Slouching Towards Oblivion

Showing posts with label money and power. Show all posts
Showing posts with label money and power. Show all posts

Thursday, December 09, 2021

Jan6 Stuff

We have to be careful about the whole "chilling effect" thing. Free speech has to be a priority in a democracy.

But SCOTUS has ruled that money = speech, so people get to speak as loudly as their checking accounts can stand, and when those checking accounts can stand to buy $650,000 worth of "free speech" which gets used to support an attempted coup, then we've got some big fuckin' problems, and it's prob'ly a really good idea to chill the fuck outa that shit.

The long reach of the plutocrats needs to be shortened.


WaPo: (pay wall)

Low-profile heiress who ‘played a strong role’ in financing Jan. 6 rally is thrust into spotlight

Eight days before the Jan. 6 rally in Washington, a little-known Trump donor living thousands of miles away in the Tuscan countryside quietly wired a total of $650,000 to three organizations that helped stage and promote the event.

The lack of fanfare was typical of Julie Fancelli, the 72-year-old daughter of the founder of the Publix grocery store chain. Even as she has given millions to charity through a family foundation, Fancelli has lived a private life, splitting time between her homes in Florida and Italy, and doting on her grandchildren, according to family members and friends.

Now, Fancelli is facing public scrutiny as the House committee investigating the insurrection seeks to expose the financing for the rally that preceded the riot at the U.S. Capitol. Fancelli is the largest publicly known donor to the rally, support that some concerned relatives and others attributed to her enthusiasm for conspiracy theorist Alex Jones.

The Washington Post previously reported that on Dec. 29, 2020, Fancelli donated $300,000 to Women for America First, a nonprofit group that helped organize the Jan. 6 rally, and $150,000 to the nonprofit arm of the Republican Attorneys General Association, which paid for a robocall touting a march to “call on Congress to stop the steal.”

On the same day, Fancelli gave $200,000 to State Tea Party Express, according to Sal Russo, a top consultant to the conservative group. Russo told The Post last week that he gave the House committee records of Fancelli’s donation, which he said was used for radio ads and social media urging supporters of President Donald Trump to attend the rally and subsequent march. He condemned the violence at the Capitol.

On Wednesday, Citizens for Responsibility & Ethics in Washington posted on its website tax filings from the group that showed the donation. The tea party group also provided the filing to The Post.

Although much about it remains unknown, the funding of the protests — including travel and hotel expenses for thousands of Trump supporters — has been coming into focus slowly over the past 11 months.

Rep. Bennie G. Thompson (D-Miss.), the chairman of the House committee examining the events of Jan. 6, told The Post that he believes Fancelli “played a strong role” in helping to finance the rally. “We’re trying to follow the money,” he said.

Fancelli has not responded to phone calls and emails from The Post since August. She rarely, if ever, speaks to the media about her campaign donations or charity work. She has not commented on her support for the Jan. 6 rally except for a statement 10 months ago, saying, “I am a proud conservative and have real concerns associated with election integrity, yet I would never support any violence, particularly the tragic and horrific events that unfolded on January 6th.”

Her family’s fortune comes from the fast-growing Publix supermarket chain, which has tried to distance itself from Fancelli’s involvement in the rally. Based in her hometown of Lakeland, Fla., Publix touts its reputation for customer service with a decades-old “where shopping is a pleasure” slogan.

After an initial report a few weeks after the rally that Fancelli had donated about $300,000, Publix released a statement saying that she was not involved in the business and that it could not comment on her actions. Last week, after The Post inquired about Fancelli’s contributions totaling $650,000, the company went further, saying it “cannot control the actions of individual stockholders” and issued an unusual rebuke of a member of the founder’s family. Because the company is privately held, Fancelli’s stake — if any — is not a matter of public record.

“We are deeply troubled by Ms. Fancelli’s involvement in the events that led to the tragic attack on the Capitol on January 6,” Publix said in a statement to The Post.

In the weeks leading up to the rally, Fancelli frequently emailed to her relatives and friends links to Jones’s talk show, according to two people with knowledge of the emails who spoke on the condition of anonymity to discuss private communications. Jones was a leading proponent of false claims that Trump’s reelection had been foiled by election fraud and that Congress could refuse to certify Biden’s victory.

“I don’t want Trump to step down,” Jones said during his show streamed on the Infowars platform on Dec. 28, one day before Fancelli donated to the rally. “Either by overturning the election and showing it’s a fraud and getting Congress to act on Jan. 6 to not certify for Biden, or whether we end up impeaching Joe Biden or getting him arrested as a Chi-Com agent, one way or another, he will be removed.”

Fancelli’s donations related to the rally were arranged by Republican fundraiser Caroline Wren, who was listed on the event permit as a “VIP ADVISOR,” according to records reviewed by The Post and a Republican with knowledge of the contributions, who spoke on the condition of anonymity because of the sensitivity of the matter. The House committee has issued a subpoena to Wren seeking records and a deposition.

“The funding behind the First Amendment rally at the White House Ellipse was entirely lawful and consistent with the rights Ms. Fancelli has as an American citizen,” Wren said in a statement to The Post.

Fancelli had planned to attend the rally and had a room reserved at the Willard hotel, but she decided not to go because of concerns about traveling during the pandemic, according to the Republican familiar with her donations.

Fancelli was a regular listener to Jones’s show and had an assistant make contact with him at his office in Austin to find out how she could support Trump’s attempt to undermine Biden’s victory, the person said. She and Jones talked by phone at least once between Dec. 27 and Jan. 1, the person said.

“I am not tantalized by that fellow, but apparently she is, and a lot of other people are addicted, to the detriment of the country,” Fancelli’s brother-in-law Barney Barnett, a retired Publix executive who describes himself as a conservative Republican, said in a recent interview with The Post. “Julie is one of the finest people I know, and I am sorry she got tied up with this guy.”

Fancelli’s sister Nancy Jenkins said they avoid talking politics and stick to topics like “the grandchildren and the nieces and nephews and how long she’s coming to Florida for Christmas.”

Of Jones, Jenkins said: “He’s kind of a rabble rouser, and I don’t listen to that. I listen to the regular news. That guy is crazy. Everybody knows Trump lost.”

Jones, who is among dozens of people subpoenaed by the House committee, declined to comment on Fancelli’s involvement.

A few weeks after the rally, top executives of the Republican National Committee called to check on Fancelli, according to a person familiar with the call who spoke on the condition of anonymity to discuss a private conversation. Fancelli — who records show had donated roughly $1 million to a joint account for the Trump campaign and Republican Party in 2019 and 2020 — told the RNC executives that she believed the election was stolen and backed the rally “to fight for Trump,” the person said. She also said she had no idea there would be violence at the Capitol, according to the person.

Fancelli has given hundreds of thousands of dollars to GOP candidates and party organizations over the past two decades but did not become a top-tier donor until Trump moved into the White House, records show. She worked with Wren as well as Kimberly Guilfoyle, the partner of Trump’s son Donald Trump Jr.

Guilfoyle declined to comment for this report.

“We’d never heard of her. … She only came into the picture once Trump was president,” the person familiar with the RNC call to Fancelli said. “She is basically just a right-winger, smarter than a lot of donors, but has an affinity for Alex Jones and conspiracy theories and that sort of thing.”

In 2017, Fancelli met with RNC Chairwoman Ronna McDaniel and complained that the national party had not done enough to help Trump in the previous year’s election, according to a person familiar with that exchange, speaking on the condition of anonymity. Fancelli also sent party insiders emails supporting conspiracy theories about Trump’s political opponents, the person said.

Her political donations this year suggest continued support for the far right. In September, she gave $5,800 to Rep. Matthew M. Rosendale of Montana, who was among 21 House Republicans who opposed awarding the congressional gold medal to police officers who defended the U.S. Capitol on Jan 6. In July, Fancelli gave $1,000 to an unsuccessful candidate for mayor of Lakeland, Fla., who thanked the right-wing One America News for “correctly” referring to Trump as the president after Biden’s inauguration.

“She’s a wealthy woman who has lived a quiet life, mostly over in Florence, growing olives and grapes,” said Mel Sembler, a longtime Republican fundraiser in Florida who visited Fancelli in Italy when he served as the U.S. ambassador there during the administration of George W. Bush. “A nice lady from a nice family who writes checks for things that she thinks are important. I wonder if she even realized she was writing checks for Jan. 6.”


Fancelli is one of seven children of George Jenkins, who as a young man quit his job at the local Piggly Wiggly to open his first grocery store in Central Florida in 1930. Today, Publix has nearly 1,300 stores in the Southeast, with net earnings of $4 billion in 2020. Forbes ranked Jenkins’s offspring last year as the 39th richest family in the United States, with an estimated worth of $8.8 billion.

Fancelli owns homes in Lakeland and Longboat Key but has kept a low profile in Florida. Friends and relatives say she spends most of her time in Italy, where she met her husband while studying abroad.

“The bride is a graduate of Mount Vernon Seminary in Washington and the University of Florida,” reads the New York Times announcement of her wedding to Mauro Fancelli in 1972. “ Mr. Fancelli heads his family’s fruit and vegetable wholesale business in Florence, where the couple will live.”

In the late 1980s, she hired a longtime friend of her husband’s, a Florentine named Italo Casini, to be chef of two Italian restaurants she owned at various times in Florida, Casini recalled in a recent interview. “It was a guarantee of good food when she was in Lakeland,” said Casini, who called Fancelli “the sweetest person in the world.” Friends and family members in the United States say she sent them olive oil and wine from Italy.

Fancelli’s charitable giving is done through the George Jenkins Foundation, named after her father. She serves as president of the foundation, which reported net assets of $27.7 million in 2020 and gave more than $3.3 million that year to about two dozen charities that provide education, health care and social services to poor children and the elderly, records show. Public records also show that she co-owns, with other relatives, a private golf club in Lakeland founded by her father.

Fancelli has been registered as a nonpartisan voter in surrounding Polk County since 2001, but, like several members of her family, she has contributed overwhelmingly to Republicans, records show. On top of her large donations to Trump’s reelection campaign in 2020, a company where she was then a director gave $800,000 to a political committee formed by allies of Trump Jr. to support the Republicans in the hotly contested U.S. Senate runoffs in Georgia in January.

Fancelli has never served on the Publix board of directors or as a company executive. She previously owned a business that sold millions of dollars worth of food to Publix at a time when family members were running the chain, according to filings with the Securities and Exchange Commission. Fancelli left that company, Alma Food Imports, Inc., in 2017.

Publix declined to disclose how many shares Fancelli owns in the private company. She does not appear in recent SEC filings that list individuals who own at least 5 percent of the company’s shares. The majority of shares, which are not traded publicly, are owned by employees, from store cashiers to truck drivers.

The company temporarily stopped making campaign donations after survivors of the mass shooting at a Parkland, Fla., high school protested Publix’s contributions to the 2018 gubernatorial campaign of Republican Adam Putnam, an outspoken National Rifle Association supporter.

As Fancelli’s involvement in the Jan. 6 rally has emerged this year, some Publix shoppers have threatened boycotts on social media. Supermarket analyst David Livingston said Publix’s bottom line is unlikely to suffer because the chain is so popular in the Southeast, especially in Florida.

“People love Publix like people in Wisconsin love the Green Bay Packers,” Livingston said. “While Publix has made their own controversial donations, they are also the first in line to help after a hurricane.”

Russo of State Tea Party Express said he did not solicit the donation from Fancelli but has worked closely in the past with some of the Jan. 6 organizers. The group paid Virginia-based Go BIG Media to promote the rally on social media and bought radio spots targeted at a conservative audience in the D.C. region.


The radio ad did not repeat Trump’s false claims of election fraud but did promote the Jan. 6 rally and march as well a website that featured a “StopTheSteal!” tweet from the president.

Russo said his goal was to “help build the crowd” for Trump, not to try to subvert Biden’s victory.

“We did it for the right reasons, so I don’t regret that,” Russo said. “What I regret the most is that there were people with bad intentions at the Capitol. I am sorry that people got caught up in the emotion.”

"...caught up in the emotion" = plausible deniability. And those statements are always a little sly because they always pull up short of condemning the shitty thing that happened.

Saturday, November 27, 2021

How Rich?

It would be good if I could figure out how to embed this, but I can't - and it's possible the people who came up with it are smart enough not to give me the chance.

Anyway, go look it over, and scroll all the way thru it so you get the full effect of just how fucked up our system of "meritocratic capitalism" has become.



I got ridiculously lucky and made a few million dollars in my career. If you take all that money and make a stack of 100-dollar bills, it would be about 10 feet tall.

If you take all of Jeff Bezos's money (let's be really conservative and say $150 billion), and you make a stack of 100-dollar bills, it would be over 100 miles tall.

100 MILES

Wednesday, November 10, 2021

The Pandora Papers


One of the unexpected benefits of dumping my cable TV subscriptions has been that I've returned to some old favorites - like Frontline on PBS.

Putin's baby mama.
Kristi Noem's money laundry in South Dakota.
The King of Jordan.
and
and
and

Dirty money is everywhere, and it's making us very sick - intellectually, politically, emotionally, spiritually - just all kinds of sick.

The Pandora Papers


We have to burn this whole plutocratic mess to the ground.

Friday, October 22, 2021

The Money

At the risk of invoking the Post Hoc Ergo Propter Hoc Fallacy, it can't come as any kind of shock to anyone that the money started to square up almost immediately after the CrooksЯUs gang got the boot.

Because there's a thing called elasticity, which means, in part at least, that Biden doesn't get all the credit, and Trump doesn't get all the blame. But still...


The U.S. budget deficit totaled $2.77 trillion for 2021, the second highest on record but an improvement from the all-time high of $3.13 trillion reached in 2020. The deficits in both years reflect trillions of dollars in government spending to counteract the devastating effects of a global pandemic.

The Biden administration said Friday that the 2021 deficit, for the budget year that ended Sept. 30 was $360 billion lower than 2020 as a recovering economy boosted revenues, helping to offset government spending from pandemic relief efforts.

Before the deficit ballooned during two years of a global pandemic, the highest the biggest deficit had been a shortfall of $1.4 trillion in 2009 as the U.S. spent heavily to lift the country out of a severe recession following the 2008 financial crisis.

For 2021, the joint report from Treasury and the Office of Management and Budget said that government spending increased 4.1% to $6.82 trillion. This was offset by an increase of 18.3% in government revenues, a gain that reflected an improving economy as millions of people who had lost jobs at the start of the pandemic went back to work and corporate profits were rejuvenated after a horrendous 2020.

“Under President Biden’s leadership, the U.S. economy is getting back on track and Americans are getting back to work,” Treasury Secretary Janet Yellen and Shalanda Young, acting director of the Office of Management and Budget, said in a joint statement.

The non-partisan Congressional Budget Office expects the deficit will fall to $1.15 trillion in the current budget year, which began Oct. 1, and will dip below $1 trillion for three years from 2023 through 2025 before rising again above $1 trillion for each year through 2031.

That forecast does not include the spending that will occur if Biden is able to get two pending measures through Congress, a $1 trillion proposal for traditional infrastructure projects such as roads and bridges and his plan to bolster the social safety net and combat climate change.

The safety net measure has a price tag of $3.5 trillion but is expected to be scaled back to around $2 trillion to meet the objections of moderate Democrats such as Sen. Joe Manchin of West Virginia.

As a percentage of the overall economy, as measured by the gross domestic product, the 2021 deficit represents 12.4% of GDP, down from the 2020 deficit, which was 15% of GDP.

In their comments Yellen and Young credited Biden’s economic policies for contributing to a lower deficit, including Biden’s “swift action to mount a historic vaccination effort” and his success in getting Congress to approve $1.9 trillion in extra spending in the stimulus bill passed in March.

“While the nation’s economic recovery is stronger than those of other wealthy nations, it is still fragile,” Yellen said. “In order to build upon the progress that has been made ... Congress should pass President Biden’s Build Back Better plan.”

Friday, October 15, 2021

Coin-Operated & Corporate-Owned

Joe Manchin has a real problem.

Common Dreams: (very "leftie", but good record on accuracy and sourcing)

Manchin Has Received $1.5 Million From Corporate Interests Attacking Biden Agenda

Report Large corporations "have given Senator Manchin over a million reasons to avoid paying their fair share," said Accountable.US president Kyle Herrig.

Sen. Joe Manchin, one of a handful of Democratic lawmakers threatening to tank President Joe Biden's legislative agenda, has received at least $1.5 million in campaign donations from the businesses and trade groups leading corporate America's lobbying blitz against the Build Back Better reconciliation package, a new analysis by Accountable.US reveals.

The watchdog group's report, provided exclusively to Common Dreams, shows that corporate powerhouses including the U.S. Chamber of Commerce—the highest-spending lobbying firm in the U.S—and the Pharmaceutical Research and Manufacturers of America have donated a combined $1,525,700 to Manchin (D-W.Va.), a key swing vote who is currently working to lop as much as $2 trillion off his own party's popular legislation.

"Senator Manchin knows big corporations managed to make billion-dollar profits despite the pandemic as everyday families fell further behind," Kyle Herrig, president of Accountable.US, told Common Dreams. "Manchin now has a golden opportunity to level the playing field for working people by backing investments and tax relief aimed at them for a change—investments that will lower health and childcare costs for most in West Virginia."

"Rich corporations may have given Senator Manchin over a million reasons to avoid paying their fair share—but is it all worth it if he has nothing to show for the families he actually represents?" Herrig asked.

The Chamber of Commerce—whose members include such corporate behemoths as ExxonMobil, Pfizer, and Facebook—has promised to do "everything in [its] power to ensure" the reconciliation bill fails. Earlier this year, the lobbying group said it would financially reward Manchin after he voiced opposition to some of Biden's domestic policy initiatives.

According to Accountable.US, the Chamber's political action committee has given Manchin $10,000 since 2011. Big corporations on the business organization's leadership boards—including Shell Oil, Microsoft, and Honeywell—have donated a total of $565,700 to Manchin through their political arms, the watchdog group found.

Accountable's report also spotlights campaign cash the West Virginia Democrat has received from the Business Roundtable—"whose board is stocked with CEOs from 12 corporations that have given $245,500 to Sen. Manchin"—and the National Association of Manufacturers, "which gave $7,500 to Manchin as its leading corporate members gave him $487,000."

While Manchin has publicly been cagey about what specific programs he wants to cut from the emerging reconciliation package, recent news reports have indicated that the senator—a major ally of the fossil fuel and a coal profiteer—opposes some of Democrats' green-energy proposals, Medicare expansion, and other elements of the sprawling reconciliation plan, despite their popularity in West Virginia and across the nation.

Last week, Axios reported that Manchin has been "telling colleagues that progressives need to pick just one of President Biden's three signature policies for helping working families"—the expanded child tax credit, paid family leave, or child care subsidies—"and discard the other two," an approach that progressives quickly rejected as a non-starter.

"Responsible governing isn't about pitting women, children, and families against each other," said Rep. Jamaal Bowman (D-N.Y.). "We have the resources to uplift everyone and leave no one behind. It's absurd to say that we don't."

And we (ie: people who want the Dems to get with the fuckin' program) have a problem too.

We can and should pressure Manchin and Sinema to support the big things progressives are trying to do, while also understanding that all they have to do to thwart our efforts is hint that if we get too pushy, they just might have to cross the aisle and join with the other gang - at least for a while.

And of course, that's kinda what's happening now anyway, so we're back to reading tea leaves and trying to sleuth out the sausage-making process at any given moment.

It's annoying and frustrating and I'm real sick of feeling like we're constantly at the edge of the abyss, balanced on the knife's edge, waiting for an announcement that the apocalypse is here now and we're all gonna fucking die because the shit's gonna hit the fan no matter which way we decide to go.

We should be doing a lot better than this. After 15,000 years of bloodshed and conquest and superstitious paranoia, we should be living our lives in a civilized world of genial accommodation among people of good faith and common reason.

Who do I have to kill to get that?

Sunday, October 10, 2021

About That AT&T Thing


Sorry not sorry, AT&T, but for this, you deserve nothing but a big fat
FUCK YOU.

WaPo: (pay wall)

Trump’s favorite channel, One America News, was never ‘news’ at all

The whitewashing and denialism of the Jan. 6 insurrection started at One America News on that very same day.

As President Donald Trump tried to overturn the legitimate results of the presidential election — inciting a deadly riot along the way — the cable channel’s brass were sending an all-too-clear message to their team about how to cover this horrifying event.

“Please DO NOT say ‘Trump Supporters Storm Capitol. . . .’ Simply call them demonstrators or protestors. . . . DO NOT CALL IT A RIOT!!!” came the impassioned email directive from a news director to the staff.


The next day, OAN’s top boss, founder Robert Herring Sr., ordered producers to get in line behind the president, as he floated the conspiracy theory that it wasn’t Trump supporters breaking those windows and storming those barricades — that it was the leftist movement antifa instead. exposé

“We want to report all the things Antifa did yesterday. I don’t think it was Trump people but let’s investigate,” the 80-year-old chief executive wrote in an email. There was simply nothing to support this far-fetched theory: The FBI has found no evidence of antifa involvement, and almost all of the hundreds of suspects charged have been well-documented Trump supporters; some are members of white-supremacy or other far-right extremist groups.

When Reuters, the global news agency, published its two-part investigation last week of OAN, the most startling finding was that AT&T indirectly provided 90 percent of the channel’s revenue, after letting it be known that it was eager to host a new conservative cable network.

Yes, the world’s largest communications company played a major role in creating and sustaining the far-right channel that spins wacky ideas, promotes fraudulent covid-19 cures and, in its fervor, makes the pro-Trump market leader, Fox News, look almost reasonable. (AT&T has challenged aspects of Reuters’ reporting and said that the company, through its offshoot, DirecTV, provides “viewpoints across the political spectrum.”)

But just as noteworthy as AT&T’s involvement was the way Reuters’s John Shiffman pulled back the curtain on how the San Diego-based network operates, relying in part on court documents.

What they showed is that OAN is dedicated not to the “news,” which is part of its name, but to propaganda, directed from the top.

“If there was any story involving Trump, we had to only focus on either the positive information or basically create positive information,” Marissa Gonzales, an former OAN producer who resigned last year, told Reuters. “It was never, never the full truth.”

That’s what was going on in the background. It adds valuable — if appalling — perspective to what we already knew about OAN.

We knew that Trump appreciates the blind loyalty, promoting the channel more than 100 times on his Twitter feed, often as he complained about Fox News’s failure to back him fully and at all times. We knew that Herring was far from shy about his partiality, tweeting in early January: “If anyone thinks we will throw the best President America has had, in my 79 years, under the bus, you are wrong.”

And we knew that OAN let two of its on-air personalities raise more than $600,000 to help fund a private “audit” of the presidential vote in Arizona. One of them even worked part-time for the Trump recount effort’s legal team.

It’s no wonder the voting machine company Dominion is suing OAN for defamation, for spreading and endorsing false reports that it helped steal the 2020 election from Trump. Dominion’s suit describes the problem succinctly: “OAN helped create and cultivate an alternative reality where up is down (and) pigs have wings.”

But OAN maintains that this all falls under protected free speech or opinion, including a series of pseudo-documentaries about unproven election fraud that MyPillow chief executive and Trump loyalist Mike Lindell paid to put on the air. A federal judge over the summer suggested the courts may not accept that defense, as he allowed a number of Dominion’s related defamation suits, including one against Lindell, to go forward.

Trump’s relentless misinformation campaign, aided by his loyal media allies, has clearly gotten through to millions of Americans. Although there is no basis in fact, no evidence to support it, a Reuters/Ipsos poll found in April that about half of Republicans believe the siege was either a nonviolent protest or caused by left-wing forces “trying to make Trump look bad.” A majority of Republicans believe Trump’s lie that widespread voter fraud robbed him of a second presidential term.

OAN’s television reach may not be vast: Most Americans won’t encounter it when they turn on their TV. But its website’s offerings very well may show up in their social media feeds. Typical of these was a three-paragraph article Friday, featuring Trump’s official statement slamming the “Unselect Committee of Partisan Democrats,” under this headline: “Report: President Trump Fights Democrat-Led ‘Probes’ Into Jan. 6 Protest.”

In terms of spreading misinformation and helping Trump deny the devastating realities of the Jan6 insurrection, OAN is punching way above its weight.

It's time - past time - for some good old-fashioned Teddy Roosevelt-style Trust-Bustin'

The AT&T Empire
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Warner Bros. Entertainment Inc.
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  • Admeld (Acquired by Google)
  • Arroyo (Acquired by Cisco)
  • BigBand Networks (Acquired by ARRIS)
  • BroadLogic (Acquired by Broadcom)
  • Entropic Communications (IPO in December 2007)
  • GoldPocket (Acquired by Tandberg TV)
  • Glu Mobile (IPO in March 2007)
  • Kosmix (Acquired by Walmart)
  • Maker Studios (Acquired by The Walt Disney Company)
  • MediaVast (Acquired by Getty Images)
  • Meebo (Acquired by Google)
  • N2 Broadband (Acquired by Tandberg TV)
  • NuvoTV (Acquired by Fuse Networks, LLC)
  • PlanetOut (IPO in October 2004)
  • PlaySpan (Acquired by Visa)
  • ScanScout (Acquired by Tremor Media)
  • SkyStream Networks (Acquired by Tandberg TV)
  • Tumri (Acquired by Collective)
  • Vindigo (Acquired by For-Side)
  • Other units
  • Global Media Group
  • Time Warner Medialab
  • Time Warner Investments - venture capital unit
  • Adaptly
  • Bluefin Labs
  • Conviva
  • CrowdStar
  • Dynamic Signal
  • Double Fusion
  • Everyday Health
  • Exent
  • Gaia Online
  • tvtag previously as GetGlue
  • Simulmedia
  • Tremor Video
  • Trion Worlds
  • VisibleWorld

Saturday, August 21, 2021

"Conservative" "Thinking"


Hugh Hewitt never disappoints - we can always count on him to pimp some of our favorite "conservative" lies.

Like this:
For 20 years, the sacrifices made in Afghanistan were part of keeping the homeland safe.

Allow me to suggest an edit:
"For 20 years we've heard the lie that tries to link safety at home with funneling trillions of tax dollars to defense contractors for overseas military adventures - which fosters the various layers of corruption (foreign and domestic) wherever large piles of cash are made readily available, which in turn makes it nearly impossible to accomplish the stated objective."

Yes, we should stay appropriately engaged in the world, but engaging in "wars" in Iraq and Afghanistan - "fighting them over there" - has led us to neglect the rising threat of terrorism posed by our very own brand of homegrown terrorism right here in USAmerica Inc.

The GOP has been in the process of attempting a coup not unlike what the Taliban has been attempting in Afghanistan. This little screed wouldn't have anything to do with stuffing Jan6 down the memory hole would it, Hugh?

That, and a little projection, intended to shift the criticism from Trump - who set all this shit in motion - to Biden, who's now trying to keep America's promises and make it work.

Hugh Hewitt, WaPo: (pay Wall)

America has lost a war, and the consequences will be terrible. Yes, this happened in 1975 with the fall of Saigon, but it is not easy to find a precedent in our history for a calamity such as that unfolding in Afghanistan, where thousands of Americans — the exact number is uncertain — are suddenly stranded far from home with no simple avenue for escape.

Events have left many Americans in a state of collective shock. The video of an infant being passed from family members over concertina wire to U.S. troops at Kabul’s airport illustrated the profound desperation that is sweeping Afghanistan, and elicited an awareness that we have betrayed much and many in the past week.

We can be proud of our warriors and still be deeply ashamed of our country.

The Pentagon suggested Thursday that if Americans in Afghanistan — mostly contractors and nongovernmental aid workers now — could get to the airport in Kabul, their safe passage home was likely. The Pentagon did not explain how Americans were to get safely to the airport. The president tried again Friday to give similar reassurance and guidance to the trapped — and failed again. He told the world they would get home. He gave no guidance on how they could get to the airport.

This is unacceptable. Is there really no alternative to simply hoping for the best? “Trust me and the Taliban?” Really?

Then there are sensitive questions about President Biden’s capacity to deal with fast-moving events. Sen. Tom Cotton (R-Ark.) commented early in the week that the president appeared “shellshocked.” On Friday, Biden played his favorite loop in the East Room, promising to bring Americans and our loyal Afghan allies home — but not really explaining how. He is stubbornly attached to his inner narrative and won’t budge from it.

Questions about Donald Trump’s temperament and capacity dogged his entire presidency. To age, as candid older men and women will freely confess, is to slow down from previous capacity, to grow fixed in opinions and habits. Biden is our president, and we only get one at a time, but we can ask that everyone around him make doubly sure he is getting everything older Americans routinely need as they age — particularly unpleasant advice when they don’t want to hear it.

Maybe especially when they don’t want to hear it.

The broad unease about the president’s ability to adjust to quick changes in facts on the ground is genuine, and the fact that he finally allowed four reporters to ask questions on Friday about his decision-making did not allay that unease.

The families of every American abandoned to the tender mercies of the Taliban deserve a president who is accessible and commanding, not one who seems uncertain or half-withdrawn. CNN’s Clarissa Ward, reporting with incredible courage from Kabul, should not be Americans’ best source of information on conditions at the Kabul airport. It should be the president, but his answers on Friday did not help him much or set many minds at ease.

This is very much a disaster of choice, not inevitability. The questions are many: What did the president not know about the political landscape in Afghanistan — and for how long has he not known it? What options did he solicit? Which did he decline? What advice did he reject?

It is also necessary to ask: What signal does this send to an increasingly aggressive China and Russia, and will they act on that signal? What does this mean for the perilous situations in Taiwan and Ukraine? And how did the United States get blindsided again?

For 20 years, the sacrifices made in Afghanistan were part of keeping the homeland safe. That shield has dropped. The president again insisted on Friday that we have over-the-horizon abilities. But, as one reporter asked Biden, if we didn’t see the collapse coming, how can we be confident that we will see the next attack on the homeland coming?

Finally, given the president’s argumentative and defensive speech Monday, refusal to take questions after a threadbare deflection speech Wednesday, the confused and confusing sit down with ABC’s George Stephanopoulos and his halting do-over performance Friday, the Biden-friendly legacy media must press to learn what is happening behind the scenes. ABC News’s refusal to release the entire unedited tape of Stephanopoulos’s midweek interview with the president is unacceptable. The same degree of scrutiny that fell on every Trump move must follow this president.

At moments of national calamity, we all need to be respectful of our common citizenship, but difficult discussions must be had in public, and the president especially must be available and accountable to the people he has so long wanted to lead. This is not, as the president and his team may imagine, another sort of campaign crisis to be endured and overcome in a few news cycles. The oldest president ever must keep his circle expanding and information flowing in, with truth-speakers close at hand. And he must meet with the press again and again as the crisis unfolds.

BTW #1: The idea's been floated that Biden tried to convince Obama to get us out of Afghanistan pretty much the whole 8 years he spent as VP. That story will emerge at some point as people start to dig into the history of the first two decades of "The Decline and Fall of the American Empire".

BTW #2: In case you've missed it, "conservatives" have also been pimping the bullshit that Tom Cotton is their best bet for the 2024 GOP nomination. Look for more of this as we go, and especially be on the lookout for the Press Poodles to say things like "Well, that Tom Cotton guy has some common sense stuff goin' on yada yada yada".

Ya heard it here first, kids.

Saturday, July 17, 2021

It's A Game Of Confidence

Frontline is all over the place in this one.

Asymmetry
Instability
Moral Hazard

The big players get overly aggressive and win - they pocket the proceeds.
The big players get overly aggressive and lose - they get bailed out. Again.


The big burst of over-exuberance is usually the bellwether of a crash. Which forces the questions:
  • What does that burst look like?
  • Will we recognize it?
  • Are we seeing it now?

And of course, when the slump hits - and it will - are we going to allow the big players to panic us into another "solution" that will almost certainly be almost literally nothing more than Trickle Down rebranded?

We have to get back to where we have a national economic overview.

Not a blueprint - and not a central plan - but something like general common-sense good-government guidelines not based in a plutocratic agenda - something that looks to re-establish a better (ie: fairer) balance between capital and labor.

If the point is to kill off everybody else in an attempt to be King Of The Hill, then there is no fucking point to any of this at all.

Tuesday, April 06, 2021

Today's GOP Hypocrisy

A case went before SCOTUS in 2003, and the decision was named after Mitch McConnell - because Mr McConnell was a driving force behind the effort to make sure companies could continue their out-sized influence in shaping national policy.

Now Mitch is showing us - again - that he's king of the colossal hypocritical assholes.

And that he intends to continue his Daddy State ways, trying to impose his whimsy regarding what anybody can and can't do in politics.



‘Stay out of politics,’ Republican leader McConnell tells U.S. CEOs, warns of ‘consequences’

U.S. Senate Republican Leader Mitch McConnell lashed out at corporate America on Monday, warning CEOs to stay out of the debate over a new voting law in Georgia that has been criticized as restricting votes among minorities and the poor.

In a sign of a growing rift in the decades-old alliance between the conservative party and U.S. corporations, McConnell said: “My advice to the corporate CEOs of America is to stay out of politics. Don’t pick sides in these big fights.”

McConnell warned companies there could be risks for turning on the party, but he did not elaborate.

“Corporations will invite serious consequences if they become a vehicle for far-left mobs to hijack our country from outside the constitutional order,” McConnell told a news conference in his home state of Kentucky.

Big business ties with Republicans began fraying under former President Donald Trump’s leadership and the party’s focus on voting restrictions has soured businesses embracing diversity as key to their work force and customer base.

Major Georgia employers Coca-Cola and Delta Air Lines have spoken out against the law signed by Governor Brian Kemp, and Major League Baseball pulled the 2021 All-Star Game out of the state over the law strengthening identification requirements for absentee ballots and making it a crime to offer food or water to voters waiting in line.

“I found it completely discouraging to find a bunch of corporate CEOs getting in the middle of politics,” McConnell said.

Trump spent months after losing his reelection bid falsely claiming that his defeat was the result of widespread fraud. He failed in dozens of legal challenges. Nonetheless, lawmakers in 47 states this year have introduced 361 bills imposing new restrictions on voting, according to the Brennan Center for Justice.

The Georgia law brought a backlash from some U.S. companies with strong ties to the state.

Coca-Cola Co. Chief Executive James Quincey called the law “unacceptable” and a “step backwards.” Delta Air Lines CEO Ed Bastian said: “The entire rationale for this bill was based on a lie: that there was widespread voter fraud in Georgia in the 2020 election.”

Independent reviews have repeatedly shown that voter fraud is rare in the United States, and state and federal probes found no evidence of widespread fraud in the 2020 election which the Republican Trump lost to Democrat Joe Biden.

Corporate America has long thrown its political muscle behind Republican candidates and officeholders, often funneling more campaign contributions to conservative candidates than Democratic ones.

Thursday, June 18, 2020

The Whims Of The Wealthy


NYT:

In the Manhattan restaurants around Lincoln Center, the tips often rose and fell with the changing playbill. A popular classic musical could mean more preshow diners, and more income. A more famous actress as Eliza Doolittle could do the same. The end of a big run, like “My Fair Lady,” meant the opposite: Tips would be down for a while.

“We were dependent on how well shows were doing at Lincoln Center, and we really did pay attention,” said Emma Craig, who was a server at the Atlantic Grill a block away before the coronavirus crisis. She has not returned to that job yet, or to another singing at a private supper club downtown. In both jobs, she said, “I am dependent on the trickle down.”

The recession has crushed this kind of work in particular: service jobs that depend directly on the spending — and the whims — of the well-off.

Too much money (which means too much power) is in the hands of too few people.

Friday, April 10, 2020

A Big Reveal



I'm not a silver linings kinda guy. If it's good, it's good, even though there's always a cost.


But if it's bad, it doesn't mean we're looking at a cost, and we can then shoehorn some fucking blessing into it.

Sometimes bad is bad.

But sometimes, we get something really bad, and it forces us to see some truth.

(That's not a silver lining - that's some shit we should've seen before but we missed it because some asshole sold us on the benefits of choosing to be blind to it)

Anyway - here we go again.

NYT:

Ever since the oil shocks of the 1970s, the idea of energy independence, which in its grandest incarnation meant freedom from the world’s oil-rich trouble spots, has been a dream for Democrats and Republicans alike. It once seemed utterly unattainable — until the advent of fracking, which unleashed a torrent of oil. By early 2019, America was the world’s largest producer of crude oil, surpassing both Saudi Arabia and Russia. And President Trump reveled in the rhetoric: We hadn’t merely achieved independence, his administration said, but rather “energy dominance.”

Then came Covid-19, and, on March 8, the sudden and vicious end to the truce between Saudi Arabia and Russia, under which both countries limited production to prop up prices. On March 9, the price of oil plunged by almost a third, its steepest one-day drop in almost 30 years.

As a result, the stocks that make up the S&P 500 energy sector fell 20 percent, marking the sector’s largest drop on record. There were rumblings that shale companies would seek a federal lifeline. Whiting Petroleum, whose stock once traded for $150 a share, filed for bankruptcy. Tens of thousands of Texans are being laid off in the Permian basin and other parts of the state, and the whole industry is bracing for worse.

On the surface, it appears that two unforeseeable and random shocks are threatening our dream.

In reality, the dream was always an illusion, and its collapse was already underway. That’s because oil fracking has never been financially viable. America’s energy independence was built on an industry that is the very definition of dependent — dependent on investors to keep pouring billions upon billions in capital into money-losing companies to fund their drilling. Investors were willing to do this only as long as oil prices, which are not under America’s control, were high — and when they believed that one day, profits would materialize.


(ed note: think this might have something to do with 45* asking his pal MBS to boost oil prices a week or so ago?)

Even before the coronavirus crisis, the spigot was drying up. Now, it has been shut off.

The industry’s lack of profits wasn’t exactly a secret. In early 2015, the hedge fund manager David Einhorn announced at an investment conference that he had looked at the financial statements of 16 publicly traded shale producers and found that from 2006 to 2014, they spent $80 billion more than they received from selling oil. The basic reason is that the amount of oil coming out of a fracked well declines steeply after the first year — more than 50 percent in year two. To keep growing, companies have to keep plowing billions back into the ground.

The industry’s boosters argue that technological gains, such as drilling ever bigger wells, and clustering wells more tightly together to reduce the cost of moving equipment, eventually would lead to a gusher of profits. Fracking, they said, was just manufacturing, in which process and human intelligence could reduce costs and conquer geology.


Signal Hill CA ca 1920s or 30s
Actually, no. The key issue is the “parent child problem.” When wells are clustered tightly together, with so-called child wells drilled around the parent, the wells interfere with each other, resulting in less oil, not more. (This may not surprise anyone who is attempting to be productive while working in close quarters with their children.)

The promised profits haven’t materialized. In the first half of 2019, when oil was around $55 a barrel, only a few top-tier companies were profitable. “By now, it should be abundantly clear that the current shale oil business model does not work — even for the very best companies in the industry,” the investment firm SailingStone Capital Partners explained in a recent note.


Policymakers who wanted to tout energy independence disregarded all this, even as investors were starting to lose patience. As early as 2018, some investors had begun to tell companies that they wanted to see free cash flow, and that they were tired of compensation models that rewarded executives with rich paydays for increasing production, but failed to take profits into account. As a result, fracking stocks badly underperformed the market.

But with super-low interest rates, investors in search of yield were still willing to buy debt. Over the past 10 years, the entire energy industry has issued over $400 billion in high-yield debt. “They subprimed the American energy ecosystem,” says a long time energy market observer.

Even as the public equity and debt markets grew cautious, drilling continued. That’s because one big source of funding didn’t dry up: private equity. And why not? Private equity financiers typically get a 2 percent management fee on funds they can raise, so they are incentivized to take all the money that pension funds, desperate for returns to shore up their promises to retirees, have been willing to give them.

In the Haynesville and the Utica Shales, two major natural gas plays, over half of the drilling is being done by private equity-backed companies; in the oil-rich Permian basin, it’s about a quarter of the drilling. From 2015 through 2019, private equity firms raised almost $80 billion in funds focused mostly on shale production, according to Barclays.

Until the capital markets began to get suspicious, private equity investors could flip companies they had funded to larger, public companies, making a profitable exit regardless of whether or not the underlying business was making money.

That too is ending, as investors in such funds have become disillusioned.

You can see how all of this is playing out by looking at Occidental Petroleum. In 2019, Oxy, as it’s known, topped a competing bid from Chevron and paid $38 billion to take over Anadarko Petroleum, which is one of the major shale companies. Since that time, Oxy’s stock has plummeted almost 80 percent in part due to fears that the Anadarko acquisition is going to prove so wildly unprofitable that it sinks the company.

On March 10, the company announced that it would slash its dividend for the first time since the early 1990’s, when Saddam Hussein’s invasion of Kuwait sent oil prices plummeting.

Occidental is just one piece of the puzzle. In April, the Energy Information Administration cut its forecast for U.S. oil production, estimating that it will fall both this year and next — suggesting that the days of huge growth in production from shale are over.

On March 10, Scott Sheffield, the chief executive of Pioneer Natural Resources, a major driller in the Permian Basin, told Bloomberg that U.S. oil output could fall by more than two million barrels per day by next year if prices remain where they are today.

“This is late ’80s bad,” a close observer of the industry says.

After the United States engaged in a high-stakes negotiation with Russia and Saudi Arabia to curtail production, a tentative deal was struck on Thursday. Certainly, President Trump, who has staked so much on the American shale industry, wants to save it. “We really need Trump to do something or he’s going to lose all the energy states in this election,” Mr. Sheffield told CNBC in late March.

A deal, and higher oil prices, might help the industry. But they won’t fix its fundamental problem with profitability. Energy independence was a fever dream, fed by cheap debt and frothy capital markets.

All that’s left to tally is the environmental and financial damage. In the five years ending in April, there were 215 bankruptcies for oil and gas companies, involving $130 billion in debt, according to the law firm Haynes and Boone. Moody’s, the rating agency, said that in the third quarter of 2019, 91 percent of defaulted U.S. corporate debt was due to oil and gas companies. And North American oil and gas drillers have almost $100 billion of debt that is set to mature in the next four years.It’s still unclear where most of this debt is held. Some of it has been packaged into so-called collateralized loan obligations, pieces of which are held by hedge funds. Some of it may be on bank balance sheets. Investors in the equity of these companies have already seen the value of their holdings decimated. Pension funds that have poured money into private equity firms may take a hit soon, too. All we know for sure is that fracking company executives and private equity financiers have made a fortune by touting the myth of energy independence — and they won’t be the ones who have to pick up the pieces.


Thursday, April 09, 2020

Why We Fight

I am not going to let myself slip into full Cult45-like behavior by advocating the wholesale slaughter of these Wall Street assholes.

Not now. Not yet. But don't think for one fuckin' second I can't be persuaded.

Go ahead and push me some more, motherfuckers.




Reuters:

Exclusive: Wall Street firm dangled up to 175% returns to investors using U.S. aid programs

A New York investment firm pitched wealthy investors in recent days on a way to make returns of 22% to 175% using U.S. government programs designed to help Americans keep their jobs and boost the coronavirus-stricken economy, according to a marketing document seen by Reuters.

Following questions posed by Reuters, Arcadia Investment Partners LLC, which has about $1 billion under management, said it had put its plans on hold.

The idea was in “formative stages” and the firm was not “presently moving forward with this strategy given reasons that include uncertainty surrounding the regulations,” Dahlia Loeb, managing director at Arcadia, told Reuters in an email on Wednesday. She did not elaborate further.

The firm had sent the pitch as recently as this weekend to “a limited number of sophisticated investors,” according to the marketing materials, which are dated April 4 and marked confidential. In an email sent Sunday, and seen by Reuters, Loeb wrote it was a “highly time sensitive opportunity” and had offered to discuss it with investors that day or early in the week.

Arcadia’s pitch offers a glimpse into how some private investors are looking to quickly take advantage of the unprecedented government intervention after the novel coronavirus brought economic activity to a screeching halt.


There are reasons 45* keeps going out of his way to get rid of all the oversight processes and all the Inspectors General.

Crooks need the cops to stick to the donut shops.