Category Archives: fools ‘n frauds

Lockheed Martin Fined $15.85 Million for Taxpayer Rip-off

Posted on 23 March 2012 by Ken Zino

“It is troubling that a large defense contractor with long-established contractual ties with the United States failed to undertake appropriate measures to ensure the integrity and validity of the costs it submitted to the United States,” said Stuart F. Delery, Acting Assistant Attorney General for the Justice Department’s Civil Division. It is more troubling that seven years of fraud when revealed took another seven years for the Federal government to resolve. Continue reading →

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AIG Repays Taxpayers $1.5 Billion, Still Owes $45 Billion

Posted on 22 March 2012 by Ken Zino

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 →

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Unemployment Unchanged in February as Politicians Blather

Posted on 9 March 2012 by Ken Zino

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 →

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Web Wacko of the Month – Quicksilver Magazine on IIHS

Posted on 24 February 2012 by Ken Zino

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 →

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UAW to Demonstrate During Romney Speech at Ford Field

Posted on 22 February 2012 by Ken Zino

GM’s latest financial results added fuel to a raging fire as the elite political ruling class continues a contentious debate about the proper roll of government in the flagging U.S. economy in general, with the $80 billion auto bailout one of the focal points. One wag suggested that Democrats should run on “Bin Laden is Dead, GM is Alive,” a tough argument for Republicans and their ‘do nothing’ Congress to refute in the view of critics and what appear to be many pragmatic voters. Continue reading →

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Cramming, the Latest Assault on Your Privacy and Pocketbook

Posted on 22 February 2012 by Ken Zino

The latest scam in our largely unregulated computerized world is ‘cramming,’ a criminal practice that imposes small charges on your phone bill for false services or products. The root cause is the lack of adequate security at phone companies, which allow thieves to corrupt the billing system and arrange for fraudulent charges. Continue reading →

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U.S. and Chinese Nationals Charged with Economic Espionage to Firms Controlled by Communist Chinese Government

Posted on 8 February 2012 by Ken Zino

To achieve that communist government goal, companies controlled by the PRC government, specifically the Pangang Group companies named in the indictment and employees of those companies allegedly conspired and attempted to illegally obtain TiO2 technology that had been developed over many years of research and development by E.I. du Pont de Nemours & Company. Continue reading →

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Local and Network TV See Steep Declines as News Sources

Posted on 7 February 2012 by Ken Zino

The long term declines in the number of people getting news from such sources as local TV and network news shows have steepened this year. The number of people gathering campaign news online, which had nearly tripled between 2000 and 2008, has leveled off in 2012. In previous campaigns, declining figures for traditional TV and newspapers as sources were at least partly offset by increasing numbers turning to the internet. Continue reading →

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Japanese Suppliers Yazaki, Denso Plead Guilty of Price Fixing

Posted on 31 January 2012 by Ken Zino

The two-year price fixing sentences would be the longest imprisonment imposed on a foreign national for a Sherman Act antitrust violation. The fine amounts and prison sentences are subject to court approval and the potential influence of the U.S. State Department, which based on previous actions, cares little – if at all – in my opinion about competitive aspects of the U.S. auto industry or its effects on workers and the U.S. economy. In fact it can be argued that since the end of World War Two, State has actively pursued policies that strengthen offshore competitors of U.S. firms at the expense of the U.S. middle class. Continue reading →

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Volt Fire Hearings Pits Ideologues versus Engineers

Posted on 26 January 2012 by Ken Zino

In the end how you view this low-voltage Congressional short circuit – with lots of smoke but no fires – depends on how you view Obama Administration actions that used taxpayer-funded subsidies to encourage production of the Volt. These include $151.4 million in stimulus funds for LG Chem, which produces lithium-ion polymer battery cells for the Volt, and $105 million given directly to GM, as well as an end-user federal tax credit of up to $7,500 per Volt purchased. Such subsidies will likely be hotly debated for all industries during the election. Continue reading →

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Chinese Maker to Pay EPA $680,000 Fine for Dirty ATVs

Posted on 11 January 2012 by Ken Zino

The U.S. Environmental Protection Agency today announced a $680,000 settlement with recreational vehicle manufacturers, Loncin (USA), Inc., Longting USA LLC, and Chongqing Longting Power Equipment Co., Ltd., to resolve violations of the Clean Air Act (CAA) caused by the import of 7,115 uncertified recreational vehicles into the United States. It was the latest in a series of actions against the Chinese company and its agents. Continue reading →

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Payroll Tax Cut and Unemployment Scrap Ends Temporarily

Posted on 22 December 2011 by Ken Zino

The dysfunctional Washington government finally agreed to extend a payroll tax cut and unemployment benefits after President Obama stared down a divided Republican party by threatening to stay in town while the Congress ‘vacationed,’ which most voters would have a hard time discerning anyway given the gridlock in Washington.

Gallup has Congressional Approval rating at 11% an all time low, which makes Obama’s low 49% rating looking like grounds for a Democratic landslide next year. Continue reading →

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Tidbits – Leaf, Marchionne, Volt, Politics, Rust, Electronics

Posted on 7 December 2011 by Ken Zino

Nissan has re-opened “reservations” for the 2012 Nissan Leaf electric vehicle in Delaware, Indiana, Louisiana, Nevada, Ohio, Pennsylvania, and Rhode Island. Deliveries will begin next spring. Nissan LEAF is now available for order in 30 states, including Washington, D.C. National … Continue reading →

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Daimler Employee Arrested, Detained Under Controversial Alabama Immigration Law

Posted on 22 November 2011 by Ken Zino

The controversial Alabama immigration law requires the proper papers be carried by foreigners, including employees of firms investing in the state. Daimler, of course, is one of the largest employers in Alabama, with billions invested thus far and recently announced millions more will be added to increase production. Continue reading →

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California Man Sentenced to Five Years in Prison for Illegally Storing Toxic and Explosive Hazardous Wastes in His Backyard

Posted on 15 November 2011 by Ken Zino

Wyman was charged in June 2009, after firefighters responded to a report of a fire and explosions at Wyman’s residence. Because of the ammunition that was being “cooked off” in the fire, firefighters had to wear bullet proof vests. Continue reading →

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