Liberal groups push Clinton on Wall Street 'golden parachutes'
In a letter sent to Clinton, who is running for the Democratic presidential nomination, the groups pressed her to...
In a letter sent to Clinton, who is running for the Democratic presidential nomination, the groups pressed her to oppose “golden parachutes” given to bank executives when they agree to take high-ranking government jobs. Such a payment structure is not uncommon on Wall Street, but critics of the practice say it encourages a “revolving door” in Washington and undue governmental influence by the financial sector.
The groups asked Clinton if she supported the practice, while noting that two of her main primary opponents — Sen. Bernie Sanders (I-Vt.) and former Maryland Gov. Martin O’Malley — have backed barring the practice.
"The revolving door between government and Wall Street helps the wealthiest few hijack our democracy for their own gain,” said Murshed Zaheed, deputy political director at Credo Action. “Americans cannot afford to have another administration from either party filled with Wall Street executives with multi-million dollar golden parachutes.”
Other groups signing on to the letter were Rootstrikers, Democracy for America, MoveOn.org Political Action, Center for Popular Democracy Action, The Other 98%, Friends of the Earth Action and American Family Voices.
The letter marks the latest in a series of pushes from the left to encourage Clinton to take a harsher stance on the financial sector. Whlie Sanders and O’Malley have hammered the financial sector as a key part of their campaign message, Clinton has taken a more measured tone.
Gripes about a heavy hand from finance in powerful government positions has become a particularly sore spot on the left of late. Sen. Elizabeth Warren (D-Mass.) helped derail President Obama’s nomination of Antonio Weiss, a top executive at Lazard, for a top Treasury post. Warren argued Lazard’s long history on Wall Street should disqualify him for the position, urging someone else to fill the role without such ties. Weiss eventually took a separate post at the Treasury in an advisory role, where he did not need to be Senate-confirmed.
The Clinton campaign did not immediately respond to a request for comment.
Source: The Hill
So-Called 'Common Sense' Immigration Plan Denounced as 'Mass Deportation Bill'
So-Called 'Common Sense' Immigration Plan Denounced as 'Mass Deportation Bill'
Following news on Wednesday that a bipartisan group of senators known as the "Common Sense Caucus" reached a deal on an...
Following news on Wednesday that a bipartisan group of senators known as the "Common Sense Caucus" reached a deal on an immigration measure that would grant President Donald Trump's demands for border wall funding and cuts to family reunification programs, immigrant rights groups denounced the proposed plan as a "mass deportation bill" and implored Democrats to vote against it.
Read the full article here.
New York State Exposed Education: We're Watching What Charter Schools do with your hard earned money
New York State Exposed Education: We're Watching What Charter Schools do with your hard earned money
NBC News - February 25, 2015, by Berkeley Brean - You know that hard earned money you pay the state and your local...
NBC News - February 25, 2015, by Berkeley Brean - You know that hard earned money you pay the state and your local school district in taxes? Every year more of it goes to charter schools. $1.5 billion this year alone. So who's keeping an eye on that money to make sure it's not getting wasted? That's what we're digging into in our exclusive New York State Exposed Education report. The report outlining fraud and mismanagement by charter schools in New York is titled "Risking Public Money: New York Charter School Fraud." Click here to read the report
What would the reaction be if the superintendent or principal in your school district signed deals with their friends and contacts? We're going to lay out the facts and circumstances and you decide whether the charter school did something wrong or was being efficient.
Eugenio Maria de Hostos parent Jeremaine Curry says, "We want to give our kids the best foundation."
Jeremaine Curry made a choice. He wanted his son Jayden to be in a school he trusted, so he chose Eugenio Maria de Hostos -- the oldest charter school in the city. He says, "It gives our kids the best competitive advantage."
Eugenio is listed in the report that analyzed audits by the state comptroller's office. At Eugenio, the audit showed the school gave contracts to organizations either run by board members or friends of board members. For example, their first building? Owned by the Ibero Action League, the sponsor of the school and the rent was "set a bit higher."
The school pays $200,000 for Phys Ed at the downtown YMCA run by board member George Romell, $57,000 for music instruction from the Hochstein School of Music where board member Margaret Quackenbush teaches and $100,000 contract for cleaning services where the company's manager is a board member's brother.
Berkeley Brean: "Everybody who got hired or got that job either had a connection to the board or was a friend of yours."
Julio Vasquez, Chair of Eugenio Maria de Hostos Charter School: "Ah, not really. Here's what happened."
Vasquez says the non-profits they contract with were partners of the charter from day one.
Brean: "So you don't think you could have saved public money at all by putting out bids?"
Vasquez: "Not at all. Who in the community would...?”
Brean: "How would you know unless you did it?"
Vasquez: "I would not know."
The report says because of a general lack of oversight of charter schools, the state could lose $54 million in possible charter school fraud and mismanagement in one year. Regular district schools get audited at least once every five years. Charter schools can be audited, but only at the state comptroller's discretion. We tracked down Kyle Serrette -- the author of the report and we pressed him on the criticism of Eugenio.
Brean: "Is what they did all that bad?"
Kyle Serrette: "When they rented a facility without figuring out the fair market value was then that potentially wasted money."
Brean: "I mean, to me, it sounds like they were using the efficiencies that were at their fingertips."
Serrette: "They may have been doing the best they know how to do."
Serrette continues, "If you're going to enter into an agreement, you should see if there's a better deal elsewhere."
"Absolutely, I mean, that we didn't follow the procurement process in certain instances? I admit that and going forward, we will," says Vasquez. "But I have to also say that there are times when you have an emergency that you have to act and get it done. That's what we're all about."
Now, Eugenio Maria de Hostos has the second highest test scores of the 11 charters in Monroe County. Its charter just got re-approved by the state, so the state thinks it's doing a good job for children.
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The Fed’s about to try something that almost always has ended in recession
The Fed’s about to try something that almost always has ended in recession
The Federal Reserve‘s looming attempt to shrink its mammoth portfolio of bonds comes with an ugly track record:...
The Federal Reserve‘s looming attempt to shrink its mammoth portfolio of bonds comes with an ugly track record: Virtually every time the central bank has tried it in the past, recessions have followed.
Over the past several months, the Fed has prepared markets for the upcoming effort to reduce the $4.5 trillion it currently holds of mostly Treasurys and mortgage-backed securities. The balance sheet ballooned as the Fed sought to stimulate the economy out of its financial crisis morass.
Read the full article here.
Victoria's Secret on-call policy remains under wraps
In the face of a legal challenge in California and a probe by the New York State attorney general, underwear purveyor...
In the face of a legal challenge in California and a probe by the New York State attorney general, underwear purveyor Victoria's Secret is said to have pulled the plug on a controversial labor practice known as on-call scheduling.
BuzzFeed reported the chain informed employees on Monday that it would no longer require its workers be available for shifts that could then be canceled with little notice and zero pay.
Victoria's Secret, one of five brands run by Columbus, Ohio-based L Brands (LB), on Tuesday said it was working on a response to the online publication's story but was not yet ready to do so seven hours after being called for comment.
In addition to Victoria's Secret, L Brands operates Bath and Body Works, La Senza, Victoria's Secret PINK and Henri Bendel. The company rang up $11.5 billion in sales in 2014 and runs nearly 3,000 specialty stores in the U.S.
"It feels like a safe bet to say that Victoria Secret's is feeling pressure," Elianne Farhat, deputy campaign director for the Fair Workweek Initiative at the Center for Popular Democracy, said. "We've seen a growing demand across the country for fair schedules because of the extreme chaos it creates."
Workers and labor activists say on-call scheduling can create havoc for livelihoods and personal lives, with the unpredictable hours making tasks such as taking classes, working another part-time job and covering child care difficult.
The practice of having on-call shifts has historically involved professions including emergency and medical workers, "but they are fairly compensated," Farhat said. "Over the last 10 years, as the retail sector has become the source of many jobs in our economy. It has seen the increased use of on-call scheduling."
If Victoria's Secret is shelving the on-call practice, "they are probably doing it to err on the side of caution, and not spend the time or money litigating the issue," said Los Angeles attorney Laura Reathaford, a partner at Venable who specializes in management-side employment issues. "California is a very employee-friendly state -- it's a very litigious state too."
If the company is indeed discontinuing the system, it would be offering some of what is sought in a lawsuit pending against the retailer in California.
"We're suing to recoup wages, and we're also seeking to put an end to the practice," David Leimbach, an attorney at Marlin & Saltzman, said of the litigation filed on behalf of two former Victoria Secret workers.
The complaint was filed on July 9, 2014, and the proposed class includes all individuals who worked at Victoria's Secret in California from July 9, 2010, to the present. L Brands told the court the proposed class numbered around 20,000, Leimbach said.
The federal judge presiding over the case dismissed the workers' claim that they were entitled to compensation under the state's reporting-time-pay law for on-call shifts for which they did not have to show up for work. But he also granted the two the right to appeal, saying the question of on-call shifts presented a question of law that could go either way.
"I can see the judge's point, no one really showed up, no one took the bus only to turn around and go home," Reathaford said.
"The district court dismissed that one claim, but said it's something the 9th circuit should immediately consider," Leimbach said.
Beyond the pending suit, no-call scheduling is drawing the attention of the New York state attorney general's office, which in April sent letters to 13 retailers, including Victoria's Secret, seeking information about their scheduling practices. A spokesman on Tuesday said the AG's office had no further comment.
And San Francisco next week begins enforcing an ordinance that requires major retailers give at least 24 hours notice to workers when changing or canceling shifts, or give them at least two hours of pay. The measure, which took effect in January, applies to retailers with at least 20 stores worldwide and 20 or more employees in San Francisco.
Source: CBS News
Denver's rapid charter expansion yields underwhelming results
Denver's rapid charter expansion yields underwhelming results
Dive Brief: Twenty-seven new charter schools have opened in Denver in the last five years with six more set to open...
Dive Brief:
Twenty-seven new charter schools have opened in Denver in the last five years with six more set to open this summer, but critics point to data about underwhelming performance and examples of forced choice that parents don’t want.
An Alternet article reposted by Salon reports some of the charters that have replaced traditional school options practice harsh discipline disproportionately levied against students of color, and opponents argue a small, powerful circle of local leaders have pushed a charter agenda with the support of big money from outside of the city that has bought electoral support.
A report from the Center for Popular Democracy identified 38% of Denver’s charters as performing “significantly below expectations,” and some parents say they’d prefer more funding and support for neighborhood schools over new expenditures on charters.
Dive Insight:
Charter school performance across the country is mixed. There are high-performing charter schools that have impressive student outcomes that proponents can point to as evidence the charter sector should be expanded. At the same time, there are mediocre or low-performing charter schools that critics can point to as saying the sector does nothing more than siphon funding from traditional schools.
While the CPD study found 38% of Denver’s charters to be significantly underperforming, another found six out of eight of the city’s top schools to be charters. A report to the Colorado General Assembly based on data from the 2011-12 school year found similarly mixed results, where charters perform better on some metrics but not on others. Denver is not the only city engaging in this debate, which has become familiar in virtually every major urban area in the country.
By Tara García Mathewson
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Passenger with ALS Calls Out Sen. Jeff Flake on Tax Vote, DACA
Passenger with ALS Calls Out Sen. Jeff Flake on Tax Vote, DACA
Arizona Republican Senator Jeff Flake recently has been masquerading as a Republican with a heart, someone willing to...
Arizona Republican Senator Jeff Flake recently has been masquerading as a Republican with a heart, someone willing to stand up to Donald Trump and others in the GOP whose lack of principles is tearing the country apart.
Flake recently wrote a check for a whopping $100 to support Democratic Senate candidate Doug Jones in Alabama. He claims to have secured political promises from the Trump administration over DACA, which protects immigrants who came to the U.S. as children. (The White House denies there are any deals.)
Read the full article here.
Report on Paladino's Ties to Charter Schools
The Buffalo News - October 22, 2014, by Sandra Tan - As noted in...
The Buffalo News - October 22, 2014, by Sandra Tan - As noted in today's story, Carl Paladino has financial investments in six Buffalo charter schools, leading some to question whether he has a conflict of interest as a board member on votes he makes regarding charter schools. He has arranged the financing and leased the buildings that charter schools need to get off the ground and expand. Some charter school founders say they might not exist without his help. Today, Alliance for Quality Education -- a statewide coalition that supports resources and support for traditional public schools and opposes charter schools -- has released a report that refers to Paladino's charter school holdings.
The anti-Paladino report "Good for Kids or Good for Carl?" was released by Alliance for Quality Education and Citizen Action, with research assistance from The Center for Popular Democracy. The report, below, focuses on the lease payments and tax breaks Paladino's company, Ellicott Development, receives for its investments in charter schools. It culls much of its information from news stories and public information from the Erie County Industrial Development Agency, the Erie County Clerk's Office and other public records. The report, however, does not include any information regarding the debt service and front-end investments made by Paladino into these schools, which would relate directly to the company's profit margin.
More detailed information about Paladino's investments into each of his charter school holdings will be posted to the School Zone Blog separately, based on additional information Paladino provided Tuesday. (Some of that information is available as part of the graphic that ran with the main story. A print version of the graphic erroneously states that Paladino anticipates a 1 percent return on investment for the Charter School of Inquiry. That should read 11 percent.) We will also live blog tonight's Buffalo School Board meeting at 5:30 p.m. Prior to the meeting will be an anti-Paladino rally by AQE and Citizen Action.
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‘Patriot’ Dimon dodges calls to disavow Trump policies
‘Patriot’ Dimon dodges calls to disavow Trump policies
Jamie Dimon endured a rough ride at the annual meeting of America’s biggest bank on Tuesday morning, as shareholders...
Jamie Dimon endured a rough ride at the annual meeting of America’s biggest bank on Tuesday morning, as shareholders repeatedly attacked the JPMorgan Chase chief over his ties to the administration of Donald Trump.
In December Mr Dimon was named chairman of the Business Roundtable, a group of almost 200 CEOs which is among the most prominent lobbying groups in Washington. Mr Dimon, chief executive of JPMorgan for the past 11 years and chairman for 10, is also a member of Mr Trump’s strategic and policy forum, which meets regularly to shape the economic agenda.
At the meeting in Wilmington, Delaware, a succession of shareholders challenged Mr Dimon to publicly disavow some of Mr Trump’s policies, such as his curbs on immigration from predominantly Muslim countries and his building a wall on the border with Mexico. One shareholder noted that users had sent more than 4000 messages to a website, backersofhate.org, urging Mr Dimon to “distance himself from hateful policies of human suffering”.
After staying silent throughout several speeches from the floor, Mr Dimon defended the bank’s record on Mexico, its support for lesbian, gay, bisexual and transgender people, and its funding of private prisons.
Finally, he said of Mr Trump: “He is the president of the United States, he is the pilot flying the aeroplane. I’d try to help any president of the US because I’m a patriot. That does not mean I agree with every policy he is trying to implement.”
Mr Dimon has long been the most outspoken of the big-bank chiefs in the US, often using his shareholder letter as a platform for taking positions on matters of public policy, and for challenging the regulatory framework put in place since the 2008 crisis.
In the weeks after the presidential election, the 61 year old was approached by members of Mr Trump’s transition team to serve as Treasury secretary but declined, saying he was unsuited to the role, according to people familiar with the discussions.
As hostile questioning resumed after his remarks at the Tuesday meeting, Mr Dimon tried to lighten the mood, saying “you’re starting to hurt my feelings”. The shareholder admonished him by saying that just by hearing him out, the chief executive would earn more than $100.
“I hope it’s worth it!” said Mr Dimon, who was paid $28m last year.
“This is not a laughing matter,” the shareholder replied.
The meeting stood in contrast to the peaceful gathering at the Goldman Sachs building in Jersey City at the end of last month, when chief executive Lloyd Blankfein faced just two questions from the floor, both of them friendly. Mr Blankfein, who is also chairman of the board, closed the meeting within just 24 minutes.
Mr Dimon wrapped up Tuesday’s proceedings by saying the entire board “takes this feedback seriously”.
Ana Maria Archila, co-executive director of the Center for Popular Democracy, said after the meeting that until Mr Dimon takes a stronger stand her organisation would continue to associate JPMorgan Chase with Mr Trump’s “anti-immigration” agenda.
Ms Archila arrived in America 20 years ago to reunite with her father, who had fled political violence in Colombia.
“I don’t think we have a plan to really inflict economic damages on the bank just yet,” she said. “But what we do have a plan for, is to force them to clarify whose side they’re on.”
Report Says Minnesota's Job Boom Has Skipped Minorities
Minneapolis/St. Paul Business Journal - March 6, 2015, by Mark Riley - Minnesota's unemployment rate for black job-...
Minneapolis/St. Paul Business Journal - March 6, 2015, by Mark Riley - Minnesota's unemployment rate for black job-seekers is four times the rate for whites, according to a new report that calls on the Federal Reserve to keep rates low until the job market recovers for minorities.
WCCO has a story on the report, released by the Economic Policy Institute and the Center for Popular Democracy, and talks with Neighborhoods Organizing for Change Executive Director Anthony Newby. "We're told that Minnesota is one of the best places in the country to live if you want a job, and that's true if you're a white person," he said.
Statewide, the unemployment rate for African Americans is 11.7 percent, compared to 3.2 percent for whites.
You can download a PDF of the the full report here.
The numbers highlight some of the same criticisms leveled at a recent Atlantic piece about the " Miracle of Minneapolis". That article focused on the economic might and resiliency of the market, but didn't include racial breakdowns — something that was immediately called out by the Washington Post and others
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6 days ago
6 days ago