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Archive for the ‘Business’ Category

Corporate news from all over

Hedge-Fund Ownership Cost Sears Workers Their Jobs. Now They’re Fighting Back

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Valleys outside of Neptune

The Nation reports:

The bill, introduced by State Senator Joseph Cryan, a Democrat, aims to bolster financial security for employees in the state by making them less disposable. Currently, there is no law anywhere in the country that guarantees severance for workers after a layoff. His bill would mandate that laid-off employees of large companies in the state be paid a severance equal to one week of wages for each full year of employment. “It is critical for holding Wall Street accountable…to the retail employees they take over,” Ryan told assembled media and lawmakers, sporting a purple vest with the Babies “R” Us logo stitched in yellow.

The bill would also require companies to give employees more notice before layoffs, including at least 15 days’ warning ahead of a bankruptcy filing or change in ownership, and would prohibit mass firings for 180 days after such an upheaval. It would ensure that Wall Street firms—like KKR, Bain, and Eddie Lampert’s hedge fund—are responsible for severance claims by classifying them as joint employers along with the executives who run their portfolio companies, and would classify severance as wages so that such payments would get top preference in the bankruptcy process alongside creditor claims.

“The genesis point for this legislation,” Cryan said, “was me standing with hundreds of Toys ‘R’ Us workers, listening to stories of folks who dedicated 27, 28, 31, 32 years and were basically getting nothing.” Democratic State Senator Nellie Pou, who backs the bill, noted that when Toys “R” Us laid off employees with little to no warning and refused to give them severance, it wasn’t “doing anything technically illegal, but they did something I believe to be reprehensible.”

The measure would be “game-changing,” said Carrie Gleason, the policy director of United for Respect. It would mean more than giving workers money to help after a layoff. It could change the calculation that companies make when deciding to cut workers in the first place, by putting a price on it. Right now, it’s “virtually costless” to fire employees, Appelbaum said. Private-equity firms in particular tend to turn to layoffs quickly after taking over a company. “Squeezing labor is the fastest way to increase cash flow to be able to make payments on the debt,” Appelbaum explained. This measure could “cause companies to think twice about whether laying off workers is their go-to solution for every problem that they face.”

(click here to continue reading Hedge-Fund Ownership Cost Sears Workers Their Jobs. Now They’re Fighting Back. | The Nation.)

I don’t know what the chances are of this bill passing, but I whole-heartedly support it. Hedge funds bleeding a company dry of its assets then laying off employees is a frequent occurrence, it isn’t right.

Even better would be a national bill with these same general parameters. Maybe Elizabeth Warren could propose it? 

Two is a Magic Number

Written by Seth Anderson

April 23rd, 2019 at 10:03 am

Posted in Business,government

Tagged with

Trump Crackdown Unnerves Immigrants, and the Farmers Who Rely on Them

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!!!PMURT KCUF

The New York Times reports:

Last fall, Victor Pacheco, the foreman on Ms. Raby’s family farm for 23 years, was detained by ICE agents and deported to Mexico.

Ms. Raby has struggled to find a foreman skilled enough to manage her vineyard, where the grapevines are now dusted in a light coat of snow and in need of winter pruning. This has left her uncertain about the future of their family farm and the president she helped vote into office.

“I still agree with Trump in a lot of ways, but I’m more on the fence about him now,” Ms. Raby said. “I don’t want to lose the immigrants who are working here and growing our food.”

(click here to continue reading Trump Crackdown Unnerves Immigrants, and the Farmers Who Rely on Them – The New York Times.)

I hope someone is planning on writing a book based on the numerous Trump voters who ended up getting screwed by Trump-enabled GOP orthodoxy, like this woman. It’s basically a cliché by this point.

I Am Going To Eat You - Paul Noth

But I’m also firmly of the belief that Trump-bots like Ms. Raby don’t deserve much sympathy. Trump isn’t subtle, he said what he was going to do, and then he did it. His announcement that he was running for president was built upon racist demagoguery, but Ms. Raby was ok with that, and all the subsequent racism was fine, up until her own business got decimated. Then she has doubts.

As to the bigger story, American agriculture depends upon low paid workers from other countries, mostly Mexico. If Trump and Stephen Miller get their way, we won’t be able to eat anything other than processed meat from McDonald’s because there won’t be anyone to pick the crops.

HOMER, N.Y. — The fears weigh on Mike McMahon: If one of his undocumented workers gets a traffic ticket, it could prompt an immigration audit of his entire farm. If another gets detained by immigration agents at a roadside checkpoint or in a supermarket parking lot, the rest may flee. And if his undocumented work force disappears overnight, there is no one to replace them.

“It keeps me up at night,” said Mr. McMahon, who owns a dairy farm south of Syracuse. “There are people out there who just say, ‘Send them all back and build a wall.’ But they would be facing empty shelves in the grocery store if that were to happen.”

It has long been an open secret in upstate New York that the dairy industry has been able to survive only by relying on undocumented immigrants for its work force. Now, this region has become a national focal point in the debate over President Trump’s crackdown on undocumented immigrants and their role in agriculture

Written by Seth Anderson

March 18th, 2019 at 10:05 am

Posted in Business,politics

Tagged with ,

Poster Child For Corporate Welfare was uploaded to Flickr

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Boeing depends upon taxpayer dollars more than most corporations.

See for instance:
The top welfare recipient of them all is aerospace giant Boeing, which has operations spread all across the country building aircraft and working on numerous Department of Defense projects. The amount of work Boeing does for the federal government no doubt plays a part in the amount of subsidies the company has been able to secure, but Boeing has also played hardball with local jurisdictions to get enormous tax breaks. With more than $13 billion coming in from 148 handouts, Boeing has thoroughly entrenched itself in the interest of the government and taxpayers.

Despite the immense amount of money the company receives, it has still gone on to hold cities hostage in tax negotiations, threatening to remove jobs and open up shop in friendlier climates. In 2013, Boeing secured the highest ever tax break at the state level when it cornered the Washington legislature into ceding to its demands, lest it move its production plants to another part of the country. The legislature granted Boeing its wish, but Boeing went on to announce drastic layoffs anyway, angering many locals.

Boeing has become the king of corporate handouts, and other corporations have a long way to go to catch up.
via
www.cheatsheet.com/money-career/high-on-the-hog-the-top-8…

embiggen by clicking
https://flic.kr/p/T5QzU3

I took Poster Child For Corporate Welfare on March 02, 2018 at 05:07AM

and processed it in my digital darkroom on March 17, 2019 at 12:24PM

Written by eggplant

March 17th, 2019 at 1:08 pm

The Loophole That Lets Boeing Get Cozy With Congress

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Boeing - El Segundo

The New York Times reports:

According to the Federal Aviation Administration, its decision was based solely on its evolving understanding of the evidence. But critics have suggested that the delay in joining the international consensus may have been the result, at least in part, of the close relationship that Boeing, a major political force in Washington and a large government contractor, has with American officials.

Boeing receives more federal money than any corporation other than Lockheed Martin, its main competitor in the defense contractor industry. Boeing took in over $23 billion in con tracts from the government in the 2017 fiscal year — near its annual average. (Just this fall, the company won a $9.2 billion contract to make a new generation of jets for the Air Force.)

Senator Elizabeth Warren publicly questioned whether the government had “put lives at risk” to protect Boeing’s bottom line. She and a bipartisan group of her colleagues requested congressional hearings to investigate.

In the Turning of the Twilight

In 1940, Congress passed a law barring individuals and firms from making federal campaign contributions while they negotiate or perform federal contracts. The intent was to prevent companies from trying to bribe politicians for lucrative deals and to prevent lawmakers from extorting money from companies with business before the government.

So how do campaign donations that appear to be connected with Boeing manage to avoid violating this law? The answer is a loophole, cemented in the law in the 1970s, that permits government contractors to set up “separate segregated funds,” or political action committees, to make political contributions using money typically pooled from the contractors’ executives and major shareholders. Such funds are legal even if the parent company pays for their operating and fund-raising costs. This exemption — whose ostensible justification is the free-speech rights of contractors’ employees — is why political action committees like Boeing’s can exist.

“It’s a huge loophole,” said Craig Holden, a government affairs lobbyist for Public Citizen who has helped states write pay-to-play laws more restrictive than the federal-level bans.

There is also, in effect, another even larger loophole for contractors looking to influence national politicians: the inaugural committee for a president-elect. Because inaugural committees are technically not connected to the political campaign, “all bets are off,” as Mr. Fischer put it. Boeing gave a million dollars to Mr. Trump’s inaugural committee — a giveaway now under scrutiny as a possible conflict of interest for the president.

Thanks to this maze of loopholes and legal niceties, federal contractors are able to effectively spend or direct the spending of money on political campaigns, despite the original intent of the law against contractor contributions. One clear result of this system is the widespread suspicion, warranted or not, of the government’s initial decision not to ground Boeing’s plane.

(click here to continue reading Opinion | The Loophole That Lets Boeing Get Cozy With Congress – The New York Times.)

Boing and Lockheed Martin and similar companies slurping up tax payer dollars is why Flint still doesn’t have clean water, why college education isn’t basically free, why millions of people don’t have health insurance, and so on. Corporate welfare is like a black hole, distorting our entire economy.

Wintry Moon Rise over Boeing

Written by Seth Anderson

March 15th, 2019 at 5:20 pm

How Amazon could change the country’s grocery game

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 Bok Choy and Shanghai Bok Choy

The Washington Post reports:

On Friday, The Wall Street Journal reported that Amazon plans to open its first grocery store in Los Angeles, possibly by year’s end. The Journal reported that Amazon had signed leases for at least two other grocery locations that could open early next year. Sources told The Journal that the company was looking into locations in San Francisco, Seattle, Chicago, Philadelphia and Washington, D.C.

Amazon is also reportedly looking to buy regional grocery chains.

The Journal reported that the new Amazon grocery stores wouldn’t compete directly with Whole Foods stores, and that they would sell a wider selection of products.

(click here to continue reading How Amazon could change the country’s grocery game – The Washington Post.)

Whole Foods, even though owned by Amazon, still doesn’t sell a lot of products that Amazon would sell in a differently oriented mass-oriented grocery chain. Products like Coca-Cola, Kraft American Cheese, personal grooming products that contain all sorts of chemicals, and so on. Amazon.com sells these items, so they have data regarding how popular cases of Cheetos would be. 

I was amazed (and pleased) that these kinds of items did not suddenly appear at Whole Foods once Amazon bought them, actually. 

Written by Seth Anderson

March 4th, 2019 at 2:50 pm

Acxiom supports Tim Cook’s call for strict U.S. data laws

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Apple Store in Soho

So Tim Cook called for better privacy regulation in the US. Maybe he reads this humble blog.1

Tim Cook:

In 2019, it’s time to stand up for the right to privacy—yours, mine, all of ours. Consumers shouldn’t have to tolerate another year of companies irresponsibly amassing huge user profiles, data breaches that seem out of control and the vanishing ability to control our own digital lives.
This problem is solvable—it isn’t too big, too challenging or too late. Innovation, breakthrough ideas and great features can go hand in hand with user privacy—and they must. Realizing technology’s potential depends on it.

That’s why I and others are calling on the U.S. Congress to pass comprehensive federal privacy legislation—a landmark package of reforms that protect and empower the consumer. Last year, before a global body of privacy regulators, I laid out four principles that I believe should guide legislation:

(click here to continue reading Apple CEO Tim Cook: It’s Time for Action on Data Privacy | Time.com.)

 Eye see u Willis

Fast Company adds:

Acxiom, like Mr. Cook, also supports a national privacy law for the U.S., such as GDPR provides for the European Union. Acxiom is actively participating in discussions with U.S. lawmakers as well as industry trade groups to help ensure U.S. consumers receive the kind of transparency, access, and control Acxiom has been providing voluntarily for years,” the company said. “We believe it would be universally beneficial if we were able to work with Apple and other industry leaders to define the best set of laws that maintain the benefits of data in our economy while giving the necessary protections and rights to all people.”

In its statement, Acxiom said it is working with lawmakers to build a “singular, united set of policies across the U.S.” What it does not want, according to the statement, are “multiple and independent state laws” making it onerous to comply.

Of course, it behooves Acxiom to seem amenable to such legislative moves. It’s becoming increasingly clear that the tide is shifting in the U.S., and more people want better safeguards over their data. Cook called for not just stricter data regulations, but a federally controlled data broker database that would make it possible for citizens to know exactly what information the companies have on them and which companies transacted with these data firms. While Acxiom is saying it’s open to new regulation, it’s unclear what exactly the firm will agree to.

(click here to continue reading Acxiom supports Tim Cook’s call for strict U.S. data laws.)

America does need to reign in the multitude of personal data brokers, and the GDPR is a decent model to work off of. 

Footnotes:
  1. kidding, of course []

Written by Seth Anderson

January 18th, 2019 at 11:18 am

Posted in Apple,Business

Tagged with , ,

As Big Retailers Seek to Cut Their Tax Bills, Towns Bear the Brunt

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There Is More Than One Way To Stop 

The New York Times:

WAUWATOSA, Wis. — With astonishing range and rapidity, big-box retailers and corporate giants are using an aggressive legal tactic to shrink their property tax bills, a strategy that is costing local governments and school districts around the country hundreds of millions of dollars in lost revenue.

These businesses — many of them brick-and-mortar stores like Walmart, Home Depot, Target, Kohl’s, Menards and Walgreens that have faced fierce online competition — maintain that no matter how valuable a thriving store is to its current owner, these warehouse-type structures are not worth much to anyone else.

(click here to continue reading As Big Retailers Seek to Cut Their Tax Bills, Towns Bear the Brunt – The New York Times.)

Corporate welfare, alive and well, decimating American communities one by one…

Written by Seth Anderson

January 6th, 2019 at 2:04 pm

Posted in Business

Tagged with ,

Michael Ferro Is A Horrid Human Being, Part the 454,239th

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The Perfect Way to Unwind

I always thought that Sam Zell was the worst owner the Chicago Tribune ever had, but Michael Ferro seems much worse.

NPR reports:

Several months after taking control of the troubled Tribune Publishing Co. in 2016, Chicago investor Michael Ferro convened a session of corporate leaders from within his own news empire, including chief news executives from such storied papers as the Los Angeles Times, the Chicago Tribune and The Baltimore Sun.

The group of about 20 people trooped from Chicago’s iconic Tribune Tower on Michigan Avenue to an upscale restaurant nearby. In a private room, participants dined on seafood and steak while Ferro, then the company’s chairman, held forth on his plans.

His own net worth was newly in the nine figures. Associates and peers say Ferro held ambitions that were wide-ranging, even audacious, given the newspaper industry’s stiff headwinds.

At the dinner, as at other moments, Ferro railed against those who he felt were impeding him — including perceived rivals and competitors. Among them: the Southern California billionaire and civic leader Eli Broad, whom Ferro called part of a “Jewish cabal” that ran Los Angeles.

(click here to continue reading Tribune, Tronc And Beyond: A Slur, A Secret Payout, And A Looming Sale : NPR.)

You Gave Without Taking

Yeah, and this:

Early this year, however, Tribune Publishing made the first in a series of secret payments to total more than $2.5 million to avert a threatened lawsuit filed by a fired newspaper executive, according to three people with knowledge of the deal. That had the effect of keeping Ferro’s anti-Semitic slur out of the public spotlight.

The company agreed to secretly pay Maharaj more than $2.5 million, in installments, according to three people with knowledge of the pact. That financial obligation was not disclosed in corporate filings to shareholders and analysts. The payments started in the first quarter of this year, for which Tribune Publishing reported a net loss of $14.8 million. The loss was attributed to the company’s decision in December 2017 to pay Ferro $15 million in consulting fees even as he served as chairman and was the company’s controlling owner.

Even as the company cut back jobs in traditional newsrooms, Levinsohn and other executives acted to create a separate staff apart from the LA Times and its other newspaper properties. He planned to draw upon outside writers, some uncompensated or who would even pay for the privilege of being associated with the newspapers’ brands. Plans included a consolidated entertainment website called LA.com and the outsourcing of Washington coverage to the digital news service Axios. Neither of those initiatives came to fruition. (LA.com still says “coming soon.”) But the digital strategy, gravitas with scale, sparked distrust among journalists.

The kicker is Michael Ferro still owns 25% of the Tribune, or what’s left of it as Ferro’s hand picked lackies furiously fire writers and jack up executive compensation to pull whatever profits they can off while the Tribune still exists.

Written by Seth Anderson

December 12th, 2018 at 6:17 pm

Why Amazon’s HQ2 Search Backfired

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 More Spare Change

WIRED posits:

The search was largely a success for CEO Jeff Bezos, who can use valuable data from the losing cities to inform Amazon’s business and future expansion. But in at least one respect, Amazon’s Hunger Games-style civic competition backfired: It’s shined a spotlight on how Amazon and companies like it have benefitted enormously from taxpayer funds.

Each year, local politicians spend up to an estimated $90 billion to lure corporations like Amazon to their states, which The Atlantic points out is “more than the federal government spends on housing, education, or infrastructure.” Most companies broker these deals in private.

In the end, Amazon says it will collectively receive $2.2 billion from the three cities where it plans to open offices. In an unusual move, the company disclosed that figure in its own press release. Information about incentives typically comes from government, not the corporations awarded the funds. Others have noted that Amazon might also benefit from existing tax credits, like a New York City program worth up to an additional $900 million, which were not part of the deal.

Over the course of Amazon’s year-long pursuit of new offices, researchers and journalists intensified their examination of not just the money Amazon might receive, but also what it has collected already. The company regularly receives public incentives to open facilities like warehouses and data centers, which Good Jobs First estimates have totaled $1.6 billion. An investigation from the nonprofit New Food Economy found that some Amazon warehouse workers are paid so little that they often qualify for another type of public benefit: food stamps. In some cases, taxpayers may even be subsidizing Amazon’s electricity costs, according to a Bloomberg report from August.

(click here to continue reading Why Amazon’s HQ2 Search Backfired | WIRED.)

Corporate welfare is certainly a drag on the US economy, but I’m not so sanguine as to think it will end anytime soon. Sad. I would guess that the $90 billion number cited above is a bit low.

Not to mention that $3,100,000,000 is a lot of money for a government to shower on to a rich, successful corporation like Amazon. Money that won’t be spent to improve roads, infrastructure, help with college debt, pay salary of teachers, police, EMT, etc. A lot of taxpayer money thrown at Jeff Bezos so he can have a helipad…

I’m so glad Amazon didn’t choose my city. 

Written by Seth Anderson

November 14th, 2018 at 9:51 pm

Google Exposed User Data, Feared Repercussions of Disclosing to Public

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Expanding the Parameters
Expanding the Parameters

WSJ:

Google exposed the private data of hundreds of thousands of users of the Google+ social network and then opted not to disclose the issue this past spring, in part because of fears that doing so would draw regulatory scrutiny and cause reputational damage.

A software glitch in the social site gave outside developers potential access to private Google+ profile data between 2015 and March 2018, when internal investigators discovered and fixed the issue, according to the documents and people briefed on the incident. A memo reviewed by the Journal prepared by Google’s legal and policy staff and shared with senior executives warned that disclosing the incident would likely trigger “immediate regulatory interest” and invite comparisons to Facebook’s leak of user information to data firm Cambridge Analytica.

(click here to continue reading Google Exposed User Data, Feared Repercussions of Disclosing to Public – WSJ.)

The cover-up is always worse. Google could have admitted to this during some Trump-Tweet-Tempest, and nobody would have paid much attention. 

Written by Seth Anderson

October 8th, 2018 at 12:28 pm

Posted in Business

Tagged with , ,

Emanuel, aldermen block attempt to cut hours of troubled North Side scrap shredder

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Cans HDPE Pet

Chicago Tribune:

Mayor Rahm Emanuel’s administration and a group of aldermen vigorously defended a clout-heavy scrap yard on Tuesday, brushing aside neighbors who shared stories about noxious pollution and loud noises from one of the last industrial operations in a fast-gentrifying corridor along the North Branch of the Chicago River.

One of the neighborhood’s elected representatives, Ald. Brian Hopkins, 2nd, introduced a measure months ago to revoke a special waiver that allows General Iron Industries to collect flattened cars, used appliances and other scrap metal around the clock and operate massive shredders from 5 a.m. to 10 p.m. daily.

City rules normally restrict scrap yards to operate from 7 a.m. to 9 p.m.

(click here to continue reading Emanuel, aldermen block attempt to cut hours of troubled North Side scrap shredder – Chicago Tribune.)

If I lived near here, I’d be really pissed too. 5 in the morning is way too early to be making such a racket. 

The place sounds like a menace anyway. 

After Hopkins forced colleagues to call his measure for a vote, Tuesday’s long-delayed hearing quickly devolved into heated personal attacks from a former federal prosecutor hired by the company’s owners, and repeated interruptions of neighborhood residents by Ald. George Cardenas, 12th, chairman of the city’s Health and Environmental Protection committee.

Hopkins, Ald, Michele Smith, 43rd, and community groups in Lincoln Park and Bucktown contend the scrap shredder is a menace to the public, citing clouds of metallic pollution that routinely waft into nearby residential areas and three crackdowns on General Iron by the U.S. Environmental Protection Agency, the latest of which came in July.

Georgia Nicholson, who lives across the street from General Iron, says she hoses metallic particles off her patio several times every day. “I don’t know why the city doesn’t see these things,” she said.

“My job is to represent the people of my neighborhood who have been telling me since before I got elected about the explosions, about the noise, about the dust, about the oily film that they find on their cars, on their sidewalks, on their wading pools,” said Hopkins, who along with Smith and Ald. Scott Wauguespack, 32nd, is calling for the city to turn the site into a new park. “There is absolutely no question that General Iron is a nuisance and is a health hazard to the neighborhood.”

Metal Only - Slayer

Written by Seth Anderson

September 20th, 2018 at 7:57 am

Lawsuit Over billboard killed a Fulton Market hotel project on Randolph Street

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Arizona heat sounds good about now
Clear Channel billboard at 600 W Randolph St

John O’Brien of Chicago real estate website, The Real Deal reported back in April:

AIC Hotel Group is suing MCZ Development, saying the developer didn’t disclose an air-rights deal for a billboard when the two made a Fulton Market land transaction.

The failure cost the chain an opportunity to build a hotel, according to the suit.

AIC in December bought a parking lot at 600 West Randolph Street from MCZ for $7 million, with plans to build a hotel on the land, the lawsuit contends. But after the deal closed, AIC learned that Clear Channel had an air rights deal that guaranteed a billboard on the building next door would not be obstructed, the suit said.

The billboard deal runs through 2042. The suit claims MCZ didn’t tell AIC about the billboard agreement before the Randolph Street land deal closed, nor was the air rights agreement ever recorded with Cook County.

(click here to continue reading AIC Hotel Group | Randolph Street Hotel | Lawsuit.)

wow. As an interested observer of this parking lot, I was curious as to why nothing had been built here in the hot Fulton Market area, year after year. Perhaps this is this reason? Presumedly, Clear Channel could sell the rights to AIC Hotel Group for some fee, but perhaps they want more than AIC Hotel Group is willing to spend. 24 years, 12 months a year, how much revenue could one billboard generate? If Clear Channel got $5,000 a month1, that would be $1,440,000. If AIC offered Clear Channel $800,000 cash, would they accept it? I bet this is a solveable issue.

Kick Off Your Shoes…

As a parenthetical thought, I miss the website, EveryBlock, as I would have heard of this story before today…

Footnotes:
  1. a number I’m totally guessing at, btw []

Written by Seth Anderson

September 14th, 2018 at 9:49 am

Drug executive Nirmal Mulye: It’s a ‘moral requirement’ to charge patients the highest price

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Social Media Drug Mart

LA Times reports:

In the category of saying the quiet parts out loud, consider this statement by Nirmal Mulye, the chief executive of drug company Nostrum Laboratories:

“I think it is a moral requirement to make money when you can … to sell the product for the highest price.”

Mulye was responding to questions posed by the Financial Times about his quadrupling the price of an essential antibiotic to $2,392 per bottle. The drug, nitrofurantoin, is used to treat urinary tract infections. It has been on the market since 1953 and is listed by the World Health Organization as an essential medicine for “basic healthcare systems.”

In his interview with the Financial Times published Tuesday, Mulye defended Martin Shkreli, the former drug company CEO who became the face of the industry’s profiteering in 2015 when he jacked up the price of a generic anti-parasitic drug needed by HIV patients by more than 5,000%.

(click here to continue reading Drug executive: It’s a ‘moral requirement’ to charge patients the highest price.)

Strange definition of morals. This douchenozzle might want to check a dictionary.

Merriam-Webster’s definition of moral:

a : of or relating to principles of right and wrong in behavior : ethical moral judgments

b : expressing or teaching a conception of right behavior a moral poem

c : conforming to a standard of right behavior took a moral position on the issue though it cost him the nomination

d : sanctioned by or operative on one’s conscience or ethical judgment a moral obligation

e : capable of right and wrong action a moral agent

 

(click here to continue reading Moral | Definition of Moral by Merriam-Webster.)

So which definition of moral were you referring to, Mr. Mulye? I think the moral response would be for the federal government to start regulating the price of drugs such as this one. 

The 23rd Commissioner of the U.S. Food and Drug Administration, Scott Gottlieb, responded

Written by Seth Anderson

September 12th, 2018 at 8:05 pm

Wirtz-linked Breakthru Beverage invests $9.2 million in Canadian marijuana producer

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Truck full of Cannabis

 Chicago Tribune:

Breakthru Beverage Group, the alcohol wholesale business co-led by Blackhawks Chairman Rocky Wirtz, announced plans Monday to invest $9.2 million in CannTrust, a Canadian marijuana producer.

Breakthru has signed a letter of intent to become the exclusive distributor for CannTrust as recreational marijuana is set to become legal in Canada on Oct. 17. In doing so, Breakthru joins a growing number of major alcohol companies to recently invest in the global potential of the burgeoning marijuana industry. Giant beer companies such as Molson Coors — parent company of Chicago-based MillerCoors — and Constellation Brands, which bases its beer business in Chicago, are planning to develop and sell cannabis-infused drinks in Canada.

(click here to continue reading Wirtz-linked Breakthru Beverage invests $9.2 million in Canadian marijuana producer – Chicago Tribune.)

The great Green Rush of 2018 continues, unabated. 

Secret Smile 

From the CannTrust press release:

The cannabis sales brokerage operation will reside in a newly-formed subsidiary of Breakthru Beverage Group and will be entirely separate from its beverage alcohol brokerage, Breakthru Beverage Canada. It will however leverage the company’s North American business insights, strategies, technology and analytic tools to be a differentiator in the marketplace.

“CannTrust has made significant investments in both capacity and innovation with the next generation of products such as edibles and cannabis-infused beverages expected to launch in 2019. We have a nano-technology that enables us to produce cannabis infused beverages neutral in taste, and clear as water. This technology will position us to be a leader in Canada, and in future markets globally.” Rogers added.

An affiliate of Breakthru Beverage Group will be purchasing 902,405 common shares of CannTrust at a purchase price of $10.23 per share for gross proceeds of $9,231,600. In addition, the affiliate of Breakthru Beverage Group will have options to purchase from CannTrust up to an additional 2,000,000 common shares in the aggregate at a price per share equal to a 15% discount of the 5-day volume-weighted average price on the TSX immediately prior to the date the applicable option is exercised, if CannTrust exceeds certain sale thresholds.

(click here to continue reading CannTrust and Breakthru Beverage Enter Exclusive Partnership in Recreational Cannabis Market in Canada | CannTrust.)

 Mustache Rider

CannTrust About Us page:

CannTrust is a federally regulated licensed producer, who brings more than 40 years of pharmacy and healthcare experience to the Medical Cannabis industry. We apply this expertise to produce 100% pesticide free standardized Medical Cannabis for patients in need.

At CannTrust™ we are committed to research and innovation, as well as contributing to the growing body of evidence-based research regarding the use and efficacy of cannabis. Our product development teams along with our exclusive pharma partner Apotex are diligently innovating and developing products. CannTrust has been granted a Section 9 License by Health Canada under the Narcotic Control Regulations. This allows us to expand our product development and research to include pharmaceuticals in an effort to make it easier for patients to use Medical Cannabis today and in the future.

Our onsite laboratory with advanced technology and equipment for testing and research on the medical use of cannabis provides CannTrust with the ability to develop and rigorously test our products at any point.

We continue to evolve our patient and medical practitioner education program about Medical Cannabis, and have an industry leading compassionate use program to support patients with financial needs. We continue to expand to ensure we have a continuous supply of quality standardized products and superior customer service.

Our original 50,000-square foot state-of-the-art hydroponic facility is home to cultivating, processing extracts and our distribution center.

Our second facility is a 430,000-square foot greenhouse in the heart of the Niagara region. The facility is the first of its kind in the Canadian Cannabis industry to be designed and engineered using advanced perpetual growing technology. This facility is one of the largest in North America, with Phase 1 completed and Phase 2 to come on-stream in mid 2018.

 

 

(click here to continue reading About Us | CannTrust Medical Cannabis Producer Toronto.)

Written by Seth Anderson

September 11th, 2018 at 10:28 am

Posted in Business,Food and Drink

Tagged with ,

Trump says Canada not needed in NAFTA deal, warns Congress not to interfere

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The Road to Socialism In Canada

Reuters reports:

U.S. President Donald Trump said on Saturday there was no need to keep Canada in the North American Free Trade Agreement and warned Congress not to meddle with the trade negotiations or he would terminate the trilateral trade pact altogether.

Lawmakers on Friday warned that a deal with Mexico could struggle to win approval from Congress unless Canada was also included. Support from Democrats would be needed to pass a purely bilateral deal, they said.

(click here to continue reading Trump says Canada not needed in NAFTA deal, warns Congress not to interfere | Reuters.)

I realize it is a fool’s errand to attempt to decipher the Orange Dotard’s reasoning about any particular topic, but I don’t understand why he’s so antagonistic towards Canada. Is it that Canada is too multi-cultural for Stephen Wormtongue Miller’s taste? Or was Trudeau too nice to Trump in person, so Trump thinks Trudeau, and Canada by extension, is a little sweet?1

Perhaps the only answer is to ask what is Putin’s motive for destroying cordial relations between Canada and the US.

The AP reports:

 

A senior Justice Department lawyer says a former British spy told him at a breakfast meeting two years ago that Russian intelligence believed it had Donald Trump “over a barrel,” according to multiple people familiar with the encounter.

 

The lawyer, Bruce Ohr, also says he learned that a Trump campaign aide had met with higher-level Russian officials than the aide had acknowledged, the people said.

 

The previously unreported details of the July 30, 2016, breakfast with Christopher Steele, which Ohr described to lawmakers this week in a private interview, reveal an exchange of potentially explosive information about Trump between two men the president has relentlessly sought to discredit.

 

They add to the public understanding of those pivotal summer months as the FBI and intelligence community scrambled to untangle possible connections between the Trump campaign and Russia. And they reflect the concern of Steele, a longtime FBI informant whose Democratic-funded research into Trump ties to Russia was compiled into a dossier, that the Republican presidential candidate was possibly compromised and his urgent efforts to convey that anxiety to contacts at the FBI and Justice Department.

Among the things Ohr said he learned from Steele during the breakfast was that an unnamed former Russian intelligence official had communicated that Russian intelligence believed “they had Trump over a barrel,” according to people familiar with the meeting.

 

 

(click here to continue reading AP sources: Lawyer was told Russia had ‘Trump over a barrel’.)

Headed To Ward's Island

There was also this bit of news about the negotiation from The Toronto Star:

 High-stakes trade negotiations between Canada and the U.S. were dramatically upended on Friday morning after inflammatory secret remarks by President Donald Trump were obtained by the Toronto Star.

 Trump’s comments were viewed by Canadian negotiators as evidence for their suspicions that the U.S. was not making a legitimate effort to compromise. Prime Minister Justin Trudeau’s officials confronted the president’s officials with the leaked quotes at a high-level meeting on Friday morning.

Trump made his controversial statements in an Oval Office interview with Bloomberg News on Thursday. He said, “off the record,” that he is not making any compromises at all with Canada — and that he could not say this publicly because “it’s going to be so insulting they’re not going to be able to make a deal.”

“Here’s the problem. If I say no — the answer’s no. If I say no, then you’re going to put that and it’s going to be so insulting they’re not going to be able to make a deal … I can’t kill these people,” Trump said of the Canadian government.

In another remark he did not want published, Trump said that any deal with Canada would be “totally on our terms.” He suggested he was scaring the Canadians into submission by repeatedly threatening to impose tariffs on imports of Canadian-made cars.

“Off the record, Canada’s working their ass off. And every time we have a problem with a point, I just put up a picture of a Chevrolet Impala,” Trump said. The Impala is produced at the General Motors plant in Oshawa, Ont.

Bloomberg agreed to Trump’s request to keep the comments off the record. But the Star, which obtained the quotes from a source, is not bound by any promises Bloomberg made to the president, and it published the quotes after they became part of the critical negotiations.

Trump, of course, is known for both dishonesty and for bragging about his own greatness, and he regularly utters dubious boasts about how he is supposedly dominating the feeble people on the other side of the bargaining table. When he claimed to have made no compromises, it is possible he was making a false claim to impress the Bloomberg journalists.

There was no apparent evidence on Friday for his claim that he has wielded a photo of an Impala as a negotiating tactic.

(click here to continue reading Donald Trump confirms Star story on his secret bombshell remarks about Canada | The Star.)

Footnotes:
  1. Manigault Newman suggests that the president’s views of his own staff are often less than flattering. When Ivanka Trump first started dating Jared Kushner, she asked her father what he thought of Kushner. She writes: “’He seems a little sweet to me,’ he said, using his phrasing for ‘gay.’” []

Written by Seth Anderson

September 1st, 2018 at 2:07 pm

Posted in Business,politics

Tagged with , ,