STOCK MARKET WATCH -- Friday, 12 June 2015

[Tansy_Gold]

[font size=3]STOCK MARKET WATCH, Friday, 12 June 2015[font color=black][/font]

SMW for 11 June 2015

AT THE CLOSING BELL ON 11 June 2015
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Dow Jones 18,039.37 +38.97 (0.22%)
S&P 500 2,108.86 +3.66 (0.17%)
Nasdaq 5,082.51 +5.82 (0.11%)


[font color=green]10 Year 2.38% -0.06 (-2.46%)
30 Year 3.09% -0.06 (-1.90%) [font color=black]


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[font size=2]Market Conditions During Trading Hours[/font]
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(click on link for latest updates)
Market Updates
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[font size=2]Euro, Yen, Loonie, Silver and Gold[center]

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[font color=black][font size=2]Handy Links - Market Data and News:[/font][/font]
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Economic Calendar
Marketwatch Data
Bloomberg Economic News
Yahoo Finance
Google Finance
Bank Tracker
Credit Union Tracker
Daily Job Cuts
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[font color=black][font size=2]Handy Links - Economic Blogs:[/font][/font]
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The Big Picture
Financial Sense
Calculated Risk
Naked Capitalism
Credit Writedowns
Brad DeLong
Bonddad
Atrios
goldmansachs666
The Stand-Up Economist
The Automatic Earth
Wall Street on Parade
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[font color=black][font size=2]Handy Links - Essential Reading:[/font][/font]
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Matt Taibi: Secret and Lies of the Bailout


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[font color=black][font size=2]Handy Links - Government Issues:[/font][/font]
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LegitGov
Open Government
Earmark Database
USA spending.gov
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[font color=black][font size=2]Handy Links - Videos:[/font][/font]
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Charlie Rose talks with Roubini
Charlie Rose talks with Krugman
William Black: This Economic Disaster
Bill Moyers with Kevin Drum and David Corn
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[font color=red]Partial List of Financial Sector Officials Convicted since 1/20/09 [/font][font color=red]
2/2/12 David Higgs and Salmaan Siddiqui, Credit Suisse, plead guilty to conspiracy involving valuation of MBS
3/6/12 Allen Stanford, former Caribbean billionaire and general schmuck, convicted on 13 of 14 counts in $2.2B Ponzi scheme, faces 20+ years in prison
6/4/12 Matthew Kluger, lawyer, sentenced to 12 years in prison, along with co-conspirator stock trader Garrett Bauer (9 years) and co-conspirator Kenneth Robinson (not yet sentenced) for 17 year insider trading scheme.
6/14/12 Allen Stanford sentenced to 110 years without parole.
6/15/12 Rajat Gupta, former Goldman Sachs director, found guilty of insider trading. Could face a decade in prison when sentenced later this year.
6/22/12 Timothy S. Durham, 49, former CEO of Fair Financial Company, convicted of one count conspiracy to commit wire and securities fraud, 10 counts of wire fraud, and one count of securities fraud.
6/22/12 James F. Cochran, 56, former chairman of the board of Fair, convicted of one count of conspiracy to commit wire and securities fraud, one count of securities fraud, and six counts of wire fraud.
6/22/12 Rick D. Snow, 48, former CFO of Fair, convicted of one count of conspiracy to commit wire and securities fraud, one count of securities fraud, and three counts of wire fraud.
7/13/12 Russell Wassendorf Sr., CEO of collapsed brokerage firm Peregrine Financial Group Inc. arrested and charged with lying to regulators after admitting to authorities he embezzled "millions of dollars" and forged bank statements for "nearly twenty years."
8/22/12 Doug Whitman, Whitman Capital LLC hedge fund founder, convicted of insider trading following a trial in which he spent more than two days on the stand telling jurors he was innocent
10/26/12 UPDATE: Former Goldman Sachs director Rajat Gupta sentenced to two years in federal prison. He will, of course, appeal. . .
11/20/12 Hedge fund manager Matthew Martoma charged with insider trading at SAC Capital Advisors, and prosecutors are looking at Martoma's boss, Steven Cohen, for possible involvement.
02/14/13 Gilbert Lopez, former chief accounting officer of Stanford Financial Group, and former controller Mark Kuhrt sentenced to 20 yrs in prison for their roles in Allen Sanford's $7.2 billion Ponzi scheme.
03/29/13 Michael Sternberg, portfolio mgr at SAC Capital, arrested in NYC, charged with conspiracy and securities fraud. Pled not guilty and freed on $3m bail.
04/04/13 Matthew Marshall Taylor,fmr Goldman Sachs trader arrested, charged by CFTC w/defrauding his employer on $8BN futures bet "by intentionally concealing the true huge size, as well as the risk and potential profits or losses associated."
04/04/13 Matthew Taylor admits guilt, makes plea bargain. Sentencing set for 26 June; faces up to 20 years in prison but will likely only see 3-4 years. Says, "I am truly sorry."
04/11/13 Ex-KPMG LLP partner Scott London charged by federal prosecutors w/passing inside tips to a friend in exchange for cash, jewelry, and concert tickets; expected to plead guilty in May.
08/01/13 Fabrice Tourré convicted on six counts of security fraud, including "aiding and abetting" his former employer, Goldman Sachs
08/14/13 Javier Martin-Artajo and Julien Grout charged with wire fraud, falsifying records, and conspiracy in connection with JP Morgan's "London Whale" trade.
08/19/13 Phillip A. Falcone, manager of hedge fund Harbinger Capital Partners, agrees to admit to "wrongdoing" in market manipulation. Will banned from securities industry for 5 years and pay $18MM in disgorgement and fines.
09/16/13 Javier Martin-Artajo and Julien Grout officially indicted on charges associated with "London Whale" trade.
02/06/14 Matthew Martoma convicted of insider trading while at hedge fund SAC (Stephen A. Cohen) Capital Advisors. Expected sentence 7-10 years.
03/24/14 Annette Bongiorno, Bernard Madoff's secretary; Daniel Bonventre, director of operations for investments; JoAnn Crupi, an account manager; and Jerome O'Hara and George Perez, both computer programmers convicted of conspiracy to defraud clients, securities fraud, and falsifying the books and records.
05/19/14 Credit Suisse, which has an investment bank branch in NYC, agrees to plead guilty and pay appx. $2.6 billion penalties for helping wealthy Americans hide wealth and avoid taxes.
09/08/14 Matthew Martoma, convicted SAC trader, sentenced to 9 years in prison plus forfeiture of $9.3 million, including home and bank accounts







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[font size=3][font color=red]This thread contains opinions and observations. Individuals may post their experiences, inferences and opinions on this thread. However, it should not be construed as advice. It is unethical (and probably illegal) for financial recommendations to be given here.[/font][/font][/font color=red][font color=black]

[Demeter]

1. Tea Party Oddsmaker Has Best Campaign Finance Reform Idea Yet (Really)

https://firstlook.org/theintercept/2015/06/08/mini-groundswell-right-promising-campaign-finance-reform/

Liberals always say we need to get money out of politics. But there are three big problems with that: (1) the Supreme Court has made it near-impossible without amending the Constitution; (2) no matter what barriers you erect, money will always find ways to influence politics; and (3) maybe most importantly, politics costs money.

What’s truly remarkable about politics in the United States is how little politics there is. A healthy democracy would have political organizers living on every block, a thriving political media, think tanks on local, state and national levels coming up with new policy ideas and publicly funded political campaigns. We have none of that. All of it would cost money.

Yes, the presidential race next year may cost $5 billion. But rather than gasping at that, remember that the U.S. annual gross domestic product is $17 trillion, so $5 billion is about 0.03 percent of our economy. The U.S. is expected to spend $190 billion in 2016 on advertising alone, so $5 billion is only 2.6 percent of that — and there’s only a presidential race every four years, so a better comparison is to say the presidential election will cost perhaps 0.6 percent of total U.S. advertising in 2016-19. So the problem isn’t that we’re spending too much on politics. Instead, it’s two problems: we’re spending way too little, and what money there is is coming from far too few people.

That’s why it’s good news to see “The Tea Party Case Against Mega-Donors” by John Pudner, in which Pudner advocates “giving average citizens a $200 tax credit for their small campaign contribution to the candidate of their choice.” Pudner is president of the Take Back Our Republic Action Fund, which tries “to advance campaign finance reform that empowers voters and encourages higher voter turnout arising from a conservative, market-based political philosophy.”

A longtime campaign consultant, Pudner was a top strategist for Rep. Dave Brat, who beat then-House Majority Leader Eric Cantor in the 2014 Republican primary. He also created the sophisticated basketball ratings and prediction website ValueAddBasketball.com, and according to Breitbart, “has advised general managers before the NBA Draft.”

Jay Cost, a Weekly Standard staff writer, endorsed Pudner’s idea as a possible “foundation of a privately directed system of public finance.” He concluded that “After more than a century of bad campaign finance laws, it is worth a shot.”

To understand the potential scale of this proposal, you have to multiply the number of adult American citizens (about 230 million) by $200, to get $46 billion. With that kind of money flowing into politics, it wouldn’t be necessary to try to keep out money from the Koch Brothers (or George Soros); it would simply be swamped by much larger amounts coming from regular people...It’s not hard to see why genuine grassroots conservatives might find this concept appealing. It’s simple, straightforward and wouldn’t create a big bureaucracy, it’s clearly constitutional and it doesn’t require the government to make decisions about what constitutes acceptable political speech. Liberals would be wise to start exploring whether this is potential ground for a right-left alliance to drain the stinking swamp of U.S. politics.

ON ITS FACE, I DON'T LIKE IT. I WILL HAVE TO READ THE LINK TO SEE IF THERE'S SOMETHING MISSING FROM THIS SUMMARY.

I'D MUCH RATHER HAVE A CONSTITUTIONAL AMENDMENT, WHICH GETS ALL MONEY OUT OF ELECTIONS AND FORBIDS LOBBYING AT ALL.

YOU SEE, THE PRINCIPLE OF THE CONDO BOARD IS THAT THERE'S NO PAYOLA, NO SALARIES, NO PERKS. YOU SERVE FOR YOUR OWN SATISFACTION....SELF-DEALING CAN HAPPEN, BUT IT WOULD TAKE A REALLY BAD SET OF CONTROLS OR A CONSPIRACY ON THE BOARD....

IMAGINE A GOVERNMENT LIKE THAT....PAYING ENOUGH TO LIVE ON (MEDIAN INCOME AT BEST) AND NO UP FRONT COSTS....BECAUSE ELECTIONS ARE RUN LIKE A PUBLIC UTILITY.

[Demeter]

2. NAFTA Was the Kiss of Death for Democrats --Why Dems Should Think Twice About Voting for TPP

http://www.alternet.org/economy/obama-twists-arms-tpp-lets-take-look-back-dems-who-sold-us-out-nafta

As President Obama twists arms to pass “fast track,” a look back at the Democrats who helped Clinton win the bloody trade battle of 1993... a Democratic president is once again twisting arms and dangling rewards in a desperate effort to muster votes for a corporate-driven trade deal. And just like in 1993, the vote will be one of those rare bipartisan moments in Washington. The word is only about a dozen members remain on the fence, most of them Democrats. The president is reportedly putting the tightest screws on members of the Congressional Black Caucus. After the NAFTA wheeling and dealing began in earnest back in 1993, it didn’t take long to push enough Dems off the fence. All these years later, NAFTA remains the basic blueprint for every U.S. trade deal.

Let me skip over NAFTA’s failure to deliver on promises for workers, the environment, human rights, etc. These have all been extensively documented over the years by the Institute for Policy Studies, and many others across the continent. President Obama acknowledged its flaws himself when he made a campaign trail promise to renegotiate the deal. Instead, let’s take a look at what individual members got by helping to ram the pact through Congress. Did their support for the big business lobby’s dream deal ensure a glittering political career?

Starting at the top: Democratic House Speaker Tom Foley sided with the White House and against most of the House Democrats, including Majority Leader Richard Gephardt. In his 30-year political career, that controversial move stood out enough for the New York Times to mention it in Foley’s obituary. A year after the NAFTA vote, the obit noted, “Mr. Foley became the first speaker since the Civil War to be defeated for re-election in his own district.” Ouch. While Foley’s defeat can’t be attributed to a single factor, his decision to side with the corporate lobby on NAFTA certainly didn’t prevent his electoral humiliation either. Foley was not the only Democrat to flame out within a year of casting a vote for NAFTA. In fact, of the 34 Democratic incumbents who were defeated in the Republican sweep of 1994, 16 had voted for NAFTA. Several of these losers had been among the fence-sitters who received goodies from the administration.

Public Citizen has meticulously documented many of these trade vote deals over the past two decades and is planning to release a new report this week on the lessons from all this horse-trading. (Look at the report here.) What it found over the years is that most of these promises were never fulfilled. In a detailed 2001 report following up on the NAFTA deals, Public Citizen concluded that “systematically, the White House promises of special safeguards for U.S. farm commodities, bridges and more remained unfulfilled. Exceptions were several meaningless promises, such as photographs with the president, and one campaign fund-raising event.”

One of these unfulfilled promises targeted textile and apparel state members. In the days before the NAFTA vote, President Bill Clinton sent them letters aimed at calming concerns about a pending global trade rule to phase out import protections on these products within 10 years. The administration would secure an extension to 15 years, Clinton promised. A month after the NAFTA vote, U.S. negotiators accepted the 10-year timeline.

Rep. Clete Donald Johnson, Jr. was one of the targets of that empty promise. After voting for NAFTA, the Georgia Democrat got demolished in 1994, losing by a margin of more than 30 percent. A few years later, Clinton offered Johnson a consolation prize: a post as chief U.S. trade negotiator for textiles, a sector in rapid decline due to low-wage foreign competition...

MORE EXAMPLES OF DEMOCRATS THAT PAID THE ULTIMATE PRICE

...Why President Obama is pulling out the stops for fast track, we may never know. After 20 years, it’s still hard to fathom why President Clinton was willing to sell out the store for NAFTA.

OH, I CAN THINK OF $EVERAL BILLION REA$ON$ WHY....AND ALL IN A NICE CHARITY, TOO!

[mother earth]

22. TheGuardian: Artists on: TTIP Transatlantic Trade and Investment Partnership (Companion to TPP)

cross posting here:
http://www.democraticunderground.com/1017271483

A group of artists including actors Ruth Wilson, Andrew Scott and Juliet Stevenson and designer Vivienne Westwood are fronting a campaign (artistsagainstttip.org) to raise public awareness of the trade deal TTIP (pronounced tee-tip) which is being secretly negotiated between the EU and the US.

They are questioning its democratic validity, as no UK MP has had access to the negotiating documents. This week a European petition against TTIP has reached a record 2 million signatures, a few days ahead of a crucial vote on the deal by MEPs in the European parliament.

Guardian website ► http://is.gd/guardianhome

[Demeter]

3. Fast Track to the Corporate Wish List

http://prospect.org/article/fast-track-corporate-wish-list-summer-preview

How the U.S. Trade Representative became Washington's one-stop shop for the corporate trade agenda.

Some time in the next several days, the House will likely vote on trade promotion authority, enabling the Obama administration to proceed with its cherished Trans-Pacific Partnership (TPP). Most House Democrats want no part of the deal, which was crafted by and for corporations. And many Tea Party Republicans don’t want to hand the administration any additional powers, even in service of a victory dearly sought by the GOP’s corporate allies. The vote, which has been repeatedly delayed as both the White House and House GOP leaders try to round up support, is expected to be extremely close.

The Obama administration entered office promising to renegotiate unbalanced trade agreements, which critics believe have cost millions of manufacturing jobs in the past 20 years. But they’ve spent more than a year pushing the TPP, a deal with 11 Pacific Rim nations that mostly adheres to the template of corporate favors masquerading as free trade deals. Of the 29 TPP chapters, only five include traditional trade measures like reducing tariffs and opening markets. Based on leaks and media reports—the full text remains a well-guarded secret—the rest appears to be mainly special-interest legislation.

Pharmaceutical companies, software makers, and Hollywood conglomerates get expanded intellectual property enforcement, protecting their patents and their profits. Some of this, such as restrictions on generic drugs, is at the expense of competition and consumers. Firms get improved access to poor countries with nonexistent labor protections, like Vietnam or Brunei, to manufacture their goods. TPP provides assurances that regulations, from food safety to financial services, will be “harmonized” across borders. In practice, that means a regulatory ceiling. In one of the most contested provisions, corporations can use the investor-state dispute settlement (ISDS) process, and appeal to extra-judicial tribunals that bypass courts and usual forms of due process to seek monetary damages equaling “expected future profits.”

How did we reach this point—where “trade deals” are Trojan horses for fulfilling corporate wish lists, and where all presidents, Democrat or Republican, ultimately pay fealty to them? One place to look is in the political transfer of power, away from Congress and into a relatively obscure executive branch office, the Office of the United States Trade Representative (USTR)....


AND IT ALL GOES BACK TO.....NIXON, WHO WENT TO CHINA. OF COURSE.

[Demeter]

6. LOCAL CURRENCY: The innovators: the Bristol pound is giving sterling a run for its money

TRY IT HERE, AND THE TREASURY DEPT. WILL PUT THE SECRET SERVICE ON YOUR BACK SO FAST...

http://www.theguardian.com/business/2015/jun/07/the-innovators-the-bristol-pound-is-giving-sterling-a-run-for-its-money

The success of the community currency – with the equivalent of £700,000 in circulation – has put the spotlight on attempts to keep money in local economies...When his firm was going up against national companies for contracts to manage waste, Jon Free needed an edge to win the pitches. The answer he found was in the sense of community that existed among small businesses like his.

By using his local currency, the Bristol pound, he saw companies were more willing to give their business to him and keep money flowing in the area. Launched almost three years ago, the community currency aims to keep money circulating among independent retailers and firms by encouraging people to use the local ‘cash’ instead of sterling, an idea that has inspired other towns and cities to take up similar schemes in the UK and abroad.

“To be able to drop in and create a link to make the money a circular thing is a big part of it,” the managing director of Waste Source said. “To say that we are registered with the Bristol pound shows that we are more community based.”



In use since 2012, the system operates as both notes and in electronic form with each Bristol pound equal to one pound sterling. Some 800 businesses in the Bristol area now use the community currency, with coffees, meals, council tax and even pole-dancing lessons paid for with it.


“The practical vision was to get something which would connect local communities with their businesses in a way which kept money building up in their local communities,” the currency’s co-founder, Ciaran Mundy, said. “What happens is that if you spend it at a large supermarket chain, 80% of that will exit the economy very quickly.”



While community currencies have a history (IN UK) going back to Victorian times, there has been a resurgence in recent years, with Bristol emerging as the standard-bearer in the UK...

INTERESTING IDEA, THOUGH....WE SHOULD KEEP IT IN MIND, WHEN THE PETRODOLLAR COLLAPSES...

[Demeter]

4. WANT TO STOP THIS TRAIN WRECK? FOLLOW THE DIRECTIONS AT LINK

http://www.democraticunderground.com/10026804306

[Fuddnik]

5. Oh Gawd. That thread is a nightmare.

The cultists, apologists and Hil-billies have no critical thinking skills. Believe or die!

If this thing was so fucking good, there wouldn't be a need for so much secrecy, and select Congressmen and Senators would have regular briefings on the contents and progress. And the administration would be seeking input from them.

I hope to hell that this thing goes down in flame. But, I'm getting old, and I just hope, that as a consolation, the people who support it are young enough to live with the ramifications. Schadenfreude.

[Demeter]

7. TPP/TTIP/TiSA By Lambert Strether of Corrente.

http://www.nakedcapitalism.com/2015/06/200pm-water-cooler-6815.html?utm_source=feedburner&utm_medium=email&utm_campaign=Feed%3A+NakedCapitalism+%28naked+capitalism%29

G7 Leaders Declaration: “We welcome progress on major ongoing trade negotiations, including on the Trans-Pacific Partnership (TPP), [and] the Transatlantic Trade and Investment Partnership (TTIP) … We will make every effort to finalize negotiations on the TPP as soon as possible… We will immediately accelerate work on all TTIP issues” [White House].

“The fight over fast-track trade authority is coming to a head, with a House vote possible as early as Thursday” [The Hill].

“House Majority Leader Kevin McCarthy of California and other GOP leaders have not yet committed to bringing up Trade Promotion Authority by week’s end, a sign that while pro-trade leaders in the House are closing in on the 217 ayes they need to pass the bill, the contentious vote remains very close” [Politico]. Ron Kind (Wisconsin) is the lead Democrat whipping for the legislation (that is, Pelosi’s straw).

Congressional Black Caucus: “Even for a president who desperately needs them, on an issue he desperately wants, many of Obama’s most loyal foot soldiers are expected to abandon him” [Christian Science Monitor].

“Chocolate makers accused of leveraging ‘loophole’ on child slavery” [Confectionary News]. Right now, 19 U.S. Code § 1307 prohibits importation of goods made by slave labor, except when “goods, wares, articles, or merchandise so mined, produced, or manufactured” cannot be made in sufficient quantities in the US to meet domestic demand. However, this pro-slavery provision could not be abolished without setting up a trade barrier, so TPP would freeze it in place. Another way of looking at the TPP, I suppose, is that if Lincoln’s United States had signed the TPP, it would have had to compensate British cotton manufacturers for “lost profits” from passing the Fourteenth Amendment.

Op-Ed: “I truly believe that James Madison and many of the Founding Fathers would be completely disgusted by this entire issue. They would likely be incredulous that Congress would so willingly sign away its constitutional authority” [News-Advance]. The author is chair of the Virginia Tea Party Federation. And he’s right.

Rand Paul: “To me, it’s kind of you put the cart before the horse to give the permission to do something you haven’t seen” [The Hill].

“The AFL-CIO, along with some public sector unions, announced a campaign finance freeze in March” “over a package of trade bills being debated in Congress” [Roll Call]. “[T]he freeze is frustrating and alienating plenty of House Democrats, many of whom say they are being punished even though they have been critical of the issue.” No. The Democrats as a party need to repudiate TPA/TPP/TTIP/TiSA. Otherwise, they get to play the revolving heroes game. The AFL-CIO is quite right on this; the whining Democrats should bring pressure to bear on their leadership, not the unions.

“The Communications Workers of America says it will steal majority-female jobs from low wage workplaces like call centers, as well as higher wage sectors such as human resources” [HuffPo].

Does the TPP contain provisions that corporations can use to force us to privatize “public” things like our Post Office, public schools, public roads etc., so they can replace them with profit-making enterprises that provide a return only to the wealthy few? [CAF]. Simple Answers to Simple Questions: Yes. In fact, that’s the whole point.

TISA: “The leaked draft language, proposed by the U.S. and several other countries, states that a government may not prevent a foreign services company ‘from transferring, [accessing, processing or storing] information, including personal information, within or outside the Party’s territory.’ Essentially, this says that privacy protections could be treated as barriers to trade” [Slate].

“Unlike their counterparts on the right, however, the left has generally been less willing to primary Democrats on ideological grounds” [The New Republic]. Which is why Obama and a small minority of Democratic traitors in the Senate, along with Pelosi and perhaps 17 House Democrats, can sell the country down the river.

SUPPORTING LINKS AT SOURCE

[DemReadingDU]

17. CONgress appears to be beholden to lobbyists & big business

Last edited Fri Jun 12, 2015, 09:51 AM - Edit history (1)

Remember 2008, all the efforts to call CONgress to vote against the TARP? It had to pass, one or another.

Same will happen with TPP and TISA. They will pass, one way or another.


IMO, we need to have a nation-wide strike, to shut down everything, to let our elected officials know that our government is of the people, by the people, for the people.

Unfortunately, Americans have other priorities.



edit to slightly change title

[Demeter]

18. That would be bribery

So I don't accept that as an excuse--they would be convicting themselves out of their own mouths.

So, they took the money...they don't have to sell their vote. The lobbyists can lump it.

[DemReadingDU]

24. Robert Reich: Anticipatory Bribery

6/7/15 Anticipatory Bribery
.
.
In every election cycle since 2008, more money has gone into lobbying at the federal level than into political campaigns. And an increasing portion of that lobbying money has gone into the pockets of former members of Congress.

In viewing campaign contributions as the major source of corruption we overlook the more insidious flow of direct, personal payments – much of which might be called “anticipatory bribery” because they enable office holders to cash in big after they’ve left office.

For years, former Republican House majority leader Eric Cantor was one of Wall Street’s strongest advocates – fighting for the bailout of the Street, to retain the Street’s tax advantages and subsidies, and to water down the Dodd-Frank financial reform legislation.

Just two weeks after resigning from the House, Cantor joined the Wall Street investment bank of Moelis & Co., as vice chairman and managing director, starting with a $400,000 base salary, $400,000 initial cash bonus, and $1 million in stock.

As Cantor explained, “I have known Ken [the bank’s CEO] for some time and … followed the growth and success of his firm.”

Exactly. They had been doing business together so long that Cantor must have anticipated the bribe.

Anticipatory bribery undermines trust in government almost as much as direct bribery. At a minimum, it can create the appearance of corruption, and raise questions in the public’s mind about the motives of public officials.

more...
http://robertreich.org/post/120960773270

[Demeter]

8. OPTIMISM

[Demeter]

9. Gaius Publius: Nancy Pelosi Got a TPP Talking-To from Her Caucus, Plus Where We Are on Fast Track

http://www.nakedcapitalism.com/2015/06/gaius-publius-nancy-pelosi-got-a-tpp-talking-to-from-her-caucus-plus-where-we-are-on-fast-track.html

Yves here. The vote today on Trade Adjustment Assistance is set to begin in the House at 11:00 AM. The target is to whip against TAA. As Gaius said via e-mail: “That’s where the first vulnerability is, and it’s vulnerable. The ask in all calls … “Vote No on TAA.” This is critical because, as Politico explains (emphasis ours):

Speaker John Boehner’s (R-Ohio) plan to bring a package of trade bills to the House floor is proving to be a big gamble, as both senior Republicans and Democrats are privately wondering whether they will be able to pass Trade Adjustment Assistance, a program to help workers who lose their jobs due to free trade, in a do-or-die Friday vote…

White House Chief of Staff Denis McDonough, Treasury Secretary Jack Lew and Labor Secretary Tom Perez spoke first, urging Democrats to clear TAA, despite their deep reservations. If the House passes TAA, the chamber would be able to consider legislation that would give Obama fast-track authority to negotiate the Trans-Pacific Partnership, one of his top legislative priorities.

But TAA is unpopular with Republicans, and aides in both parties estimate that only 50 to 100 GOP lawmakers will vote for it. That means Democrats hold the key to its passage — and ultimately to the overall trade package.

Rep. Peter DeFazio (D-Ore.) said he told McDonough that the White House’s position was “bullshit.”

“Mr. McDonough comes in and he says, ‘It’s all on you. We can’t do anything if you don’t accept this bad (Trade Adjustment Assistance),” DeFazio said, complaining that it would cut Medicare. He said Rep. Sandy Levin (D-Mich.) then asked McDonough whether the president could use his leverage with Republicans — who “desperately want” fast-track to pass — to push for a more robust TAA package to help workers…

If TAA fails, the House will not take up Trade Promotion Authority, the key legislation that would give Obama fast-track authority to negotiate the sweeping Trans-Pacific Partnership trade agreement. Under that scenario both sides would have to regroup and figure out a way forward — or else the 12-nation trade deal could fall apart

It is very important to call your Representative today, particularly if they are a Republican or a Democrat who has said they support it like Don Beyer (D-VA), Kathleen Rice (D-NY), Jim Himes (D-CT)., and Oregon Democrat traitors, per Oregoncharles:

Bonamici, Dist. 1: this is a swing district – she COULD put herself in danger.
Schrader, dist. 5: Also a swing district.
Blumenauer, dist. 3(?): supposedly liberal, from a blue district (E. Portland area).

ESPECIALLY if you’re in 1 or 3, call them and make politely phrased threats. They should at least be nervous about this.

Gauis singles out some prime targets and courteously provides phone numbers:

Ed Perlmutter (CO-07) — 202-225-2645 (fence-sitter)
Terri Sewell (AL-07) — 202-225-2665 (leans Yes)
Sam Farr (CA-20) — 202-225-2861 (just announced Yes)
Nancy Pelosi (CA-12) — 202-225-4965 (lead perp)

Even if your Rep is a supposedly committed no, you should make them sweat before the vote. The whip count is very close and this really could go either way. If you have time, enlist family, friends, and colleagues to make calls. They do not need to be long, they just need to make the point that you and your allies are watching this vote and you will never vote for them (and if they are Democrats, for the party) ever again.

You can find phone numbers here: http://www.nakedcapitalism.com/2015/06/gaius-publius-nancy-pelosi-got-a-tpp-talking-to-from-her-caucus-plus-where-we-are-on-fast-track.html#

[Demeter]

10. Tim Cook received complaints on Apple's bag check policy

http://www.cnbc.com/id/102751308



At least two Apple retail store workers complained directly to Chief Executive Tim Cook that the company's policy of checking retail employees' bags as a security precaution was embarrassing and demeaning, according to a court filing made public on Wednesday.

The employee complaints, which a judge ordered unsealed, are part of a 2013 lawsuit alleging Apple should compensate employees for the time it takes to conduct the searches. One worker, whose name was blacked out of the court filing, told Cook in a 2012 message that Apple managers "are required to treat 'valued' employees as criminals."

Cook forwarded it to top retail and human resources executives with the query: "Is this true?"

The court filing does not include what responses Cook received. An Apple representative could not immediately be reached for comment...

[Demeter]

11. Experts Say Best Option Now Is Keeping Nation As Comfortable As Possible Till End ONION

http://www.theonion.com/article/experts-say-best-option-now-keeping-nation-comfort-50617

Saying there were no other options remaining and that continued intervention would only prolong the nation’s suffering, experts concluded Tuesday that the best course of action is to keep the United States as comfortable as possible until the end. According to those familiar with its condition, the country’s long, painful decline over the past several decades has made it clear that the most compassionate choice at this juncture is to do whatever is possible to ensure America is at ease during its last moments.

“We need to accept the fact that the U.S. doesn’t have long—simply helping it pass that time in comfort is the humane thing to do,” said economist Danielle Martin, speaking on behalf of a large group of experts ranging from sociologists and historians to lawmakers and environmentalists, all of whom confirmed they had “done everything [they] could.” “Attempting to stabilize the country in its current enfeebled state would not only be extremely expensive, but it would also cause unnecessary agony as it enters this final stage. With how hard the nation is struggling to perform even basic functions, letting it meet its end naturally is the merciful decision here.” Added Martin: “At the end of the day, it’s nearly 240 years old—what can you reasonably expect?”

Others agreed with Martin, saying that, with America having gradually become a weak, almost unrecognizable shadow of its former self, the priority now should be ensuring that it is given whatever palliative support it needs and using the remaining time to put the nation’s affairs in order. Sources also emphasized that citizens who have not already begun to emotionally prepare themselves for the country’s demise should begin to do so.

“At a time like this, it’s completely understandable to wish for some kind of 11th-hour miracle, but expecting the U.S. to somehow magically return to the way it was in its prime isn’t healthy or realistic,” said Georgetown University researcher Andrew Fischer, who later stressed that just because the nation still has “the occasional good day,” this should not cause anyone to get their hopes up for a sudden recovery. “It’s important to manage expectations and realize that sometime very soon, we’re all going to have to say goodbye.”

“We just need to remember all the good times we had,” Fischer continued. “Like the moon landing—that was really nice, wasn’t it?”

Many of those with close ties to the United States said they were having difficulty coming to terms with the country’s imminent passing, but that letting it go peacefully was ultimately for the best.

“At one point, I would’ve done anything if it meant having America around for just a little longer, but I can’t watch it slowly waste away like this anymore,” said Tampa, FL resident Kathy Muniz, adding that it “breaks [her] heart” when she sees how hard the U.S. struggles to put on a brave face and pretend that everything is fine. “The kindest thing now is to just do what we can to keep the nation’s spirits up while nature takes its course.”

“Really, I think any country in America’s position would want the same,” Muniz added.

[Demeter]

12. 5 wealthy families who lost their fortunes

http://www.bankrate.com/finance/smart-spending/wealthy-families-who-lost-their-fortune-1.aspx?ic_id=tb_22004

You wouldn't think it possible that a family worth millions would blow through all of it. It seems pretty hard to do, don't you think.

But in fact, any number of factors could contribute to a reversal of fortune, whether the decline is swift and sudden or stretched out over six generations. The usual suspects include bad investments, too much debt and overindulgent spending. Meet five well-known rich families who suffered a reversal of fortune:

The Vanderbilts

By the time he died in 1877, Cornelius "Commodore" Vanderbilt reportedly was worth $100 million, according to Forbes. He began his steamship and railroad empire in 1810 with $100 he borrowed from his mother. But six generations later, the enterprises he founded are no longer in the family. CNN anchor Anderson Cooper, a sixth-generation descendant, said on Howard Stern's radio show, "My mom's made clear to me that there's no trust fund." What's left is a legacy of philanthropy, including Vanderbilt University.

The Hartfords

Huntington Hartford, heir to the A&P grocery chain fortune, lost his millions through failed enterprises and a playboy lifestyle. As the grandson of the founder of the Great Atlantic & Pacific Tea Co., Hartford received an income of $1.5 million a year, according to The New York Times. In 1940, the Hartfords were ranked among the country's richest families by the Securities and Exchange Commission. Declaring bankruptcy years later, Hartford moved to the Bahamas in 2004 where he lived until his death at age 97 in 2008.

The Kluges

After nine years of marriage, Patricia Kluge divorced husband John Kluge, founder of Metromedia, and received a 200-acre estate and $1 million a year in a divorce settlement, according to Forbes. About 20 years later, in 2011, she was bankrupt as a result of pouring all her money into a vineyard that she'd purchased near her home, taking on too much debt in order to expand, and subsequently suffering through the real estate crash. After her property was foreclosed upon, real estate tycoon Donald Trump bought the vineyard for $6.2 million, according to Fox News.

The Strohs

Company founder Bernhard Stroh arrived in the U.S. from Germany in 1850 with $150 and a family recipe for beer. His sons expanded the empire. By the1980s, the Strohs controlled the country's third-largest brewing company, according to Forbes, which valued the family fortune at around $700 million. Today, five generations later, the company is gone, the victim of an overload of debt, stiff competition and missed opportunities.

The Pulitzers

Grandson of publishing magnate Joseph Pulitzer, Peter Pulitzer had to be bailed out financially by the husband of his ex-wife. According to Forbes, the 800-acre Florida citrus grove owned by Peter and his twin sons was in danger of foreclosure after an outbreak of citrus canker. Tim Boberg, husband of Roxanne Pulitzer, now holds a $220,000 mortgage on the property; he guaranteed another mortgage of $1.3 million and extended a line of credit for $400,000. In his 1982 divorce filings, Peter Pulitzer had an estimated net worth of $25 million.

[Demeter]

13. 8 Magnates who won't leave wealth to kids

http://www.bankrate.com/lite/celebrity-money/magnates-who-wont-leave-wealth-to-kids-1.aspx?ic_id=promo_next_magnates_who_wont_leave_wealth_to_kids

Self-made millionaires know the value of hard work, and they want their kids to know it, too. The eight fabulously rich magnates featured here are not leaving their wealth to their kids. Rather, most of them are dedicating it to the betterment of society through a variety of philanthropic efforts and forcing their heirs to discover the joys of making a living. Read on to see whose children will have to earn their own money for Lamborghinis and summer mansions.

1. Berkshire Hathaway CEO Warren Buffett, three children

Buffett has made no secret of his plan to give all his fortune to charity -- most of which is already pledged to the Bill and Melinda Gates Foundation. In 2010, he helped organize the Giving Pledge to publicly state his charitable intentions and to encourage other well-heeled individuals to donate at least half their wealth to charity. He has said his family supports his decision.

2. Former New York City Mayor Michael Bloomberg, two children

Media magnate Michael Bloomberg has pledged to give away most of his wealth and has already donated more than $1 billion to his alma mater, Johns Hopkins University. Through his Bloomberg Philanthropies Foundation, he has donated or pledged money to several health-related organizations, including the World Health Organization, Campaign for Tobacco-Free Kids and Centers for Disease Control and Prevention.

3. Rock star Gene Simmons, two children

The bass guitarist for Kiss was raised by a single mother and has said in a television interview that his children will not get rich off his money. They will receive a small inheritance, Simmons says, but "every year they should be forced to get up out of bed and go out and work and make their own way." He has not decided what he'll do with his fortune, but he currently sponsors more than 140 African children through ChildFund.

4. Microsoft founder and CEO Bill Gates, three children

A co-founder of the Giving Pledge with Warren Buffett, Gates said in an interview in 2010 that his fortune wouldn't benefit his kids, but could be a big help to society. He and his wife founded the Bill & Melinda Gates Foundation in 1994.

5. EBay founder Pierre Omidyar, three children

The 1998 IPO of eBay made Omidyar a billionaire at age 31. He donates eBay shares to his philanthropic investment firm, the Omidyar Network. He and his wife, Pam, are dedicated to social change and economic policy.

6. Actor Jackie Chan, two children

The kung-fu star has pledged to donate half his wealth to his own foundation and said in an interview that if his son is capable, "he can make his own money." He founded the Jackie Chan Charitable Foundation in 1988 to help the needy in Hong Kong. Since then, it has expanded to provide medical help in disaster zones and to help fund performing arts.

7. British chef Nigella Lawson, two children

The chef, food writer and television personality has said she believes her children need to work to learn the value of money. Though Lawson grew up in a wealthy family, she plans to pay for her children's education and then allow them to earn their own living.

8. Home Depot co-founder Bernard Marcus, three children

Marcus told Forbes that an inheritance can be "a terrible burden" and that if his kids want to be rich, "they'll have to work for it." He plans to leave nearly all his Home Depot stock to the Marcus Foundation to support educational efforts and the disabled.

[Punx]

19. I remember

Buffett saying something along the lines that "he would give his kids enough money they could do Anything, but not so much that they could do Nothing."

I guess no life of uselessness and nightly club hopping for them.

[Demeter]

21. too bad he won't give them a country that will enable EVERYONE to do anything

Public health, universal health care
Public education, free college
Jobs sufficient to meet the demand, WPA for the arts
Taxes on the rich to pay for it all
End to unlimited corporate power/unaccountability
Free and fair and honest elections with no money
End to lobbying
Women's Rights in toto
End of mass surveillance and police brutality/lawlessness/unaccountability

[Punx]

25. Well said

I don’t disagree. We shouldn’t be turning to charity, or the church to do what is the responsibility of society.

In my opinion the goal of any society should be to maximize the “Good Potential” of its citizens. First to me is to get money out of politics. And second is to “Tax the Hell” out of wealth. Two years ago I would never have advocated for confiscatory taxation but seeing what the goals of the uber wealthy appear to be I’m starting to warm to the idea. Familial and Corporate Royalty have no place in democracies.

And if (though I think it’s a matter of when) things come apart you won’t find me lifting a finger to help him or his kind.

[Demeter]

14. There's a kind of hush, all over the world, today

as we wait upon events: Greece, TAA/TFA/TPP, Ukraine, Bernie

I thought that we lost a couple of British film stars this week: Sir Christopher Rice and Ron Moody, and that would be the theme....so, if you are not moved to start the thread, this is where I'll be, after Euchre....

I've been driving the Kid to all kinds of appointments all week. I no longer know whether I'm coming or going, or where. It's the summer break syndrome...

[Punx]

20. Along those lines

From Jesse at Jesse’s Café Américain yesterday

http://jessescrossroadscafe.blogspot.com/


What is happening in Greece is clearly about more than just money. How can they blithely give Ukraine a pass and a free lunch, and Greece the Iron Heel?

I am wondering what will satisfy the Troika, short of tossing out the elected government of Greece and putting a Stellvertretender Reichsprotektor in place to administer their newly taken territories to the south.

Keep an eye on Deutsche Bank and the Ukraine.

I have a bad feeling about this market.

Have a pleasant evening.

[Demeter]

15. Richard Wolff: Capitalism and Democracy not Compatible: you have to choose

[Demeter]

16. The Counted: number of people killed by police this year reaches 500

OF COURSE, THIS IS ALREADY OUT-OF-DATE....IT'S FROM WEDNESDAY

http://www.theguardian.com/us-news/2015/jun/10/the-counted-500-people-killed-by-police-2015

"...number killed by police in the US on track to exceed 1,000 by end of 2015..."

[tclambert]

23. Will Michigan Be Next For Recreational Marijuana? Legalization Petitions Approved By Board

Michigan would legalize the use of marijuana for recreational use under two proposed initiatives for which advocates will soon begin collecting voter signatures.
. . .
Advocates have said Michigan could add jobs and tax revenue by legalizing and regulating marijuana for recreational purposes. Some estimate that marijuana taxation could generate as much as $200 million a year for the state.

More at:

http://detroit.cbslocal.com/2015/06/11/marijuana-legalization-measures-go-before-michigan-board/
_______________________________________________________________________________

I found this when trying to find an estimate of how much tax revenue Michigan could rake in if it legalized the Mary Jane. $200 million! That could fill almost all the potholes on my street.

[Hotler]

26. Elizabeth Warren fires back at Jamie Dimon

Sen. Elizabeth Warren (D-Massachusetts) fired back at Jamie Dimon over the JPMorgan Chase CEO's comments that he doesn't "know if she fully understands the global banking system."

In an interview with the Huffington Post published on Friday, Warren said that Dimon had it completely backwards.

"The problem for these guys is that I fully understand the system, and I understand how they make their money, and that's what they don't like about me," Warren said.

When asked if Dimon was "mansplaining" banking to a ranking member on the Senate banking committee, Warren demurred.

"We'll have to call in a mansplaining expert," Warren said.

http://www.msn.com/en-us/money/markets/elizabeth-warren-fires-back-at-jamie-dimon/ar-BBl1Z7y?ocid=iehp

[Fuddnik]

27. Sounds like Jamie got hisself a manspanking.

[Demeter]

28. What he really needs is B**** Slapping