Critics Say Some Republican Congressmen Support “Bailout” of Union Pensions

Posted by admin / Under Crony Capitalism

Michigan Congressman Thad McCotter, R-Livonia, is one of just nine Republicans nationwide to co-sponsor legislation that seeks to bail out union pension funds and put taxpayers "on the hook for $165 billion in unfunded union pension liabilities," according to Americans for Limited Government. McCotter is also the only Michigan U.S. House member from either party to co-sponsor the bill, H.R. 3936, which was introduced by North Dakota Democrat Earl Pomeroy and has 43 total co-sponsors. One former co-sponsor, Republican Mike Pence of Indiana, removed his name from the bill in late April, and Americans for Limited Government is asking the...

Published on Friday 30th of July 2010 11:17:53 PM

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Embattled Agency in Charge of Special Tax Favors Snaps at Critics

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The state's flagship job creation agency made a plea to the media and legislators to stop "unwarranted criticism" against it and said attacks on the Michigan Economic Development Corporation will undermine the state's efforts to attract businesses. The MEDC's open letter comes after some recent embarrassing disclosures, including a tax credit approved for a convicted embezzler and a state audit that found the MEDC awarded tax credits to companies for jobs that weren't created. Last week, Michigan Capitol Confidential revealed that a $38 million MEDC tax credit program in Ann Arbor for Google had produced just 224 direct jobs during...

Published on Friday 30th of July 2010 11:17:53 PM

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Crony Capitalism at the State Capitol

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The people who own a Michigan insurance company have been effectively deprived of their power to sell their own investment under a new law hurriedly introduced and overwhelmingly approved by the Legislature this spring. Fearing that they could not stop the owner-investors of Fremont Insurance from selling it to another company, the politically well-connected board of directors has decided to keep control in their hands by changing state law. Frank Kavanaugh, a stockholder with over $3 million invested in Fremont, says this decision by his own employees is akin to "investing in protection and influence instead of the success and...

Published on Friday 30th of July 2010 11:17:53 PM

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Google Jobs Lacking, Yet Some Locals Still Consider It a 'Badge of Honor' for Ann Arbor

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In 2006, Google's announcement that it was opening an AdWords office in Ann Arbor was trumpeted as the start of the transformation of a suffering Michigan economy. The Michigan Economic Development Corp. lured the Internet giant to Ann Arbor with a 20-year tax credit valued at more than $38 million. The city of Ann Arbor also gave it up to 400 free parking spaces for four years in a city where parking spots are much in demand. Based on current costs for a spot in an Ann Arbor parking structure, the parking deal would be worth $633,600 a year to...

Published on Friday 30th of July 2010 11:17:53 PM

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Illegal: Obama Fires Inspector General Who Investigated Crony (Gerald Walpin)

Posted by admin / Under Crony Capitalism

Illegal: Obama Fires Inspector General Who Investigated CronyJune 12, 2009 BEGIN TRANSCRIPT RUSH: The inspector general of AmeriCorps has been fired. The inspector general... There are inspector generals for every federal agency, and they are not political, and they are there to investigate any malfeasance, any fraud, waste, theft, what have you. And they are not subject to -- theoretically they are not subject to -- political pressure. Firing one is a big deal. Firing an inspector general is a big deal. If you'll remember, Alberto Gonzales as attorney general fired a couple of US attorneys. He took hell for...

Published on Friday 30th of July 2010 11:17:53 PM

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The Fannie Mae Gang

Posted by admin / Under Crony Capitalism

...Fan and Fred also couldn't prosper for as long as they have without the support of the political left, both in Congress and the intellectual class. This includes Mr. Frank and Sen. Chuck Schumer (D., N.Y.) on Capitol Hill, as well as Mr. Krugman and the Washington Post's Steven Pearlstein in the press. Their claim is that the companies are essential for homeownership. Yet as studies have shown, about half of the implicit taxpayer subsidy for Fan and Fred is pocketed by shareholders and management. According to the Federal Reserve, the half that goes to homeowners adds up to a...

Published on Friday 30th of July 2010 11:17:53 PM

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Wolfowitz to Resign -- Effective June 30..

Posted by admin / Under Crony Capitalism

Just Breaking

Published on Friday 30th of July 2010 11:17:53 PM

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Bredesen hires firm to study THP (Gov gets crony to study cronyism problem)

Posted by admin / Under Crony Capitalism

Due to copy right, the contents cannot be posted but here is the jist of the story. The Tennessee Highway Patrol has been a cesspool of corruption for YEARS where promotions are routinely sold to the most favored political contributor. Recently it was revealed that at least 41 of the 850 odd TH patrolmen are FELONS yet still remain on the payroll presumably because they have political connections. Now, DemocRat carpetbagger Gov. Phil Bredesen has come up with a solution, issue a $100,000 to $200,000 no bid contract to a consulting firm that contributed $12,500 to Bredesen's re-election campaign! Here...

Published on Friday 30th of July 2010 11:17:53 PM

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Homeland security: red alert (President Bush missing in action on illegal immigration)

Posted by admin / Under Crony Capitalism

Things are going from bad to worse at the Bush Department of Homeland Security. Do not be fooled by DHS chief Michael Chertoff's tough-sounding rhetoric. While the Washington muckety-mucks pay lip service to reforming the nation's broken detention and deportation system, catch-and-release of immigration lawbreakers remains the order of the day -- not only at the border, but all across the country's interior. The rudderless and overwhelmed U.S. Immigration and Customs Enforcement agency still does not have a new chief. Which is just as well since Bush nominee Julie Myers (a nice Bush lawyer with virtually no immigration or customs...

Published on Friday 30th of July 2010 11:17:53 PM

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Beau Biden....The Biden Gift That Keeps on Giving

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Political cronyism has no place when it comes to public safety, and the Attorney General’s office is no place for on-the-job training David A. Crossan, Sr., Executive Director of the Republican State Committee of Delaware, issued the following statement concerning the choice before Gov. Ruth Ann Minner about whom to appoint to the office of Attorney General for the State of Delaware: “Given the immense impact the Attorney General’s office has on the safety of all Delawareans, Ruth Ann Minner is faced with a choice of great importance. She can dip into the vast legal talent and experience in Delaware...

Published on Friday 30th of July 2010 11:17:53 PM

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Miers Withdraws Supreme Court Nomination

Posted by admin / Under Crony Capitalism

WASHINGTON - Harriet Miers withdrew her nomination to be a Supreme Court justice Thursday in the face of stiff opposition and mounting criticism about her qualifications. Bush said he reluctantly accepted her decision to withdraw, after weeks of insisting that he did not want her to step down. He blamed her withdrawal on calls in the Senate for the release of internal White House documents that the administration has insisted were protected by executive privilege. "It is clear that senators would not be satisfied until they gained access to internal documents concerning advice provided during her tenure at the White...

Published on Friday 30th of July 2010 11:17:53 PM

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