Posts tagged ‘Cronyism’

December 11, 2012

Unabashed Fascist Jeffery Immelt CEO of GE says China’s ‘state-run communism’ works.

The chairman of President Barack Obama’s job council has endorsed China’s style of crony capitalism, saying “state-run communism may not be your cup of tea, but their government works.”

Jeff Immelt is the dual-hatted chairman of the President’s Council on Jobs and Competitiveness, and of General Electric, a huge company with businesses in many domestic and international sectors, including China.

He used a Dec. 10 television interview to suggest that China’s type of state-run capitalism has been great for business while lamenting the state of the American economy.

“As an American business guy, you say Europe probably has zero percent growth for a long time, Japan has had zero percent growth for probably 20 years [and] the U.S., you’re sitting at 1 and a half, 1.7, maybe 2.0 percent GDP growth,” he told host Charlie Rose.

“If you’re not willing to get off your butt and go to every corner of the world, you’re going to get fired, so we’ve got to sell all over the place,” he told Rose.

China’s government consists of a communist-style elected dictatorship that overlaps with Chinese-style family networks and nepotism, regional power centers and many influential graduate-school bureaucrats who oversee the nation’s five-year economic development plans.

China’s government is now spending huge amounts of money to build up the country’s infrastructure. The spending is buying coal-fired and nuclear power plants, electricity transmission lines, and railroads — all of which G.E. builds for export.

Chinese politicians and bureaucrats choose which companies — such as G.E. — get contracts. The plans ”typically makes sense in the Chinese context … they’re driving environment, they’re driving company reform, they’re driving consumer reform,” he told Rose.

“They get things done,” Rose responded.

In the United States, Obama’s management of the economy has included pushing to enormously increase spending on welfare and Obamacare, while also aiding Democratic constituencies including immigrants and unmarried people.

But Obama has also spent tens of billions of taxpayers’ dollars on green-tech energy programs, and his environmental regulations have also forced companies to buy new generations of energy products manufactured by General Electric and other companies. Those regulations can stop or spur sale of GE’s products, such as banking, medical equipment, locomotives and aircraft engines.

Over the next few years, the U.S. economy will be aided by the natural gas energy sector, the housing sector and exports, Immelt told Rose.

But he also criticized the state of the American economy, saying “we’re going to need more to get unemployment to the level where society believes it should be.”

He didn’t say what extra is needed, but added that “we will sell more [energy producing gas-turbines] in Algeria than the United States,” over the next three years, he said.

via Immelt: China’s ‘state-run communism’ works | The Daily Caller.

December 5, 2012

Every Click on a YouTube Video Obama gets a Dime.

Obama & Google's Unholy Alliance.

Cronyism at its finest.

Editors Note: The below article is why I built PopModal Videos. It is the Conservative/Libertarian Alternative to YouTube. It is time to start paying attention to your actions and their consequences. Hypocrisy is unbecoming.

Already a winner on the business front for his support and guidance to President Obama and his reelection campaign, there is growing speculation that Google Chairman Eric Schmidt is in line for an even bigger payoff: secretary of either Treasury or Commerce or a new “secretary of business” slot.

Cabinet shakeup watchers have focused on Schmidt and his Yoda status in the Obama reelection campaign, Google’s massive $1.9 million to Democrats in the election, and the administration’s efforts to quiet a potential Federal Trade Commission investigation of Google as key signs that the president wants Schmidt in the cabinet.

“Nobody’s better positioned for a Cabinet job, if he wants one,” said a Democratic strategist.

Since Obama ran for national office, Google has been there with money and advice. Way back in 2007, Obama visited Google HQ and said, “What we shared is a belief in changing the world from the bottom up, not from the top down.”

Ever since, it’s been a match made in heaven.

Schmidt stood with Obama during his first 2008 post-election press conference.

When Obama started to push for a new round of stimulus spending in 2011, Schmidt was a cheerleader. Google’s political action committee delivered $1.6 million to Democrats in 2008 and over $700,000 to Obama in the last election.

At a recent Politico breakfast, Obama Campaign Manager Jim Messina mentioned only Schmidt as his go-to guy. Schmidt was at Obama campaign headquarters on Election Day when Obama visited.

It’s potentially good for Google too: As the FTC looks to probe Google, Obama nominated for a Republican vacancy a GOP professor with a record of fighting anti-trust enforcement and whose work was backed by groups supported by Google. On Monday, the nominee, Joshua Wright, said he would recuse himself from Google cases.

Now as speculation grows of Schmidt taking a cabinet post, critics are drawing attention to the closeness of the administration-Google relationship. “Support in 2008, plus support in 2012, plus personal counsel by Schmidt to Messina in 2012, may now equal a plum cabinet post,” said one.

via Treasury Secretary Google? | WashingtonExaminer.com.

August 28, 2012

Socialism Kills, Venezuela Edition

Hugo Chavez – Dictator
Destructive Greed

On Saturday, 39 were killed and more were injured in an explosion at Venezuela’s Paraguaná Refinery, one of the largest in the world. This is only the latest in a string of accidents that the state owned oil company, Pétroleos de Venezuela (PDVSA), has racked up in past years. The New York Times reports that—once again—faulty state supervision of the facilities is to blame:

José Bodas, an oil union leader, said that the company had failed to invest in maintenance. “This has as a consequence the increase in accidents and tragic deaths like what we are seeing today,” he said in a telephone call to Globovision, a television channel associated with the political opposition to President Chávez.

It is clear that the Chávez regime has been squeezing every last penny out of the oil sector, but despite the “Bolivarian” socialist rhetoric promising equal distribution of this wealth, the money hasn’t just been used for social programs, but also to fund Venezuela’s expensive foreign policy, as well as its efforts to cover up the results of poor policy, rampant cronyism, and the general mismanagement of the public sector. When things go wrong, Venezuelan citizens are the ones who pay the price for the state’s poor choices.

Three things seem likely at this juncture: first, no one will be able to trust whatever “investigation” the Chavez government undertakes. It will be an obvious whitewash. Second, conditions for oil workers are unlikely to improve. Third, the usual crew of Chavez defenders in the United States, desperate after all these decades of misery and failure to point to some place some where, where authoritarian socialism isn’t a dreary charnel house and economic failure zone, will struggle to convince themselves that things are just fine in Bolivarian Venezuela.

via Socialism Kills, Venezuela Edition | Via Meadia.

January 13, 2012

Obama does it again… 11 green energy failures costing Billions of your money.

Every time a green energy company fails the value of your savings account goes down. At one point there will be a overnight collapse causing the banks to ‘go on a holiday.’ In other words everything that you have in a bank including your safety deposit boxes will be gone and Obama will have succeeded in his ultimate goal the ‘fundamental transformation of America’ from the ground up and with him at the helm.

Vodpod videos no longer available.

December 8, 2011

Obama Crony Jon Corzine: The most corrupt man in the world.

Vodpod videos no longer available.

Unbelievable. This Obama crony is not getting the media coverage that one would expect from the most corrupt man in America. Why? Because, I believe, he stole the money, gave Obama a lage percentage for his campaign in exchange for the Eric Holder of the DOJ to look the other way.

November 11, 2011

Obama Crony Corzine’s Trustee Fires 1,000 Workers at MF Globals Broker Dealer – The Destruction of the Nation

Just two weeks after MF Global filed for Chapter 11 bankruptcy, the trustee overseeing the failed futures brokerage disclosed plans on Friday to fire all of its broker dealer employees as it liquidates the business.MF Global filed for the eighth-largest bankruptcy in U.S. history on October 31 after suffering a run on the bank caused by massive bets totaling $6.4 billion on risky euro-zone sovereign bonds. Led by former Goldman Sachs GS: 101.65, +2.15, +2.16% CEO Jon Corzine, MF Global has been criticized for being overleveraged and making undiversified bets.

A last-minute sale that would presumably have saved many of MF Global’s jobs was scuttled by the emergence of more than $600 million in missing client funds. Federal regulators have since opened an investigation into the missing funds and Corzine, the former governor of New Jersey, resigned and retained legal counsel.

The trustee said about 17,000 customer account positions and approximately $1.5 billion in customer funds have been transferred to other future commodities merchants so far. It also said it has retained Ernst & Young forensic accounts.

via Trustee Fires 1,000 Workers at MF Globals Broker Dealer | Fox Business.

October 17, 2011

The Weekend Interview with Mortimer Zuckerman: The Exasperation of the Democratic Billionaire

Real-estate and newspaper mogul Mortimer Zuckerman voted for Obama but began seeing trouble as soon as the stimulus went into the pockets of municipal unions.

By JAMES FREEMAN

New York

‘It’s as if he doesn’t like people,” says real-estate mogul and New York Daily News owner Mortimer Zuckerman of the president of the United States. Barack Obama doesn’t seem to care for individuals, elaborates Mr. Zuckerman, though the president enjoys addressing millions of them on television.

via The Weekend Interview with Mortimer Zuckerman: The Exasperation of the Democratic Billionaire – WSJ.com.

October 11, 2011

Obama Jobs Council Stacked With Democratic Donors

The group of private-sector business leaders advising President Obama on how to create jobs and grow the economy is full of deep-pocket Democratic donors and high-profile financiers of Obama’s re-election campaign, a review of Federal Election Commission data shows.

At least 10 members of the Obama-appointed Council on Jobs and Competitiveness gave the legal maximum contribution — $4,600 — to help get Obama elected in 2008, and they continue to write checks for the president in 2012.  Several also serve as Obama campaign bundlers, top fundraisers who collect millions of dollars from their networks of well-to-do colleagues and friends to aid his re-election bid.

The bundlers — Mark Gallogy, co-founder of investment firm Centerbridge Partners, Penny Prtizker, president and CEO of Pritzker Realty Group, and Robert Wolf, chairman of UBS Americas — have raised as much as $2.7 million for Obama in 2008 and 2012 combined, according to estimates provided by the Obama campaign.

Pritzker served as the Obama presidential campaign’s national finance chairwoman in 2008 and co-chair of the Obama inaugural committee in 2009.  Wolf is an occasional Obama golf partner and most recently played golf with the president during his vacation on Martha’s Vineyard.

Other members of the council who have personally padded Obama’s election coffers include Xerox Corporation CEO Ursula Burns, TIAA-CREF CEO Roger Ferguson, MIT/Harvard Broad Institute director Eric Lander, Citigroup chairman Richard Parsons, Hooven-Dayton Corp. CEO Christopher Che, UC Berkeley professor Laura D’Andrea Tyson, attorney and Amazon.com/Google board member John Doerr, and Facebook COO Sheryl Sandberg.

Sandberg hosted an exclusive, star-studded fundraiser for the Obama Victory Fund at her Palo Alto, Calif., home  Sept. 25 that netted at least $2.5 million for the 2012 campaign. The money is split between the Obama Campaign and the Democratic National Committee.

The companies and organizations represented on the council have also been prolific donors to Democrats and Obama through their political action committees, or PACs.

UC Berkeley employees contributed $1.6 million combined to Obama in 2008, more than from any other organization, according to data compiled by the Center for Responsive Politics.  UBS, Citigroup and GE, whose chairman and CEO Jeffrey Immelt leads Obama’s jobs council, were the source of more than $1.7 million combined.

Comcast Corp., headed by CEO Brian Roberts who sits on the council, is the top corporate source of campaign cash for Obama’s 2012 bid.

Two high-profile unions — the United Food and Commercial Workers Union and AFL-CIO — also played a key role in helping to elect Democrats and Obama in 2008, spending more than $900,000 on political communications and advertisements, according to CRP.  The leaders of both groups, Joseph Hansen and Richard Trumka, also sit on Obama’s council.

via Obama Jobs Council Stacked With Democratic Donors – ABC News.

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