box office this weekend, which is bad news for the Democrats.

Where it is making the big bucks and getting the big crowds are in the Red States, of course, playing to an anti-Obama crowd, where it has made this astonishing box office take, placing it 8th in box office takeaccording to Box Office Mojo.

At number one at the box office is “The Expendables 2” earning 13.5 million this weekend. (The total gross for the film is 52.3 million.) To get some perspective, “Expendables” cost 100 million to make. The budget for “Obama’s America” is unlisted but we’re betting from the film’s production values it was a pittance. And number two is “The Bourne Legacy,” with 9.3 million for the weekend, with 85.5 million gross since it opened.

As the election becomes more and more heated and Americans grow more polarized over the election and the presidency of Barack Obama, the movie could sway opinions. The film is based on Dinesh D’Souza’s book, “The Roots of Obama’s Rage.” Mr. D’Souza directed the film with John Sullivan, who also wrote the screenplay and also serves as narrator. In the controversial film, they raise suspicions about the president’s past, including dredging up Obama’s previous relationships with Rev. Jeremiah Wright, activist Bill Ayers and Edward Said, a Palestinian scholar and supporter, who is deceased since 2003, and was once a professor of Obama’s at Columbia.

This is old stuff that was brought up in the last election but may be new to some Red State voters who are more sympathetic to the message. The filmmakers also pose scary possibilities of what President Obama’s reelection could mean to the country. One of the ominous warnings is what could happen as a result of what they say is the President’s inaction against stopping Iran’s nuclear capabilities.

The unexpectedly big box office numbers for “2016” is no doubt spurred by the upcoming Republican Convention, which will begin Tuesday in Tampa, Fla.

What do people think about this verdict?  Please weigh in!

From WSJ.com:

“Lance Armstrong was stripped of his record seven Tour de France titles late Thursday after he refused to fight allegations that he used performance-enhancing drugs.

Thursday, Mr. Armstrong notified the U.S. Anti-Doping Agency that he wouldn’t fight the charges the agency brought against him in June, a move that, according to USADA, immediately strips him of all of his athletic titles going back to Aug. 1, 1998, roughly a year before his first Tour de France victory. USADA said Mr. Armstrong is also banned immediately from competing in Olympic and other elite-level sports for the rest of his life.”

This is just too good to be true.  Another hedge fund d-bag caught up in his own ridiculous deceptions.   Orange jumpsuit please!

“In the latest victory for federal prosecutors cracking down on insider trading, a jury convicted a California hedge-fund manager who testified in his own defense and said his trades were based on legitimate research.

Doug Whitman, of Whitman Capital in Menlo Park, Calif., told jurors that he didn’t trade on confidential tips and refrained from trading when he thought he might have received inside information.

But he wasn’t able to overcome a series of secretly recorded telephone calls during which he is heard discussing “moles” and having a conversation about sending presents to the sources.

Read full article by Chad Bray at the WSJ.com

Check out the Peregrine chief d-dag.  31 charges of lying to government regulators and potentially 155 years in prison!  Hey, oh!

“The chief executive of Peregrine Financial Group was indicted last Monday on 31 charges of lying to government regulators regarding the failed brokerage’s operations.

Russell Wasendorf Sr. faces a maximum sentence of 155 years’ imprisonment on the charges and fines of about $7.75 million, according to a statement from the U.S. Attorney’s Office for the Northern District of Iowa.”

See full article by Jacob Bunge at WSJ.com

By Nanette Byrnes

Aug 16 (Reuters) – Citigroup, Abbott Laboratories, and AT&T are among the 26 companies that paid more to their CEOs in 2011 than they did in U.S. federal taxes, according to a study released on Thursday.

Tax breaks on research and development, past losses, and foreign-held earnings were among those lightening the tax load for many companies on the list, said the Institute for Policy Studies, a left-leaning think tank in Washington, D.C.

Citi, Abbott and AT&T all took issue with the institute’s methodology. All three said they paid all taxes owed in 2011.

During a presidential election cycle in which wealth and taxes are often debated, the study’s authors said the U.S. tax code has become an enabler of large CEO pay, while also offering companies ways to reduce their tax bills.

Four pay-related tax breaks combined to cost taxpayers $14 billion in uncollected federal taxes, the report said.

The four included breaks dealing with performance-based chief executive pay and stock options, as well as the preferential 15 percent tax rate on carried interest enjoyed by private equity partners and other financiers, it said.

Compensation for the 26 CEOs whose pay surpassed their companies’ corporate tax bills averaged $20.4 million, according to the study. That average was up 23 percent over last year.

The average was also significantly higher than pay tracked by separate studies of broader groups. For instance, $10.3 million was the average 2011 direct compensation for 300 large-company CEOs tracked by pay consultants Hay Group.

To get its list, the institute compared CEO pay to current U.S. taxes paid, excluding foreign and state and local taxes that may also have been paid, as well as deferred taxes that can often be far larger than current taxes paid.

The group’s rationale was that U.S. taxes paid are the closest approximation available in public documents to what companies may have actually written in their checks for last year to the U.S. Internal Revenue Service.

Among companies topping the institute’s list:

* Citigroup, the financial services giant, with a tax refund of $144 million based on prior losses, paid CEO Vikram Pandit $14.9 million in 2011, despite an advisory vote against it by 55 percent of shareholders.

* Telecoms group AT&T paid CEO Randall Stephenson $18.7 million, but was entitled to a $420 million tax refund thanks to billions in tax savings from recent rules accelerating depreciation of assets.

* Drugmaker Abbott Laboratories paid CEO Miles White $19 million, while garnering a $586 million refund. Abbott has 64 subsidiaries in 16 countries considered by authorities to be tax havens, the institute said.

ABBOTT TAKES ISSUE

“This is a blatant misrepresentation of the facts,” Abbott spokesman Scott Stoffel said.

He said Abbott did not get a rebate, but paid the U.S. government $700 million in federal income taxes in 2011, and that the report’s numbers reflect a non-cash accounting adjustment caused by the resolution of various tax matters.

A Citigroup spokeswoman said that, while the company did not pay federal income tax in 2011, that was due to substantial losses it recorded in 2008 and 2009, a break available to all businesses in similar straits.

She also noted that Citi paid on average $3.7 billion a year in federal income taxes from 2000 to 2006, and paid other taxes last year, including more than $3 billion in payroll taxes, and that Pandit voluntarily took a salary of just $1 in 2010.

AT&T said in a statement its CEO’s pay was closely tied to performance and was fair, and that the accelerated deductions that lowered its federal taxes stemmed in part from $20 billion spent in support of the U.S. economy and jobs. The company reported paying $3.8 billion in other taxes last year, and hundreds of millions in federal income taxes in 2010.

All the tax breaks identified in the study are legal and shareholders generally expect companies to take advantage of any reasonable tax breaks they can, said David Wise, a senior principal with Hay Group.

If the tax code changed to eliminate pay-related deductions, like the stock option deduction, he said, “individual companies could navigate that fairly easily. But collectively, those dollars would add up and increase the tax base.”

This is really unbelievable and completely unacceptable.  We should be appalled by our government’s non-response.  Do not be fooled my friends, Goldman Sucks is not being prosecuted because the bank still has plenty of cronies strategically placed in Washington DC.  So sad, the Goldman douche-bag machine is freely allowed to spread it’s BS and act criminally without consequence.

Seriously, the Justice department won’t bring charges against Goldman OR any of it’s employees!!!  Are you freakin’ kidding me?

From WSJ.com

“After a yearlong investigation, the Justice Department said Thursday that it won’t bring charges against Goldman Sachs Group Inc. or any of its employees for financial fraud related to the mortgage crisis.

In a statement, the Justice Department said “the burden of proof” couldn’t be met to prosecute Goldman criminally based on claims made in an extensive report prepared by a U.S. Senate panel that investigated the financial crisis.”