» Business Corporate Fraud
Executive Incentives
Posted Dec. 2, 2008 nvestors in the U.S. stock market have lost more than $9 trillion since the peak a year ago. But in industries at the center of the crisis, some executives managed to emerge with substantial fortunes.. » read more
CEO's 'Cashed Out' Prior to Economic Crisis
28, November, 2008 Balzac’s maxim that “behind every great fortune lies a great crime” may yet prove a fitting epitaph for American capitalism. A recent survey by the Wall Street Journal reveals that CEOs at major US financial and real estate firms converted tens of millions of dollars of overvalued stock into cash prior to the eruption of the current financial crisis, even as many of their corporations approached the precipice. The Journal analyzed the fortunes of CEOs from 2003 to 2007 based on executive compensation and stock sale data. Fifteen of these CEOs took home more than $100 million in cash during this period. At the high end was Charles Schwab, who made over $816 million from his self-named accounting firm, almost all of it from stock sales.. » read more
Assembly Line
Debunking the myth of the $70-per-hour autoworker. Nov. 21, 2008 If you've been following the auto industry's crisis, then you've probably read or heard a lot about overpaid American autoworkers--in particular, the fact that the average hourly employee of the Big Three makes $70 per hour. That's an awful lot of money. Seventy dollars an hour in wages works out to almost $150,000 a year in gross income, if you assume a forty-hour work week.. » read more
Bloodshed and Death is coming to American Businessmen
Nov. 25, 2008 In my 46 years on this Earth, I have never had to write such a frightening Op-Ed piece as this. Sadly, the state of affairs inside the US and its business community is such that remaining silent is no longer an option. Put bluntly, bloodshed and death is coming. Brutal, violent, merciless.. » read more
Something's Happening Here
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Idiots and Bailouts
Nov. 24, 2008 It’s a safe bet that within the next several months, Congress will vote to bail out General Motors. It will be a colossal boondoggle involving, probably, upwards of $50 billion when it’s through, and it will fail in the end. The reason is before our eyes. This bloated megacorporation is being run by idiots.. » read more
CII With Guest Ralph Nader
Posted Nov. 23, 2008 Daryl Bradford Smith operates a radio broadcast from Africa called CII. Friday, 21st November CII with guest Ralph Nader Audio File (7 mb). » read more
U.S. Security Debate Lurks in Big 3 Woes
Friday, Nov. 14, 2008 When defense analyst Loren Thompson recently visited the factory in Marietta, Ga., where defense giant Lockheed-Martin builds the Air Force's F-22 fighter plane, he was introduced to the just-hired executive overseeing the plant's manufacturing processes. The exec's previous employer: General Motors Corp. It's an example, Thompson says, of the close ties between the defense industry and the auto companies -- and, he says, of the need to save the car companies and the rest of the U.. » read more
Furor Over Auto Execs' Private Flights to D.C.
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MGM Mirage to Place Hotel-Casino in Vietnam
Nov. 18, 2008 MGM Mirage's newest joint venture agreement will put a Las Vegas-style casino in Vietnam. The company said today it was working with Asian Coast Development to place an MGM Grand branded hotel-casino as part of a $4.2 billion complex. The facility will be part of Asian Coast’s Ho Tram Strip resort complex and include 1,100 rooms, a gaming and entertainment component, meeting space, retail and restaurants.. » read more
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