Archive for profit motive

Naming Nemo: Commercializing the weather

naming nemo

The Weather Channel decided to name the Big New England Blizzard as part of a policy they previously announced. They say they will give names to winter storms so that you and I can follow them more easily. We apparently need snazzy, memorable names to do that, because apparently keeping track of major news of major storms along major swaths of America is too difficult for dimwits like us.

So commercializing the weather will fix all that. Just like commercializing the news allowed us all to be so much more informed by outlets with absolutely no bias whatsoever.

As you can see from the screen grab above, some meteorologists aren’t exactly thrilled, so they started a Facebook page, “STOP the Weather Channel from naming winter storms.”

fb page stop weather channel from naming storms

Per the L.A. Times hard copy (this information has since been scrubbed from the online version), Thomas Downs, a meteorologist with Weather 2000, a New York-based forecasting and consulting firm, “speculates that because the Weather Channel is owned by NBCUniversal, stations owned by that company will be the most enthusiastic about using the names.” I can picture it now:

NBCU: Weeee! We get to use totes adorbs names! Weeee! Higher ratings! Weeee! We’re enthusiastic!

George Wright, a meteorologist and the founder of Wright Weather Consulting in New York, made this point in an interview with The Times: “A hurricane is something that’s more unusual and devastating. If you start naming other storms, people will suddenly think this might be a hurricane.”

Joel Meyer, founder and president of AccuWeather, a Weather Channel competitor, issued a statement this fall blasting the Weather Channel for its decision.

“In unilaterally deciding to name winter storms, the Weather Channel has confused media spin with science and public safety.”

Of course, the Weather Channel would never decide to start naming storms just to draw more viewers to their site. That would be self-serving and give their detractors more fodder for criticism:

The Weather Channel decided to start naming storms after it coined a 2011 event Snowtober, a name that got picked up on Twitter and in media outlets and drew more viewers to the site.

Oh.

Well, at least they’re giving a great deal of thought to the choice of names so as to maintain a modicum of real gravitas:

[Brian Norcross, senior executive director of weather content and presentation at the Weather Channel] supervised the creation of this year’s list of winter storm names, which also include Draco, Gandolf and Walda. While the Weather Channel first looked at using baby names from the early 20th century, it eventually settled on names of gods from Norse and other mythologies. Jorel, the father of Superman, nearly made the list, but was swapped out at the last minute for Jove.

Cartman is still waiting in the wings.

cartman hippies

 

Why Does the Cry for Gun Control Become Impassioned Only When White Kids Are Shot?

Photo by Jewel Samad/AFP/Getty Images.

Photo by Jewel Samad/AFP/Getty Images.

Another L.A. Times letter to the editor, because our voices matter:

Re “‘American Sniper’ killed at gun range,” Feb. 4

According to gun fanatics everywhere who want to put weapons in every school, the more guns and training you have, the safer you are.

Now we have Kyle, one of the best-trained experts on guns who, by the National Rifle Assn.‘s logic, was at one of the safest possible places — a shooting range. And he is shot and killed by a gun. Oh, I mean by a person.

Maybe it’s time to rethink that argument.

Marco Fuentes

Houston

Now your Daily Dose of BuzzFlash at Truthout, via my pal Mark Karlin, who asks the same question I’ve been asking, “Why Does the Cry for Gun Control Become Impassioned Only When White Kids Are Shot?”

The Sandy Hook massacre was a horrifying result of the collateral damage that results when a gun industry combines with psychologically paranoid white guys to dominate politics at the federal and state level.   Like almost all mass shootings that ignite the national indignation, the perpetrator in Newtown was white as well as the victims. [...]

Remember, it’s not just the “crazies” or the “bad guys” that fire off their guns and kill people. [...]

More importantly, there is a side of the “the more guns, the safer we are” agenda that is generally ignored in terms of precipitating a call for taking on the gun lobby and gun industry, who value membership dues and profits over lives.

Because as the hometown of President Obama has evidenced over the last few decades, it is minority young people in urban areas who are caught in the crossfire and die or are wounded by gunfire in epidemic proportions … It’s both a by-product of the gun industry and gun store selling of hi-tech weapons to gang members without sufficient measures to stem the flow – and the social-political neglect that has left vast swaths of urban America economically decimated.  There’s always violence in destitute areas that provide only two job opportunities of any significance: selling drugs and being a police officer patrolling the economic wastelands like an occupying military force. [...]

The recent slaying of 15-year-old Hadiya Pendleton who appeared as a member of a band featured at Obama’s second inaugural, but was gunned down [...]

The highly respected “Chicago Reporter,” an investigative newsletter on issues relating to urban affairs and minorities, recently ran an article headlined, “Chicago’s homicide epidemic is a youth homicide epidemic.” [...]

Her death is one single tragedy, but it’s part of a larger story about gun violence in Chicago. Young people are the No. 1 target when it comes to the city’s sky-high homicide rate.

From 2008 through 2012, nearly half of Chicago’s 2,389 homicide victims were killed before their 25th birthday [...]

The grief of a black or Latino Mom or Dad or sister or brother or friend is no less devastating than it is for a white parent. [...]

The blood that flows is red, and as a country, we must feel the loss with one grieving heart.

Only then will we overcome the toxic, deadly legacy of a gun-crazed pathology among white males and a pernicious, greed driven gun industry.

Please read the rest here.

Romney wants more Navy ships? Maybe because one of his top advisers made millions from building them

Last night many of us got a chuckle out of President Obama’s retort to Mitt Romney’s lament about the U.S. having fewer Navy ships. “That’s unacceptable to me,” said Willard.

The response he got from the president was the memorable, “We also have fewer horses and bayonets.”

But Romney was clearly very concerned. So what’s up with his obsession over the number of ships?

David Axe at Wired may have the answer:

But for one of Romney’s most important advisers on Navy issues, a man who oversaw a massive naval expansion for Pres. Ronald Reagan, there’s more at stake than U.S. national security. John Lehman, an investment banker and former secretary of the Navy, has strong and complex personal financial ties to the naval shipbuilding industry. He has profited hugely from the Navy’s slow growth in recent years — raising the prospect that he could make even more if Romney takes his advice on expanding the fleet.

That doesn’t mean that a bigger or better Navy is necessarily a bad idea. But it does complicate Romney’s claim that a larger Navy would merely be “matched to the interests we need to protect.” A bigger maritime force has the possibility of personally enriching one of the candidate’s top advisers. In fact, it already has.

Lehman is the founder and chairman of J.F. Lehman & Company, a private equity firm. He also sits on several corporate boards…  Even leaving aside the intricate ferry-and-shipyard series of deals, Lehman still stands to profit from the naval buildup he is helping to plan. [...]

[I]f a Romney administration does embark in such an enormous increase in military shipbuilding, it’s worth noting that one of the brains behind the expansion has profited rather handsomely by encouraging the Navy to build.

Once again, it’s not necessarily about what’s good for America, it’s all about what benefits Willard M. Romney.

Much more here.

H/t: Greg Ostravich

“We asked Romney for help and his involvement… but he has never helped.”

Just something I wanted to share, sent to me by someone I greatly admire:

Randy Johnson, a former employee of American Pad and Paper, is here in Tampa. The Republican Party is preparing to nominate for President the man who destroyed his livelihood, the company he worked for, and his community. Randy is ready to speak out.

“I saw firsthand how Romney and his economics worked, how they hurt families, workers, and the communities we live in,” says Johnson. “When you live that and you see that, you will never forget it.” [...]

“We asked Romney for help and his involvement,” says Johnson, “but he has never helped. He has never done anything for the average worker.”

American Pad and Paper eventually went bankrupt, but Romney and his partners made $100 million.

Another chapter from the “Profits and Kings” Book of Romney.

More here.

“JPMorgan’s alleged manipulation could have helped throw the entire energy market out of whack”

Michael Hiltzik’s L.A. Times column, again, brings us a story that needs more attention. It’s a fairly long article, so please link over and read the details. Here’s the gist, and hold onto your Enron-style hats, because here we go again:

JPMorgan Chase & Co., which has manipulated the California energy market for its own profit and at a cost to residents and businesses [...]

JPMorgan’s alleged manipulation could have helped throw the entire energy market out of whack, imposing what could be incalculable costs on ratepayers. [...] [I]t shows that we haven’t learned anything from Enron’s bogus energy trading…  To the extent it was designed to exploit loopholes in energy trading rules, experts say, the scheme allegedly perpetrated by JPMorgan Ventures Energy Corp. is cut from the same cloth as Enron’s infamous “fat boy” swindle [...]

[G]iven the complexity of the energy market, this may be one of those cases in which the scandal lies not in what’s illegal, but in what’s legal. [...]

The incentive remains for outfits like JPMorgan to stretch the rules to the breaking point — if they get caught, the cost is tolerable; if not, the returns are fabulous. This raises again the age-old question: Can Wall Street be trusted? And it suggests an age-old answer: no. [...]

What the JPMorgan accusations really underscore is that a free market in California electricity, the basis of FERC’s regulatory policies, doesn’t exist. It’s a market vulnerable to anyone who can uncover a loophole in the rules — and it’s so complex that there are almost certain to be more loopholes than electrons in the power grid. [...]

What should scare the regulators — and ratepayers — is that there may be many more scams out there, all driving up costs to California consumers. According to ISO documents, JPMorgan’s scheme got discovered only because the firm was collecting so much in excessive payments that it became hard to miss.

And now, because it’s election season and we’ll be extra busy, we GottaAsk:

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Documents: Mitt Romney invested in company that disposed of aborted fetuses, challenge his claim he left Bain in early 1999

David Corn has an excellent piece up at Mother Jones. Whatcha wanna bet you never hear about this anywhere else? Well, maybe on MSNBC where he often appears as a commentator, but beyond that? *crickets*

Corn makes two main points: One is Willard Romney’s connection to an investment in a firm that disposed of aborted fetuses. Not good news considering Mitt’s Etch A Sketching on women’s reproductive rights. The other issue centers around questions about his own account of when he left Bain Capital. So many scandals, so little time.

Of course, Willard will refuse to talk to the press about such matters. We know this because he said so; he will largely ignore journalists in favor of right-wing conspiracy websites.

David Corn:

Earlier this year, Mitt Romney nearly landed in a politically perilous controversy when the Huffington Post reported that in 1999 the GOP presidential candidate had been part of an investment group that invested $75 million in Stericycle, a medical-waste disposal firm that has been attacked by anti-abortion groups for disposing aborted fetuses collected from family planning clinics. [...]

But Bain Capital, the private equity firm Romney founded, tamped down the controversy. The company said Romney left the firm in February 1999 to run the troubled 2002 Winter Olympics in Salt Lake City and likely had nothing to with the deal. … But documents filed by Bain and Stericycle with the Securities and Exchange Commission—and obtained by Mother Jones—list Romney as an active participant in the investment. And this deal helped Stericycle, a company with a poor safety record, grow, while yielding tens of millions of dollars in profits for Romney and his partners. The documents—one of which was signed by Romney—also contradict the official account of Romney’s exit from Bain.

The Stericycle deal—the abortion connection aside—is relevant because of questions regarding the timing of Romney’s departure from the private equity firm he founded.

Please link over to Mother Jones for details.

H/t: @SangyeH

Corporate America should “stop maximizing its already record profits for a while and help out.”

Today’s L.A. Times letter to the editor, because our voices matter:

Re “Politics of obstruction?,” Postscript, June 23

McManus writes that corporations are mainly in the business of maximizing profits and not creating jobs.

During World War II, corporations that were normally in the business of producing automobiles built tanks instead. Women who were normally in the business of running a household were working on assembly lines, and soldiers who were normally in the business of living were dying.

We’ve been at war for more than 10 years now, and there are people in Iraq and Afghanistan who are again dying. The economy is in a shambles and too many are unemployed, and I don’t think it’s asking too much of corporate America to stop maximizing its already record profits for a while and help out.

Errol Miller

Chino