Posts Tagged ‘lawmakers’

Corporate Rotten Eggs

Robert Reich suggests creating a "national database of corporate crimes and settlements" to help regulators keep track of corporations that have a history of disregarding safety concerns.  As long as the fines for individual violations is less than the profits realized in the course of business, there is no incentive for these corporations to clean up their act.  To do that, the penalties need to be exceed the rewards and inflict some real pain on the corporation, owners, managers and shareholders. This is particularly important with serial offenders because the culture of the company does not change as a result of minor fines, just as the sociopathic nature of hard core criminals does not get cured by a three month stay in prision. – Ilene 

Corporate Rotten Eggs

PICTURED IS A CRACKED, UNCOOKED EGG, SHOWING THE YOLK AND THE WHITE, OR ALBUMEN, OF THE HEN'S EGG. CRACKED UNCOOKED EGG SHOWING YOLK AND WHITE

Courtesy of Robert Reich 

There are rotten apples in every industry. Or perhaps I should say rotten eggs.

One especially rotten egg is Jack DeCoster, whose commercial egg agribusiness, which goes under the homey title “Wright County Egg,” headquartered in Galt, Iowa, sends eggs all over the country under many different brands. Those eggs have now laid low thousands of Americans with salmonella poisoning, and may well infect thousands more.

DeCoster is recalling 380 million eggs sold since mid-May. Another commercial egg company, also headquartered in Iowa, and in which DeCoster is a major investor, is recalling hundreds millions more.

It’s not clear how rotten eggs are recalled. They’re not like Toyotas. They’re already in our food supply. 

But this is only the beginning of the story.  

Thirteen years ago when I was Secretary of Labor, DeCoster agreed to pay a $2 million penalty (the most we could throw at him) for some of the most heinous workplace violations I’d seen. His workers had been forced to live in trailers infested with rats and handle manure and dead chickens with their bare hands. It was an agricultural sweatshop.

Several people in Maine told me the fine wouldn’t stop DeCoster. He’d just consider it a cost of doing business. Evidently they were right. DeCoster’s commercial egg business has a record that would make a repeat offender blush.

In 2003, DeCoster pleaded guilty to knowingly hiring undocumented immigrants (who don’t complain about unsafe working conditions, below-minimum-wage pay, and unsanitary facilities). DeCoster paid a record $2.1 million penalty for that one.

In the 1990s he was charged by…
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Governor Paterson: “New York Runs Like a Payday Loan Operation”

Governor Paterson: "New York Runs Like a Payday Loan Operation"

Courtesy of Mish 

david patersonI rarely applaud politicians but I will gladly give New York governor Patterson a standing ovation for his state of the state address on Wednesday.

Please consider Paterson Speech Chastises Lawmakers

In a strikingly blunt State of the State address, Gov. David A. Paterson chastised the lawmakers seated before him on Wednesday, saying they had spent the state into near-ruin and stood by as a plague of political corruption destroyed New Yorkers’ trust in their government.

“You have left me and other governors no choice,” Mr. Paterson, the former State Senate minority leader, said. “Whether it be by vetoes or delayed spending, I will not write bad checks, and we will not mortgage our children’s future.”

The public scolding drew a cold response from lawmakers. Some sat stony-faced during the speech, while others fidgeted with BlackBerrys.

The governor entered the packed chamber with nary a handshake for the hundreds of lawmakers and other officials who had assembled to hear him speak, and did not crack a single smile during his 30-minute address.

Lawmakers, Mr. Paterson charged, had too often bowed to the wishes of powerful special interests, feeding an “addiction to spending, power and approval” and plunging the state into economic catastrophe.

“No longer are we going to run New York like a payday loan operation,” the governor vowed.

Referring to industry and labor lobbyists in the chamber, he declared, “The moneyed interests — many are here today as guests — have got to understand that their days of influence in this town are numbered.”

Recognition Time

I am glad to see one governor stand up and unequivocally state there is an enormous problem regarding corruption and wasteful spending.

Typically the only time you hear speeches like that is before someone is elected. After election it is business as usual. President Obama is the classic example of "Yes we can" turned into "business as usual".

State by state, business as usual is going to stop. Everything needs to be on the table especially union salaries and defined public benefit pension plans.

Others will follow Paterson, not because they will be willing participants, but because the market will force their hand.

Mike "Mish" Shedlock

 


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FASB Grows A Pair? Watch Those Stocks!

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FASB Grows A Pair? Watch Those Stocks!

FASB, "Napoleon's exile to Elba3"Courtesy of Karl Denninger at The Market Ticker


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Phil's Favorites

The Great Distancing

 

The Great Distancing

Courtesy of Scott Galloway at No Mercy/No Malice@profgalloway 

America’s involvement in WWII lasted 3 years and 9 months, and 405,399 Americans perished (...



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ValueWalk

IRS to correct missing/wrong coronavirus stimulus checks errors

By Aman Jain. Originally published at ValueWalk.

There were several issues with the first round of stimulus checks. Many, who were eligible didn’t get the stimulus checks, while some got less than what they were eligible for. The IRS, previously, said it wouldn’t adjust such coronavirus stimulus checks errors until next year. Now we know that the agency could address some missing and wrong coronavirus stimulus checks this year.

Q2 2020 hedge fund letters, conferences and more

IRS to adjust missing/wrong coronavirus stimulus checks

Initially, the IRS noted that Americans who got stimulus checks of...



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Zero Hedge

Futures Slide After Trump Opens A "Most Unwelcome Can Of Worms" With TikTok, WeChat Executive Order

Courtesy of ZeroHedge View original post here.

World stocks ended a four day rally overnight that pushed the MSCI World index to green for the year, after U.S. President Trump cranked up simmering tensions with China after late on Thursday has signed orders to ban Americans from transactions involving China’s ByteDance (TikTok’s parent) and WeChat (owned by Tencent), taking effect in 45 days. Furthermore, Trump’s Working Group on Financial Markets recommended that Chinese companies currently listed on US exchanges should be delisted if they do not become compliant w...



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The Technical Traders

Everything You Need to Know About Silver... and More

Courtesy of Technical Traders

Listen to Chris talk with Jim about Silver on Silver Radio. Chris and Jim explore the effect on Silver prices if a Black Swan event occurs, potential bullion shortage. They also talk about silver shorts and the ‘natural’ price of silver but-for market manipulation. We still think Silver will be the Super Hero of metals! Listen up as all of your questions about silver are answered here.

...

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Kimble Charting Solutions

Silver Headed Back To $50, Top Of The Cup & Handle Pattern?

Courtesy of Chris Kimble

Could Silver be creating a multi-decade bullish “Cup & Handle” pattern? Possible!

Did a retest of a handle breakout take place in March at (1), where Silver created one of the largest bullish reversals in decades? Possible!

Could Silver be creating a 40-year bullish pattern? Anything is possible! I humbly have to say share this; I’ve been in the business for 40-years and I haven’t seen anything like this.

Silver looks to have double topped back in 2011 at $50, which was the 1980 highs. After double topping, Silver ...



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Biotech/COVID-19

What the huge COVID-19 testing undercount in the US means

 

What the huge COVID-19 testing undercount in the US means

Health care workers use a nasal swab to test a person for COVID-19 in Pembroke Park, Florida. Joe Raedle / Getty Images News

Courtesy of Melissa Hawkins, American University

Researchers from the Centers for Disease Control and Prevention and other institutions recently published a study which estimated that the true number of people infected by COVID-19 could be six to 24 times high...



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Chart School

RTT browsing latest..

Courtesy of Read the Ticker

Please review a collection of WWW browsing results. The information here is delayed by a few months, members get the most recent content.



Date Found: Sunday, 29 March 2020, 07:00:37 PM

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Comment: Silver Shorts Are In a Bind | Ted Butler youtu.be/qQc0AoJp-Q8



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Comment: 5 Questions From You for Luke Gromen youtu.be/nVZD_fuxbQE


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Digital Currencies

Twitter Says "Human Error" And "Spear-Phishing Attack" Responsible For Massive Bitcoin Hack

Courtesy of ZeroHedge

Twitter suffered from a major hack about two weeks ago and has now said that its staff was tricked by "spear-phishing", which is a targeted attack to trick people into simply handing out their passwords. 

Twitter staff were targeted through their phones, according to a new report from the BBC. The attacks then allowed hackers the ability to Tweet from celebrity Twitter accounts. Twitter has said it was "taking a hard look" at how it could improve its permissions and processes.

"The attack on July 15, 2020, targeted a small number of employees through a phone spear phishing attack. This attack relied on ...



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Lee's Free Thinking

Texas, Florida, Arizona, Georgia - The Branch COVIDIANS Are Still Burning Down the House

 

Texas, Florida, Arizona, Georgia – The Branch COVIDIANS Are Still Burning Down the House

Courtesy of Lee Adler, WallStreetExaminer 

The numbers of new cases in some of the hardest hit COVID19 states have started to plateau, or even decline, over the past few days. A few pundits have noted it and concluded that it was a hopeful sign. 

Is it real or is something else going on? Like a restriction in the numbers of tests, or simply the inability to test enough, or are some people simply giving up on getting tested? Because as we all know from our dear leader, the less testing, the less...



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Members' Corner

Coronavirus, 'Plandemic' and the seven traits of conspiratorial thinking

 

Coronavirus, 'Plandemic' and the seven traits of conspiratorial thinking

No matter the details of the plot, conspiracy theories follow common patterns of thought. Ranta Images/iStock/Getty Images Plus

Courtesy of John Cook, George Mason University; Sander van der Linden, University of Cambridge; Stephan Lewandowsky...



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Insider Scoop

Economic Data Scheduled For Friday

Courtesy of Benzinga

  • Data on nonfarm payrolls and unemployment rate for March will be released at 8:30 a.m. ET.
  • US Services Purchasing Managers' Index for March is scheduled for release at 9:45 a.m. ET.
  • The ISM's non-manufacturing index for March will be released at 10:00 a.m. ET.
  • The Baker Hughes North American rig count report for the latest week is scheduled for release at 1:00 p.m. ET.
...

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Promotions

Free, Live Webinar on Stocks, Options and Trading Strategies

TODAY's LIVE webinar on stocks, options and trading strategy is open to all!

Feb. 26, 1pm EST

Click HERE to join the PSW weekly webinar at 1 pm EST.

Phil will discuss positions, COVID-19, market volatility -- the selloff -- and more! 

This week, we also have a special presentation from Mike Anton of TradeExchange.com. It's a new service that we're excited to be a part of! 

Mike will show off the TradeExchange's new platform which you can try for free.  

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Mapping The Market

How IPOs Are Priced

Via Jean Luc 

Funny but probably true:

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Philip R. Davis is a founder Phil's Stock World, a stock and options trading site that teaches the art of options trading to newcomers and devises advanced strategies for expert traders...

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About Ilene:

Ilene is editor and affiliate program coordinator for PSW. Contact Ilene to learn about our affiliate and content sharing programs.