Archives for category: Billionaires

 

 

i always watch my words when I mention John Arnold. In 2014, I referred to him as a billionaire who used to work for Enron, the hot energy company that went bankrupt, leaving its many employees without a dime since they invested in the company’s worthless stock. I got an email from John’s PR person telling me that he would sue me if I didn’t retract my words implying that he benefitted while others suffered. At that moment, I was in the hospital having my broken knee replaced and I had no fight in me, nor any desire to be sued by a billionaire. I apologized.

Here is a headline from the Chronicle of Philanthropy. 

John and Laura Arnold Join Other Billionaires in Move Away From Traditional Philanthropy

I don’t have a subscription. It’s behind a paywall.

The story:

”The Laura and John Arnold Foundation is changing its structure so its billionaire founders can rely more heavily on political advocacy as they work toward goals such as reducing the cost of health care and overhauling the criminal-justice system.”

Another passion of John Arnold is pensions. He thinks they are a danger to our society. He once tried to fund a PBS special on the “pension crisis,” but it was canceled after investigative reporter David Sirota challenged the funding deal.

He is also passionate about hating public schools and loving charter schools.

 

The billionaires assembled at Davos are frightened by Alexandria Ocasio-Cortez!

She proposed raising taxes to 70% for those who have over $10 million a year in income. The tax kicks in over $10 million.

Poor dears!

https://www.washingtonpost.com/opinions/2019/01/23/davos-attendees-are-worried-about-alexandria-ocasio-cortez-shes-least-their-problems/

Attendees at the World Economic Forum in Davos, Switzerland, are worried about Rep. Alexandria Ocasio-Cortez (D-N.Y.). So says CNBC, which reports that the multimillionaires and billionaires at the annual elite gathering are all but quaking in their expensive winter boots at the thought of her proposed 70 percent marginal income tax rate. “It’s scary,” claimed Scott Minerd, a high-ranking executive at investment firm Guggenheim Partners. Bridgewater’s Ray Dalio predicted the call for a 70 percent top tax rate would pick up steam ahead of the 2020 election. Michael Dell, the head of Dell Technologies, with an estimated net worth of slightly more than $31 billion, proclaimed that it wasn’t necessary. “I do not think it will help the growth of the U.S. economy.”

But no one could top Ken Moelis, the head of the Moelis & Co investment bank, who claimed the freshman congresswoman’s proposal would “be disastrous for the economy,” because it would take away the incentive to work. He also asked:” “What’s going to happen to the two-workforce family? You forget where 70 percent starts to kick in.”

For the record, Ocasio-Cortez would like to see that top marginal rate kick in at $10 million. I don’t know too many families earning that sort of money even if they send all their children and assorted pets to work, and I doubt you do either, unless you live next door to the owner of a hedge fund.

If their taxes above $10 million are raised, they will have NO incentive to work!

They will be the idle rich! A hamburger at Davos costs $56!

How can a person scrape by on only $10 million plus 30% of added income?

This is what they should worry about. OXFAM just reported that 26 people have more wealth than 3.8 Billion people.

https://www.usnews.com/news/economy/articles/2019-01-22/report-26-richest-people-have-wealth-of-poorest-38-billion

“THE COMBINED WEALTH OF the 26 richest people in the world is the same as the combined wealth of the world’s poorest 3.8 billion people.

“According to Oxfam’s Public Good or Private Wealth report, the number of billionaires has doubled since the 2008 financial crisis, and their wealth has grown by 12 percent. Over the same period, the wealth of the world’s 3.8 billion poorest people declined by 11 percent.

“Released a day before the world’s richest and most powerful gather at the World Economic Forum in Davos, Switzerland, Oxfam’s report shows that the “growing gap between the rich and poor is undermining the fight against poverty, damaging our economies and fueling public anger across the globe.”

“While the richest people have seen an increase in their fortunes of $900 billion, or $2.5 billion a day, over the last year, the poorest 3.8 billion people, almost half of the world’s population, are living on less than $5.50 a day, the report found.

“Despite the growth of their fortunes, these people, as well corporations, are paying lower tax rates than they have in decades, according to Oxfam, which cites President Donald Trump’s tax plan as an example.

“The recent U.S. tax law is a master class on how to favor massive corporations and the richest citizens,” said Paul O’Brien, Oxfam America’s vice president for policy and campaigns.“

Politico reports:

https://www.politico.com/story/2019/01/24/ross-government-shutdown-food-banks-1122842

Wilbur Ross is a billionaire. He says that missing a paycheck or two is no big deal. Not for him, it isn’t.

 

White House Trump aides set off furor with out-of-touch shutdown remarks

One of President Donald Trump’s top aides likened the shutdown to a “vacation.” Another called it a “glitch.” And on Thursday, Democratic leaders pounced after Commerce Secretary Wilbur Ross said he didn’t “really quite understand why” unpaid federal workers are going to food banks.

As the government shutdown stretched into its 34th day and as roughly 800,000 federal workers are bracing for their second missed paycheck, the White House is facing an intensifying backlash over seemingly out-of-touch comments from Trump’s group of largely wealthy advisers.

The comments are also handing Democrats leverage as party leaders and Trump have failed to reach a compromise on the president’s demand for $5.7 billion in border wall funding.

One of the latest missteps came on Thursday when Ross went on CNBC to encourage federal workers to seek low-interest loans to tide them over, and appeared to minimize the shutdown’s toll on thousands of workers who live paycheck to paycheck.

“These are basically government-guaranteed loans because the government has committed, these folks will get back pay once this whole thing gets settled down,” Ross said. “So there is really not a good excuse why there really should be a liquidity crisis now.”

“Now true, the people might have to pay a little bit of interest, but the idea that it’s paycheck or zero is not a really valid idea,” he continued.

Federal employees have reported going to homeless shelters to find food for their families, but when asked on Thursday about the desperate measures, Ross replied: “Well, I know they are, and I don’t really quite understand why.” Ross argued with loans backed by the guaranteed back pay, federal workers should be able to find the money to carry them through the shutdown.

Regardless of the individual cost on federal employees, Ross said the shutdown won’t be too damaging for the country’s image or economy. “You’re talking about 800,000 workers and while I feel sorry for the individuals that have hardship cases, 800,000 workers, if they never got their pay — which is not the case, they will eventually get it, but if they never got it, you’re talking about a third of a percent on GDP so it’s not like it’s a gigantic number overall,” he said.

House Speaker Nancy Pelosi quickly pounced on the comments, characterizing them as a “let-them-eat-cake attitude….”

Some of the president’s allies have started privately worrying that the seemingly callous comments reinforce the perception that the president and his team of wealthy advisers are out of touch with the public.
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Carol Burris writes here about “National School Choice Week” and who pays for it.

She writes:

Planning and managing National School Choice Week is a year-long endeavor. National School Choice Week is an organization, yet it has no donate button, nonprofit status statement, nor 990 income tax form that I can find. It does have a president who used to work for Education Secretary Betsy DeVos at the American Federation for Children, a 501(c)(4) lobbying and advocacy group founded by her billionaire family.

The week has an official dance and on its website is a “happiness blog” on which representatives of an online charter chain, connected to the for-profit K-12, encourage everyone to paint a rock to show their love for “choice.”

It also has lots of right-wing billionaire bucks behind it. In 2016, Media Matters, a progressive nonprofit that researches conservative groups, did a masterful job of exposing where the money comes from to fund National School Choice Week. The week was started by the right-wing Gleason Family Foundation that also funds the American Legislative Exchange Council (ALEC), Uncommon Charter Schools, the libertarian Cato Institute and anti-union organizations that promote “right to work.”

The peculiar issue about school choice is how the right-wingers were clever enough to hoax Obama and Duncan, Cory Booker and Hakim Jeffries.

Peter Greene doesn’t object to the fact that Betsy DeVos was born rich, married rich, and has always lived in a bubble.

But he was taken aback by her conclusion that kids today live sheltered lives. They don’t know anything about entrepreneurship and hard knocks (like she does?).

They lack grit and character because they are sheltered. Like she was?

Did I mention that a quarter of the children in the U.S. live in poverty, and half of them qualify for free or reduced lunch, the federal standard for poverty/low-income. In some cities, like Cleveland, every child is poor, by federal standards. They don’t seem to live the sheltered life, do they?

Just in case you thought that charter schools were very well funded by the Walton Family (the richest family in the world, at nearly $200 billion), the Koch brothers, the DeVos family, Reed Hastings, Eli Broad, Michael Bloomberg, John Arnold, Philip Anschutz, and a slew of other billionaires, think again.

The U.S. Department of Education will award nearly $500 million to expand charter chains this year.

Here are the list of grantees, all of them already overflowing with private and state funding.

Why, you might ask, is the Department of Education (and Congress) funding already well-funded privately managed charter schools?

Why give this kind of money to schools that don’t need it, when there are so many underfunded public schools?

Ask the Republican party. Ask Betsy DeVos. Ask Arne Duncan. Ask Corey Booker. Ask Hakeem Jeffries.

Cory Booker sent a complicated message at his campaign kickoff in New Orleans at Xavier University, where he was sponsored by charter chain and spoke to students.

He told the audience that the power of the people outweighs the power of money.

This is inspirational indeed. It says that those of us fighting the power of the Walton family, the Sackler family, the Koch brothers, Bill Gates, Eli Broad, the DeVos family, Paul Singer, and the many other billionaires attacking our public schools will WIN and the billionaires WILL LOSE.

We–the people–will defeat the powerful.

We will not let them close our public schools with their lies and propaganda. We will not let them turn other American cities into New Orleans.

We want every aspirant for the presidency in 2020–any party–to say where they stand on the issue of the future of public schools, the future of the teaching profession, and the future of collective bargaining.

Thanks, Cory, for reminding us that the power of the people can beat the billionaires and Wall Street, especially those privatizers and hedge funders now supporting your campaign. Itworked for Obama, but it won’t work for you. We know now about the privatization movement.

Tell us where you stand on privatization, the teaching profession, and unions. Or let us guess.

Trump says he wants a border Wall to stop the flow of drugs into the US. Actually, the biggest source of the opioids that have killed over 200,000 people is not Mexico or Latin America, but Connecticut. Thatsthe home of Purdue Pharmaceuticals, which created and sold OxyContin, which is the most widely used opioid.

The Sackler family of Connecticut became billionaires because of their development and marketing of OxyContin. Their names grace museums around the world. The family collectively has about $15 billion or so. They have always claimed that they had no personal knowledge of the deceptive promotion of their popular and highly addictive drug, which has claimed more than 200,000 lives.

The Sacklers are major financiers of charter schools, having funded ConnCAN, 50CAN, and numerous other organizations that promote privatization of public funds for schools.

Now the New York Times reports that the Sackler family knew what was going on with their opioid drug.

The state of Massachusetts thinks the family members should be held personally responsible for the devastation their drug caused.

How do you sleep at night or enjoy your luxurious lifestyle knowing that the drug that made you fabulously wealthy killed over 200,000 people?

The Times wrote:

Members of the Sackler family, which owns the company that makes OxyContin, directed years of efforts to mislead doctors and patients about the dangers of the powerful opioid painkiller, a court filing citing previously undisclosed documents contends.

When evidence of growing abuse of the drug became clear in the early 2000s, one of them, Richard Sackler, advised pushing blame onto people who had become addicted.

“We have to hammer on abusers in every way possible,” Mr. Sackler wrote in an email in 2001, when he was president of the company, Purdue Pharma. “They are the culprits and the problem. They are reckless criminals.”

That email and other internal Purdue communications are cited by the attorney general of Massachusetts in a new court filing against the company, released on Tuesday. They represent the first evidence that appears to tie the Sacklers to specific decisions made by the company about the marketing of OxyContin. The aggressive promotion of the drug helped ignite the opioid epidemic.

The filing contends that Mr. Sackler, a son of a Purdue Pharma founder, urged that sales representatives advise doctors to prescribe the highest dosage of the powerful opioid painkiller because it was the most profitable.

Since OxyContin came on the market in 1996, more than 200,000 people have died in the United States from overdoses involving prescription opioids, and Purdue Pharma has been the target of numerous lawsuits.

For years, Purdue Pharma has sought to depict the Sackler family as removed from the day-to-day operations of the company. The Sacklers, whose name adorns museums and medical schools around the world, are one of the richest families in the United States, with much of their wealth derived from sales of OxyContin. Disclosure of the documents is likely to renew calls for institutions to decline their philanthropic gifts.

In a statement, Purdue Pharma, which is based in Stamford, Conn., rejected suggestions of wrongdoing by the company or members of the Sackler family, describing the court filing as “littered with biases and inaccurate characterizations.” The statement said the company was working to curtail the use and misuse of prescription painkillers.

Asked for a response from Richard Sackler and other members of the Sackler family, a Purdue Pharma spokesman, Robert Josephson, said that the company had no additional comment.

In 2007, the company and three of its top executives pleaded guilty to federal criminal charges that Purdue had misrepresented the dangers of OxyContin, and they paid $634.5 million in fines. The Sacklers were not accused of any wrongdoing and have not faced personal legal consequences over the drug.

But last June, Maura Healey, the Massachusetts attorney general, sued eight members of the Sackler family, along with the company and numerous executives and directors, alleging that they had misled doctors and patients about OxyContin’s risks. The suit also claimed that the company aggressively promoted the drug to doctors who were big prescribers of opioids, including physicians who later lost their licenses.

The court filing released on Tuesday also asserts that Sackler family members were aware that Purdue Pharma repeatedly failed to alert authorities to scores of reports the company had received that OxyContin was being abused and sold on the street. The company also used pharmacy discount cards to increase OxyContin’s sales and Richard Sackler, who served as Purdue Pharma’s president from 1999 to 2003, led a company strategy of blaming abuse of the drug on addicts, the suit claimed.

In 1995, when the Food and Drug Administration approved OxyContin, it allowed Purdue Pharma to claim that the opioid’s long-acting formulation was “believed to reduce” its appeal to drug abusers compared with traditional painkillers such as Percocet and Vicodin.

At a gathering shortly afterward to celebrate the drug’s launch, Mr. Sackler boasted that “the launch of OxyContin tablets will be followed by a blizzard of prescriptions that will bury the competition. The prescription blizzard will be so deep, dense, and white,” according to a document cited in the legal complaint.

Company sales representatives told doctors that OxyContin couldn’t be abused and were trained to say that the drug had an addiction risk for patients of “less than one percent,” a claim that had no scientific backing. Within a few years, Purdue Pharma was selling more than $1 billion worth of OxyContin annually.

Just received. He gets it!

Bernie Sanders
Sisters and Brothers –

There is something happening in Los Angeles that you need to know about and that we all need to do something about.

Today, for the first time in 30 years, more than 30,000 Los Angeles public school teachers are on strike fighting for smaller class sizes and decent wages, for nurses, counselors and librarians in their schools, and against a coordinated effort from billionaires on the right to make money privatizing public education.

Public education is fundamental to any functioning democracy, and teaching is one of its most valuable and indispensable professions.

So how is it that the top 25 hedge fund managers in this country make more money than the combined salaries of every kindergarten teacher?

How is it that the billionaires of this country get huge tax breaks, but our teachers and children get broken chairs, flooded classrooms and inadequate support staff in their schools?

That is what a rigged economy looks like.

In the richest country in the history of the world, our teachers should be the best-paid in the developed world, not among the worst-paid.

So I stand in solidarity with the United Teachers of Los Angeles. Because a nation that does not educate its children properly will fail, and I applaud these teachers for leading this country in the fight to change our national priorities. Today, I am asking you to do the same:

Add Your Name: Tell the striking teachers in Los Angeles that you are following their struggle and stand in solidarity with them. We will make sure your messages of support get to these teachers.

https://act.berniesanders.com/signup/UTLA_strike/?source=em190117-full&t=1&akid=428%2E763065%2EqbbZxA

But what we really need in this country is a revolution in public education.

What we accept as normal today with regards to education, I want your grandchildren to tell you that you were crazy to accept.

And in my view, that conversation starts, but does not end, with early-childhood education.

That is not just my opinion. Research tells us that the “most efficient means to boost the productivity of the workforce 15 to 20 years down the road is to invest in today’s youngest children.”

So it is not a radical idea to say that we need to provide free, full-day, high-quality child care for every child, starting at age three, so that they will be guaranteed a pre-kindergarten education regardless of family income.

That is common sense.

But in the twenty-first century, a public education system that goes from early childhood education through high school is not good enough.

The world is changing, technology is changing, our economy is changing. If we are to succeed in the highly competitive global economy and have the best-educated workforce in the world, I believe that higher education in America should be a right for all, not a privilege for the few.

That means that everyone, regardless of their station in life, should be able to get all of the education they need.

Today in America, hundreds of thousands of bright young people who have the desire and the ability to get a college education will not be able to do so because their families lack the money. This is a tragedy for those young people and their families, but it is also a tragedy for our nation.

Our mission must be to give hope to those young people. If every parent in this country, every teacher in this country, and every student in this country understands that if kids study hard and do well in school they will be able to go to college, regardless of the income of their family, that will have a radical impact on primary and secondary education in the United States—and on the lives of millions of families.

That is what we can accomplish by making public colleges and universities tuition-free, because every American, no matter his or her economic status, should have the opportunity for a higher education. And, at the same time, we must substantially lower student debt.

But getting there will take a political revolution in this country, and a radical change in national priorities.

Instead of giving huge tax breaks to billionaires and profitable corporations, we must create the best public educational system in the country. Instead of major increases in military spending, we must invest in our kids.

And today, the most important step in that direction starts with standing in solidarity with the teachers in Los Angeles.

Add Your Name: Tell the striking teachers in Los Angeles that you are following their struggle and stand in solidarity with them. We will make sure your messages of support get to these teachers.

Through our support for these teachers, we have a chance to reaffirm our support for quality public education and the right of all children to receive the best education possible.

Thank you for standing with them.

In solidarity,

Bernie Sanders

ADD YOUR NAME

Paid for by Friends of Bernie Sanders
(not the billionaires)
PO BOX 391, Burlington, VT 05402

This is a video of my brief remarks at the UTLA rally at Alexander Hamilton High School in Los Angeles on January 16. Hundreds of teachers, parents, students, and supporters picketed that morning in support of UTLA’s just demands for smaller classes and additional resources for nurses, counselors and other staff. The rally also spoke out against the proliferation of charter schools andprivatization. Teachers and students alike tied the diminishing resources in public schools to the expansion of charters and thepoerful, billionaire-funded California Charter School Association. The day before, on January 15, 50,000 people rallied against charters in front of the CCSA headquarters.

This is my summary of yesterday’s stirring rally. The spirit of the Resistance is strong!

UTLA is making history!

The fight goes on.

The whole world is watching.