24 Aug 2011
Slim increases his stake in NY Times [Financial Times]
Mexican billionaire Carlos Slim Helu has increased his stake in the New York Times Company just weeks after the US newspaper group repaid the emergency $250m loan it took from Mr Slim in 2009.
Mr Slim upped his stake from 6.9 per cent to 7.3 per cent through the purchase of 553,000 class A shares, according to a regulatory filing.
Shares in the New York Times are down 29 per cent from six months ago as the group struggles to balance declining print advertising and circulation with new digital revenues,…
Mr Slim, now 71, is ranked by Forbes magazine as the world’s richest man, with a personal fortune of $74bn, His business interests range from tobacco and mining to banking and retail but most of his wealth stemmed from the acquisition, in 1990, of Telmex, the former state telecommunications monopoly.
24 Aug 2011
Google Said to Reach $500 Million Settlement With Government [CNBC/NY Times]
Regulators will announce Wednesday that Google will pay $500 million to settle government charges that it has illegally shown ads for online pharmacies that operate outside the law, according to two people briefed on the investigation.
At the time, government officials said the investigation concerned ads from online pharmacies that operate illegally by failing to require a prescription or selling counterfeit drugs. Google has said in the past that regulating these pharmacies on its site is a cat-and-mouse game, because when it introduces rules to prevent them from advertising, they find new ways to appear on Google.
Web sites are liable for ads on their sites from advertisers that break federal criminal law.
9 Aug 2011
Contract for the American Dream
This is the Progressive Version to the Contract for America back in the 1990s.
Apparently they canvassed the country in soliciting and reviewing ideas and this is what they came up with for improving the economy. There are general ideas and goals – but no specifics that I noted.
I don’t think there is anything new here, but it’s all put together in one presentation.
I may go thru bits and pieces of this in the near future, but suffice it to say that I don’t think it would help our economy.
9 Aug 2011
Michael Moore to Obama: ‘Show some guts,’ arrest S&P head
On his Twitter feed Monday, the Oscar-winning film director also blamed the 2008 economic collapse on Standard & Poor’s — apparently because it and other credit-ratings agencies did not downgrade mortgage-based bonds, which encouraged the housing bubble and let it spread throughout the economy.
“Pres Obama, show some guts & arrest the CEO of Standard & Poors. These criminals brought down the economy in 2008& now they will do it again,” Mr. Moore wrote.
Mr. Moore went on to note that the “owners of S&P are old Bush family friends,” continuing a theme he has developed through several films about capitalism as essentially a crony system for the rich and Wall Street, especially the Bush family.
Sorry for wasting bandwidth on this – I just find it assuming.
9 Aug 2011
Obamacare cost estimates hide up to $50 billion per year
Federal payments required by President Barack Obama’s health care law are being understated by as much as $50 billion per year because official budget forecasts ignore the cost of insuring many employees’ spouses and children, according to a new analysis.
“The Congressional Budget Office has never done a cost-estimate of this [because] they were expressly told to do their modeling on single [person] coverage,” said Richard Burkhauser in a telephone interview Monday.
On May 4, 2010, the Joint Committee on Taxation directed the Congressional Budget Office to ignore family members when determining whether employees actually pay more than 9.5 percent of their household income on insurance.
Liars and cheaters. This horrendous legislation continues to get worse and worse – but with all of these other crises, ObamaCare continues to lurk beneath the surface.