Business As Usual

They call it crony capitalism, as if it is somehow different from capitalism in general. It ain't it's business as usual.

Prosecutors have been investigating Hyundai Motor over allegations that it embezzled money from affiliates. The money allegedly went into a slush fund that was used to bribe government officials. Over the past month, prosecutors have raided offices of Hyundai and its three affiliates, Kia Motors, logistics unit Glovis Co. and auto parts maker Hyundai Autonet, questioning key officials. Hyundai chairman to be questioned in S. Korean bribery scandal

Their real crime is their closing their plant in Canada to move south to non-union state's like Alabama and Georgia. And of course demanding tax breaks to move there.





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Pension Plunder

So if public pension funds like the Ontario Teachers Pension Fund has made money why is it forcing its workers on strike, and demanding its members pay rate hikes and face benefit cuts? Is the word greed?

"The average Canadian pension plan has realized a robust 15.8 per cent annualized return over three years" with a return of 14.9 per cent over the past year, McDougall said.

Ontario Teachers' Pension Plan has called for benefit cuts and a hike in member contributions. Pension funds continue to do well in first quarter

Could it because it has to pay this guys salary? Because Teachers has been making a profit, if it didn't then instead of giving him a $1 million dollar bonus, they should have shown him the door. But some peoples greed knows no bounds.

Teachers last month reported investment income of C$14.1 billion ($12.4 billion) for 2005. Its net assets were C$96.1 billion, making it a mammoth on the Canadian investing landscape.

On Friday, union negotiator Brock Suddaby took aim at compensation paid to Claude Lamoureux, the plan's chief executive.

According to Teachers' annual report, Lamoureux made C$5.54 million in total compensation for 2005, including salary, bonus, and payments under a long-term incentive plan, as well as other compensation. This was an increase of almost C$1 million from 2004.

"The CEO ... made more money last year than our members will make in their entire lifetimes," Suddaby said in a statement. "He made as much money in 2005 as 100 of our members. Yet he has the gall to demand a longer work week from our members. He has the gall to demand that a portion of staff pay be allotted to individuals hand-picked by management." Strike set at Ontario Teachers Pension Plan

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Tories Tinker with Taxes

The Harpocrites are in the backroom this weekend, avoiding Earth Day working on your taxes. Well actually working on their wonky budget. It seems some have them have seen the light, that their GST tax cut and their baby bonuse won't help the average Canadian working family. Slow learners.Flaherty vows big tax cuts in budget

Critics say that Canadians earning between $10,000 and $85,000 annually who don't have children under six years old would be better off under the Liberal income-tax breaks enacted last November than they would be under the one-percentage-point GST cut and targeted measures the Tories pledged in the recent election campaign.

That's because this group doesn't benefit from the annual $1,200-a-child daycare payment the Tories are giving to parents with children under 6.

The Conservatives are working this weekend in hopes of shortly finalizing the budget, expected to be delivered the week of May 2, and are still considering measures that might offer Canadians additional tax relief, sources say.

PM looks to sweeten tax plan

Fine but how about a couple of really radical ideas; like eliminating the GST completely. Or the deficit finance tax on gas. Or gasp Income Taxes on anyone earning $100,000 or less a year.

Yes you read that right. I have said it time and again. Something not even the Blogging Tories ,theCanadian Taxpayers Federation, Fraser Institute or the Conservatives have dared to say, ever. Period. From the left a more radical tax cut then anything the right has ever advocated. Oh right because its for workers not business. Damn pinko.

More On Harpers Tax Cuts




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Tory Piggies At The Trough

Put your finger on your nose and say oink, oink. In the land of the Fraser Institute home of the cheerleaders of Harpers less is more, the folks who hate to see taxpayers (read business) gouged by the government comes this gem. See the Harpocrites are just like the Liberals. Wait a minute wasn't Emerson a Liberal once? This is another case of meet the new boss same as the old boss.

$14,000: EXPENSES Four civil servants flew here to brief Emerson; he says it was worth the cost

Senior federal civil servants spent thousands of dollars travelling to Vancouver to brief embattled International Trade Minister David Emerson, disclosure documents show.

Fonberg, and assistant deputy ministers Robert Dery, Michael Martin and Ken Sunquist were among the eight senior staffers who travelled to meet with Emerson between Feb. 19 and Feb. 23.

At the time, Emerson was weathering a political storm over his decision to join the Conservative cabinet as minister of international trade after having won election as a Liberal in Vancouver-Kingsway.

ADDING UP COST OF OFFICIALS' TRAVEL

Federal International Trade Minister David Emerson approved the travel of eight senior staff members to Vancouver to brief him on key files including:

- Robert Fonberg, deputy minister: Expenses, $3,506.08

- Robert Dery, acting assistant deputy minister and chief trade commissioner: Expenses, $3,172.04

- Michael Martin, assistant deputy minister: Expenses $3,381.58

- Ken Sunquist, assistant deputy minister: Expenses $3,862.53

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What Causes Inflation

Is it really inflation if wages don't rise? Economists used to peg inflation to workers wages, remember the nasty seventies with Wage and Price controls. Of course those are capitalist economists, or more correctly apologists. They now peg inflation to what really causes it; not wages but prices and the creation of profit.

Gas prices may stoke inflation, economists say


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Wisdom of the East

A comment from the Khaleej Times, which sounds like something I said here.

Oil prices and refineries
By Mohammed A. R. Galadari

So, it is not correct to say that oil prices go up because of shortage or war. The fact is that there is more production of oil today than was the case some 10 years ago. The production is going up, the consumption is going up, but refinery capacities are not increasing in a matching way.

More important is the fact that the industrialized world does not have enough refineries, even as they have access to oil. More shipments to the US, for example, alone will not help, as long as the country does not increase and upgrade its refining capacity. Increasing the refinery capacity is not easy, for the reason that it would have to be done in tandem with the environment standards set by the country. Pollution is a big issue for the developed world in particular, also the reason why those countries use mostly light crude in their refineries.

Dear readers, some are however tempted to see a coincidence between the oil price rise and the Bush presidency. If Bush won the elections with the backing and support of the Texas oil companies, it would also be that he created the necessary conditions for them to make extra gains during his presidency, is how the argument goes. Nothing can be ruled out in politics.

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Day of Reckoning

Dire IMF warning clouds gather over the US economy like buzzards in the Iraq desert. But is anyone in the Bush regime listening?

The US's enormous current account deficit, now worth almost 7 per cent of its GDP, will have to be unwound eventually: like anyone living beyond their means, it will have to have a day of reckoning. The IMF warned again last week that without co-ordinated action to bring the value of the dollar down smoothly, and boost growth in Europe and Asia to compensate for slower growth in the US, there is an increased chance that the imbalances unwind suddenly, leading to a devastating global downturn. Do we need an IMF? Yes, but not this one


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Old Boys Club

King Stephen the Harpocrite continues to fall down when it comes to walking the walkin over his cherished fetish; 'accountability'. Once again given a chance to appoint someone qualified, someone who has the required background, or is of high standing in regards to business ethics, he does the opposite. Sure the person for the job will work for $1 a year but a pal is a pal. And a plum political appointment is that a plum. PM picks supporter for watchdog job

Mr. Harper said in his speech: "Let me be clear: governments should be able to appoint people who support their agenda -- that is not the issue.

Sure it is especially if the position is; Public Appointments Chair, it sets the tone. But wait is is the best person for the job, as in David Emerson, or party loyalty?


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Zero Sum Gain

Ok here is an interesting fact. Ford is reporting a $1.2 billion dollar loss this year, larger than even GM, after making $1.2 billion last year in sales. So thats a zero sum gain, no loss no gain. Despite this failure in basic economics 101, Ford the boss continues to say he is going along with his winning formula. It's a result of following the "no guidance" formula of economics, which is like driving with no steering.

Ford financial downshift

One day after the also-ailing General Motors Corp. won investor and analyst approval in posting a $323 million first-quarter loss, the nation's second-largest automaker reported a $1.2 billion loss Friday.

The decline, Ford's biggest since 2001, compared with a $1.2 billion profit a year earlier. And it has analysts questioning the turnaround program the company announced in January.

"We believe implementation has been slow, and it could be some time before benefits are realized," Merrill Lynch analyst John Murphy said.

Still, Chairman and Chief Executive Bill Ford Jr. plans to stick with the program, which includes closing 14 North American plants and cutting as many as 30,000 jobs by 2012. Ford expects to trim 13,000 of those this year.


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Profiting From Disaster

CN had a record number of corporate made disasters last year in Alberta and B.C. Which it still has not paid the communities affected by, nor has it paid the Alberta government for the clean up.

As result of its bottomline operations that led to those disasters, it has a record profit this quarter. Canadian National profit climbs 21%

Further it plans to continue expanding its computerized operations which led to the problems in the first place. CN plans to spend $1.5 billion to boost efficiency

But hey ever the good corporate citizen they intend on making a donation to a U.S. hospital. It's a tax write off. CN donates $1 Million to Le Bonheur Children's Medical Center

But for the folks in Wabamum, Smithers etc., well they get buckus.



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