Tobacco money at work at Congress

When a product kills 450,000 Americans every year, don't you think it deserves a high level of scrutiny and regulation? I mean, aren't you a bit surprised that it's even illegal, given that marijuana, which kills nobody (except due to insanely reactionary law enforcement), is completely outlawed? Consider that the bodies of the people killed by tobacco every year would stretch more than 500 miles, if laid end to end. Every one of those dead people were using tobacco products exactly as anticipated by the manufacturers. Those dead bodies could stretch from New York City to Charlotte, North Carolina (or pick your own 500 mile radius). Can you imagine the tobacco executives walking along one of those 500 mile lines of dead bodies, justifying the carnage? Walking, whistling and thinking, "Just look at all of those people who were dumb enough to buy that highly addictive product that I promoted and sold . . ." And now consider the morals of some of our politicians. Step forward, Senators who oppose the new law that subjects tobacco to FDA regulation. Thanks to McClatchy Newspapers, we know that many of you are tobacco whores:

Among the 17 senators who voted against allowing the Food and Drug Administration to regulate tobacco are some of the top recipients of campaign contributions from the tobacco industry, which has donated millions of dollars to lawmakers in the past several campaign cycles.

If you want more details who which tobacco whore has received how much money, visit OpenSecrets.org. Consider, too, that the corruption that exists with regard to tobacco, also exists with regard to any major industry. For instance, consider health care, defense contracting, farming (including wasteful corn ethanol subsidies), and last but not least, the financial "services" industries. Serving themselves to our tax-dollars. Now I'm not for outlawing tobacco. But I am for unleashing a torrent of high-profile prime-time advertising that would show the death and destruction caused by tobacco up close and in nauseating detail. And I am for allowing the FDA to join in the war against smoking. Why? Consider this comment from Dick Durbin from a report by MSNBC:

"This is a bill that will protect children and will protect America," said Sen. Dick Durbin, D-Ill., a leading supporter. "Every day that we don't act, 3,500 American kids — children — will light up for the first time. That is enough to fill 70 school buses."

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Republican Justice: blindness to conflicts of interest

The United States Supreme Court was barely able to hold that it's wrong to spend $3,000,000 electing a judge and than be able to have your newly purchased judge decide a big case in your favor. Decided June 8, 2009, Caperton v. A.T. Massey Coal Company Inc. was a 5-4 decision, with dissents by John Roberts, Antonin Scalia, Clarence Thomas and Samuel Alito. The defendant in the West Virginia case was a coal company that had been accused of fraud, and the jury had awarded $50 M in damages against defendant. It was A.T. Massey's Chairman and Chief Officer Don Blankenship who stepped in to buy the judgship for Brent Benjamin for $3 M after the verdict, knowing that this case would be considered by the West Virginia Supreme Court. Chief Justice John Roberts frets that he can't criticize this obviously wrong case of a $3,000,000 judge because there are less obvious cases that would be more difficult to decide. Think about it: Roberts is urging that the Court can't decide the easy cases because there are also some other cases that aren't so easy. Why not just hang up your robes and give it up? Tell me a situation where that isn't true. Roberts goes even further, suggesting that hammering the $3,000,000 judge will undermine our fair, independent, and impartial judiciary. Good grief. Scalia had previously shown that he is completely obtuse to the idea of a conflict of interest when he decided a case favoring his duck-hunting buddy, Dick Cheney.

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Two ways to get into public college

At the University of Illinois at Champaign-Urbana, there are two ways to get admitted. You can be a qualified student or, if you have the right connections, you can get in even though you are not well qualified. The linked article raises a good point. Private colleges can admit or deny admission to anyone, subject to civil rights laws. But what is a public university doing with a shadow admission list? And in how many other public colleges is this sort of thing going on?

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How to really reform the SEC

Dan Smolin asks a good question: Why should we assume that the SEC's Mary Schapiro will make a U-turn in 2009, given that Schapiro has spent her entire career inviting brokerages to "self-regulate" and doing everything in her power to keep consumers at bay when they are ripped off and kept in the dark by brokerages? The easy answer is that we shouldn't assume that Schapiro will all of a sudden go to bat for the consumers. After all, Schapiro "has been at the very center of a failed regulatory process for the past two decades." We know where her loyalties lie, just like we know that Tim Geithner will never turn hard against Wall Street to clean up the corruption (see here for more details on Geithner--and here). Truly, years of actions speak much more loudly than months of words for both Schapiro and Geithner. I am convinced that Obama doesn't have the horses he needs to clean up Wall Street corruption. It's a typical modern conundrum where you need a highly motivated powerful outsider to get the job down, but there simply aren't enough highly motivated powerful outsiders. If Mary Schapiro had even an iota of interest in protecting consumers, Smolin wouldn't be needing to advocate for the following changes he is now pushing--they would have been a reality years ago:

1. Abolish the mandatory arbitration system and give investors back their constitutional rights;

2. Abolish "self regulation" by FINRA, which is a sham. The brokerage industry should be regulated by a governmental authority with the power to do so effectively. The SEC would be the likely agency to do so, with the right leadership;

3. Require brokerage statements to:

(a) Disclose the risk of every portfolio, as measured by standard deviation; (b) Compare the returns of every portfolio to a portfolio indexed to benchmarks of comparable risk; and (c) Disclose the "cost equity" of the portfolio, which is the amount the investor must make to break even, after payment of commissions, fees and margin interest. Common sense, right? Why aren't these reforms a reality? Good question. And why is a terribly motivated person like Mary Schapiro still sitting there pretending to be a reformer?

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McClatchy calls out Cheney on his lies

Good for McClatchy, publishing an article detailing Dick Cheney's recent lies regarding torture conducted by the United States.

Former Vice President Dick Cheney's defense Thursday of the Bush administration's policies for interrogating suspected terrorists contained omissions, exaggerations and misstatements.

If Cheney really wants to claim that the U.S. mistreatment of prisoners produced information that "prevented the violent death of thousands, if not hundreds of thousands, of innocent people." OK, Cheney. If that really were true (it isn't) tell us what information was obtained and how it saved thousands of people. Just give us one example of how that information saved any lives at all. It's hard to believe that this clown was theVP of the United States. He could never gotten his way invading Iraq in the first place if all the media had been as diligent as McClatchy has been over the years. Note that the article doesn't limit itself to Cheney's speech, but reviews many of the lies and distortions of the Bush Administration.

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