David Remer: Follow the Money

Altering of Worker Time Cards Spurs Growing Number of Suits

Sun, 04 Apr 2004 17:13:51 GMT

Experts say the illegal doctoring of hourly employees' time records is far more prevalent than most Americans believe. By Steven Greenhouse. [New York Times: NYT HomePage]

House Approves $2.41 Trillion Budget

Sat, 27 Mar 2004 11:54:29 GMT

-[AP Politics]

Report Says Medicare to Go Broke by 2019

Thu, 25 Mar 2004 10:58:48 GMT

[AP Politics]

Despite the Sluggish Economy, Welfare Rolls Actually Shrank

Tue, 23 Mar 2004 00:07:47 GMT

Despite the Sluggish Economy, Welfare Rolls Actually Shrank. Federal welfare rolls have declined over the past three years, even as unemployment and poverty have surged in a weak economy. By Robert Pear. [New York Times: NYT HomePage]

Bush, Kerry to Spend Almost 500 Million

Sat, 20 Mar 2004 06:11:29 GMT

Bush, Kerry to Spend Almost Half-Billion [AP Politics]

Democrats to Take in Millions at Galas

Fri, 19 Mar 2004 22:03:34 GMT

[AP Politics]

Bush's Election Money

Thu, 18 Mar 2004 14:19:24 GMT

Center For Public Integrity: "MBNA surpasses Enron as the president's top lifetime contributor."
Have a look at the list of Bush supporting officials indicted for fraud. [Heli's Heaven and Hell Radio]

Pentagon Withholds Halliburton Payment

Thu, 18 Mar 2004 14:14:21 GMT

The Pentagon will withhold about $300 million from payments to a Halliburton subsidiary until auditors are certain that the government has not been overcharged. By The New York Times. [New York Times: Business]

As Prices Rise, Washington Debates Saving Oil or Selling It

Thu, 18 Mar 2004 14:00:46 GMT

Members of Congress and administration officials are giving new scrutiny to the government's main tool for preventing price shocks, but they are reaching opposite conclusions. By Matthew L. Wald. [New York Times: Business]

Questioning Free Trade Mathematics

Thu, 18 Mar 2004 13:58:53 GMT

Some economists have begun to rethink the costs of exporting jobs. By Jeff Madrick. [New York Times: Business]

Defining segments and antitrust

Wed, 17 Mar 2004 19:20:47 GMT

We've argued that the power to define categories is a critical one. It's especially critical in the case of antitrust, where the definition of market segments often make the difference in a decision to oppose a merger or to ignore it.

That power is misapplied, according to a recent article in Forbes magazine (" The Little Picture," 3/29/2004). The author rails against the "circular logic of identifying thin markets that are - surprise! - highly concentrated." The examples cited are:

The high-function enterprise software market - invoke din the ongoing Oracle-PeopleSoft case
The refrigerated pickle market - Used to deny the merger of Claussen and Vlasic in 2002
The retail superpremium ice cream market - which affected the Nestle-Dreyers merger in 2003, requiring some asset discards
PIN debit network market - which caused First Data and Concord to drop assets before merging in 2003
The spiral-wound composite can market (as used for frozen orange juice)-- which stopped the merger of industry leaders Sonoco and Pasco in 2003

Of course, the opposite is very broad definitions of market that would allow just about any merger to take place. Indeed this is the big battleground of antitrust, that of segment definition. Any measure of concentration only reflects the definitions you start with.

But it's not just the antitrust officials that define narrow segments. Companies constantly redefine market segments they compete in so that they can tell investors and customers that they are #1 or #2 in a market. In the copier market, for example, Canon, Ricoh, and Xerox al claim to be #1, and they all define that #1status in different ways. And all companies describe themselves as the "leader: in something or other.

[Oligopoly Watch]

Little Job Creation Is Found in Audits of Tax-Break Zones

Wed, 17 Mar 2004 19:16:41 GMT

An East Harlem business reported receiving half a million dollars in state economic development tax breaks, even though it created only two jobs that paid a total of $14,080 a year. Six Staten Island businesses reported losing jobs, but claimed $15,600 in tax breaks. Three Queens businesses also lost jobs, but claimed $40,000. By Michael Cooper. [New York Times: Business]

Subsidies May Be Cut for Student Loans

Wed, 17 Mar 2004 16:04:12 GMT

[Washington Post: Nation and Politics]

Halliburton

Thu, 11 Mar 2004 21:12:13 GMT

Atrios links to this NBC News story about how U.S. troops in Iraq may soon have to face cold meals every day thanks to the financial negligence of Halliburton, Vice President Cheney's former firm. According to the story, Halliburton owes the subcontra... [Kicking Ass]

Greenspan Urges Against Trade Limits

Thu, 11 Mar 2004 21:04:13 GMT

Federal Reserve Chairman Alan Greenspan today urged Americans not to turn high anxiety about U.S. job losses into support for protectionist trade measures that could hurt rather than help the situation. By Reuters. [New York Times: Business]

Deficit in Trade Tops $43 Billion, a Monthly Record

Thu, 11 Mar 2004 21:02:53 GMT

Imports continued to flood in from China, and American exports were hurt by slumping demand in other parts of the world. By Edmund L. Andrews and Elisabeth Bumiller. [New York Times: Business]

Many Major Kerry Donors Actually Give More to Bush

Thu, 11 Mar 2004 02:07:53 GMT

Almost half of John Kerry's largest sources of funding have given more money to President Bush, according to a new study. By Glen Justice. [New York Times: NYT HomePage]

Record Trade Deficit in January Fuels Political Fight

Thu, 11 Mar 2004 02:02:58 GMT

The latest snapshot comes as political tensions have grown over global trade and the migration of jobs in the United States to other countries. By The Associated Press. [New York Times: NYT HomePage]

Uncertain Cost of Iraq War Has Some Wary

Thu, 11 Mar 2004 01:01:22 GMT

[AP Politics] By PAULINE JELINEK

WASHINGTON - Pressed to estimate the cost of future operations in Iraq (news - web sites), the Pentagon (news - web sites) has repeatedly said it is just too hard to do.

Now the ranks of disbelievers are growing — in Congress and among private defense analysts. Some say the Bush administration's refusal to estimate costs could erode American support for the Iraq campaign, as well as the credibility of the White House and lawmakers.

"It is crucial that we have every bit of information so we can level with the taxpayer," Democratic Rep. David Obey of Wisconsin recently told Defense Secretary Donald H. Rumsfeld. "We don't have that information now."

Halliburton View on U.S. Work

Tue, 09 Mar 2004 17:01:59 GMT

By Bloomberg News. [New York Times: Business]

Bush Budget Plans Are Seen as Not Affecting Economy Much

Tue, 09 Mar 2004 17:01:04 GMT

WASHINGTON, March 8 (AP) The tax cuts and other policies that President Bush proposed in his $2.4 trillion budget would probably have a minimal impact on the economy, the nonpartisan Congressional Budget Office said Monday. By The Associated Press. [New York Times: Business]

Mystery of the Missing Jobs

Tue, 09 Mar 2004 16:40:04 GMT

[Washington Post: Editorial] By David Ignatius

The U.S. economy is expanding nicely; corporate profits are strong; Wall Street is robust enough that some economists are beginning to worry about another "asset bubble." In short, it's a time when American companies ought to be optimistic about expanding their businesses, building new factories . . . and, yes, hiring more workers.

So where are the jobs? That remains the great economic paradox of this election year, and it deepened Friday with the release of another set of miserable employment numbers.

In stock market, US senators beat averages

Mon, 08 Mar 2004 21:29:29 GMT

Senators do well with stocks, raising ethical questions. [Christian Science Monitor | Top Stories]

Outsourcing Is Becoming a Harder Sell in the U.S.

Mon, 08 Mar 2004 09:19:51 GMT

As unions and politicians rail against outsourcing, even some practitioners of business globalization are speaking out against it, too. By Eduardo Porter. [New York Times: Business]

Senate Panel OKs GOP's $2.36 Trillion Dollar Budget

Fri, 05 Mar 2004 18:41:55 GMT

[AP Politics]

Job Growth Stalls in February, Surprising Forecasters

Fri, 05 Mar 2004 18:35:17 GMT

In what may be more troubling economic news for President Bush, a government report showed today that the U.S. economy created just 21,000 jobs last month. By David Leonhardt. [New York Times: NYT HomePage]

Service Sector Grows, But Jobs Still Lag

Wed, 03 Mar 2004 18:48:27 GMT

The U.S. services sector grew robustly in February but the expansion slowed from the prior month's record, an industry survey showed on today. By Reuters. [New York Times: Business]

Chairman of Oil Giant Shell Quits Over Reserves Shock

Wed, 03 Mar 2004 18:46:47 GMT

Shell's two most senior directors, including chairman Phil Watts, quit today amid a continuing crisis of investor confidence over a reserves downgrade by the company two months ago that shocked markets. By Reuters. [New York Times: NYT HomePage]

The El Paso Shuffle

Mon, 01 Mar 2004 18:42:09 GMT

When estimates of reserves get shuffled around, it's not a good thing. [The Motley Fool]

The Social Security Promise Not Yet Kept

Mon, 01 Mar 2004 18:21:13 GMT

There is an element that was forgotten in the rush of news after Alan Greenspan announced that Social Security retirement benefits are going to have to be cut. By David Cay Johnston. [New York Times: Business]

Utah Oil and Gas Leases Stir Criticism

Mon, 01 Mar 2004 18:13:55 GMT

[Washington Post: Nation and Politics]

Showdown: Greenspan vs. Fannie

Sat, 28 Feb 2004 01:11:46 GMT

The Fed chief urges Congress to curtail the moral hazard before it becomes too hot to handle. [The Motley Fool]

Grasso Says He Won't Return $139.5 Million to Big Board

Fri, 27 Feb 2004 23:06:41 GMT

The former chairman of the New York Stock Exchange said that he would refuse to give up any portion of his pay package. By Landon Thomas Jr.. [New York Times: Business]

Supermarkets, Union Reach Tentative Pact

Fri, 27 Feb 2004 23:04:42 GMT

Supermarket executives and union leaders involved in a four-and-a-half month-old labor dispute in Southern California reached a tentative agreement on Thursday night. By Charlie Leduff and Steven Greenhouse. [New York Times: Business]

Funds Want Oil Companies to Report on Climate

Fri, 27 Feb 2004 22:44:59 GMT

Pension fund managers representing public employees in Connecticut, New York, Maine and New York City said yesterday that they had filed shareholder resolutions calling on 10 North American oil companies to report to investors on their plans to deal with the potential impact of global warming and related climate change on their businesses. By Barnaby J. Feder. [New York Times: Business]

European Union to Impose Trade Sanctions on U.S.

Thu, 26 Feb 2004 22:22:46 GMT

The European Union's trade commissioner said that the U.S. will face $4 billion in sanctions starting Monday. By Reuters. [New York Times: Business]

Orders for Durable Goods Drop 1.8 Percent

Thu, 26 Feb 2004 22:19:50 GMT

Factories saw orders for big-ticket goods drop by 1.8 percent. Also, the Labor Department said new claims for unemployment benefits last week rose by 6,000 to 350,000. By The Associated Press. [New York Times: Business]

Fed Chief Warns of a Risk to Taxpayers

Thu, 26 Feb 2004 22:11:45 GMT

Alan Greenspan, chairman of the Federal Reserve, warned that Fannie Mae and Freddie Mac pose a "systemic risk" that could cost taxpayers. By Edmund L. Andrews. [New York Times: Business]

Baby boomers face retirement squeeze

Thu, 26 Feb 2004 21:48:37 GMT

Currently, only half of Fortune 100 companies supply fixed-rate pensions. [Christian Science Monitor | Top Stories]

Govs. Get Message of Fiscal Austerity

Thu, 26 Feb 2004 14:07:24 GMT

-[AP Politics]

Where America's white-collar jobs go: It's not just India

Thu, 26 Feb 2004 13:53:48 GMT

Ambitious nations and companies are rushing to claim their share of the US outsourcing pie. [Christian Science Monitor | Top Stories]

The Price war that never happened

Thu, 26 Feb 2004 13:17:30 GMT

When Rupert Murdoch announced that News Corp. would acquire US satellite TV company DirecTV, he stated, and analysts concurred, that the purchase would launch a price war, as satellite and cable jockeyed for customers. The only price war, according to an article in USA Today ("Satellite, cable operators get ready to raise rates", 2/10/2004) is one against the consumer.

A string of announcements confirm that the cost of receiving TV in your home is heading upward, not downward. DirecTV has raised its rates by 3% on average. Its one major satellite TV competitor, EchoStar, is hiking its rates by almost 2%. Cable giant Comcast is adding 5.4% to its average fees, Time Warner Cable 4.9%, and Cablevision 3.2%,

Yes, there is competition between the services, but what is developing is a friendly competition, where rivals are signaling that slashing prices is not the field on which they will compete.

In the article, all the entities blame the rise on steadily increased fees for carrying key channels, most notably Disney's ESPN. As we pointed out, that's got to be one of the main motivators behind Comcast's bid for Disney.
[Oligopoly Watch]

To Trim Deficit, Greenspan Urges Social Security and Medicare Cuts

Thu, 26 Feb 2004 13:06:18 GMT

The Federal Reserve chairman told lawmakers on Wednesday that Congress should rein in the federal deficit through cuts in spending rather than through tax increases. By Edmund L. Andrews. [New York Times: Business]

Senators' Stocks Beat the Market by 12 Percent

Wed, 25 Feb 2004 17:33:16 GMT

U.S. senators' personal stock portfolios outperformed the market by an average of 12 percent a year in the five years to 1998, according to a new study. By Ft.com. [New York Times: Business]

Greenspan Urges Congress to Reign In Deficit

Wed, 25 Feb 2004 17:23:39 GMT

Fed Chairman Alan Greenspan says Congress should deal with the country's escalating budget deficit by cutting benefits for future Social Security retirees rather than raising taxes. By The Associated Press. [New York Times: Business]

Bank Service Convicted of Illegal Transfers

Tue, 24 Feb 2004 20:43:36 GMT

A Manhattan financial corporation was convicted yesterday of illegally receiving and transferring billions of dollars from shell companies, private investors and exchange houses to offshore accounts, cheating the government out of millions of dollars in taxes. Prosecutors called it the largest scheme of the sort to be uncovered in New York City. By Susan M. Saulny. [New York Times: Business]

Small business is big loser under Bush

Tue, 24 Feb 2004 20:42:18 GMT

President Bush has always claimed that his tax giveaways will create jobs because of the help they give to small business owners. After three years of his tax cuts, the jobs Bush promised have failed to materialize. So what went wrong? Well according ... [Kicking Ass]

Greenspan Says Mortgage Debt May Be Threat

Tue, 24 Feb 2004 17:42:12 GMT

Mortgage giants Fannie Mae and Freddie Mac could pose a threat to the country's financial system if their debt is not restrained, the Federal Reserve Chairman Alan Greenspan said today. By The Associated Press. [New York Times: Business]

Adelphia Is Next in Parade of Fraud Trials

Mon, 23 Feb 2004 17:34:18 GMT

Corporate-scandal trial season is in full swing as John J. Rigas and his sons are scheduled to go on trial in federal court in Manhattan. By Andrew Ross Sorkin. [New York Times: NYT HomePage]

Debate Over Exporting Jobs Raises Questions on Policies

Mon, 23 Feb 2004 12:57:04 GMT

Job migration, while only one factor in the current employment slump, points to two related economic challenges. By Steve Lohr. [New York Times: Business]