Corporations

Wall Street Reform Bill Yields Big Win for Little Countries

You know that Wall Street reform bill pending in the Senate? Some last minute insertions add up to a surprisingly big win for the developing world.

Oil Companies Required to Detail the Dough Paid to Foreign Governments

First, kudos to Senators Dick Lugar (R-Indiana) and Ben Cardin (D-Maryland) for inserting strong provisions that require extractive companies (oil, natural gas, etc.) to detail in their annual Securities and Exchange Commission (SEC) filings the payments they make to foreign governments. One would think that oil-rich and mineral-rich countries would be, well, rich. Big international firms move in to extract these resources and pay royalties, fees, taxes, bonuses and other monies to national governments. Unfortunately, too frequently this money is put to work lining the pockets of dictators and warlords, rather than building schools or health clinics.

Safeway Tries to Pull a Fake "Farmers Market"

Submitted by Anne Landman on

No fake farmers markets, Safeway!A woman driving by a Safeway store in Kirkland, Washington, spotted a big banner in front of the store announcing a farmer's market that weekend, so she stopped to get more details. The manager explained that Safeway employees were going to be setting up tents and selling Safeway produce, farmer's market-style, in front of the store.

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Main Source: 
KUOW (Seattle Washington), July 1, 2010
Topics: 
Corporations
Marketing

Creating A Constitutional Violation Out Of Thin Air

Rabbit out of a hatConservatives may have moved quickly to dissociate themselves from Representative Joe Barton's apology to BP, but many on the right still believe that the establishment of a $20 billion escrow fund violated the legal rights of the company. A frequent claim is that the Obama administration has violated BP's due process rights. Appearing on ABC's This Week, George Will stated the creation of the escrow fund amounted to a confiscation of assets that circumvents due process. Former Washington Times writer Robert Stacey McCain argued in his blog that Rep. Barton was rightly concerned about due process when he apologized to BP. Michael Barone in National Review Online quipped that, "the Constitution does not command 'no person ... shall .... be deprived of life, liberty, or property, without due process of law; except by the decision of a person as wise and capable as Kenneth Feinberg." The Framers stopped at "due process of law." It is to be expected that conservatives care less about the decimated lives along the Gulf Coast than they do about a multinational corporation losing $20 billion over several years, even when its cash flow for this year alone will reach $30 billion, according its own estimates. What is a slightly more surprising is that they would completely misconstrue a fundamental legal concept in the process.

BP: Mitigating Exposure, Controlling the Response and Making Edward Bernays Proud!

British Petroleum has stooped to a new low, if that's at all possible. As if spewing over 80 million gallons into the Gulf of Mexico were not a sufficiently criminal activity, they are now attempting a cover-up and have facilitated, working alongside the police of New Orleans, a blockade of sorts of hard-hitting journalists from getting their hands on what's actually taking place in the ravaged Big Easy. It is truly a sham of epic proportions. And now, word of a big hurricane with winds of up to 90 MPH rolling into town has surfaced. Trouble, it appears, has just begun in the Bayou.

Mitigating the Exposure

Mother Jones, known for hard-hitting, deep-digging, no-holds-barred journalism, has approached coverage of the on-going and seemingly perpetual BP oil spill with the same vigor as usual in its reporting. Unfortunately, they've got some competition, or as astronaut Jack Swigert of Apollo 13 once said before going down, "Houston, we've had a problem!" The problem? BP is doing everything in its power to stop journalists dead in their tracks and scare them away from exposing their crime of poisoning the Gulf.

Just the Facts on Judge Martin Feldman's Financial Investments

Joe FridayDetailed in this article are the recent oil and gas speculation investments, including investments in deep-sea drilling companies, made by the federal judge who blocked the new deep-sea drilling ruling. I recently called for his impeachment in my comments on the financial disclosure reports of Judge Martin Feldman, who struck down the temporary moratorium on new deep-water oil drilling. I based my comments on the financial disclosure reports that had been provided by the Administrative Office ("AO") of the U.S. Courts, from the Financial Disclosure Office (FDO) of the Article III Judges Division (where I previously served as Deputy Chief). And, I stand by my strong rebuke of the judge.

Chamber's "Virtual" March on Washington: Only an Avatar Can Love a Big Bank

AvatarThe U.S. Chamber of Commerce has launched what it is calling a virtual march on Washington to oppose financial reforms being considered by Congress this week. With relatively few actual Americans willing to take their summer vacation in D.C. to march in favor of the Big Banks whose gambling broke the economy and whose practices have pillaged the financial security of working people, the Chamber has resorted to urging "avatars," or computer representations of people, to march on the virtual capital of the U.S. This so-called march seems a fitting symbol of the emptiness of the whole gambit by the Chamber. With Wall Street lobbyists swarming the capitol and Wall Street spending millions of dollars to thwart the reforms most needed and wanted by actual American people, the Chamber has had to manufacture a people's protest against the reforms, but sans real people. Apparently, they could not even enlist their buddies orchestrating the Tea Party, like former Congressman Dick Armey, or their cashroots allies in astroturf over at the Orwellian-named FreedomWorks, to cajole or even hire stand-in protesters to come to the National Mall to take up pitchforks against financial reforms. But lest all this computer gamesmanship be in vain, the Chamber is taking steps to ensure that Members of Congress know how many of the avatars are their purported constituents -- residents who love the Big Banks enough to send the very best: their idealized computer images.

The Other Oil Giants? Just as Unready as BP

The Gulf of Mexico response plans of four of the five major oil companies discuss protecting walruses. No walruses live in the Gulf.On June 15, the CEOs of ExxonMobil, ConocoPhillips, Shell, Chevron and BP were grilled by the House Subcommittee on Energy and Natural Resources. Unsurprisingly, much of what they said was spin. They paraded industry investments in alternative energy and safety that make up a vanishingly small percentage of their balance sheets. BP's competitors claimed again and again that they would never have made the catastrophic mistakes that led to the collapse of the Deepwater Horizon. But the hearing's scariest moment came when Exxon CEO Rex Tillerson told the truth. Tillerson stated that when oil spills occur "there will be impacts." According to ExxonMobil, the cleanup effort launched by BP represents the best efforts of the oil companies. For the oil companies, this travesty is the cutting edge of safety and environmental protection.

Spinning the Barrel

Barrels of oilBP and the media express quantities of oil gushing from BP's leak in the Gulf in different ways. The amount of oil coming out of the leak is most frequently expressed in barrels, but how much is that? Can people really relate to a barrel as a quantity? After all, we buy staples like gasoline, milk, and water by the gallon. To make it even more complicated for the public to understand the quantities being discussed, the amount of liquid in a barrel varies with what is being measured. Barrels of chemicals or food, for example, contain 55 gallons. A whiskey barrel is 40 gallons; a barrel of beer contains 36 gallons; a barrel of ale contains 34 gallons. (And the latter two are imperial gallons, which are just under two-tenths more than an American gallon.) All these variations in the barrel as a quantity of measure only further confuse the concept of what a barrel of oil looks like. Moreover, since oil companies started shipping oil in tankers they rarely actually ship oil in barrels anymore, so the barrel as a measurement has less practical use.

BP Ignoring Health Concerns in the Gulf

One of the first things BP did after oil started gushing into the Gulf was to spray more than 1.1 million gallons of a dispersant with the optimistic name "Corexit" onto the oil. Then BP hired Louisiana fishermen and others to help with cleanup and containment operations. About two weeks later, over seventy workers fell sick, complaining of irritated throats, coughing, shortness of breath and nausea. Seven workers were hospitalized on May 26. Workers were engaged in a variety of different tasks in different places when they got sick: breaking up oil sheen, doing offshore work, burning oil and deploying boom. BP officials speculated that their illnesses were due to food poisoning or other, unrelated reasons, but others pointed out how unlikely these other causes were, since the sick workers were assigned to different locations.

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