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  • The Fed Audit — News­room: U.S. Sen­a­tor Bernie Sanders (Vermont)

    “To Sanders, the con­clu­sion is sim­ple. “No one who works for a firm receiv­ing direct finan­cial assis­tance from the Fed should be allowed to sit on the Fed’s board of direc­tors or be employed by the Fed,” he said. The inves­ti­ga­tion also revealed that the Fed out­sourced most of its emer­gency lend­ing pro­grams to pri­vate con­trac­tors, many of which also were recip­i­ents of extremely low-​​interest and then-​​secret loans. The Fed out­sourced vir­tu­ally all of the oper­a­tions of their emer­gency lend­ing pro­grams to pri­vate con­trac­tors like JP Mor­gan Chase, Mor­gan Stan­ley, and Wells Fargo.  The same firms also received tril­lions of dol­lars in Fed loans at near-​​zero inter­est rates. Alto­gether some two-​​thirds of the con­tracts that the Fed awarded to man­age its emer­gency lend­ing pro­grams were no-​​bid con­tracts. Mor­gan Stan­ley was given the largest no-​​bid con­tract worth $108.4 mil­lion to help man­age the Fed bailout of AIG. A more detailed GAO inves­ti­ga­tion into poten­tial con­flicts of inter­est at the Fed is due on Oct. 18, but Sanders said one thing already is abun­dantly clear. “The Fed­eral Reserve must be reformed to serve the needs of work­ing fam­i­lies, not just CEOs on Wall Street.””

    cor­po­ratism financial-​​crisis bankers-​​should-​​start-​​avoiding-​​lampposts-​​right-​​about-​​now

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  • Cisco, the Whistle­blower, and the Angry Judge | The Mark

    “British Columbia’s high­est court has accused tech giant Cisco and U.S. offi­cials of a mas­sive abuse of process in order to have a Cisco whistle­blower thrown in jail. B.C. Supreme Court Jus­tice Ronald McK­in­non said Cisco had the “unmit­i­gated gall” to attempt to use Canada’s jus­tice sys­tem, via U.S. offi­cials, to pres­sure for­mer Cisco exec Peter Alfred-​​Adekeye into drop­ping a civil suit against the com­pany. Alfred-​​Adekeye had alleged that Cisco was ille­gally forc­ing cus­tomers into main­te­nance con­tracts. Cisco even­tu­ally set­tled the suit and aban­doned the maintenance-​​contract prac­tice, but not before Alfred-​​Adekeye spent 28 days in a Cana­dian jail. The Alfred-​​Adekeye case has caused out­rage among many com­menters, some of whom have sug­gested it’s a sign that the U.S. is becom­ing a “cor­po­rate police state.” The Mark inter­viewed Mar­i­lyn Sand­ford, who rep­re­sented Alfred-​​Adekeye dur­ing his extra­di­tion proceedings.”

    cor­po­ratism whistle­blower dirty-​​tricks felonies-​​committed-​​by-​​nonhumans

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  • Will Rogers Today

    “Now it’s Pro­hi­bi­tion, we hear a lot about that. Well, that’s noth­ing to com­pare to your neighbor’s chil­dren that are hun­gry. It’s food, it ain’t drink that we are wor­ried about today. Here a few years ago we were so afraid that the poor peo­ple was liable to take a drink that now we’ve fixed so that they can’t even get some­thing to eat. So here we are, in a coun­try with more wheat, and more corn, and more money in the bank, more cot­ton, more every­thing in the world; there’s not a prod­uct that you can name that we haven’t got more of than any other coun­try ever had on the face of the earth, and yet we’ve got peo­ple starv­ing. We’ll hold the dis­tinc­tion of being the only nation in the his­tory of the world that ever went to the poor house in an auto­mo­bile. The potter’s fields are lined with gra­naries full of grain. Now if there ain’t some­thing cock­eyed in an arrange­ment like that then this micro­phone here in front of me is, well, it’s a cus­pi­dor, that’s all. Now I think that per­haps they will arrange it, I think some of our big men will per­haps get some way of fix­ing a dif­fer­ent dis­tri­b­u­tion of things. If they don’t they are cer­tainly not big men and won’t be with us long. Now I say, and have always claimed, that things would pick up in ’32. Thirty-​​two, why ’32? Well, because ’32 is an elec­tion year, see, and the Repub­li­cans always see that every­thing looks good on elec­tion year, see? They give us three good years and one bad one. No, no, three bad ones and one good one. I like to got it wrong. That’s the Democ­rats does the other. They give us three bad years and one good one, but the good one always comes on the year that the vot­ing is, see? Now if they was run­ning this year why they would be all right. But they are one year late. Every­thing will pick up next year and be fine. These peo­ple that you are asked to aid, why they are not ask­ing for char­ity, they are nat­u­rally ask­ing for a job, but if you can’t give them a job why the next best thing you can do is see that they have food and the neces­si­ties of life. You know, there’s not a one of us has any­thing that these peo­ple that are with­out it now haven’t con­tributed to what we’ve got. I don’t sup­pose there is the most unem­ployed or the hun­gri­est man in Amer­ica that hasn’t con­tributed in some way to the wealth of every mil­lion­aire in Amer­ica. It was the big boys them­selves who thought that this finan­cial drunk we were going through was going to last for­ever. They over-​​merged, and over-​​capitalized, and over-​​everything else. That’s the fix that we’re in now.”

    Will-​​Rogers pol­i­tics Depres­sion financial-​​crisis speech

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  • The Ann Arbor Chron­i­cle | Col­umn: Grover and Me

    “We should check back in a few years to see how the “inevitably” thing is work­ing out. I liked Repub­li­cans bet­ter back when, like Richard Nixon, they were all Key­ne­sians. So I have a hard time fig­ur­ing out how any jobs will be cre­ated when mil­lions of fam­i­lies lose dis­pos­able income through higher taxes, just to pro­vide tax breaks to a much smaller num­ber of busi­nesses. (If we were invest­ing the added rev­enue in pub­lic infra­struc­ture to enable pri­vate prof­its, like roads, schools and bridges, it would be a dif­fer­ent story.) To whom are Michi­gan busi­nesses going to sell their goods and ser­vices, when me and every­body else in the state has to fork over all our extra cash to Rick Snyder?”

    cor­po­ratism Michi­gan pol­i­tics Republicanism-​​is-​​not-​​conservatism Rick-​​Snyder local

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  • INTERVIEW — Suber: Leader of a Lead­er­less Revolution

    “  Q: As your answer indi­cates, there is more to OA than green and gold alone; there is also gratis and libre OA. In 2008, you pro­duced a grid demon­strat­ing the four-​​way rela­tion­ship among the dif­fer­ent types of OA. Can you expand on this, and out­line the rel­a­tive mer­its of gratis and libre OA?  A: Gratis OA is sim­ply free of charge. But it’s not more free than that. Gratis lit­er­a­ture may stand under all-​​rights-​​reserved copy­rights and give users no more rights than they already had under fair use (or fair deal­ing). Libre OA is free of charge and free of at least some copy­right and licens­ing restric­tions. Libre lit­er­a­ture stands under some-​​rights-​​reserved copy­rights, at most, and per­mits uses that exceed fair use. The advan­tage of libre OA is that researchers needn’t slow down to ask per­mis­sion for legit­i­mate schol­arly uses that exceed fair use, needn’t take the risk of pro­ceed­ing with­out per­mis­sion, and needn’t err on the side of non-​​use. By the way, the grid you men­tioned was merely a pre­view of a longer arti­cle, which explained the gratis/​libre dis­tinc­tion in much more detail.”

    open-​​access pub­lish­ing academic-​​culture open­ness heroes