Out-of-Work Poker Players Create ‘Crooked Deal’ Playing Cards for Laughs During Grim Recession
- New Deck of Cards Fingers Big Shots Who Gambled Away the American Economy -
CHICAGO, May 26 /PRNewswire/ — Watch your back, Senator Phil Gramm! Heads up, Congressman Barney Frank! Better duck, George Bush! You’re about to be decked! A friendly poker game turned into a shouting match over who’s responsible for the current economic meltdown. The result is a new deck of cards called “Crooked Deal,” which names names and assigns numbers. Poker players Tommy Littell, Mike Bugera, C.J. Maynard and Mark Sickman have listed the culprits from “Ace of Spades” Uncle Sam all the way down to “Joker” May DeFault, an unqualified loan applicant.
Along the way they take sarcastic shots at fifty-one additional bankers, bureaucrats, congressman and crooks who ruined the economy by creating, selling, legitimizing or encouraging high-risk securities.
“Creating the cards was a great way to blow off steam,” says video technician Bugera, whose retirement fund was devastated by the meltdown. “I get a certain rush of energy every time I slap a Christopher Dodd card on to the table,” claims Maynard. “This guy helped wipe out my investments!”
The four players were in general agreement over the fifty-four names, but argued for days over the descriptions on each of the cards. They finally settled on the captions. Former Vice President Dick Cheney is described as the “White House tough guy who took aim at Saddam Hussein, but was afraid to tackle Fannie Mae.” Economist Larry Summers is described as “the Prince of Panhandlers” who took millions from bankers, taxpayers and universities. Even Sarah Palin has a card–the two of hearts. The caption reads: “The economic meltdown is all her fault because … well … everything is all her fault.”
“The whole thing is a catastrophe,” says Littell, an HVAC contractor who fumes at the bailouts and stimulus programs while his own business has been cut in half during the recession. “We’re trying to laugh our way through it.”
The deck of cards is available for purchase at CrookedDeal.com. A video on the new product, entitled “Out-of-Work Poker Players,” can be seen at http://www.youtube.com/watch?v=zMEpWYbHOfs.
Media inquiries: Mark Sickman (619) 972-5663
SOURCE CrookedDeal.com
Carnegie Corporation Taps Center on Communication Leadership and Policy for Examination of Government’s Response to the Crisis in the News Industry
LOS ANGELES, May 26 /PRNewswire-USNewswire/ — From a U.S. Senate subcommittee hearing on the future of journalism to a new tax cut for newspapers signed into law by the governor of Washington state, policymakers nationwide are responding to the crisis facing the news business.
“It’s…a time of real hardship for the field of journalism…But it’s also true that your ultimate success as an industry is essential to the success of our democracy,” President Obama told members of the White House Correspondents’ Association.
Thanks to a grant from the Carnegie Corporation, the USC Annenberg School for Communication’s Center on Communication Leadership and Policy (CCLP) is launching a major new research project to document current and past government engagement in the news industry and assess new policy proposals.
USC Annenberg dean emeritus and CCLP director Geoffrey Cowan is the principal investigator on the project. The research team, which includes doctoral students in economics and communication, is led by CCLP senior fellow David Westphal, former Washington editor for McClatchy Newspapers.
The project will examine a broad range of policy areas, including postal rates, tax policy, antitrust regulation, broadcast and cable regulation, and direct government support.
“Although a banking-style bailout would be rejected out of hand by those concerned with maintaining a free and independent press, there are other possibilities,” Cowan wrote in a recent op-ed co-authored with USC Annenberg journalism school director Geneva Overholser. “Since the start of the republic, the government has found creative ways to support the press.”
Initial research findings will be presented at the annual convention of the Association for Education in Journalism and Mass Communication in August. A Washington, DC briefing for policymakers is planned for Fall 2009.
About the Center on Communication Leadership and Policy
Based at the USC Annenberg School for Communication, the Center on Communication Leadership and Policy (www.communicationleadership.org) conducts research and organizes courses, programs, seminars and symposia for scholars, students, policymakers and working professionals to prepare future leaders in journalism, communication and other related fields.
SOURCE Center on Communication Leadership and Policy
“Small Cap” doesn’t mean Small Returns for Investors
MIAMI, FL, May 26 /PRNewswire/ – Today’s Trade Alerts include: Citigroup Inc. (NYSE: C), Wells Fargo & Co. (NYSE: WFC), Map Pharmaceuticals Inc. (Nasdaq: MAPP), Intel Corp. (Nasdaq: INTC), Apple Inc. (Nasdaq: AAPL).
The economic news today is grim; bank failures, foreclosures, and government bailouts… What’s a responsible investor to do? http://www.pennypic.com
Here at Pennypic.com, we would like to say that it’s time to Think Small for Big Returns! Micro Cap, pink sheets and OTC stocks provide an informed investor with opportunity that the general market can’t provide right now. http://www.pennypic.com
Remember those “Safe” stocks for Grandma’s portfolio? GM, CitiCorp, B of A come to mind. Well, we all know that “Too big to fail” really means “Too big to be allowed to fail” and there’s a fine distinction there. The company may not have failed, but the investments surely have. It will take years to recoup the investments in these sure things. It’s time for the shareholders to get a return. http://www.pennypic.com
Small business is the heart of the US economy, and has always lead the way with innovation and tenacity. With the right information, you can capitalize on small cap stocks and get your portfolio returns moving again. Pennypic.com can provide you with the best and most up-to-date information on micro-cap stock plays. Don’t earn 2% on your funds in a savings account, come and find out what penny stocks are all about. http://www.pennypic.com
PennyPic.com’s Investment Stock Report covers and analyzes active stocks that are typically overlooked by the markets. PennyPic.com provides small investors with authoritative research on potentially huge movers in the micro-cap sector, and delivers that information before the rest of the market has noticed those stocks.
In addition to investment information, PennyPic’s FREE report is filled with daily trading ideas. Interested investors may receive the free report by visiting: http://www.pennypic.com
PennyPic.com Disclosure PennyPic.com is not a registered investment advisor and nothing contained in any materials should be construed as a recommendation to buy or sell any securities. PennyPic.com is a wholly owned entity of, a financial public relations firm. Please read our report and visit our website, PennyPic.com, for complete risks and disclosures.
Christopher Lim of Pennypic.com is a member of the National Association of Securities Dealers, CRD number 2124654.
SOURCE PennyPic.com
Catastrophe Experts Praise Introduction of National Backstop
Call Homeowners’ Defense Act of 2009 a critical first step in protecting American families
WASHINGTON, May 26 /PRNewswire-USNewswire/ — The nation’s leading coalition of first responders, catastrophe experts, insurers and private citizens dedicated to improving the ways that America is prepared for and protected from massive natural catastrophes today praised the introduction by Florida Rep. Ron Klein (D- FL-22) of the Homeowners’ Defense Act of 2009 and urged quick enactment of the bill.
“This bill takes meaningful and important steps toward improving America’s system of dealing with natural catastrophes. The bill will improve mitigation and land use policies, strengthen first responder programs and provide a fiscally responsible way for our nation to prepare for the event of a truly massive natural catastrophe,” said James Lee Witt, former FEMA Director and a co-chair of ProtectingAmerica.org.
“The 2009 Hurricane season begins June 1 and it is my hope that immediate action will be taken before the peak storm activity in the fall,” he said.
The Homeowners’ Defense Act of 2009 builds upon legislation passed by the House of Representatives in 2007 and sets up financial mechanisms to provide a backstop for privately funded state catastrophe funds to assure that families are able to get insurance and can rebuild, repair and recover in the aftermath of a devastating natural catastrophe like a massive hurricane or vast earthquake.
The previous bill, the Homeowner’s Defense Act of 2007 (HR 3355), passed the House of Representatives by an overwhelming bipartisan vote of 258-155. The bill was sponsored by Florida Reps. Ron Klein (D), Tim Mahoney (D), Ginny Brown-Waite (R) and nearly four dozen cosponsors from around the country.
According to Risk Management Solutions (RMS), the nation’s foremost authority on catastrophic risk, fully 57 percent of the American population currently lives in areas that are prone to natural catastrophes. Recent experiences prove that no region is immune from the threat of catastrophes, and when major catastrophes strike, such as Katrina, everyone, everywhere is affected. Populations living along the Atlantic and Gulf coasts are directly exposed to hurricanes while major cities throughout the Midwest and all along the West coast are located on fault lines that are prone to earthquakes.
“The stakes are higher than ever, particularly in the current economy. But the good news is that there is a better way, by beginning now to build a privately funded backstop rather than needing to rely on another taxpayer funded bailout,” said Admiral James M. Loy, a co-chair of Protecting America who former served as Commandant of the US Coast Guard and was Deputy Secretary of the US Department of Homeland Security.
“President Obama, as a candidate, was unequivocal in his support for the Homeowners’ Defense Act. The leadership in the House and the bipartisan support among the nation’s governors provides our members with encouragement that a comprehensive catastrophe preparation and protection plan could be a reality in the coming months,” he added.
In September of 2008, President Obama wrote in an opinion editorial in the St. Petersburg (Fl) Times:
“I strongly support the Homeowners’ Defense Act. It would stabilize skyrocketing insurance rates and provide a common-sense federal backstop in the event of a major natural disaster. I’ve long been a supporter of a National Catastrophic Insurance plan, and the time to act is now, before another disaster strikes…
“Hurricanes, tornadoes, blizzards, fires and earthquakes can happen anywhere. And when a risk is so large that the insurance market and individual states can’t reasonably bear it, it’s the role of the federal government to step in, as we’ve done to insure against acts of terrorism. Because when a catastrophe strikes, we all look out for one another. That’s why I am proud to add my name to this bill, and that’s why I’ll sign it into law as president.”
About ProtectingAmerica.org
ProtectingAmerica.org is a non-profit organization consisting of emergency management officials, first responders, disaster relief experts, insurers and others. Its members include more than 300 organizations and businesses and more than 20,000 individuals from across the nation.
At the core of ProtectingAmerica.org’s mission is the establishment of a comprehensive, integrated national catastrophe management solution that will better prepare and protect American families, communities, consumers and the American economy from catastrophe. Among its efforts to support this mission, ProtectingAmerica.org is working to increase public awareness and consumer education; advocate for better coordination with local, state and federal mitigation and recovery efforts, and strengthen emergency response and financial mechanisms to rebuild after a major catastrophe.
ProtectingAmerica.org was formed in 2005.
For info: www.ProtectingAmerica.org
SOURCE ProtectingAmerica.org
Shareholders: Washington Mutual Inc. Shareholders Alarmed by Dangerous Actions Repeated by Regulators in Resolving BankUnited Financial Problems
ANDERSON ISLAND, Wash., May 26 /PRNewswire/ — The following is being issued on behalf of WaMuStory.com, Concerned Shareholders of Washington Mutual Inc. — Washington Mutual Inc. shareholders are increasingly alarmed by the actions of federal regulators in recent months. They feel the regulators are setting dangerous precedents that will adversely affect the banking sector in the foreseeable future. They feel these actions do not just affect individual shareholders, but the financial sector in general.
The FDIC’s fire-sale of Washington Mutual Inc.’s (OTC Bulletin Board: WAMUQ) (Pink Sheets: WAHUQ, WAMPQ, WAMKQ) assets to JPMorgan changed the game for potential buyers of banks. The new rule seems to be: “Get regulators to place the bank into receivership in order to buy the assets at a fire-sale price.”
It appears that bidders for BankUnited Financial Corp. planned to do just that. They recently asked regulators to place the bank into receivership and now the regulators have complied. Regulators have set a dangerous precedent in this action.
Bidders for BankUnited Financial Corp waited on the side lines, hoping for the new form of behind the scenes bailout being offered by the FDIC–assets on the cheap. This has the potential to leave bondholders and shareholders out in the cold, just as was done with Washington Mutual Bank.
Prior to the FDIC’s takeover of Washington Mutual, banks would attempt to sell themselves to prospective buyers at or near face value, attempting to get the most for their assets, their shareholders and creditors. Now, having seen the sweet deal JPMorgan Chase received when it bought Washington Mutual’s assets for a fraction of their worth, bidders apparently prefer not to deal directly with banks anymore.
This new approach is a much better deal for acquiring banks and private equity investors, and a losing proposition for shareholders. It has been noted widely, that banks need to increase investments from shareholders in order to raise money, but that is not going to happen as long as banks can be whisked away from shareholders, leaving them out in the cold.
A new Wall Street motto has been coined: “Remember The WAMU.” The sale of WAMU bank, for pennies on the dollar, stunned investors, and has kept them from returning to stocks in the financial sector, especially as new laws are currently underway to increase the authority of the FDIC to seize holding companies as well.
Changing the rules of the game doesn’t appear to have been the FDIC’s intention when it sold Washington Mutual for a pittance, but bidders are getting wise and are taking advantage of the way the “new” game is played. This does not bode well for banks, their shareholders or their creditors. Nor does it bode well for the taxpayers who get to pick up the tab once again. The money that is so badly needed by banks, to shore up their losses, is not going to come in the form of stock investments any time soon. That will leave the FDIC to pick up the pieces over and over and over.
SOURCE WaMuStory.com
Rarely Used Closed Doors Slammed Again in U.S. Senate Health Care Reform; Sen. Max Baucus Must Publicly Answer 10 Questions About Mandatory Purchase of Health Insurance
WASHINGTON, May 20 /PRNewswire-USNewswire/ — For the second time in two weeks, the U.S. Senate Finance Committee today invoked rules — allowing a closed door committee session barring the public, media and with no Congressional Record — reserved for unusual circumstances, like national security issues and trade secrets.
Consumer Watchdog called on the committee to publicly answer ten questions about how its plan to require all Americans to show proof of insurance or face tax penalties will provide affordable health care. Questions listed below.
Download Consumer Watchdog’s letter to Senator Max Baucus (D-MT), chairman of the Finance Committee, sent prior to last week’s closed meeting here: http://www.ConsumerWatchdog.org/resources/BaucusClosedMeeting.pdf
In the letter to Senator Baucus, Consumer Watchdog wrote:
“Americans should not be locked out of any discussion about health care reform, particularly one that will consider whether everyone should be required to buy health insurance policies without any limits on what insurers can charge. Mandatory purchases of private insurance policies without offering a public alternative to the private market is nothing other than a bailout for HMOs — whose greed, waste and indifference to our health have created the current mess.
“There’s no mention of cost-cutting in the Senate Finance Committee’s ‘policy options’ document being discussed in today’s closed meeting — no regulation of HMO premiums, no limits on how much consumers will have to pay out of their own pocket in co-pays or deductibles.”
Last week the Senate Finance Committee circulated a “policy options” white paper to be discussed in today’s meeting, which excludes members of the media and public. The senate finance document makes the president’s promised “public option” to the private insurance market optional, and does not include cost controls.
Senator Max Baucus has received more campaign contributions from the health insurance and pharmaceutical industries than any other current Democratic member of the House or Senate; the third highest contributions of any member of Congress.
Consumer Watchdog posed the following 10 questions to Senator Baucus, the Senate Finance Committee, and members of Congress about the affordability of the mandatory purchase of insurance policies:
1. Senate rules appear to only allow committees to meet in closed session under very limited circumstances, including discussions concerning national defense and protection of trade secrets, none of which appear to apply to today’s meeting. What Senate rule justifies today’s closed-door committee meeting?
2. Why have you offered such deference to the top lobbyists of the insurance industry, which bears a large share of the responsibility for the current health care crisis, while locking consumers and consumer advocates out of the debate?
3. The only guaranteed provision in the “policy options” report is that every American would have to file proof of an insurance policy with their tax returns on April 15, 2013 or face tax penalties. How does threatening Americans with tax penalties lead to affordable health care?
4. If there are no limits on how much an insurance company can charge for the coverage that Americans will be required to buy, how can you promise that it will be affordable?
5. Your policy options do not adequately protect Americans against low-benefit, junk insurance that fails to provide access to necessary benefits and does not limit out-of-pocket expenses (co-pays and deductibles) when patients get sick. How does “owning” an insurance policy under these circumstances equal being able to get health care?
6. There are documented cases of insured people facing hundreds of thousands of dollars in unpaid medical bills. Without a cap on out-of-pocket expenses, how can you prevent this?
7. Your report says that, with few exceptions, hefty tax penalties will be levied against Americans that don’t either purchase coverage or get it through their job. Is it true that only Christian Scientists would avoid tax penalties without having to prove their income?
8. One of the options that the committee is considering is to not require any employers to chip in for health insurance. Why isn’t the committee considering an option where Americans would not be forced to buy coverage?
9. Your plan focuses on “wellness” services. But if patients face a $5000 deductible how will they pay for treatment for severe obesity, diabetes prevention, or even effective smoking cessation?
10. Your plan does not clearly protect state laws providing access to necessary health care services like a California woman’s right to visit an OB-GYN, a New Jersey child’s access to a Hepatitis B inoculation, a Tennessee patient’s coverage for diabetes treatment, and other benefits including screenings for cervical and prostate cancers. Will states be allowed to require additional health benefits beyond those required under federal rules, or will federal rules pre-empt more expansive state benefits?
** Read Consumer Watchdog’s letter to President Obama and Sens. Kennedy and Baucus warning them not to agree to agree to the health insurers’ plan to gut state health care laws. http://www.consumerwatchdog.org/patients/articles/?storyId=27228
** Read Consumer Watchdog’s letter to U.S. Senator Ted Kennedy (D-MA) urging that he continue to protect patients consistent with the principles he has articulated during his 40 year career. http://www.consumerwatchdog.org/patients/articles/?storyId=26398
** Read Consumer Watchdog’s analysis of health insurer and drug company contributions to members of Congress. http://www.consumerwatchdog.org/patients/articles/?storyId=25468
** Read about a recent national poll that found that 65% of voters support giving every American of any age the option of joining Medicare; 60% are willing to pay more in payroll deductions for this option. http://www.consumerwatchdog.org/patients/articles/?storyId=24826
** Read about a national poll that found, by contrast, that only 16% of U.S. voters support, and 53% oppose, the insurance industries’ plan of requiring every American to provide proof of private health insurance or face tax penalties or other fines. http://www.consumerwatchdog.org/patients/articles/?storyId=24110
Consumer Watchdog is a non-profit and non-partisan consumer advocacy organization with offices in Washington, D.C. and Santa Monica, California. For more information, visit us on the web at: http://www.ConsumerWatchdog.org
SOURCE Consumer Watchdog
Congressional Credit Card Reform a ‘Charade,’ Consumer Advocate Says
LOS ANGELES, May 20 /PRNewswire-USNewswire/ — The credit card legislation passed yesterday by the United States Senate won’t protect consumers against outrageous interest rates or other egregious practices and represents an astounding victory for the banking and credit card industry, a consumer advocate said today.
Harvey Rosenfield, head of the California-based Consumer Education Foundation, noted that under the Senate bill:
* There is no cap on credit card interest rates. In recent months, companies have raised interest rates for some consumers — even those with good credit — to over 30%. * Companies can raise interest rates on future purchases at any time. The bill only prevents companies from increasing interest rates on previous purchases. * Credit card companies can unilaterally changes the terms of the credit card contract. * Companies can still use fine print “arbitration” clauses to prevent consumers from suing them in court.
“This is not ‘reform,’ it’s a charade,” said Rosenfield. “After what American consumers have gone through, they deserve real relief. After all, the banking industry would not exist today were it not for a trillion dollar taxpayer bailout that allows banks to borrow our money from the US Treasury at a fraction of a percentage point and then turn around and loan it to us at twenty to fifty times that rate.”
“The credit card industry’s attempt to portray this as a defeat is just posturing designed to protect its political allies in Washington. As usual, no one in that city seems to be looking out for the interests of the people of our country.”
The Consumer Education Foundation is a non-profit, non-partisan organization. In March, it co-published a two hundred page report on the causes of the financial debacle: “Sold Out: How Wall Street and Washington Betrayed America.” The report can be downloaded at WallStreetWatch.org.
SOURCE Consumer Education Foundation
Overstock.com Announces Winner of April $10,000 Family Bailout Sweepstakes
Plans to Continue Monthly Sweepstakes Through December 2009
SALT LAKE CITY, May 20 /PRNewswire-FirstCall/ — Overstock.com, Inc. (Nasdaq: OSTK) announced today that Donna Wensch of Chicago, Illinois has won the April 2009 $10,000 Family Bailout Sweepstakes. Overstock.com will pay the $10,000 directly to one or more of Wensch’s qualified creditors.
Wensch is a cancer survivor who has been debilitated by long term effects of chemotherapy, making it difficult for her to stand for long periods of time. She was a small business owner, but gave that up after she fell ill. Wensch plans to use $7,000 of the $10,000 to pay back a family that helped her with her medical bills.
Approximately 250,000 people entered the March sweepstakes. Wensch was selected as the winner according to contest rules. No purchase is necessary for eligibility. To enter go to www.overstock.com/familybailout. Additionally, shoppers will have the choice to opt-in to the contest when purchasing items through Overstock.com.
“We are glad that we can help out Ms. Wensch,” said Patrick Byrne, CEO and Chairman of Overstock.com. “She is certainly deserving and we hope this $10,000 will give her some much needed relief.”
In January of this year Overstock.com created the Family Bailout plan in order to give Overstock.com visitors the chance to pay off their mortgage, credit cards, or other large debts.
“I’ll finally be able to repay those who generously supported me during my tough times,” said Wensch. “Thank you, Overstock.com!”
About Overstock.com
Overstock.com, Inc. is an online retailer offering brand-name merchandise at discount prices. The company offers its customers an opportunity to shop for bargains conveniently, while offering its suppliers an alternative inventory distribution channel. Overstock.com, headquartered in Salt Lake City, is a publicly traded company listed on the NASDAQ Global Market System and can be found online at http://www.overstock.com. Overstock.com regularly posts information about the company and other related matters on its website under the heading “Investor Relations.”
Overstock.com(R) is a registered trademark of Overstock.com, Inc.
This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements include, but are not limited to, statements regarding how the prize will be used, the number of months that the company will run this or similar sweepstakes, and the types of debts on which future winners may use sweepstakes proceeds. Our Form 10-K/A for the year ended December 31, 2008, our subsequent quarterly reports on Form 10-Q, or any amendments thereto, and our other subsequent filings with the Securities and Exchange Commission identify important factors that could cause our actual results to differ materially from those contained in our projections, estimates or forward-looking statements.
SOURCE Overstock.com, Inc.
SEIU Launches New ‘Keep America Working’ Hotline and Website to Support Workers and Small Business Owners as Big Banks Push to Liquidate
Worker “Sit Ins” Grow as Nearly 1,000 Hartmarx Workers Vote This Week to “Sit In” to Save Their Jobs From Liquidation by Wells Fargo
WASHINGTON, May 14 /PRNewswire-USNewswire/ — Today, the Service Employees International Union (SEIU) launched a toll-free hotline and Web site — Keep America Working — to support small business owners and workers facing job loss because of frozen credit and liquidation at the hands of bailed out banks. The new hotline number is 877-286-1Job and will be open Monday-Friday from 8 a.m. to 6 p.m. EDT, and the new website is www.keepworkinghotline.org.
As we’ve seen just this week, nearly 1,000 workers at two Hart Schaffner & Marx (Hartmarx) factories voted to “sit in” to save their jobs from liquidation by bailout recipient Wells Fargo. In response to the growing “sit in” phenomenon, SEIU created this hotline and Web site to provide a voice for workers and small businesses similarly trapped by the reckless lending of bailout recipient banks.
“There is a lot of uncertainty at the plant,” said Ruby Sims, a 32-year veteran of the Hart Schaffner & Marx factory in Des Plaines, IL. “All of us are worried about the future. We want Wells Fargo to do the right thing and keep this great company going.”
Up until now, there has been no system in place to hold banks accountable for their lending practices, despite the fact that they have received more than $410 billion in taxpayer bailout funds in an effort to restore lending and get the economy moving. The Keep America Working hotline and Web site will help shed light on the shortsighted practices of big banks who have failed to live up to their responsibilities to taxpayers and are now pushing for company and worker liquidation. The hotline will also connect workers and small business owners with resources to take action and save their jobs.
“Representative Hare and I are working with our colleagues on a letter to Treasury Secretary Geithner to enlist his help in getting Wells Fargo to do the right thing and keep Hartmarx open, save 4,000 jobs and send a clear signal to other banks to do the right thing when they face similar situations,” said Representative Schakowsky. “The whole idea of taxpayer help for the banks was to make sure we were not losing these good jobs, these good union jobs, for people like Ruby and families throughout my district.”
In addition to the hotline, SEIU is dedicating a team to help workers and small business owners take action in their communities and connect them with community activists, neighbors, elected officials and others to raise awareness of the implications of taxpayer bailout banks’ decisions on local employment and economic well-being.
“Wells Fargo has an obligation to do all it can to save Hartmarx and preserve jobs; that is why they received the federal bailout money. It really is pretty simple, they should be a part of the solution – not causing further problems in our economy,” said Tom Balanoff, president of the SEIU Illinois State Council.
Big banks like Bank of America and Wells Fargo received hundreds of billions of dollars in taxpayer bailout funds so they could remain solvent and start lending again to get the economy moving. Instead, they’re freezing loans and putting small businesses in danger of closing. As the unemployment rate soars to over 8.9 percent, workers and businesses need a voice to hold bailout recipient banks accountable for irresponsible financing practices.
“Big banks like Bank of America and Wells Fargo need to stop trampling on hardworking Americans and small business owners,” said SEIU President Andy Stern. “Liquidating small businesses is a far cry from putting the economy back on track. It’s time big banks make good on their promise to restore lending and become partners, not adversaries.”
Workers United, an SEIU affiliate, is a union representing more than 150,000 workers in the US and Canada who work in the laundry, food service, hospitality, gaming, apparel, textiles manufacturing and distribution industries. Workers United is a new union with a history of more than 100 years, and includes members from many predecessor unions, including the ILGWU, ACTWU, UNITE and UNITE HERE unions.
SEIU – With 2 million members in Canada, the United States and Puerto Rico, SEIU is the fastest-growing union in the Americas. Focused on uniting workers in healthcare, public services and property services, SEIU members are winning better wages, healthcare and more secure jobs for our communities, while uniting their strength with their counterparts around the world to help ensure that workers–not just corporations and CEOs–benefit from today’s global economy.
SOURCE Service Employees International Union
Sen. Max Baucus: Answer 10 Questions About Mandatory Purchase of Health Insurance Including Why the Public Was Excluded From Today’s Committee Meeting
WASHINGTON, May 14 /PRNewswire-USNewswire/ — The U.S. Senate Finance Committee, in closed-door health care discussions today, must answer ten questions about how its plan to require all Americans to show proof of insurance or face tax penalties will provide affordable health care, said Consumer Watchdog.
Questions listed below. Download Consumer Watchdog’s letter to Senator Baucus here: http://www.ConsumerWatchdog.org/resources/BaucusClosedMeeting.pdf
In a letter to Senator Baucus sent today, Consumer Watchdog wrote:
Earlier this week, the Senate Finance Committee circulated a “policy options” white paper to be discussed in today’s meeting, which excludes members of the media and public. The senate finance document makes the president’s promised “public option” to the private insurance market optional, and does not include cost controls.
Senator Max Baucus (D-MT), chairman of the Senate Finance Committee, has received more campaign contributions from the health insurance and pharmaceutical industries than any other current Democratic member of the House or Senate; the third highest contributions of any member of Congress.
1. Senate rules appear to only allow committees to meet in closed session under very limited circumstances, including discussions concerning national defense and protection of trade secrets, none of which appear to apply to today’s meeting. What Senate rule justifies today’s closed-door committee meeting? 2. Why have you offered such deference to the top lobbyists of the insurance industry, which bears a large share of the responsibility for the current health care crisis, while locking consumers and consumer advocates out of the debate? 3. The only guaranteed provision in the “policy options” report is that every American would have to file proof of an insurance policy with their tax returns on April 15, 2013 or face tax penalties. How does threatening Americans with tax penalties lead to affordable health care? 4. If there are no limits on how much an insurance company can charge for the coverage that Americans will be required to buy, how can you promise that it will be affordable? 5. Your policy options do not adequately protect Americans against low-benefit, junk insurance that fails to provide access to necessary benefits and does not limit out-of-pocket expenses (co-pays and deductibles) when patients get sick. How does “owning” an insurance policy under these circumstances equal being able to get health care? 6. There are documented cases of insured people facing hundreds of thousands of dollars in unpaid medical bills. Without a cap on out-of-pocket expenses, how can you prevent this? 7. Your report says that, with few exceptions, hefty tax penalties will be levied against Americans that don’t either purchase coverage or get it through their job. Is it true that only Christian Scientists would avoid tax penalties without having to prove their income? 8. One of the options that the committee is considering is to not require any employers to chip in for health insurance. Why isn’t the committee considering an option where Americans would not be forced to buy coverage? 9. Your plan focuses on “wellness” services. But if patients face a $5000 deductible how will they pay for treatment for severe obesity, diabetes prevention, or even effective smoking cessation? 10. Your plan does not clearly protect state laws providing access to necessary health care services like a California woman’s right to visit an OB-GYN, a New Jersey child’s access to a Hepatitis B inoculation, a Tennessee patient’s coverage for diabetes treatment, and other benefits including screenings for cervical and prostate cancers. Will states be allowed to require additional health benefits beyond those required under federal rules, or will federal rules pre-empt more expansive state benefits?
