Tag Archive | "Barack Obama"

16 Burning Questions About The Oil Spill That We Deserve To Have Answered


The Gulf of Mexico oil spill is a national nightmare that seems to have no ending.  Every day new details come out that are even more shocking than what we learned the day before.  The truth is that life will never be the same in the Gulf of Mexico or for those who live along the Gulf coast. Now Barack Obama has made a big Oval Office speech and has tried to convince all of us that he is in charge of the crisis.  Well, perhaps if he had tried to take decisive action a month ago the American people may have rallied around him.  But right now the BP/government response to this disaster remains completely and totally chaotic.

Nobody seems to be able to stop the leak, and BP has made the environmental nightmare far worse by dumping over a million gallons of highly toxic dispersants into the Gulf.  U.S. government officials are running around holding press conferences and waiting for BP to do something.  Meanwhile oil is pouring ashore and toxic gases are being detected at very alarming levels.  The biggest environmental disaster in U.S. history is also quickly becoming one of the biggest economic disasters and potentially one of the biggest public health disasters.

The truth is that the American people deserve some answers about what in the world is going on down there in the Gulf.  BP (NYSE: BP) does not own the Gulf of Mexico and they have no right to keep the American people from seeing what is happening.  There are some very serious health and environmental questions that have been raised in the media recently, but both BP and the U.S. government are not giving us any answers.

But we need some answers.  People are getting sick.  Crops are dying.  Wildlife is being devastated.  Birds are flocking north by the thousands.

But BP and the U.S. government continue to treat us as though we are on a “need to know” basis and that what we “need to know” is not much.

Actually, much of what they have decided to tell us throughout this crisis has turned out to be lies anyway.

The truth is that it is about darn time that someone started telling it to us straight.

What are those 17,000 National Guard troops actually doing?

What are those 17,000 National Guard troops actually doing?

Barack Obama has authorized the deployment of more than 17,000 National Guard members along the Gulf coast to be used “as needed” by state governors.  So what are all of these National Guard troops going to be doing exactly?  Are the troops going to be used to stop the oil or to control the public?

Is appointing an Oil Czar supposed to fix anything?

Is appointing an Oil Czar supposed to fix anything?

Barack Obama has also announced the creation of a “Gulf recovery czar” who will be in charge of overseeing the restoration of the Gulf of Mexico region following the oil spill.  So is appointing a “czar” Obama’s idea of taking charge of a situation?

Why is BP using a dispersant so toxic it was banned in British waters?

Why is BP using a dispersant so toxic it was banned in British waters?

Because it is so incredibly toxic, the UK’s Marine Management Organization has completely banned Corexit 9500, so if there was a major oil spill in the UK’s North Sea, BP would not be able to use it.  So why is BP being allowed to use Corexit 9500 in the Gulf of Mexico?

Why are we letting BP continue using this fish-killing dispersant?

Why are we letting BP continue using this fish-killing dispersant?

It is being reported that 2.61 parts per million of Corexit 9500 (mixed with oil at a ratio of 1:1o) is lethal to 50% of fish exposed to it within 96 hours.  That means that 1 gallon of Corexit 9500/oil mixture is capable of rendering 383,141 gallons of water highly toxic to fish.  So why was BP allowed to dump 1,021,000 gallons of Corexit 9500 and Corexit 9527 into the Gulf of Mexico, and why aren’t they being stopped from dumping another 805,000 gallons of these dispersants that they have on order into the Gulf?

If these dispersants are so incredibly toxic to fish, what are they going to do to crops? What are they going to do to people?

If these dispersants are so incredibly toxic to fish, what are they going to do to crops?  What are they going to do to people?

If the smell of the oil on some Gulf beaches is already so strong that it burns your nostrils, then what in the world is this oil doing to to wildlife that encounter it?

If the smell of the oil on some Gulf beaches is already so strong that it burns your nostrils, then what in the world is this oil doing to to wildlife that encounter it?

Read more: The Guardian

Is it a bad sign that birds from the Gulf region are flocking north by the thousands?

Is it a bad sign that birds from the Gulf region are flocking north by the thousands?

Read more: The Intel Hub

Why is BP being allowed to use private security contractors to keep the American people away from the oil cleanup sites?

Why is BP being allowed to use private security contractors to keep the American people away from the oil cleanup sites?Image: MacMcClellan on twitter

Source: The Raw Story

Why is BP openly attempting to manipulate the search results on sites like Google and Yahoo?

Why is BP openly attempting to manipulate the search results on sites like Google and Yahoo?

Read more: The Times

Why has the FAA shut down the airspace above the Gulf of Mexico oil spill? What don’t they want the American people to see?

Why has the FAA shut down the airspace above the Gulf of Mexico oil spill?  What don't they want the American people to see?

Read more: FAA

What is BP doing about the ruptures from the sea floor?

What is BP doing about the ruptures from the sea floor?

Senator Bill Nelson of Florida says that there are reports that there are additional ruptures in the sea floor from which oil is leaking.  If there are quite a few of these additional ruptures, then how in the world does BP expect to completely stop this oil leak?

Why are scientists finding concentrations of methane at up to 10,000 times normal background levels in Gulf waters?

Why are scientists finding concentrations of methane at up to 10,000 times normal background levels in Gulf waters?

Read more: NYT

Why haven’t people been warned about toxins in the waters?

Why haven't people been warned about toxins in the waters? Image: Amy the Nurse on flickr

At some testing stations in the Gulf of Mexico, levels of benzene have been detected at over 3000 parts per billion, and levels of hydrogen sulfide have been detected as high as 1192 parts per billion.  Considering that these levels would be highly toxic to humans, why hasn’t the general public been warned?

Why are so many Gulf oil spill disaster workers showing up at local hospitals complaining of a “mysterious illness”?

Why are so many Gulf oil spill disaster workers showing up at local hospitals complaining of a "mysterious illness"?

Read more: WOAI

Can anything prevent oil from eventually plastering the shore?

Can anything prevent oil from eventually plastering the shore?Image: AP

If “70% or 80%” of the protective booms are doing absolutely nothing at all to stop the oil, then what is going to stop the millions of gallons of oil in the Gulf from eventually reaching shore?

What happens to the Gulf of Mexico Dead Zone?

What happens to the Gulf of Mexico Dead Zone?

It is being reported that the deepsea oil plumes are creating huge “dead zones” where all creatures are dying as they are deprived of oxygen.  If this oil spill continues to grow could the vast majority of the Gulf of Mexico become one gigantic “dead zone”?

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What Can You Buy with One Ounce of Gold?


The price of Gold is approximately $1170 an ounce. If you are filling envelopes with gold jewelry to get cash from Cash4Gold, stop licking your stamps and take a look at what you can buy outright:

Half a Year of Gas

AAA states the average person drives 15,000 miles a year and pays $2.85 per gallon of gas. The average car gets 21.5 miles per gallon. That means you can run over to the Exxon (XOM) and hand them an ounce of Gold for half a year of their black gold.

One 64GB iPad with Wi-Fi + 3G, a Keyboard Dock, iPad Case, Apple Care, and $135 worth of Apps

Which is cooler? One ounce of Gold, or a shiny new Apple (AAPL) iPad? If you aren’t sitting in a basement with Smith & Wessons (SWHC) and Campbell (CPB) soup, you can call Steve Jobs and see if he’ll take your yellow ounce for a 64GB iPad with Wi-Fi + 3G ($829), a Keyboard Dock ($69), iPad Case ($39), Apple Care ($99), and $135 worth of Apps. If you pay taxes, you’ll have to cut back on the apps.

Two Vacation Packages to the Turks & Caicos

Think Gold is a couch potato? Cash that rock in for two vacation packages to the gorgeous Turks & Caicos! Hotwire (EXPE) is offering an awesome deal for a 4-night stay at your choice of resort from just $619. Plus, some trips include complimentary daily breakfast. Yum, yum in the golden sun.

60 Copies of the Presidents’ Books

If you love Barack Obama or George W. Bush, you can send Amazon (AMZN) an ounce of Gold for enough copies of their books to wallpaper your favorite reading room. Given the passions for the two most recent Presidents of the United States, this could be a much prettier choice than Gold because beauty is in the eye of the beholder.

There are a lot of cool or funny things we can buy for $1170. In the comments below, let us know what you’d buy …

If you are interested in learning how to make money from the rise in Gold, click here to try a free trial to our acclaimed Gold & Silver Premium by Chicago Mercantile Exchange commentator Jordan Roy-Byrne CMT.

Posted in Economy, The ScoopComments (2)

Wall St. Cheat Sheet’s Most Famous Harvard Students of All-Time


Harvard seems to pump out an extraordinary number of accomplished individuals. So, we decided to put together a comprehensive list of the most famous Harvard students of all-time …

Presidents

1. John Adams

An American politician, John Adams (October 30, 1735-July 4, 1826) was the country’s second President (1797-1801), and first Vice President (1789-1797) for two terms. Adams was one of the original Founding Fathers, and played a lead role in the early stages of the American Revolution. He is famous for his part in persuading the Continental Congress to adopt the Declaration of Independence, negotiating a peace treaty with Great Britain, and obtaining important loans from Amsterdam. In addition, he was responsible for signing the Alien and Sedition acts, and resolving the Quasi-War crisis with France in 1798. Adams eventually became the father of John Quincy Adams, the sixth president of the United States.

2. John Quincy Adams

John Quincy Adams (July 11, 1767-February 23, 1848) was the sixth U.S. President (1825-1829). As an American diplomat, he served in both the Senate and House of Representatives, was involved in international negotiations, and helped formulate the Monroe Doctrine in his role as Secretary of State. He was also known as a member of the Federalist, Democratic-Republican, National Republican, Anti-Masonic, and Whig parties. After leaving presidential office, he was elected to be a U.S. Massachusetts Representative, and held that position for the last 17 years of his life.

3. Rutherford B. Hayes

An American politician, lawyer, and military leader, Rutherford Birchard Hayes (October 4, 1822-January 17, 1893) served as the 19th President of the United States (1877-1881). Hayes had a highly disputed election, decided by a congressional commission, and won by one electoral vote. His notable acts of legislation include the Compromise of 1877, Desert Land Act (1877), Bland-Allison Act (1878), and Timber and Stone Act (1878). From the end of his presidency until his death on January 17, 1893, he held a position on Ohio State University’s Board of Trustees.

4. Theodore Roosevelt

Theodore “Teddy” Roosevelt (October 27, 1858-January 6, 1919), the 26th President of the United States (1901-1909), was a leader of the Republican Party, and founder of the Progressive (“Bull Moose”) Party of 1912. He also served as the country’s 25th Vice President (March 4, 1901-September 14, 1901), 33rd Governor of New York (January 1, 1899-December 31, 1900), Assistant Secretary of the Navy (1897-1898), Minority Leader of the New York State Assembly (1883), Member of the New York State Assembly (1882-1884), President of the Board of New York City Police Commissioners (1895-1897), and Colonel of the United States Army (1898). This President was the force behind the completion of the Panama Canal, sending out the Great White Fleet to demonstrate American power, and negotiating an end to the Russo-Japanese War. Theodore Roosevelt was a distant fifth cousin to Franklin Delano Roosevelt, America’s 32nd President. Franklin’s wife, Eleanor was also his niece.

5. Franklin Delano Roosevelt

Franklin Delano Roosevelt (January 30, 1882-April 12, 1945), often referred to as FDR, was the only American president elected to more than two terms, serving in office from 1933-1945. He was also the 44th Governor of New York (January 1, 1929-December 31, 1932), Assistant Secretary of the Navy (1913-1920), and New York State Senator (January 1, 1911-March 17, 1913). Leading the country during worldwide economic crisis, FDR was involved with the creation of new jobs for the unemployed, and direct assistance to individuals. During World War II, he provided assistance to countries fighting against Nazi Germany, mostly Great Britain.

6. John F. Kennedy

John Fitzgerald “Jack” Kennedy (May 29, 1917-November 22, 1963), often referred to as JFK, served as the 35th President of the United States until his assassination. A former Lieutenant in the United States Navy (1941-1945), he was also a United States Senator from Massachusetts (January 3, 1953-December 22, 1960), and a member of the U.S. House of Representatives from Massachusetts’s 11th district (January 3, 1947-January 3, 1953). The reign of his presidency took place during the Bay of Pigs Invasion, Cuban Missile Crisis, building of the Berlin Wall, Space Race, African American Civil Rights Movement, and early stages of the Vietnam War. The Kennedy family, having produced a president, three senators, and multiple other representatives on the federal and state level, is one of the most established political families in America.

7. George W. Bush

George Walker Bush (born July 6, 1946) was the 43rd President of the United States (2001-2009), 46th Governor of Texas (January 17, 1995-December 21, 2005), and served as a First Lieutenant in the Texas Air National Guard and Alabama Air National Guard (1968-1974). This president was responsible for announcing a global war on terrorism, ordering an invasion of Afghanistan and Iraq, and promoting policies on the economy, health care, education, and social security reform. In addition, he signed into law broad tax cuts, the No Child Left Behind Act, the Partial-Birth Abortion Ban Act, and Medicare prescription drug benefits for seniors. Bush is the eldest son of the 41st U.S. President, George H.W. Bush.

8. Barack Obama

Barack Hussein Obama II (born August 4, 1961), the 44th and current President of the United States (assumed January 20, 2009), is the first African American to ever hold the office. Obama was previously a United States Senator from Illinois (January 3, 2005-November 16, 2008), and Member of the Illinois Senate from the 13th district (January 8, 1997-November 4, 2004). His acts of legislation signed into law are known as the American Recovery and Reinvestment Act (February, 2009), and the Patient Protection and Affordable Care Act (March, 2010). On October 8, 2009 he was awarded the year’s Nobel Peace Prize, “for his extraordinary efforts to strengthen international diplomacy and cooperation between peoples.”

Business

1. Bill Gates – Microsoft (MSFT)

William Henry “Bill” Gates III (born October 28, 1955), an American business magnate and philanthropist, was the Co-founder (1975), Chairman (1975-2000), President (1977-1982), and CEO (1992-1998) of Microsoft Corporation, one of the most recognized brands in the computer industry. His investments include Cascade Investment LLC (private investment and holding company), bgC3 (think-tank company), and Corbis (digital image licensing and rights services company). Gates is the author of two books: The Road Ahead (1995), and Business @ the Speed of Thought (1999). He is consistently ranked among the world’s wealthiest people.

2. Lloyd Blankfein – Goldman Sachs (GS)

Since May 31, 2006, Lloyd Craig Blankfein (born September 20, 1954) has been the CEO and Chairman of
The Goldman Sachs Group, Inc., a global investment banking and securities firm dealing with investment banking, securities services, investment management, and other financial services. His previous history with the firm was as President and Chief Operating Officer (2004-2006), and Vice Chairman with management responsibility (2002-2004). Blankfein is affiliated with the Dean’s Advisory Board at Harvard Law School, Harvard University Committee on University Resources, Advisory Board of the Tsinghua University School of Economics and Management, Weill Medical College of Cornell University, and Partnership for New York City.

3. Mark Zuckerberg – Facebook

Mark Elliot Zuckerberg (born May 14, 1984) is an entrepreneur best known for founding the popular social networking site Facebook while attending Harvard. He is currently one of the youngest billionaires in the world with personal wealth of $4 billion in 2010.

4. Sumner Redstone – National Amusements (CBS, VIA, DWS)

Since 1967, Sumner Murray Redstone (born Sumner Murray Redstone; May 27, 1923) has been CEO of National Amusements, Inc., a privately owned media and entertainment company. Through National Amusements, Redstone and his family maintain majority ownership of CBS Corporation, Viacom, MTV Networks, BET, Paramount Pictures, and DreamWorks, as well as equal partnership of MovieTickets.com. In 2007, Forbes magazine ranked him as #86 on its list of the world’s 100 richest people. His current net worth is estimated to be 2.4 million dollars.

5. Bill O’Reilly

William James “Bill” O’Reilly, Jr. (born September 10, 1949) currently hosts The O’Reilly Factor, a political commentary program on the Fox News Channel (NWS), which is the most watched cable TV news program in America. His entire career was involved with both broadcasting and print, as an American television host, author, syndicated columnist, and political commentator. O’Reilly has worked at various television stations in news reporting and anchoring positions, and authored eight books. He is considered by many to be a conservative commentator, and characterizes himself as a “traditionalist.”

6. James McNerney – Boeing (BA)

Since 2005, Walter James “Jim” McNerney, Jr., (born August 22, 1949) has been the CEO of Boeing, a major aerospace and defense corporation. He has also held various positions with other major corporations, including Procter & Gamble (1975-1978), McKinsey & Co., Inc. (1978-1982), General Electric (1982-2000), and 3M (2000-2005). In 2004, McNerney was named Chief Executive Officer of the Year by Industry Week, and one of the best managers of 2003 by BusinessWeek. Boeing is the largest global aircraft manufacturer in terms of revenues, orders, and deliveries.

7. Stanley Marcus – Neiman Marcus

Harold Stanley Marcus (April 20, 1905-January 22, 2002) served as CEO of Neiman Marcus (Dallas-based luxury specialty retail department store) from 1973-1994. He is remembered as an important historical figure, involved with the development of American retail merchandising and marketing. In addition, he wrote a 15-year weekly column for The Dallas Morning News, and authored several retailing-oriented books, including Minding the Store: A Memoir (1974), the sequel Quest for the Best (1979), and His & Hers: The Fantasy World of the Neiman Marcus Catalogue (1982). His community knew him as a civic leader, and avid fine arts patron.

Movie Stars

1. Matt Damon

Matthew Paige “Matt Damon” (born October 8, 1970) is one of the top thirty-five highest grossing actors of all time. His career was launched with the success of Good Will Hunting, winning multiple nominations for Best Actor, the Academy Award for Best Original Screenplay, and Golden Globe Award for Best Screenplay, co-written with friend Ben Affleck. Damon has received multiple award nominations for other film performances, and a star on the Hollywood Walk of Fame. In 2007, People magazine named him Sexiest Man Alive.

2. Tommy Lee Jones

Thomas ‘Tommy’ Lee Jones (born September 15, 1946), American actor and film director, has multiple film and television credits, and has played both fictional and real-life characters. He won awards for the following roles: Gary Mark Gilmore (The Executioner‘s Song), Pete Perkins (The Three Burials of Melquiades Estrada), Axeman (A Prairie Home Companion), and Ed Tom Bell (No Country for Old Men). Jones presented the nominating speech for Al Gore, the Democratic Party’s U.S. presidential nominee, at the 2000 Democratic National Convention. Gore was his college roommate.

3. Ashley Judd

Ashley Judd (born April 19, 1968), an American actress, is famous for her work in films, such as Double Jeopardy, High Crimes, Kiss the Girls, Ruby in Paradise, and Where the Heart Is. She is the daughter of country music singer Naomi Judd, and younger half-sister to Wynonna, also a country music singer. After dating baseball player Brady Anderson, singer Michael Bolton, and actor Matthew McConaughey, she became engaged and married to Scottish auto racer Dario Franchitti. Judd is active in humanitarian and political causes, and speaks and demonstrates at pro-choice events.

4. Jack Lemmon

John Uhler “Jack” Lemmon III (February 8, 1925-June 27, 2001) starred in over 60 films, and had a career as an actor, producer, director, and screenwriter. He worked with many famous leading actresses, among them Marilyn Monroe, Natalie Wood, Betty Grable, Janet Leigh, Shirley MacLaine, Romy Schneider, Doris Day, Kim Novak, Judy Holliday, Rita Hayworth, June Allyson, Virna Lisi, Ann Margret, and Sophia Loren. The recipient of numerous film and television awards, Lemmon became the recipient of the AFI Life Achievement Award in 1988. After his death from colon cancer and metastatic cancer, many people appeared on a Larry King Live show as a tribute.

5. John Lithgow

John Arthur Lithgow (born October 19, 1945) has worked within the media as an actor, musician, and author. His acting reputation is most famous for portraying Dr. Dick Solomon on NBC’s 3rd Rock from the Sun, Arthur Mitchell on Showtime’s Dexter, and Reverend Shaw Moore in Footloose. Lithgow appeared in several stage productions, both on and Off-Broadway. He has also recorded music, and written short stories and poetry, geared towards the entertainment of children.

6. Natalie Portman

Natalie Portman (born Natalie Hershlag; June 9, 1981) an Israeli American actress, achieved wide fame for her role as Padme Amidala in the Star Wars prequel trilogy. She has won awards for her work in Star Wars Episode II: Attack of the Clones, Closer, and V for Vendetta. Portman made a directorial debut in Eve, which opened at the 65th Venice International Film Festival’s shorts competition, held in 2008. She is scheduled to produce and star in the upcoming novel adaptation Pride and Prejudice and Zombies.

Government

1. Ben Bernanke

Having assumed office on February 1, 2006, Ben Shalom Bernanke (born December 13, 1953) is the current Chairman of the United States Federal Reserve. He previously served on President George W. Bush’s Council of Economic Advisers, both as a Fed Governor (2002-2005) and Chairman (2005-2006). He received a fellowship from the Econometric Society (1997), and the Distinguished Leadership in Government Award from Columbia Business School (2008). In 2009, he was named the Time magazine person of the year.

2. Larry Summers

Lawrence Henry Summers (born November 30, 1954) is an American economist and the Director of the White House’s National Economic Council for President Barack Obama. Summers is the Charles W. Eliot University Professor at Harvard University’s Kennedy School of Government. He is the 1993 recipient of the John Bates Clark Medal for his work in several fields of economics and was Secretary of the Treasury for the last year and a half of the Clinton Administration. Summers also served as the 27th President of Harvard University from 2001 to 2006.

3. Al Gore

Albert Arnold “Al” Gore, Jr. (born March 31, 1948) served as the 45th Vice President of the United States from 1993 to 2001 under President Bill Clinton. He is currently an author, businessperson, and American environmental activist who starred in the 2006 documentary An Inconvenient Truth, which won an Academy Award in 2007. Gore also wrote the book An Inconvenient Truth: The Planetary Emergency of Global Warming and What We Can Do About It, which won a Grammy Award for Best Spoken Word Album in February 2009. He and the Intergovernmental Panel on Climate Change were jointly awarded the Nobel Peace Prize in 2007. He is a co-founder and chair of Current TV, a member of the Board of Directors of Apple Inc., and a senior advisor to Google.

(Hat Tip: Mark Green)

4.Jennifer M. Granholm

On January 1, 2003, Jennifer Mulhern Granholm (born February 5, 1959) became the 47th and current Governor of Michigan, as well as the first female to hold the office. Previously, Granholm served as the 51st Michigan Attorney General (1999-2003), has been mentioned as a potential Supreme Court Justice (2009), and was a member of the transition team for Barack Obama’s presidency (2009). A member of the Democratic Party, she is currently in her second term as Governor, which began on January 1, 2007. She is affiliated with the National Governors Association, Health and Human Services Committee, and Health Care Task Force of the National Governors Association.

4. Mike Crapo

Michael Dean “Mike” Crapo (born May 20, 1951) assumed office as Idaho’s United States Senator on January 3, 1999. He previously served Michigan as a member of the U.S. House of Representatives from its second district (1993-1999). Crapo received numerous awards for his efforts relating to Agriculture, Business and Economic Development, Energy, Education, Environment and Public Lands Management, Family, Fiscal Policy, Health Care, and Seniors. A member of the Republican Party, he serves on over 25 caucuses, covering a wide range of issues.

5. Mitt Romney

Willard Mitt Romney (born March 12, 1947) served as the 70th Governor of Massachusetts from 2003-2007. During his term, he was responsible for a series of spending cuts, increases in fees, and the signing of Massachusetts health care reform legislation. As a candidate for the Republican nomination, he was involved with the 2008 U.S. presidential election, but after winning several caucuses and primaries, ultimately lost to John McCain. Romney successfully handled the 2002 Winter Olympics, working with the Salt Lake Organizing Committee as its CEO and President.

6. Felipe Calderon

On December 1. 2006, Felipe de Jesus Calderon Hinojosa (born August 18, 1962) assumed office as the current President of Mexico. Throughout the course of his term, Calderon has worked to reform the state judicial system, strengthen the energy sector, increase jobs, and fight crime and drug cartels. His career has been involved with the National Action Party (PAN), serving in various positions. He was elected for one six-year term, without the possibility of re-election, ending in 2012.

7. John G. Roberts

John Glover Roberts, Jr. (born January 27, 1955) has been the 17th and current Chief Justice of the United States since he assumed office on September 29, 2005. He was originally nominated as an Associate Justice of the Supreme Court, but when Chief Justice Rehnquist died before his confirmation hearings, President George W. Bush renominated Roberts to fill the vacated seat. From 2003-2005, he served as a judge for the U.S. Court of Appeals for the D.C. Circuit, appointed to the position by Bush. At 50, Roberts became the youngest member of the Supreme Court, and the third-youngest person to have ever become Chief Justice.

8. David Souter

Until his retirement, David Hackett Souter (born September 17, 1939) held the office of Associate Justice of the Supreme Court of the United States, from October 3, 1990-June 29, 2009. He previously served as Deputy Attorney General of New Hampshire (1971-1976), Attorney General of New Hampshire (1976-1978), Associate Justice of the New Hampshire Superior Court (1978-1983), Associate Justice of the New Hampshire Supreme Court (1983-1990), and Circuit Judge of the United States Court of Appeals for the First Circuit (1990). A member on various hospital boards and civic committees, Souter was also a former honorary co-chair of the We the People National Advisory Committee. The Washington Post once reported him as one of Washington’s 10 Most Eligible Bachelors.
(Source: Wikipedia)

This is not a comprehensive list. Help us add people who deserve to be on the list. Just let us know in the comments below and we’ll credit you with the submission …

Posted in Buzz, Features, The ScoopComments (2)

10 Interesting Things We Learned From Barack Obama’s Tax Return


Even the man at the top has to pay Uncle Sam.

Obama paid a whopping $1.8 million income tax, which means his income is much higher than the $400,000 they talk about in civics class. That’s because this guy is a best-selling author.

We’ve found all kinds of somewhat interesting details in the President’s tax return (you can download your own copy here).

Barack Obama earned $5.5 million last year… most of it from book sales

Barack Obama earned $5.5 million last year... most of it from book sales

He wrote off $866 in office expenses for his book project

He wrote off $866 in office expenses for his book project

Obama paid $59 thousand to foreign governments! (Taxes on book sales)

Obama paid $59 thousand to foreign governments! (Taxes on book sales)

He also earned money from a diversified portfolio

He also earned money from a diversified portfolio

Obama inherited several hundred thousand dollars from his grandmother… on which he paid around 33% in taxes

Obama inherited several hundred thousand dollars from his grandmother... on which he paid around 33% in taxes

They still get their taxes done by a Chicago firm

They still get their taxes done by a Chicago firm

Obama received $1.4 million from the Nobel Committee… and gave it all to charity

Obama received $1.4 million from the Nobel Committee... and gave it all to charity

Obama gave 6% of his income to charity (not counting Nobel Prize money), while most people give only 3.3%

Obama gave 6% of his income to charity (not counting Nobel Prize money), while most people give only 3.3%

Source: Fox Business

Obama gives disproportionately (25%) to charities located in Chicago

Obama gives disproportionately (25%) to charities located in Chicago

Assuming a 32% rate, Obama will pay 1.79 million in income tax

Assuming a 32% rate, Obama will pay 1.79 million in income tax

He also paid $160,000 in state income tax to Illinois

He also paid $160,000 in state income tax to Illinois

(Source: MSNBC)

Check our more cool stories at The Business Insider >

Posted in Business Insider, The Scoop, Washington & Wall St.Comments (2)

15 Executives Who Get Paid Millions To Deny You Health Care Coverage


The business model of American health insurers is basically: try to get healthy customers as clients, and then resist as long as possible when it comes to paying out claims.

That’s actually not an indictment or a criticism.

It’s just the way our system works, and it’s screwed up.

Whatever you feel about Obamacare, you probably think our current system needs reform in some sense.

Below we present the posterboys of the problem. Top healthcare CEOs making millions, leading companies that deny you coverage.

Herbert Fritch, HealthSpring

Herbert Fritch, HealthSpring

2008 revenue: $2.2 Billion
Y/Y change: 39.0%

CEO compensation: $800,000

HealthSpring earnings rose by 33% in the Q409 thanks to a 26 percent increase in premiums, according to BizJournal.

Said Fritch: “We are pleased with out operating results in 2009. Moving to 2010, our Medicare Advantage membership has increased despite the fact that we reduced benefits across many of our markets in response to Medicare rate cuts.”

Source: Fortune

Jay Gellert, Health Net

Jay Gellert, Health Net

2008 revenue: $15.4 Billion
Y/Y change: 8.9%

CEO compensation: $1.34 Million

Health Net increased the premiums of just one small business in New Jersey 124% in 2010. The company blamed the changes on changing demographics at the small business, according to WSJ.com.

Source: Forbes and Fortune

J. Mario Molina, Molina Health Care

J. Mario Molina, Molina Health Care

2008 revenue: $3.1 Billion
Y/Y change: 24.9%

CEO compensation: $2.2 Million

Molina boosted profits more than any other Michigan HMO in 2008, according to Crain’s.

Source: Fortune

Allen Wise, Coventry Health Care

Allen Wise, Coventry Health Care

2008 revenue: $11.9 Billion
Y/Y change: 20.6%

CEO compensation: $2.6 Million

3.2% of Coventry’s revenues end up as pure profit for the company, according to Fortune.

Source: Forbes

Richard Barasch, Universal American

Richard Barasch, Universal American

2008 revenue: $4.6 Billion
Y/Y change: 53.5%

CEO compensation: $3.5 Million

After taking a pay cut from 2006 to 2007, Barasch more than doubled his total compensation for 2008, jumping up from $1,564,293 in 2007, according to FierceHealthCare.

Source: Fortune and Forbes

Angela Braly, WellPoint

Angela Braly, WellPoint

2008 revenue: $61.2 Billion
Y/Y change: 0.2%

CEO compensation: $4.07 Million

WellPoint has given on $6.2 million towards helping uninsured individuals find insurance and receive care, only one-fifth of what was promised according to the LA Times.

Source: Forbes and Fortune

Michael McCallister, Humana

Michael McCallister, Humana

2008 revenue: $28.9 Billion
Y/Y change: 14.5%

CEO compensation: $4.76 Million

CEO McCallister considers the use of the company’s aircraft part of his compensation, including the use of the jet for family, according to FierceHealthCare.

Source: Fortune and FierceHealthcare

Stephen Hemsley, UnitedHealth Group

Stephen Hemsley, UnitedHealth Group

2008 revenue: $81.2 Billion
Y/Y change: 7.6%

CEO compensation: $5.03 Million

United Health has raised premiums on the town of Weston, Connecticut 23.5%. The town only budgeted for a 5% increase, according to The Weston Forum.

Source: Forbes and Fortune

James Carlson, Amerigroup

James Carlson, Amerigroup

2008 revenue: $4.5 Billion
Y/Y change: 14.5%

CEO compensation: $5.29 Million

Amerigroup was sued in 2008 for excluding pregnant women and unhealthy patients from Medicaid, according to Reuters. The insurer paid $225 million in a settlement.

Source: Fortune and FierceHealthCare

CFO Joseph Zubretsky, Aetna

CFO Joseph Zubretsky, Aetna

2008 revenue: $31.0 Billion
Y/Y change: 12.1%

CFO compensation: $5.57 Million

Aetna has boosted premiums on small businesses in New York 20% this year, according to the New York Post.

Source: Fortune

CFO George Mikan III, UnitedHealth Group

CFO George Mikan III, UnitedHealth Group

2008 revenue: $81.2 Billion
Y/Y change: 7.6%

CEO compensation: $6.531 Million

UnitedHealth Group has premium increases of 13-16% in Rhode Island in 2009 alone, according to HealthReform.gov.

Source: Fortune

Heath Schiesser, WellCare Health Plans

Heath Schiesser, WellCare Health Plans

2008 revenue: $6.5 Billion
Y/Y change: 21.0%

CEO compensation: $8.1 Million

WellCare was subject to a government probe after going public in 2007 on the way it paid executives by providing equity up front, a low salary, and further equity in yearly compensation. This hindered its ability to hold on to top talent, according to Tampa Bay Business Journal.

Source: Fortune and Tampa Bay Business Journal,

Michael Neidorff, Centene

Michael Neidorff, Centene

2008 revenue: $3.5 Billion
Y/Y change: 20.1%

CEO compensation: $8.77 Million

Following news that Centene had decreased benefits for the elderly and disabled, shares jumped 9%, according to Forbes (2008).

Source: Fortune and FierceHealthCare

H Edward Hanway, Cigna

H Edward Hanway, Cigna

2008 revenue: $19.1 Billion
Y/Y change: 8.4%

CEO compensation: $10.27 Million

Cigna is trying to convince its customers to fight for lower prices from the hospitals they visit, according to WSJ.com.

Source: Forbes and Fortune

Ronald A Williams, Aetna

Ronald A Williams, Aetna

2008 revenue: $31.0 Billion
Y/Y change: 12.1%

CEO compensation: $38.12 Million

In order to increase profits year on year from 2009 to 2010, Aetna plans to raise premiums to the point where up to 650,000 people would have to drop their coverage in 2010, according to the Huffington Post.

Source: Forbes and Fortune

Read more cool stories at The Business Insider >

Posted in Business Insider, The Scoop, Washington & Wall St.Comments (0)

US-China Relations: Getting Beyond Political Rhetoric


obama-china-speech-111309-lgAt the beginning of George W. Bush’s presidency, political rhetoric regarding China took the form of old-school Cold War mantras. At the time, US consumption and Chinese production were as dependent on one another as heroin addicts on Afghan poppies. Thus, the “threats” were nonsensical political scapegoats.

As President Obama makes his way through China, we are witnessing more silly talk. Part of the President’s agenda is to convince the Chinese that importing US goods will “create even more jobs on both sides of the Pacific.” Um, no.

If China steps up US imports, they will cannibalize their own production (i.e., jobs). While this would be partially offset by their need to have the US make money to pay off our insane debts to them, as each moment passes China’s economy is growing less dependent on US consumption.

With one of the largest populations on Earth, China’s internal consumption will ultimately offset historic dependence on foreign consumption of their goods. Like the mafia, eventually China will not care how we pay them their interest so long as we pay. Global politics is a fierce Machiavellian game. As Warren Buffett eloquently explained in I.O.U.S.A.: One Nation. Under Stress. In Debt,Thriftville owns Squanderville in the endgame:



Aren’t we tired of this BS? The cold hard truth for US citizens is we must work to create a sustainable economy. We must set our sights on explosive industries such as alternative energy and health technology. The longer we sit home and imagine the Chinese buying our shitty cars or exotic financial securities, the shorter the road to serfdom for more generations of US citizens who will be stuck paying off the reckless debts of our elders.

As with the previous administration, our government is wasting time giving empty speeches for the US media to pump at home. If you believe in the coming wave of jobs based on Chinese consumption of current US goods, I have some strongly defended US Dollars to sell you …

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Zombie Love: Barack Obama, GMAC Initiated at Negative, and an F for Ally Bank


_zombieloveThis is a guest post by the Institutional Risk Analyst.

Give me Your dirty love Like you might surrender To some dragon in your dreams Give me Your dirty love Like a pink donation To the dragon in your dreams I don’t need your sweet devotion I don’t want your cheap emotion Just whip me up some dragon lotion For your dirty love. ~ Frank Zappa “Dirty Love”

Kudos to The Wall Street Journal, which scooped the rest of the Big Media last night by reporting that GMAC Inc. is asking for yet another $3 billion bailout from the US Treasury. If Citigroup (NYSE: C) is the Queen of the Zombie Dance Party and AIG (NYSE: AIG) the King, then GMAC (NYSE: GJM) is certainly one of the children. In relative terms, GMAC has received far more subsidies than any other zombie and seemingly has no access to the private markets in terms of raising new equity. Of the 19 banks subject to the Fed’s stress tests earlier this year, GMAC is the only bank that has not raised the required private capital.

Looking at the latest 10-Q from GMAC filed with the SEC, the only question we have is why isn’t GMAC already in bankruptcy? In Q2 2009, GMAC reported a net loss of $3.9 billion on $3.6 billion in net revenue. We can’t wait to read the Q3 10-Q. Even if you back out the $1.3 billion in depreciation expense for GMAC, the picture remains pretty bleak. Revenue and total assets are down significantly from a year ago, a characteristic that GMAC shares with C and other zombie banks. Most important, the fact that GMAC as a whole is shrinking makes a lie of claims by the White House that this hideous zombie needs to be kept alive to provide credit to the US economy.

Looking at GMAC’s bank subsidiary, Ally Bank, the picture is even more alarming. As of Q2 2009, Ally Bank was rated “F” by the IRA Bank Monitor. The chief reason for the poor rating is the negative score for ROE, but defaults are also elevated compared to the US industry average. The Q2 2009 Banking Stress Index is shown below.

Ally Bank Rating

Notice that Ally Bank has excellent scores for capital, but the bad news is that only your taxpayer dollars made that possible. While GMAC’s total consoldiated assets are down, Ally Bank’s assets have grown by nearly 25% in the past quarter, fueled by copious television advertising and federal subsidies. The term “moral hazard” comes to mind. By propping up GMAC and Ally Bank with taxpayer dollars, the Treasury is hurting sound, well-managed banks.

Virtually all of the readers of The IRA have seen the obnoxious television and print ads run nationally by Ally Bank, offering above-market deposit rates and no penalties for early withdrawal. Such tactics also are generally associated with unsafe and unsound banking practices, yet the Treasury and other regulators allow this dangerous charade to continue because of political pressure from the White House. And nobody in the Big Media wants to critizcize Ally Bank or GMAC because of the huge ad spend this zombie has been making during 2009.

The low score for lending capacity again illustrates that Ally Bank is actually retreating from the marketplace in terms of credit available for customers — even as GMAC pyramid’s the bank unit’s investment book in a desperate bid to survive. Note too that as of Q2 2009, Ally Bank was funding more than 17% of its now $42 billion in assets via the Federal Home Loan Banks — yet another subsidy and another striking indcator of growing moral harzard . Federal bank regulations generally identify 15% as the threshold for unsafe and unsound practices with respect to the use of FHLB advances for funding, but it seems that GMAC is exempt from these rules as well.

As we wrote earlier this year regarding the GMAC and GM, the political end game being played by President Barack Obama and the Democrats in Congress is to keep GMAC, the crippled automaker GM and the United Auto Workers afloat through next year’s election. The Democrats know that if GMAC is forced into bankruptcy, then GM will be unable to finance their paltry auto sales and will likewise end up back in bankruptcy. In the event, the web of subsidies and co-dependency between the UAW and the Democratic Party will begin its final collapse. We can’t wait.

We hear that Treasury Secretary Timothy Geithner and his minions at the Treasury have already blessed an additional $3 billion cash infusion to keep GMAC afloat for a few more months, this on top of the $12 billion in public funds already thrown into the furnace. But keep in mind that at the current burn rate inside GMAC, it looks to us like this dancing zombie will be back looking for another handout from Washington early in Q1 2010.

Given the above, we are initiating coverage of GMAC in the IRA Advisory Service with a “negative” outlook on forward operating results. Stay tuned.

IRA_BankAorF_300x250IRA offers advanced analytics for risk surveillance and investment research via subscription products such as the IRA Bank Monitor for Professionals covering the US banking industry and the IRA Corporate Monitor covering public companies. For a trial subscription or an on-line demonstration, please register here.

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Posted in Economy, The ScoopComments (0)


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