Update: U.S. Jobs Crisis 2009
November 17, 2009 by admin
Filed under News Stories
November 17, 2009
Retuers
by David Morgan
The head of the largest U.S. labor federation urged President Barack Obama on Tuesday to use the $700 billion Wall Street bailout fund to help cash-starved small businesses as a way to stem rising joblessness.
In a preview of labor’s contribution to Obama’s December jobs summit, AFL-CIO President Richard Trumka said money from the Troubled Asset Relief Program could be lent directly to small- and medium-sized businesses at commercial rates.
He said TARP money could also help small community banks that were ignored during the financial rescue effort by having them manage the loans.
The proposal, unusual for a labor organization, is part of a five-point AFL-CIO plan to address rising unemployment that hit 10.2 percent in October, its highest rate in 26-1/2 years.
The AFL-CIO jobs plan also calls for extended unemployment benefits, food assistance and healthcare for the unemployed, more money for infrastructure projects and state and local governments, and job creation aimed at distressed communities.
Trumka will take the plan to the White House next month, when he joins business leaders, economists and others for a Dec. 3 brainstorming session on how to tackle joblessness in the weakest economy since the Great Depression.
Rising unemployment poses a political danger to Obama as his fellow Democrats in Congress approach the 2010 election with voters increasingly dissatisfied with incumbents.
The AFL-CIO and other union groups need to retain the Democratic majority to win reforms that could reverse decades of labor decline. Trumka is also trying to sweeten labor’s appeal to businesses, young workers and college students as part of an effort to reverse decades of declining union membership.
“If small businesses can get credit, they will create jobs. And we need jobs now,” Trumka said in a speech to the Economic Policy Institute, a left-leaning Washington think tank.
“This is something they can do right now and it would make a critical difference.”
The TARP fund was created in the depths of the 2008 financial crisis to shore up banks after investment bank Lehman Brothers failed.
The AFL-CIO’s proposal comes as the White House considers whether some of the TARP fund’s remaining $210 billion should be used to help debt-burdened families and small businesses.
Key Health Care Senators Have Industry Ties
June 23, 2009 by admin
Filed under News Stories
June 12, 2009
Marketplace
by Associated Press Writers, Larry Margasak and Sharon Theimer
Influential senators working to overhaul the nation’s health care system have investments and family ties with some of the biggest names in the industry. The wife of Sen. Chris Dodd, the lawmaker in charge of writing the Senate’s bill, sits on the boards of four health care companies.
Members of both parties have industry connections, including Democrats Jay Rockefeller and Tom Harkin, in addition to Dodd, and Republicans Tom Coburn, Judd Gregg, John Kyl and Orrin Hatch, financial reports showed Friday. .
Jackie Clegg Dodd, wife of the Connecticut Democrat, is on the boards of Javelin Pharmaceuticals Inc., Cardiome Pharma Corp., Brookdale Senior Living and Pear Tree Pharmaceuticals.
Dodd is filling in for ailing Sen. Edward Kennedy, D-Mass., chairman of the Health, Education, Labor and Pensions Committee, which will soon start work on a health care bill.
Other publicly available documents show Mrs. Dodd last year was one of the most highly compensated non-employee members of the Javelin Pharmaceuticals Inc. board, on which she has served since 2004. She earned $32,000 in fees and $109,587 in stock option awards last year, according to the company’s SEC filings.
Mrs. Dodd earned $79,063 in fees from Cardiome in its last fiscal year, while Brookdale Senior Living gave her $122,231 in stock awards in 2008, their SEC filings show. She earned no income from her post as a director for Pear Tree Pharmaceuticals but holds up to $15,000 in stock in Pear Tree, which describes itself as a development-stage pharmaceutical company focused on the needs of aging women.
The annual financial disclosure reports for members of Congress are less precise. They only require that assets and liabilities be listed in ranges of values.
Dodd sought a 90-day extension to file his report covering last year, giving him until mid-August to submit his report, but released his report Friday to The Associated Press.
Bryan DeAngelis, Dodd’s spokesman, said, “Jackie Clegg Dodd’s career is her own; absolutely independent of Senator Dodd, as it was when they married 10 years ago. The senator has worked to reform our health care system for decades, and nothing about his wife’s career is relevant at all to his leadership of that effort.”
DeAngelis said that Mrs. Dodd has hired a personal ethics lawyer to avoid any conflicts of interest and is not a lobbyist.
Other reports showed:
_ Rockefeller, D-W.Va., reported $15,001 to $50,000 in capital gains for his wife from the sale of a stake in Athenahealth Inc., a business services company that helps medical providers with billing and clinical operations.
Rockefeller is honorary chairman of the Alliance for Health Reform, a Washington nonprofit whose board includes representatives from the UnitedHealth Group health insurance company; AFL-CIO labor union; the AARP, which sells health insurance; St. John Health, a nonprofit health system that includes seven hospitals and 125 medical facilities in southeast Michigan; CIGNA Corp., an employer-sponsored benefits company; and the United Hospital Fund of New York.
_ Coburn, R-Okla., is a practicing physician. He reported slight business income, $268, from the Muskogee Allergy Clinic last year; $3,000 to $45,000 in stock in Affymetrix Inc., a biotechnology company and pioneer in genetic analysis; $1,000 to $15,000 in stock in Pfizer Inc., a pharmaceutical company; and a $1,000 to $15,000 interest in Thomas A. Coburn, MD, Inc.
Under Senate ethics rules, Coburn can’t accept money from his patients.
_ Gregg, R-N.H., disclosed $250,001 to $500,000 in drug maker Bristol-Myers Squibb Co. stock and $1,000 to $15,000 each in stock in pharmaceutical companies Merck & Co. and Pfizer, the Johnson & Johnson health care products company and Agilent Technologies, which is involved in the biomedical industry.
_ Kyl, R-Ariz., the Senate minority whip, reported $15,001 to $50,000 in stock in Amgen Inc., which develops medical therapeutics. Kyl’s retirement account held stakes in several health care businesses, including the Wyeth, Bristol-Myers Squibb, GlaxoSmithKline, Pfizer and AstraZeneca pharmaceutical companies; medical provider Tenet Healthcare Corp.; CVS Caremark prescription and health services company; Genentech, a biotherapeutics manufacturer; and insurer MetLife Inc.
_ Harkin, D-Iowa, has a joint ownership stake in health-related stocks. Harkin and his wife, Ruth Raduenz, own shares of drug makers Amgen and Genentech, Inc., each stake valued at $1,001 to $15,000; Their largest health care holding, Johnson & Johnson, was valued at $50,001 to $100,000.
_ Hatch, R-Utah, a member of the Finance and Health committees, reported owning between $1,001 and $15,000 worth of stock in drug maker Pfizer Inc. He spoke to two pharmaceutical industry conferences last year. Sponsors of the conferences donated $3,500 to charities instead of speaking fees, as required by Senate rules.
Like millions of Americans, several senators took a financial hit in 2008. A sampling:
_Sen. Dick Durbin, D-Ill., lost some $100,000 in equity in his home in Springfield and $35,000 in his Chicago condominium. Durbin, who released his tax returns, reported losing $32,259 in various investments last year, including more than $10,400 in Berkshire Hathaway and $5,535 in Fidelity stock.
_Kennedy in 2007 had four trusts each valued between $5,000,001-$25 million. In 2008, only one trust was still in that category while the rest had slipped in value to $1,000,001-$5 million.
_Hatch’s investments suffered from the banking crisis. In 2007, he reported assets of between $2,002 and $30,000 in Countrywide Credit Industries Inc. stock. His 2008 financial disclosure lists the value at less than $1,000.
One of Dodd’s investments showed a vast improvement.
A new appraisal more than doubled the value of his vacation cottage in Ireland, which has been subject of a Senate ethics complaint filed by a conservative group questioning if the undervalued property was really a gift.
The property is valued at 470,000 euros, or about $660,000, on Dodd’s disclosure report.
The previous year’s report valued the seaside home, located in County Galway, at between $100,001 and $250,000.
DeAngelis, the spokesman, said Dodd and his wife decided to have the property appraised because they felt it was time to update the information.
