Archive for the 'Business/Finance' Category

Exxon’s Founding Family Calls for Change

From Celsias:

 If necessity is the mother of invention, it can also be the catalyst of change. Public Radio International reports that the Rockefeller family is taking on the CEO of Exxon Mobil, the company founded as Standard Oil by their great, great grandfather John D. Rockefeller in 1870. And this rare public engagement of the family in the inner workings of Exxon is not about current profitability, for which Exxon can boast record highs, but about lack of transition to renewable sources of energy. In fact, according to the Times Online, the press release from the Rockefellers came the day before Exxon Mobil was expected to unveil a $12 billion quarterly profit, the biggest in U.S. corporate history.

 

 The Rockefeller family is calling for a reduction in the power of the current CEO, Rex Tillerson, and the addition of an outside chairman. Their primary concern is one of economics; Exxon needs to start looking at alternative sources of energy because it is going to run out of oil. Currently Exxon is selling oil faster than they are replacing it. Volatility and nationalism in the Middle East and other oil producing countries will only increase the difficulty in doing so. The Rockefellers point to Exxon’s lack of research and development vis a vis its competitors in areas like wind and solar technology as a key source of frustration. The family, which holds a significant minority stake in the company, is not alone among shareholders in their frustration with Exxon’s position on renewables and the climate crisis in general. Robert Monks, one of Exxon’s shareholders, is quoted in the American Public Media story saying, “Exxon is enabled to go in public discourse and say the science is unsettled. Well the science is unsettled, because Exxon paid to have it unsettled.” (See herehere and here.)

 

 Article Continues @ Sourced Site.

Judge rules for Taser in cause-of-death decisions

From AZCentral:

 Taser International has fired a warning shot at medical examiners across the country.

 

The Scottsdale-based stun gun manufacturer increasingly is targeting state and county medical examiners with lawsuits and lobbying efforts to reverse and prevent medical rulings that Tasers contributed to someone’s death.

 

That effort on Friday helped lead an Ohio judge’s order to remove Taser’s name from three Summit County Medical Examiner autopsies that had ruled the stun gun contributed to three men’s deaths.

 

“We will hold people accountable and responsible for untrue statements,” Taser spokesman Steve Tuttle said earlier this week. “If that includes medical examiners, it includes medical examiners.”Many medical examiners, who are charged with determining the official causes of death, view the Scottsdale-based company’s efforts as disturbing, the spokesman for the National Association of Medical Examiners says.

 

“It is dangerously close to intimidation,” says Jeff Jentzen, president of the National Association of Medical Examiners. “At this point, we adamantly reject the fact that people can be sued for medical opinions that they make.”

 

In the Ohio case, the judge said the county offered no medical, scientific or electrical evidence to justify finding the stun gun was a factor in the deaths of two men in 2005 and another in 2006. Taser and the City of Akron sued the medical examiner, saying examiners in the case lacked the proper training to evaluate Tasers.

 

Chief Medical Examiner Lisa Kohler said that her examiners rightly concluded Taser contributed to the deaths and said county lawyers will appeal the judge’s ruling.

 

“I would not be going forward with this if I did not believe in the rulings,” she said.

 

The judge’s order could have an immediate impact on criminal cases against five Summit County sheriff’s deputies who were charged in the 2006 “homicide” of a jail inmate. Instead of homicide, the judge ordered the cause of death changed to “undetermined.”

 

Laying a foundation

 

Before Friday’s verdict, legal experts said Taser’s victory could lay the foundation for other cases against dozens of medical examiners who have ruled that shocks from the 50,000-volt stun gun can be fatal.

 

Medical examiners say they’re concerned that Taser’s aggressive moves could have a chilling effect on doctors, preventing them from blaming Tasers for deaths even when evidence exists.

 

Taser still faces lawsuits from family members of victims who claim the stun gun is deadly and the company has not done proper medical research. They allege police officers are using the weapon as a compliance tool against people who do not pose significant threats.

 

But the company has won an impressive number of legal victories and said it has only paid out settlements in a few cases involving police officer injuries. To date, the company says more than 60 cases have been dismissed.

 

Taser stun guns are a fixture among police. It is used by more than 12,000 police agencies across the country, and by every major law enforcement agency in the Valley. Many police agencies credit the gun with preventing deaths and injuries to officers and suspects.

 

Taser maintains they are safe 

 

Article Continues @ Sourced Site

Exxon gouges nearly $11 Billion in first 3 months of 2008

By JOHN PORRETTO, The Associated Press

HOUSTON (AP) — Exxon Mobil Corp., the world’s largest publicly traded oil company, said Thursday record crude prices helped its net income grow 17 percent in the first quarter, but the results came in below Wall Street forecasts.

Exxon Mobil, based in Irving, Texas, said earnings for the first three months of the year rose to $10.9 billion, or $2.03 per share, up from $9.3 billion, or $1.62 per share, a year ago.

Analysts polled by Thomson Financial were looking for a slightly larger profit of $2.13 per share.

Revenue rose to $116.8 billion from $87.2 billion a year earlier. Analysts were looking for higher revenue of about $124 billion.

Given record oil prices, some had speculated Exxon Mobil would top its own record for the biggest quarterly profit for a U.S. company. But the latest results fell short of the record $11.7 billion profit Exxon Mobil earned in the final quarter of 2007. More

Only in America can a company make $11 billion in profits, and still piss off its shareholders. Chevron’s numbers are due out tomorrow. -Sue

Big Investors See Recession, Wall Street Depression

From CNBC: 

The U.S. economy may be in a funk, but that’s nothing compared with the pall hanging over Wall Street.

Some of the biggest U.S. investors said on Tuesday they expected the nation’s economy to get worse, but then work its way toward recovery later this year.

On Wall Street, however, the road back to health will take much longer.”

It is the Great Depression on Wall Street. It sure isn’t on Main Street,” Ken Griffin, chief executive of hedge fund Citadel Investment Group, said during a panel at the Milken Institute Global Conference in Beverly Hills, California.

According to Griffin and other top U.S. investors at the conference, the credit and housing crises that led to hundreds of billions of dollars in losses for Wall Street firms will take those investment banks years to claw back from.

“Until you see Wall Street put on their party hats again and get on the tables and start dancing is going to be years,” said Ken Moelis, a former UBS banker who now runs his own investment firm, Moelis & Company.

“It will be a long time for Wall Street to come back to where it was.” Leon Black, billionaire investor and founding partner of hedge fund Apollo Advisors, said the banking system has been “broken” since last summer and has fostered a credit crisis “the likes of which I’ve never seen in the 30 years I’ve been in the business.”

 Notwithstanding that, however, Moelis said he did not expect to see “a deep Main Street recession.” In parts of the country, such as Pittsburgh, he said, business is booming thanks to soaring prices on commodities such as steel.

 

Article Continues @ Sourced Site. 

Updated: Oil strikes new record near $120

From The International Herald Tribune:

 PERTH: Oil struck a record high at $119.93 a barrel on Monday, extending the previous session’s rally, as a strike closed a major oil pipeline and as new violence in Nigeria reignited supply fears.

 

Simmering tensions between the United States and Iran also helped boost oil prices.

 

U.S. light crude for June delivery rose 88 cents to $119.40 by 2324 GMT, after striking a lifetime high of $119.93 a barrel shortly after electronic trading resumed after the weekend.

 

London Brent crude rose 66 cents to $117.

 

“Supply side concerns underpinned the oil price,” David Moore, a commodity strategist at the Commonwealth Bank of Australia, said in a note to clients.

 

“Oil supplies from Nigeria have been disrupted by militant attacks and a strike by some oil workers. A strike at the Grangemouth refinery in Scotland has caused significant disruption to supplies from the North Sea,” he said.

 

The 700,000 barrels per day (bpd) Fortis pipeline, which carries nearly half of Britain’s oil, was closed on Sunday as a strike over pensions began at the neighbouring 210,000 bpd Grangemouth refinery in Scotland, operator BP said.

 

The refinery, owned by international chemical company Ineos, produces a tenth of Britain’s petrol and diesel but also supplies vital steam and power to BP’s Kinneil plant that processes the crude oil coming ashore from 70 North Sea fields.

 

The government has said that there will be no overall shortages of fuel but conceded that there may be some local supply problems, particularly in Scotland and northern England. 

 

Article Continues @ Sourced Site

Stripping Mountains to Power D.C.

By David A. Fahrenthold

Washington Post Staff Writer Sunday, April 20, 2008; Page A01

 MUD, W.Va. — This is a place where “moving mountains” is no longer a figure of speech. Here, among the steep green Appalachians, mining companies are moving mountains off their pedestals to get the kind of coal that Washington needs.

 

It happened here, on a ridgeline called Sugar Tree Mountain, where locals once hunted for squirrels and puckery-sour grapes. Then the top was scraped off to expose the black seams in its innards, leaving a rock-strewn plateau.

 

“It used to be West Virginia,” said Vivian Stockman, an environmental activist. “And now it’s Mars.”

 

Though this isolated mine is more than 400 miles from Washington, the two places share a powerful connection: coal. The D.C. region, with its need for electricity skyrocketing, has been burning steadily more coal, buying almost a third of its supply from this part of Appalachia.

 

And that, analysts and environmentalists said, means that Washington’s air conditioners and iPods have helped drive the region’s “mountaintop” mining.

 

The coal industry and the Bush administration say the benefits of these mines, measured in jobs and energy, outweigh the damage.

 

But in West Virginia, where mining opponents can face back-roads intimidation, some neighbors say that Washington area residents might not know the true cost of their power.

 

“We have to go through a lot for them to get their electric,” said Lucille Miller, who picked grapes on the vanished mountain.

 

The links that bind the cathedral-ceiling suburbs of Washington to the blasted-out mines of West Virginia can be traced through federal energy records. The Washington Post analyzed almost four years of data, showing where the six coal-fired power plants across the D.C. region bought their supply.

 

The records make one thing clear: The plants have been buying a lot more coal. Total purchases were more than 40 percent higher in 2006 than in 2004. The increase came as the Washington region’s demand for electricity grew 18 percent since 2001, driven by population growth and an increasingly wired culture. D.C. area plants do not send their electricity straight to local homes but feed it into the multi-state regional power grid.

 

Records also show that about 32 percent of the coal the plants bought came from one kind of mine in this corner of Appalachia — a “surface” operation, where miners do not have to tunnel.

 

The region, where southern West Virginia meets western Virginia and eastern Kentucky, is home to the vast majority of mountaintop mines in the United States. 

 

Article with Photo Gallery Continues @ Sourced Site.

Behind TV Analysts, Pentagon’s Hidden Hand

From New York Times: By DAVID BARSTOW

Published: April 20, 2008

 

In the summer of 2005, the Bush administration confronted a fresh wave of criticism over Guantánamo Bay. The detention center had just been branded “the gulag of our times” by Amnesty International, there were new allegations of abuse from United Nations human rights experts and calls were mounting for its closure. 

 

The administration’s communications experts responded swiftly. Early one Friday morning, they put a group of retired military officers on one of the jets normally used by Vice PresidentDick Cheney and flew them to Cuba for a carefully orchestrated tour of Guantánamo.

 

To the public, these men are members of a familiar fraternity, presented tens of thousands of times on television and radio as “military analysts” whose long service has equipped them to give authoritative and unfettered judgments about the most pressing issues of the post-Sept. 11 world.

 

Hidden behind that appearance of objectivity, though, is a Pentagon information apparatus that has used those analysts in a campaign to generate favorable news coverage of the administration’s wartime performance, an examination by The New York Times has found.

 

The effort, which began with the buildup to the Iraq war and continues to this day, has sought to exploit ideological and military allegiances, and also a powerful financial dynamic: Most of the analysts have ties to military contractors vested in the very war policies they are asked to assess on air.

 

Those business relationships are hardly ever disclosed to the viewers, and sometimes not even to the networks themselves. But collectively, the men on the plane and several dozen other military analysts represent more than 150 military contractors either as lobbyists, senior executives, board members or consultants. The companies include defense heavyweights, but also scores of smaller companies, all part of a vast assemblage of contractors scrambling for hundreds of billions in military business generated by the administration’s war on terror. It is a furious competition, one in which inside information and easy access to senior officials are highly prized.

 

Records and interviews show how the Bush administration has used its control over access and information in an effort to transform the analysts into a kind of media Trojan horse — an instrument intended to shape terrorism coverage from inside the major TV and radio networks.

 

Analysts have been wooed in hundreds of private briefings with senior military leaders, including officials with significant influence over contracting and budget matters, records show. They have been taken on tours of Iraq and given access to classified intelligence. They have been briefed by officials from the White House, State Department and Justice Department, including Mr. Cheney, Alberto R. Gonzales and Stephen J. Hadley.

 

In turn, members of this group have echoed administration talking points, sometimes even when they suspected the information was false or inflated. Some analysts acknowledge they suppressed doubts because they feared jeopardizing their access.

 

A few expressed regret for participating in what they regarded as an effort to dupe the American public with propaganda dressed as independent military analysis.

 

“It was them saying, ‘We need to stick our hands up your back and move your mouth for you,’ ” Robert S. Bevelacqua, a retired Green Beret and former Fox News analyst, said.

 

Kenneth Allard, a former NBC military analyst who has taught information warfare at the National Defense University, said the campaign amounted to a sophisticated information operation. “This was a coherent, active policy,” he said.

 

As conditions in Iraq deteriorated, Mr. Allard recalled, he saw a yawning gap between what analysts were told in private briefings and what subsequent inquiries and books later revealed.

 

“Night and day,” Mr. Allard said, “I felt we’d been hosed.”

 

The Pentagon defended its relationship with military analysts, saying they had been given only factual information about the war. “The intent and purpose of this is nothing other than an earnest attempt to inform the American people,” Bryan Whitman, a Pentagon spokesman, said.

 

It was, Mr. Whitman added, “a bit incredible” to think retired military officers could be “wound up” and turned into “puppets of the Defense Department.”

 

Many analysts strongly denied that they had either been co-opted or had allowed outside business interests to affect their on-air comments, and some have used their platforms to criticize the conduct of the war. Several, like Jeffrey D. McCausland, a CBS military analyst and defense industry lobbyist, said they kept their networks informed of their outside work and recused themselves from coverage that touched on business interests.

 

“I’m not here representing the administration,” Dr. McCausland said. 

 

Article Continues @ Sourced Site

Murdoch, Zell appointed to AP board

Associated PressPublished: Monday April 14, 2008

 WASHINGTON — Rupert Murdoch and Sam Zell, two media figures who led major newspaper acquisitions in recent months, are among four new members joining the board of directors of The Associated Press, it was announced Monday at the news cooperative’s annual meeting.

 

In other results, four incumbent directors were re-elected to three-year terms. They are William Dean Singleton, who is vice chairman and chief executive officer of MediaNews Group and chairman of the AP board; Jon K. Rust, publisher of the Southeast Missourian and co-president of Rust Communications; Michael E. Reed, chief executive officer of GateHouse Media Inc., and Victor F. Ganzi, president and chief executive officer of Hearst Corp.

 

In addition to Murdoch and Zell, the new members are Donna J. Barrett, president and chief executive officer of Community Newspaper Holdings Inc., and Craig A. Dubow, chairman, president and chief executive officer of Gannett Co.

 Article Continues @ Sourced Site

Taco Bell, Wal-Mart, NRA hired ‘black ops’ company that targeted environmental groups

From Rawstory: John ByrnePublished: Friday April 11, 2008 

 Dumpster-diving firm collected Social Security numbers of activists

 

A private security firm managed by former Secret Service officers spied on myriad environmental organizations throughout the 1990s and the year 2000, thieving documents, trying to plant undercover operations and collecting phone records of members, according to a new report.

 

Documents obtained by James Ridgeway, a Mother Jones correspondent formerly with the Village Voice, reveals the contractor collected confidential internal records — donor lists, financial statements — even Social Security numbers, for public relations outfits and “corporations involved in environmental controversies.”

 

Beckett Brown International also offered “intelligence” services to the Carlyle Group, the controversial DC-based investment company; “protective services” for the National Rifle Association; “crisis management” for the Gallo wine company and for Pirelli; “information collection” for Wal-Mart.

 

“Also listed as clients in BBI records,” Ridgeway reveals: “Halliburton and Monsanto.”

 

Like other firms specializing in snooping, Beckett Brown turned to garbage swiping as a key tactic. BBI officials and contractors routinely conducted what the firm referred to as “D-line” operations, in which its operatives would seek access to the trash of a target, with the hope of finding useful documents. One midnight raid targeted Greenpeace. One BBI document lists the addresses of several other environmental groups as “possible sites” for operations: the National Environmental Trust, the Center for Food Safety, Environmental Media Services, the Environmental Working Group, the U.S. Public Interest Research Group, and the Center for Health, Environment and Justice, an organization run by Lois Gibbs, famous for exposing the toxic dangers of New York’s Love Canal. For its rubbish-rifling operations, BBI employed a police officer in the District of Columbia and a former member of the Maryland state police.

 

Taco Bell genetic corn fiasco 

 

Article Continues @ Sourced Site

Coal Boss: If You Take Photos, ‘You’re Liable to Get Shot’

Don Blankenship Grabbed an ABC News Reporter’s Camera During the Incident

By BRIAN ROSS and MADDY SAUER

April 3, 2008—

“If you’re going to start taking pictures of me, you’re liable to get shot,” the chairman of one of the country’s biggest coal mining companies, Don Blankenship of Massey Energy, told an ABC News reporter before grabbing the reporter’s camera.

The incident this week, in the parking lot of a Massey Energy office in Belfry, Ky., is just the latest chapter in the saga of Blankenship’s controversial relationship with the West Virginia Supreme Court, which is hearing appeals that could cost his company hundreds of millions of dollars.

Photographs recently emerged showing Blankenship vacationing on the French Riviera with the state Supreme Court Chief Justice Elliott “Spike” Maynard.

Earlier, Blankenship helped to raise $3.5 million for a television advertising campaign that led to the defeat of another Supreme Court justice.

Massey Energy has also moved to have another justice recuse himself from cases involving the company because of an alleged bias against Massey and Blankenship.

The parking lot incident took place as ABC News sought to ask Blankenship questions for a report to be broadcast Monday on ABC News’ “World News With Charles Gibson” and “Nightline.”

In a letter to ABC, Blankenship’s lawyers said, “Mr. Blankenship has been a frequent target for harassment and physical attacks over the years, so his reaction is not so surprising when you consider that he was approached unannounced by an intruder on private property.”The lawyers claimed the ABC reporter “pushed his camera closer to Mr. Blankenship’s face” without “having identified himself or his news organization.”

Tape of the incident shows the reporter twice identified himself as being from ABC News as he walked up to Blankenship.

As seen on the tape, Blankenship first issued his warning about being “shot” and then approached the reporter and put out his left hand to grab the camera, twisting the view finder and breaking off the microphone in the process.

The tape was not damaged, and the video will be included in the ABC News report Monday.

Article Continues @ Sourced Site   See the Pics, here.




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