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Category Archives: fools ‘n frauds
Americans Want Highways and Bridges Fixed. So Who Pays?
A new survey from HNTB Corporation finds two-thirds of Americans “who intend to vote” during this year’s presidential election claim that a candidate’s standing on American transportation infrastructure will influence their decision. More than one in five (22%) claim this will be “extremely influential” on whom they vote for. Nearly nine in ten (89%) Americans feel it is important for the federal government to fund the maintenance and improvements of interstate highways.
Therein lays the potholes, crumbling concrete and rusting bridges in evidence all around us. Who pays? Overall, 4 in 5 (80%) of those surveyed claim they would rather increase funding and improve roads and bridges than continue current funding levels. You would never know this by observing the behavior of our ruling elites, though. Continue reading
U.S. Treasury to Sell $5 Billion of AIG Stock. Taxpayers Still Owed $39 Billion from Controversial Bailout of Company
Today’s announcement is part of Treasury’s ongoing efforts to wind down the Troubled Asset Relief Program (TARP). More than 81% ($338 billion) of the $415 billion funds disbursed for TARP have already been recovered to date through repayments and other income – before including any expected proceeds from today’s announcement.
Ideologues will never admit it, but TARP is looking like an effective government intervention in the failed capital markets. Little has been done to make sure that it does not happen again in the view of critics. Continue reading
April Marks Third Straight Month of Declining U.S. Job Growth as Unemployment Remains at an Official and Understated 8%
The struggling U.S. economy added a measly 115,000 jobs last month, the third straight month of declines in job growth. More than 15 million Americans are unemployed or underemployed. This poor performance comes years after Washington declared the recession caused by the reckless and unpunished practices of Wall Street officially over. Continue reading
Posted in AutoInformed Editorial, economy, fools 'n frauds, news, news analysis, people, results
Tagged auto informed, autoinformed.com, automotive news, job creation, job crisis, Ken Zino, obama, romney, unemployment
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Another DENSO Exec Guilty of Price Fixing and Bid Rigging
According to the latest charge, Hattori participated in the conspiracy from at least as early as July 2005, until at least July 2008. During the conspiracy, Hattori was an assistant manager in the Toyota Sales Division at DENSO from July 2005 until December 2006, and a manager in the Toyota Sales Division from December 2006 until at least July 2008. Continue reading
Posted in auto news, fools 'n frauds, litigation, news analysis, people
Tagged auto informed, autoinformed.com, automotive news, bid rigging, denso, doj, Ken Zino, price fixing
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Tokyo Based Fujikura Guilty of Auto Parts Price Fixing
To date, including Fujikura, eight executives and five companies have been charged and have pled guilty in the department’s ongoing antitrust investigation into the auto parts industry. Three of the companies have pleaded guilty and have been sentenced to pay criminal fines totaling more than $748 million. Seven of the executives have pleaded guilty and have been sentenced to serve a total of more than 122 months in jail. Continue reading
Posted in auto news, fools 'n frauds, litigation, people, prices
Tagged antitrust, auto informed, autoinformed.com, automotive news, doj, fujikura, Ken Zino, price fixing, sherman act
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Anti Nuke Weapons Group Says Porsche Ends Iran Business
United Against Nuclear Iran (UANI) joined New York City Public Advocate Bill de Blasio in announcing that Porsche AG has ended its business in Iran. In a statement, the pressure group headed by former U.S. Ambassador Mark D. Wallace, said Porsche officials have confirmed that the company is no longer “engaged in any business or providing any goods or services in Iran,” and “has no intention to conduct business in Iran in the near future.” Continue reading
Posted in auto news, fools 'n frauds, news, news analysis, people, transportation
Tagged auto informed, autoinformed.com, automotive news, drive act, foreign policy, iran, Ken Zino, mazda, nissan, nuclear weapons, porsche, terrorism, uani
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Hapless SEC Sues AutoChina for Alleged Stock Manipulation
AutoChina (OTC: AUTCF), China’s largest commercial vehicle sales, servicing, leasing, and company said the SEC’s complaint is without merit, thereby setting up an intricate and lengthy court battle with the watchdog that does not bark. SEC claimed that AutoChina senior executive and director Hui Kai Yan, a former AutoChina manager, and others fraudulently traded AutoChina’s stock to boost its daily trading volume. Continue reading
Posted in auto news, fools 'n frauds, litigation, news, news analysis, people
Tagged auto informed, autochina, autoinformed.com, automotive news, Ken Zino, sec, stock manipulation
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Justice Department Seizes Counterfeit Chinese Sports Jerseys
The Department of Justice has seized more than $896,000 in proceeds from the distribution of Chinese made counterfeit sports apparel and jerseys as the result of an investigation into the sale of bogus goods on commercial websites. The individuals involved, based in China, sold counterfeit professional and collegiate sports apparel, primarily counterfeit sports jerseys. Continue reading
April First in New York as Mini Cooper Yachtsman Debuts
The latest BMW press release from Mini on 1 April 2012 says that Mini customers will be able to boldly go (sic) where no motorer has gone before when the all-new Mini Cooper Yachtsman makes its world premiere at the New York International Auto Show this week, right beside the Hudson River. Continue reading
Posted in auto news, concept, fools 'n frauds, new vehicle, news, people
Tagged april fool, auto informed, autoinformed.com, automotive news, Ken Zino, mini cooper yachtsman, new york auto show, nyas
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Anti Nuke Weapon Org Targets Automakers Selling in Iran
In the view of some, this is a perfect example of the hypocritically bad behavior of global corporations supporting terrorism and repression abroad in the pursuit of profits against the policies of their home governments, whose democratic laws financially protect them and provide for the well being their major stockholders and executives. Continue reading
Posted in auto news, fools 'n frauds, news, news analysis, people, transportation
Tagged auto informed, autoinformed.com, automotive news, drive act, foreign policy, iran, Ken Zino, nuclear weapons, terrorism, uani
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DENSO Exec Pleads Guilty to Price Fixing on Auto Parts
The plea agreement, which is subject to court approval, requires Imai serve one year and one day in a U.S. prison, to pay a $20,000 criminal fine and to cooperate with the department’s ongoing investigation. Imai is charged with price fixing in violation of the Sherman Act, which normally carries a maximum sentence of 10 years in prison and a $1 million or greater criminal fine for individuals. Continue reading
AIG Repays Taxpayers $1.5 Billion, Still Owes $45 Billion
During the financial crisis, overall support for AIG through Treasury and the Federal Reserve Bank of New York totaled approximately $182 billion. The remaining $45 billion investment consists of Treasury’s investment ($35.7 billion) for which it holds 1.248 billion shares of AIG common stock a whopping 70% of outstanding common stock. Then there is the Federal Reserve Bank of New York, which lent $9 billion to AIG. Continue reading
Posted in economy, financial results, fools 'n frauds, news, people, results
Tagged aig, auto informed, autoinformed.com, automotive news, Ken Zino, tarp, taxpayer bailouts
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Unemployment Unchanged in February as Politicians Blather
Alan B. Krueger – Chairman of the Council of Economic Advisers and an employee of President Obama – said, “Today’s employment report provides further evidence that the economy is continuing to heal from the worst economic downturn since the Great Depression. It is critical that we continue the economic policies that are helping us dig our way out of the deep hole that was caused by the recession that began at the end of 2007, including measures to help the sectors that were most severely harmed by the bubble economy that misdirected investment and created too few durable jobs.”
Critics said only the fact that Krueger issued the statement electronically prevented his nose from growing longer while delivering it. Continue reading
Posted in economy, fools 'n frauds, news, news analysis, people, results
Tagged auto informed, autoinformed.com, automotive news, great recession, Ken Zino, unemployment
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Web Wacko of the Month – Quicksilver Magazine on IIHS
A reader sent me a copy of Quicksilver, the magazine of the International Mercury Owners Assn., whose winter 2012 issue contains a piece by John Harvey claiming that the well publicized offset crash test between a 2009 Chevrolet Malibu and a 1959 Bel Air was rigged. It is Harvey’s contention that the Bel Air did not have an engine in it when the Insurance Institute for Highway Safety crashed the disparate Chevys in a spectacular 40 mph impact. This is pure, unadulterated hooey. The Bel Air was in running condition, and the offset crash test was conducted in the presence of the news media. The Bel Air – its engine forced rearward into the occupant compartment, has been on display ever since at the IIHS Vehicle Research Center. Continue reading
