Daily Topics - Thursday July 5th, 2012

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Catch The Thom Hartmann Program LIVE at our new time, 3-6pm Eastern!

Hour One: Mr. 1% and his offshore millions... / Plus, bring manufacturing home to America - Virg Bernero, Mayor-Lansing, MI

Hour Two: Conservative U.S. Senator says "no coverage for cancer"... / Plus, Geeky Science - Kitty litter can increase suicide rates in women

Hour Three: Rwanda has better health care than America...

shawnt56's picture
shawnt56
Joined:
Jul. 31, 2007 4:01 pm

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A little more detail on Mitt Romney's offshore millions and the company he keeps...

Nicholas Shaxson, author of the excellent "Treasure Islands," also wrote "Where The Money Lives" about Mitt Romney's offshore tax-avoidance empire in this month's Vanity Fair. This is one of the more interesting paragraphs:

"...the Romneys were reported to have invested at least $1 million in Elliott Associates, LP, a hedge fund specializing in distressed assets... Elliott is run by the secretive hedge-fund billionaire and GOP super-donor Paul Singer, whom Fortune recently dubbed Mitt Romney’s 'Hedge Fund Kingmaker.' Singer has given $1 million to Romney’s super-pac Restore Our Future." [ http://www.vanityfair.com/politics/2012/08/investigating-mitt-romney-off... ]

According to Lee Fang (ThinkProgress and Republic Report), it turns out that offshore hedge-fund operators like Paul Singer and Elliot Associates also use their offshore $$$ to speculate in gasoline + refined oil products futures which are directly linked to the 2008 and early 2012 retail gasoline price spikes "at the pump" in the US. [ http://www.republicreport.org/2012/meet-oil-speculation-lobbyists/ ]

Here's the impact, from a February 23 ABC News interview with Bart Chilton, a commissioner at the CFTC: "By Chilton’s calculation, if you drive a car like a Honda Civic, you’re paying $7.30 more than you should every time you fill up -- to Wall Street speculators. If your car is a Ford Explorer you’re paying an extra $10.41. For a Ford F150, he says owners pay an additional $14.56 per fill up - or more than $750 a year." [ http://abcnews.go.com/blogs/business/2012/02/how-wall-st-is-raising-the-... ]

What does Singer do with the churn he skims off all these dodgy shenanigans? Aside from donating +$1 million to Romney's "Restore Our Future" superPAC, he is also a major donor to Karl Rove’s network (Crossroads GPS, etc) and to Republicans on the US Senate Sub-committee on Financial Services in the larger Committee on Banking, Housing & Urban Affairs. [ http://thinkprogress.org/climate/2011/09/15/317330/leaked-cftc-oil-specu... ]

It's a big giant One-Stop-Shop designed of/by/for the 1%... so very convenient.

Eddie Torres's picture
Eddie Torres
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Jul. 31, 2007 4:01 pm

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Time to Rethink the War on Terror

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When Eric Holder eventually steps down as Attorney General, he will leave behind a complicated legacy, some of it tragic, like his decision not to prosecute Wall Street after the financial crisis, and his all-out war on whistleblowers like Edward Snowden.

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