Corporations

The High Cost of Allowing Health Insurers To Continue Keeping Us In The Dark

Walking in the darkIn his State of the Union address, President Obama said very little about health care reform, but what he did say was a reminder of how tight a grip the insurance industry has on the U.S. health care system -- and will continue to have if the Affordable Care Act is not implemented as Congress intended. And it is largely up to the President to make sure that it is.

"I will not go back to the days when health insurance companies had unchecked power to cancel your policy, deny your coverage or charge women more than men," he said.

That comment drew applause, although certainly not from the insurance industry’s friends in Congress, who continue to call for gutting the law. That’s because when and if it’s fully implemented, the Affordable Care Act will make many of the most egregious practices of insurers a thing of the past. Weakening or stripping out the consumer protections in the law that insurance companies despise would make executives and shareholders of those companies very happy, not to mention much richer in the years to come.

Stress Testing Tim Geithner

U.S. Treasury Secretary Tim GeithnerThanks to Occupy Wall Street, in the State of the Union this week President Obama struck some of his most populist themes yet. He wants to tax millionaires, bring back manufacturing and prosecute the big banks. He touted his Wall Street reforms saying the big banks are "no longer allowed to make risky bets with customers deposits" and "the rest of us aren't bailing you out ever again."

But are we safe from the next big bank bailout? Many experts are dubious and Wednesday the consumer advocacy group Public Citizen decided to test the theory in the most direct way possible. They used the administrative law process to formally petition the nation's top bank regulators to move swiftly to break up Bank of America (BofA) asserting in their petition: "The bank poses a grave threat to U.S. financial stability by any reasonable definition of that phrase."

Scott Walker’s Plutonomy: An Economy for the One Percent

While volunteer after volunteer from each of Wisconsin's 72 counties marched into the state's election board to deposit over one million signatures for the recall of Wisconsin Governor Scott Walker, Walker was nowhere to be found.

At the hour petitions were being deposited on January 17, Mother Jones revealed that Walker was scheduled to attend a high-dollar fundraiser in the heart of the New York's financial district at 339 Park Avenue -- the towering headquarters for global financial giant CitiGroup. The $5,000 per couple fundraiser was hosted by none other than Maurice "Hank" Greenberg, former CEO of AIG.

Park City Tragedy Underscores Tragedy of the U.S. Health Care System -- for Both Canadians and Americans

The journey I embarked on when I made the decision to leave a successful career in the health insurance business was a spiritual one. I can trace the decision to a true epiphany, to the very moment I saw hundreds of people standing, soaking wet, in long, slow-moving lines, waiting to get medical care that was being provided in animal stalls at a fairground in Wise County, Virginia.

Two Years After "Citizens United," Amending the Constitution is Essential

U.S. ConstitutionJanuary 21 marks the second anniversary of Citizens United v. F.E.C., where a narrow majority of the U.S. Supreme Court asserted that the Constitution prevents Congress from limiting the amount of money that can be spent influencing our elections. The Center for Media and Democracy is working with a constellation of groups in support of amending the Constitution to reverse the decision and address the distortion of the democratic process.

Events Marking Second Anniversary of "Citizens United"

January 20 marks the second anniversary of the U.S. Supreme Court's disastrous decision in Citizens United v. F.E.C., where a narrow majority of the Court asserted that the Constitution prevents Congress from limiting the amount of money that can be spent influencing our elections. A series of events are planned this week to mobilize opposition to the decision and to generate support for a constitutional amendment to reverse it.

Bank of America Hopes to Improve its Image

Submitted by Anne Landman on

Anne M. FinucaneWith its stock scraping bottom at just over $6.00 a share, its image reeling from a failed attempt to to stick its customers with a $5.00 per month debit card fee, and accusations of thousands of fraudulent foreclosures, Bank of America is undertaking another effort to improve its image. Heading up the makeover attempt is Anne M. Finucane, BofA's Global Strategy and Marketing Officer. Ms. Finucane knows better than most the depths of the trouble BofA is in. The New York Times dubs her the bank's chief "image officer" and says she and the bank stumbled badly with their failed attempt to impose a $5 monthly debit card fee -- a policy that failed after a massive uprising against the fee by BofA's customers. To her credit, Ms. Finucane says that BofA's damaged reputation "cannot be fixed with just a few new slogans. ... In order to repair reputation, you have to repair the issues that underlie" the problems, she says. But how this behemoth bank is going to improve its image when almost every week there is another story of a wrongful or needlessly cruel foreclosure, such as last week's news that a man was losing his home over an $.80 cent error, is anyones guess. BofA spends $1.55 billion/year on marketing in the U.S. alone. Fincucane has reportedly initiated a review of the company's advertising agencies, and selected agencies will be invited to pitch ideas  for new marketing strategies to help improve the company's image.

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Main Source: 
New York Times, January 14, 2012
Topics: 
Advertising
Corporations
Public Relations

Industry Documents Expose Nordic Tobacco Companies' Conspiratorial Behavior

Submitted by Anne Landman on

No SmokingIn the 1970s, Nordic countries were among the first to adopt policies against tobacco, like bans on cigarette advertising, health warning labels and smoke-free laws, but U.S.-owned tobacco companies, and particularly Philip Morris, makers of Marlboro, became concerned such polices could spread to America and other developed countries where they sold cigarettes. Also, Europe's first product liability case against the tobacco industry occurred in Finland in 1988, when a smoker sued several companies claiming their products caused his illness, causing even more concern for global tobacco companies. To help escape product liability claims, Nordic tobacco companies -- like Amer Tobacco and Rettig, which distributed Philip Morris and R.J. Reynolds brands, respectively -- long claimed to be ignorant of, and denied participation in the multinational tobacco companies' global strategies to undermine anti-tobacco policies, but industry documents reveal the truth -- that smaller Nordic tobacco companies did, in fact, participate in the multinational companies’ long-time conspiracy to deny the health dangers of smoking and undermine anti-tobacco policies, helping delay key effective tobacco control measures, and particularly smoke-free laws, for years.

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Main Source: 
Tobacco Control, January 11, 2012
Topics: 
Corporations
International
Tobacco

ALEC Politician Claims ALEC Meetings Are "Open to the Public." Really?

ALEC's Rep. Bill Howell (R-VA)Confronted with a report by ProgressVA stating that through the American Legislative Exchange Council (ALEC) corporate lobbyists get access to legislators "behind closed doors," ALEC politician Bill Howell dismissed the claim and told the Richmond Times-Dispatch that all ALEC meetings were open to the public.

Really?

That would be breaking news to both traditional press and the online media that have been blocked from ALEC meetings and are increasingly being threatened with arrest.

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