In the 1950s, more than half the U.S. population smoked. Now that number is down to just 21 percent of adults. As the domestic cigarette market shrinks, tobacco companies are taking their business to the developing world, where they don't have to deal with pesky things like advocacy groups that oppose industry activity, smoking bans, or a populace that is aware of the health hazards of smoking.

Now Philip Morris (PM) is playing hardball in lesser-developed countries to try and preserve their ability to market cigarettes however they want. On February 19, PM filed a lawsuit against Uruguay to try and force that country to withdraw a new law requiring 80 percent of each side of cigarette packs show graphic images depicting the health effects of smoking.

Watching the devolution of the bank reform bill in the U.S. Senate has been painful. Banking Chairman Chris Dodd’s original proposal unveiled last year had numerous strengths, most significantly the removal of bank supervisory authority from the Federal Reserve. Dodd decided that the Fed had done such a lousy job ignoring the housing bubble and failing to crack down on predatory lending in the mortgage market that it shouldn’t be given a second chance.

But a second chance for this unpopular and failed institution is currently in the works. In an effort to please Republicans and achieve a bipartisan bill, Dodd is not only going to let the Fed keep its bank supervision and rulemaking authority, he wants to give it authority over the proposed Consumer Financial Protection Agency (CFPA).