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Archive for April 24th, 2009

Chrysler Heads for the Chop Shop

Posted in Main Blog (All Posts) on April 24th, 2009 4:42 am by HL

Chrysler Heads for the Chop Shop

The Treasury Department has cut a deal with the United Auto Workers to send Chrysler into bankruptcy while protecting retiree benefits, The New York Times reports. Fiat would be in a more favorable position to take a cut of the company once it’s in bankruptcy. Chrysler’s equity stakeholders are shaping up as the big losers in all of this.

New York Times:

The U.A.W., Chrysler and Treasury have reached agreements in principle that would protect workers’ benefits, people with knowledge of the negotiations said, and a similar agreement is expected to be reached as soon as this weekend with the Canadian Auto Workers union.

Once Chrysler emerges from bankruptcy protection, it would largely be owned by Fiat, the U.A.W., the Treasury and its lenders, these people said. A bankruptcy filing would likely wipe out existing equity stakeholders, notably Cerberus Capital Management, which took over the carmaker from Daimler in 2007.

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David Epstein: It’s the Abuse of Trust, Stupid

Posted in Main Blog (All Posts) on April 24th, 2009 4:41 am by HL

David Epstein: It’s the Abuse of Trust, Stupid
The Republicans seem to have a hard time reading the room on the torture issue, so I’ll try to make this really simple. Democratic…

Obama, Reid Oppose Torture Commission
Senate Democratic leaders, joining forces with the Obama White House, said they would resist efforts by House Speaker Nancy Pelosi and other prominent Democrats to…

Steven Rattner’s Potential Conflict Between Auto Investments, Role As Car Czar
NEW YORK — Steven Rattner, the New York banker-turned-Obama Administration car czar, has been much in the news lately. Riding high in early April thanks…

Craig Newmark: The Serve America Act, a Really Big Deal
I see everyday that Americans are eager to help out, particularly the millennial youth, maybe the new “civic generation.”

Torture Prevented Los Angeles Terrorist Attack? No.
First of all, the background: No, Karl Rove, Marc Thiessen, and Fox News are not telling the truth when they claim that U.S. torture techniques…


Political History 101: O’Reilly falsely claimed Nixon never met with Mao

Posted in Main Blog (All Posts) on April 24th, 2009 4:40 am by HL

Political History 101: O’Reilly falsely claimed Nixon never met with Mao

On the April 22 edition of Fox News’ The O’Reilly Factor, host Bill O’Reilly falsely claimed that President Richard Nixon never met with Chinese leader Mao Zedong.

While discussing President Obama’s handshake with Venezuelan President Hugo Chavez, Fox News political analyst Alan Colmes said: “What do you, ignore somebody standing right next to you? Do we — because he touched him, put his hand on his shoulder, shook his hand? Do these people have a problem with Mao and Nixon?” O’Reilly responded, “It was [Chinese Prime Minister] Zhou [Enlai] and Nixon. Mao was not involved.” Colmes then said, “Did you have a problem with looking into [Russian President Vladimir] Putin’s eyes and seeing his soul? Did you have a problem with any of the other –” O’Reilly interjected: “OK, all of those are valid points, as long as you realize it was Zhou Enlai, not Mao Zedong.” Colmes replied: “Zhou Enlai, OK.”

In fact, while Nixon indeed met with Zhou, he also met with Mao on February 21, 1972:

Nixon In China

From the April 22 edition of Fox News’ The O’Reilly Factor:

O’REILLY: Ok, so the best thing that the president did in the past weekend?

COLMES: Well, he certainly had a wonderful moment with Hugo Chavez.

O’REILLY: That was wonderful.

COLMES: And now, I know that you people often think you — when I say “you people,” I mean, you — probably think that dictator DNA got off on him, and he’s going to come back and infect the United States because, look, he touched the guy.

O’REILLY: You like this thing?

COLMES: Do I like it?

O’REILLY: No, Miller didn’t like this whole thing.

COLMES: Oh, what a shock. What a shock that Miller didn’t like that.

O’REILLY: But you — you — what did you find worthy about it?

COLMES: Well, first of all, this shows — first of all, what do you, ignore the guy? When George W. Bush was at the UN and asked, “Will you ever — will you talk to Ahmadinejad if you’re in the same room?” “No, I won’t talk to him” — like a 5-year-old.

What do you, ignore somebody standing right next to you? Do we — because he touched him, put his hand on his shoulder, shook his hand? Do these people have a problem with Mao and Nixon? And of course, you worked for Richard Nixon. I mean, Nixon goes to China, do you have a problem with —

O’REILLY: It was Zhou and Nixon. Mao was not involved.

COLMES: There was —

O’REILLY: Yeah, Zhou.

COLMES: Did you have a problem with looking into Putin’s eyes and seeing his soul? Did you have a problem with any of the other —

O’REILLY: All right, but — OK, all of those are valid points, as long as you realize it was Zhou Enlai, not Mao Zedong.

COLMES: Zhou Enlai, OK.

O’REILLY: OK. Yeah, I don’t want to confuse you — the high school thing. But —

COLMES: Talk slowly and I think I’ll be OK.


Seventy-Five Ex-AGs To Holder: Review Siegelman Case

Posted in Main Blog (All Posts) on April 24th, 2009 4:39 am by HL

Seventy-Five Ex-AGs To Holder: Review Siegelman Case
Former Alabama governor Don Siegelman is stepping up his campaign to persuade Attorney General Eric Holder to take another look at his case. Seventy-five former state attorneys general, including ten Republicans, have sent a letter to Holder saying that Siegelman’s…





Condi Aide: Bushies Told Me Anti-Torture Memo Was “Inconvenient”
As we noted, Philip Zelikow, a former top lawyer to Condi Rice at the State Department, yesterday wrote that the White House tried to destroy all copies of a memo he authored, which took issue with the legal opinions laid…

Did Harman Break The Law?
We’ve been wondering about something on this whole Jane-Harman/AIPAC story. (For the background, go here.) When the Justice Department heard Harman on the wiretap, and as a result started to investigate her (a probe later reportedly shut down by Alberto…






Pirates of the Potomac

Posted in Main Blog (All Posts) on April 24th, 2009 4:36 am by HL

Pirates of the Potomac


Judge Rejects Last Ditch Attempt by Shell to Stop Human Rights Trial

Posted in Main Blog (All Posts) on April 24th, 2009 4:35 am by HL

Judge Rejects Last Ditch Attempt by Shell to Stop Human Rights Trial
New York, April 23, 2009— This afternoon, Judge Kimba Wood of the U.S. District Court for the Southern District of New York rejected Royal Dutch Shell’s motion to dismiss a human rights case charging the company and the head of its Nigerian operation, Brian Anderson, with complicity in the torture and killing of peaceful Nigerian protesters more than 10 years ago.

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Thousands of Pages of Evidence and a Quarter of a Million Signatures: What Will It Take For Attorney General to Prosecute Torture Crimes?

Posted in Main Blog (All Posts) on April 24th, 2009 4:34 am by HL

Thousands of Pages of Evidence and a Quarter of a Million Signatures: What Will It Take For Attorney General to Prosecute Torture Crimes?
Amid new revelations and citizen outrage the AG spoke before House members, but won’t reveal whether he intends to prosecute.

Reefer Madness: 5 Broadway Shows That "Light Up" the Stage
We’ve weeded out the 5 best Broadway shows fueled by ganja. Yes, the list includes "Hair."

Testicular Politics: Obama Is Getting Punked By the Big Dogs of Banking, Does He Have the Balls to Do What’s Right?
What we are witnessing is a high-stakes melodrama of glandular politics. Will Obama roll over or fight back?


More on religion and income

Posted in Main Blog (All Posts) on April 24th, 2009 4:33 am by HL

More on religion and income
I appreciate Nolan’s discussion of religion and income and his reference to the work of Huber and Stanig, upon which we leaned heavily in chapter 7 of our book. I have little to add beyond Nolan’s discussion of what might…





The Great Credit Card Battle To Come
The next front in the banking wars will be over credit cards. Some of the nation’s biggest bankers — including representatives of Citigroup, JP Morgan Chase, and other recipients of billions of taxpayer dollars — are meeting today with…


Republicans angry that Steele won?t call Obama a ‘socialist.?

Posted in Main Blog (All Posts) on April 24th, 2009 4:32 am by HL

Republicans angry that Steele won?t call Obama a ‘socialist.?
State Republican party leaders are incensed that RNC chairman Michael Steele isn’t labeling President Obama a “socialist.” “We don’t see this president so much as a socialist as we see him as a collectivist,” Steele said earlier this week. At least 16 state leaders are now backing a resolution that would pressure Steele to […]

ap090130025035.jpg State Republican party leaders are incensed that RNC chairman Michael Steele isn’t labeling President Obama a “socialist.” “We don’t see this president so much as a socialist as we see him as a collectivist,” Steele said earlier this week. At least 16 state leaders are now backing a resolution that would pressure Steele to adopt their partisan rhetoric by calling on the Democratic party to rename itself the “Democrat Socialist Party”:

RESOLVED, that we the members of the Republican National Committee call on the Democratic Party to be truthful and honest with the American people by acknowledging that they have evolved from a party of tax and spend to a party of tax and nationalize and, therefore, should agree to rename themselves the Democrat Socialist Party.

The Washington Times writes, “It is the first time in memory that a sitting national leader of the Republican Party has faced a public challenge over his ideological leadership by conservative members of his own national committee.” Both Oliver Willis and Steve Benen see the resolution as “evidence of broader trouble for Steele.”

Update Media Matters Action Network has more on the expansion of government under Bush.


U.S. Forced Bank Board To Carry Out Merrill Deal

Posted in Main Blog (All Posts) on April 24th, 2009 4:31 am by HL

U.S. Forced Bank Board To Carry Out Merrill Deal
NEW YORK, April 23 — Federal Reserve Chairman Ben S. Bernanke and former Treasury secretary Henry M. Paulson Jr. threatened to remove the management and board of Bank of America if it backed out of its deal to acquire ailing investment house Merrill Lynch late last year, according to documents r…

In Obama’s Inner Circle, Debate Over Memos’ Release Was Intense
As President Obama met with top advisers on the evening of April 15, he faced one of the sharpest policy divides of his young administration.

Transportation Secretary Is the Stimulus Package’s Biggest Republican Fan
Transportation Secretary Ray LaHood, a Republican former congressman from Illinois, has become President Obama’s go-to guy when it comes to dealing with the opposition on Capitol Hill. But LaHood is the first to admit that winning Republicans over to the president’s side is a hard slog.

Obama Rejects Truth Panel
President Obama rebuffed calls for a commission to investigate alleged abuses under the Bush administration in fighting terrorism, telling congressional leaders at a White House meeting yesterday that he wants to look forward instead of litigating the past.

Credit Card Reforms Pressed by Obama
President Obama met with executives from 13 of the nation’s largest credit card issuers at the White House yesterday and pressed them to curb excessive fees and provide consumers with more straightforward contracts.