Categories
Archives
HELP US KEEP YOU BETTER INFORMED ABOUT THE TRICKS OF THE RADICAL PROGRESSIVE REVOLUTION PLEASE DONATE ANY AMOUNT YOU CAN
target="_top">

Archive for the ‘Fraud’ Category

GOV AGENCY LOOKING OUT FOR THE LITTLE GUY HAS 228 EMPLOYEES EARNING OVER $200K

by Daniel Greenfield

 

This swamp really needs draining.

Pay is flowing so generously at the Consumer Financial Protection Bureau (CFPB) that hundreds of bureaucrats there receive more than most members of Congress.

Speaker of the House Paul Ryan of Wisconsin receives $223,000 per year, but that’s less than what 54 CFPB employees are paid. Another 170 CFPB employees earn more than the secretaries of defense and state, the attorney general and the director of national intelligence.

A total of 198 CFPB employees also earn more than their ultimate boss, Federal Reserve Chairwoman Janet Yellin, who is paid $201,700. Overall, 449 CFPB employees get at least $100,000 per year and 228 CFPB are paid more than $200,000

The agency looking out for the little guy is doing it the way all government agencies ultimately do.

These findings are part of a Daily Caller News Foundation Investigative Group salary analysis for the consumer agency that was founded by Sen. Elizabeth Warren of Massachusetts and then-President Barack Obama in 2011. The agency was created under the Dodd-Frank Act to serve as a consumer agency protecting the poor against financial fraud.

That’s par for the course considering Warren’s own pay structure. $350,000 for teaching a single course. While fighting against the evil rich for middle class people like her.

“Washington works for anyone who can hire an army of lobbyists and lawyers. It just doesn’t work for regular families,” she said. “They’ve got the concentration of money and power that makes sure that every rule works for those who are rich. What we have on the other side, is we’ve only got two things. We’ve got our voices and we’ve got our votes. And we’ve got to make sure we get heard. That’s the only way we ever get a level playing field.”

And what better way to level the playing field than with a government agency of the rich.

Lizzie cares about the “little people” like her who have to make do with a $740,000 condo and her pitiful $15 million net worth. That’s why she created an agency that lets them cash in.

 

Obama Officials Convicted of Voter Fraud

indianaballotfraud-243x204
But liberals say we don’t need ID’s since there is no fraud.
Check it out:

Why is it only Democrats deal in voter fraud, when it’s they who say it never happens? If this story does not convinced you the entire nation needs strict voter ID laws, nothing will.

Two Democratic officials from Indiana have been arrested and convicted of ballot fraud, because Obama truly wasn’t eligible to be on the ballot. They knew it, but they went ahead with it. If you think something was funky about the 2008 and 21012 elections, here’s a little insight:

indianaballotfraudChairman Butch Morgan Jr. from St. Joseph County was convicted of felony conspiracy to commit petition fraud and forgery. Dustin Blyth, who served on the Board of Elections, was charged with felony forgery and several counts of making a false petition. Both men were charged and convicted for submitting fake names and signatures on petitions that were designed to get Obama and Hillary Clinton onto the 2008 primary ballots.

County Sheriffs have uncovered that many locals of St. Joseph county appeared on the petitions, although they have sworn they never signed them.

Unfortunately, the case wasn’t brought to the court until 2011, when Lucas Burkett of the Board of Registration decided that he felt too guilty to continue carrying the secret. Authorities determined that had the criminal action not taken place, Obama probably wouldn’t have appeared on the ballot in St. Joseph County.
But don’t worry, I’m sure this will be all over the mainstream press… yeah.

This is just another in a long list of reasons to ensure that we all register to vote and vote AGAINST ever liberal democrat on every ballot possible. I don’t care if it’s for the local Dog Warden, don’t vote democrat. Even if say, in the 2016 election the GOP candidate isn’t your first pick, still think of it as voting against those like Obama and Hillary and vote against them and put a GOP president in the WH. This is our war and I know that the real American citizens out there are NOT cowards so this is our fight and our weapon is the vote. Fire true…

— Mark Amey

We read and hear so many things that Obama has done that would get anyone else impeached but nothing ever comes of the allegations. NEVER ! I find this to be frightening; If Obama is never accountable for his actions when breaking the law why should anyone else be accountable.

— Jeannie Candler Cox

We cant believe the press anymore than we can believe Obama or the people in office. They are all a bunch of liers and have their own agenda to benefit themselves and not our country and its American people. Oh and Don why do you have to personally insult people for making a statement. It makes you no better than the clowns in office. Oh wait you must be a Democrat. The party that lies, hides the truth and wants to destroy this great country.

Read more at http://joeforamerica.com/2014/10/breaking-obama-administration-officials-convicted-voter-fraud/

Latest jobs report is pure fraud and fantasy


Hello. I’m Wayne Allyn Root for Personal Liberty. Here we go again. The latest jobs report came out last week, and it’s pure fraud and fantasy — lies and propaganda passed off as “good news.” The reality is this new jobs report is a disaster for America and our middle class.

The “facts” released by our “honest and transparent government” report 248,000 new jobs created, beating expectations by a mile. The “facts” report unemployment dropping to 5.9 percent, the lowest rate since 2008.

It’s as if President Obama is saying, “If you like your job, you can keep it.”

But you can’t. It’s no more truthful or realistic than “If you like your insurance, you can keep it.” Same fraud. Same lies. Same propaganda. Same banana republic mainstream media reporting lies, fantasy and propaganda as truth.

Here are the real facts about the latest jobs report.

First, the reason unemployment dropped to the fantasy level of 5.9 percent is that 315,000 more Americans dropped out of the labor force last month.

Where did they go? Most of them dropped off unemployment to get on welfare, food stamps or disability. Job categories used to be listed as policeman, fireman, scientist, butcher and baker. Now we should add “government dole.” Millions of people get up late, watch Judge Judy and Dr. Phil and get off the couch for the first time all day to open the mail to find their government check. This is the Obama economy. Obama uses the fact that millions of Americans are not working as a reason to lower the unemployment rate.

Where will America get the money to pay for all these welfare, food stamp, disability and Social Security checks for citizens who will never work again? We’re already broke. This just adds to the crushing unsustainable $18 trillion debt.

This isn’t good news. It’s a disaster.

Adding to the misery, the labor force participation rate just dropped to the lowest in 36 years. There are now 92.6 million working-age Americans not working.

This isn’t good news. It’s a disaster.

Like those late night infomercials say: “But wait. There’s more!”

How can 248,000 new jobs be a good thing if average hourly wages are stagnant or dropping? Because they are. That fact was buried in the latest jobs report.

Even the Americans lucky enough to have a job are drowning in quicksand. As Democrat Bill Clinton just admitted, “The average family is making less, adjusted for inflation, than they were the day I left office.”

The middle class isn’t getting richer, it’s getting poorer. Even Clinton understands that under Obama the middle class is struggling to survive and struggling to pay bills — that’s if they still have a job.

This isn’t good news. It’s a disaster.

The bad news is coming in waves. The media forgot to tell you that inside last week’s jobs report was this nugget of reality: The only people being hired are your grandparents; 230,000 of the new jobs went to those in the 55- to 69-year-old age group. In the prime working-age group of 24 to 54 years old, 10,000 jobs were lost.

Holy freaking Batman! What is happening? It means grandma and grandpa are desperate and willing to take grandson’s low-wage job to survive until Social Security kicks in. Or perhaps they need to work until the day they die to supplement Social Security. But that’s very bad news. The U.S. workforce is now the oldest in history. If grandpa or grandma has to work (out of desperation) until the day he or she dies, there will never be any decent jobs for the grandkids.

This isn’t good news. It’s a disaster.

But I’ve saved the two worst bits of news for last. What good is the news of 248,000 new jobs, if they are all part-time or low-wage jobs? Four of the 5 new jobs were in the lowest-quality categories.

Obama is creating a nation of desperate, government-dependent minimum wage workers. If you lose your $100,000 job, get ready to clean toilets, flip burgers, mow lawns or work at The Gap — because that’s all that’s available among the new jobs.

That’s if there are any jobs at all. I believe the numbers of new jobs are pure fraud, made up out of thin air. Want proof? The government’s own JOLT report came out on Tuesday. It says that monthly hiring has plummeted, dropped off a cliff.

It was down 294,000 positions last month. That’s the worst drop since 2010 — and the third worst number since the Lehman Brothers collapse in 2008.

So now I ask you: How could there be good news about jobs created at the same time the government’s own report shows a severe halt to hiring? Somebody’s cooking the books, folks.

And how come the mainstream media only reports on the fraudulent report showing jobs created but never mentions the other report showing plummeting hiring? Good question. The media is obviously in on the fix. The media has a conflict of interest. The media is big business. The media is owned by billion-dollar companies. Their advertisers are billion-dollar companies. Their own media companies are publicly traded on Wall Street. They are in on the fix. They desperately want you to believe all is well, so their advertisers keep spending and so their stock prices don’t plummet. They need to keep the Ponzi scheme going. Can you spell “banana republic?”

Welcome to Obama’s America: where up is down, where bad news is reported as good news, where old is the new young (because only old people work anymore), where minimum wage is this president’s obsession because minimum wage jobs are the only jobs in the Obama economy, where it’s good news that people stop working and join the welfare rolls because they are now more likely to vote Democrat and where, as Nancy Pelosi claims, “Food stamps, unemployment and welfare are the best ways to grow the economy.”

Oh, my God! This, folks, is an unmitigated disaster. This, folks, is the murder of the middle class.

And this latest jobs report is pure fraud and fantasy.

I’m Wayne Allyn Root for Personal Liberty. See you next week for another dose of raw truth. God bless America.

ACORN Crooks on the March for Obamacare

by Matthew VadumWADE RATHKE

A corrupt union ringleader who orchestrated massive campaigns involving identity fraud in furtherance of voter fraud and who covered up a million-dollar embezzlement involving pension funds will soon have unfettered access to confidential information on thousands of people seeking health insurance.

The union thug is disgraced ACORN founder Wade Rathke whose shady union will soon be helping people enroll in Obamacare exchanges.

Rathke’s labor vehicle, United Labor Unions (ULU) Local 100 in New Orleans, announced on its Facebook page Sept. 15 that it was gearing up “to do mass enrollment and help navigate people into the marketplaces in Arkansas, Louisiana, and Texas under the Affordable Care Act!”

“Local 100′s role as a Navigator, suggest[s] the program is less about health care and more about building a new progressive infrastructure,” says longtime ACORN-watcher Mike Flynn of Breitbart.com.
The fact that Wade Rathke, a disreputable, radical left-wing community organizer, is allowed anywhere near the enrollment process ought to give all Americans pause. The only reason Rathke hasn’t been federally investigated for racketeering is because his allies control the federal law enforcement apparatus. President Obama pretends he has no connection to ACORN and Attorney General Eric Holder doesn’t care what laws have been broken because he approves of ACORN’s goals.

Of course, ACORN and the labor movement go way back. In 1979, ACORN created the United Labor Unions, which it used to organize low-wage, fast-food, and home healthcare workers in Louisiana, Arkansas, and Texas.

Yes, that’s President Obama’s former employer, ACORN, or the Association of Community Organizations for Reform Now (ACORN).

ACORN is the nonprofit group that knowingly hired felons convicted of identity theft to work on voter registration drives, giving them custody of sensitive voter information.

As I showed in my ACORN/Obama expose, Subversion Inc., ACORN is also infamous for hiring felons without bothering to do background checks, storming hospital emergency rooms and city council chambers, using voter fraud to turn graveyards across the nation into Democratic electoral strongholds, using mob violence against bank executives and other shakedown targets, and for ruthlessly exploiting its own employees and going to court to seek an exemption from minimum wage laws.

The 400,000-member organization, which filed for bankruptcy almost three years ago, was the nation’s preeminent Saul Alinsky-inspired street protest group — and the creepiest by far.
There are so many reasons why anyone connected to ACORN, especially the sleazy, smooth-talking, neo-communist con man Wade Rathke, cannot be trusted.

Dale Rathke, younger brother of Wade Rathke, stole a bit over $948,000 from ACORN in 1999 and 2000. Some of the money came from pension funds. Wade covered up the theft until it was discovered in mid-2008 at which point ACORN’s national board fired him and stifled an internal investigation into the crimes. With the richly deserved adverse publicity, grants from foundations began to dry up. ACORN filed bankruptcy on Election Day 2010.

The undercover videos shot by James O’Keefe III and Hannah Giles in 2009 that showed ACORN employees giving helpful advice on how to lie to the government, commit tax fraud, and trick banks into providing loans for brothels, helped kill off the group. That year Congress, which had given ACORN about $79 million in grants over the years, approved a law removing ACORN from the public teat.

It’s not that easy to get booted out of SEIU, America’s preeminent radical union, but somehow the ACORN-controlled Local 100 managed to do it.

As an SEIU official told me in October 2009, Local 100, which affiliated with SEIU in the mid 1980s, had its charter revoked by SEIU headquarters in September 2009. The bargaining unit was “not financially viable” and “simply couldn’t meet requirements to be a stand alone union,” she said without elaborating.

Given who’s running ULU, it is a foregone conclusion that ULU activists will abuse the sensitive financial, medical, and demographic information they take from vulnerable Americans, using the data for community organizing and partisan political advantage. That’s how Rathke operated over the 38 years that he headed ACORN.

Among the other left-wing organizations riding the Obamacare navigator gravy train are the Democrat-friendly groups Planned Parenthood, National Urban League, and Virginia Poverty Law Center Inc.

Many left-wing groups have not signed contracts with HHS or received government grants to enroll new patients but have nonetheless pledged to help promote the exchanges being created under Obamacare. Each recognized “Champion of Coverage” group vows to promote enrollment by emailing its members, hanging posters or giving out fact sheets and brochures, holding a conference call, or promoting enrollment in other ways.

Among the Champions of Coverage are Americans United for Change, Enroll America, Families USA, League of United Latin American Citizens (LULAC), NAACP, MomsRising, Service Employees International Union, U.S. PIRG Education Fund, and Young Invincibles (Center for Community Change).

Enrollment will be a dangerous free-for-all because Obamacare “navigators” are barely regulated at all. By the way, the only reason there are any “navigators” is to help the Left, as Health and Human Services (HHS) Secretary Kathleen Sebelius has more or less admitted. Imposing rules would only interfere with community organizers’ ability to wreak havoc and spread the gospel of so-called social justice.

Louisiana Gov. Bobby Jindal, a Republican office holder who is painfully aware of ACORN’s antics over the years, warns that the Obamacare navigator program, like all of Obamacare, is deeply flawed.

“‘Navigator’ is a crafty name, but in reality, there are very few restrictions on who they are, and what exactly they are supposed to be doing,” Jindal says. “‘Navigators’ are supposed to be hired to help consumers understand the law and the insurance coverage provisions in the new health exchanges. Sounds like a job for a rocket scientist.”

“The ‘navigators’ are prohibited from having financial ties to an insurance company, but other than that there are few constraints. Union organizers and community activists are among the types that are allowed to be hired as ‘navigators’, and having prior experience working in the health care field doesn’t seem to necessarily be a pre-requisite for the job. I wonder what percentage of these ‘navigators’ will be partisan Democrats?”

The navigators will have to undertake a mere 20 hours of online training, “which will apparently make them experts on the 1,000 page ObamaCare bill.”

These community organizers will have access to “social security numbers and tax information” and HHS isn’t even planning on running background checks before sending them out into the field. “Besides the obvious identity theft concerns, this is a frightening development in light of the political activities and invasion of privacy, which the IRS and others have engaged in during the Obama presidency,” Jindal writes.

But as we’ve learned in the Obama era, this kind of craziness is par for the course with community organizers.

HHS Secretary Sebelius previewed the Obamacare navigators program as she supplicated before racial arsonist Rev. Al Sharpton’s radical left-wing National Action Network (NAN) at its convention in the nation’s capital in April 2012. She urged activists to get into the trenches and fight for the misnamed Patient Protection and Affordable Care Act (a.k.a. Obamacare) and to play Santa Claus, letting their neighbors know that the law gives them access to mountains of taxpayer-funded freebies.

“In our country what we know is health care inequality [has been] one of the most persistent forms of injustice but over the past three years, as Rev. Sharpton reminded us, we have begun to turn the tide,” Sebelius said. “Now is not the time to turn back.”

“We know that the best way to keep moving in the right direction is to get people the facts. Right now there are a lot of people who are benefiting from this law who don’t even know that’s why they are benefiting.”

“We need your help,” said the former Kansas governor, herself an accomplished shakedown artist.

Just last week President Obama picked up this statist narrative, declaring that his Soviet-style government health care scheme was all about civil rights. He expounded the ugly, neo-Marxist view that every American has the right to extract free medical care from taxpayers and unwilling providers.

“In the wealthiest nation on Earth, no one should go broke just because they get sick,” Obama bloviated. “In the United States, health care is not a privilege for the fortunate few, it is a right.”

Translation: No individual American will go broke because of Obamacare. Instead, the whole country will go broke.

And Wade Rathke’s ULU Local 100 will be at the forefront, helping to throw dirt on America’s coffin.

Another Obama Success -Energy Department loses $42M on clean-energy loan to Mich. van company

By Douglas Ernst -The Washington Timesvan
The Energy Department conceded Friday that the federal government will lose $42 million on a loan to a shuttered Michigan van manufacturer — part of the same program that provided a $529 million loan to an electric car maker that also has gone under.
Vehicle Production Group (VPG), which made vans for the disabled, ceased operations in February and laid off 100 workers, two years after receiving a $50 million federal loan under the same clean-energy program that provided a $529 million loan to electric car maker Fisker Automotive Inc., according to the Associated Press.
SEE ALSO: House panel to hold hearing on financially troubled Fisker Automotive
VPG had paid back $5 million of the $50 million federal loan this spring, and the remainder of its debt was sold at auction this week to Humvee manufacturer AM General, which paid $3 million to buy the loan.
In an email to AP, an Energy Department spokesman said sale of the VPG loan was the “best possible recovery for the taxpayer.”
Fisker had received $192 million before federal officials froze the loan in 2011. The company has since laid off 75 percent of its workers, though the government has recovered only about $28 million of the money.
The losses come after federal government’s failed risked on solar panel maker Solyndra, which went under in 2011 despite receiving more than $500 million from the Energy Department.
Rep. Jim Jordan, R-Ohio, chairman of a House Oversight subcommittee on economic growth and regulation, called the loan program “one of the most disastrously mismanaged and corrupt programs in U.S. history,” AP reported.

Read more: http://www.washingtontimes.com/news/2013/sep/6/energy-department-loses-42-million-loan-michigan-c/#ixzz2eOabjgIn
Follow us: @washtimes on Twitter

Fraud claim against Holder bolstered after ruling

eric_holder_dm_121004_wgAllegations of fraud against Attorney General Eric Holder, other top Justice officials, several prominent Democratic operatives – including a major contributor to Hillary Clinton – and Credit Suisse Bank has been re-ignited by a federal bankruptcy judge’s decision that also apparently has derailed the U.S. Senate bid of a former Democrat governor.

The decision July 10 by Judge Bruce A. Markell dismissed a bankruptcy judgment against real estate developer Tim Blixseth.

Blixseth, the founder of the Yellowstone Club, a luxury ski and golf resort in Montana, has alleged that Credit Suisse made a criminally fraudulent loan to Yellowstone Club that led to the bankruptcy judgment, which stripped Blixseth of ownership of the resort. Blixseth alleges he was defrauded by an elaborate scheme engineered by his ex-wife and Ron Burkle, the supermarket king who raised more than $1 million for Hillary Clinton’s 2008 presidential campaign.

Though seemingly unrelated, the bankruptcy decision appears to have prompted former Montana governor Brian Schweitzer to announce Saturday that he does not intend to pursue a bid to run in 2014 for the U.S. Senate. The seat has been held by retiring Democratic Sen. Max Baucus, a prominent proponent of Obamacare who in recent months has described the health care law as “a train wreck.”

WND reported in June 2012 that several hundred pages of documents allege Holder and Lanny Breuer, the assistant attorney general for the DOJ’s criminal division, have intervened to block recommended federal prosecutions in an ongoing dispute involving the Yellowstone Club, a private golf and ski resort now owned by Burkle and international bank Credit Suisse.

WND also reported allegations by Blixseth attorney Mike Flynn that Holder and Breuer sought shield from federal criminal prosecution of Credit Suisse Group AG a client of the Washington-based law firm Covington & Burling, as well as key Democratic Party operatives suspected of playing a role in allegedly fraudulent mortgage financing and bank lending practices.

Before joining the Department of Justice in the Obama administration, Holder and Breuer were partners at the international law firm Covington & Burling.

Judge Markell’s decision last week dismissed a $40 million fraud judgment against Blixseth that had been enforced by U.S. bankruptcy judge Ralph Kirscher, a Democrat appointed to the bankruptcy court by the U.S. Court of Appeals for the Ninth Circuit in 1999 during President Clinton’s second term of office.

Blixseth and Flynn have repeatedly charged that Kirscher’s bankruptcy decision was fraudulently influenced in a 2009 meeting with Montana’s governor at the time, Schweitzer. The meeting resulted in a decision to allow Blixseth’s ex-wife and Sam Byrne, a Boston real estate investor with ties to the Democratic Party, to buy the Yellowstone Club at a price substantially below market value after the bankruptcy had been declared.

Flynn further alleged in a letter shared with WND, addressed to the Public Integrity Section of the U.S. Department of Justice, that Burkle, Byrne and Schweitzer funneled more than $1.2 million through the Democratic Governor’s Association in 2008 to the Montana Democratic Party for the benefit of Schwitzer’s re-election campaign.

Flynn asserts in the letter to the DOJ that the “money laundering scheme – having Burkle and Byrne with their friends donate to the Democratic Governor’s Association and then to the Montana Democratic Party, for the benefit of Schweitzer – appears designed to conceal Burkle and Byrne’s financial relationship with Schweitzer while at the same time Burkle and Byrne were taking over the Yellowstone Club and using their relationship and ‘political capital’ and ‘political favors’ with Schweitzer to do it.”

After his re-election in 2009, Schweitzer created two highly controversial funds, The Council for a Sustainable America and The American Sustainability Project, into which Burkle and Byrne funneled $335,000, Flynn said.

Flynn further charged that in early 2010, the Montana Democratic Party political machine with the backing of Holder and Breuer “targeted” Blixseth with a baseless criminal investigation.

Among recent developments is the entry into the Yellowstone case of a whistleblower who claims to have been paid $6 million by Blixseth’s former wife to hack into Blixseth’s computers to obtain highly confidential information that she shared with Burkle and Department of Justice criminal investigators.

Flynn explained to WND his current concern that Holder may have ordered the Justice Department’s Public Integrity Section to block the whistleblower’s application for immunity to prevent disclosure of corruption by the various Democratic Party political operatives involved in the Yellowstone case, including Holder and Breuer.

Read more at http://www.wnd.com/2013/07/fraud-claim-against-holder-bolstered-after-ruling/#UrgzHd0GaX8dQyzj.99

Obama Campaign Caught In Major NC Vote Fraud Scheme

fraud

Another Obama Sponsored solar panel maker goes bankrupt

by Leslie Hook
solar-panels-story-top Suntech Power Holdings, which was until recently the world’s largest producer of solar panels, has said its main subsidiary in China is bankrupt, in a further stark illustration of the declining fortunes of the global solar industry.
Suntech’s Wuxi subsidiary is the first big Chinese solar group to declare insolvency and the world’s biggest such bankruptcy, following a string of failed western solar companies including Q-Cells in Germany and Solyndra in the US.
“What the Suntech case shows us is that the Chinese companies are not too big to fail,” said Jenny Chase, head of solar analysis at Bloomberg New Energy Finance. “We are entering a period of great difficulty for Chinese solar manufacturers.”
Turning to solar energy in Middle East
China is the world’s biggest producer of solar panels, but the sector is suffering from overcapacity after rapid expansion fuelled by cheap loans and preferential government policies. US-listed Suntech was the posterchild of the country’s swift entry into, and then dominance of, the market.
The solar suitcase
It announced on Wednesday that eight Chinese banks had filed a petition for insolvency and restructuring of Wuxi Suntech in a court in Jiangsu province. The bankruptcy is a milestone because, until now, China’s larger struggling solar companies have been kept afloat by cheap credit and indirect state support.
Suntech defaulted last week on a $541m convertible bond issued by its Cayman Islands subsidiary, which triggered cross-defaults on other loans outstanding. According to the company’s most recent reports, Suntech’s net debt stood at $1.6bn at the end of March 2012.
The case is set to be a big test of China’s new bankruptcy law, which came into effect in 2007 but has rarely been applied to overseas-listed companies with assets in China. It will be complicated by the fact that neither the US-listed entity, Suntech Power Holdings, nor any subsidiaries other than Wuxi are declaring insolvency.
“It’s going to be a test of what, exactly, do the US entities and the Cayman entities really own?” said one Singapore-based analyst who asked not to be named.
Under Chinese law, the courts will have six months to come up with a restructuring plan that is then presented to creditors, with the possibility of an additional three-month extension.
Bankruptcy specialist Han Chuanhua, a partner at the Zhongzi Law Office in Beijing, said: “It is rare for such a big company to get into bankruptcy proceedings, even though many companies cannot pay off their debts.” He cited local government bailouts, and creditor reluctance, as two main reasons why insolvent Chinese companies avoid bankruptcy.
The government of Wuxi, the city where Suntech is headquartered, has come to Suntech’s aid in the past — and appears to be taking an even more active role in the company with the appointment earlier this week of a new president, Zhou Weiping, who previously worked for the government-backed Wuxi Guolian Development Co.
Mr Han said the co-ordinated action of the eight banks suggested the local government had given its blessing to the proceedings. “Without government support, even if creditors file a petition, the court wouldn’t accept it,” he explained.
David King, Suntech’s chief executive, said: “While we evaluate restructuring initiatives and strategic alternatives, we are committed to continuing to provide high-quality solar products to our global customer base.”

Whopper of the Week: Reid falsely claims deficit reduced $2.5 trillion over last two years

Reid with finger
Harry Reid, what a Joke
It’s politically fashionable now to say you’ve helped reduce the nation’s debt. And at nearly $1 trillion annually, there’s a lot of debt to be reduced.

But during a speech this week on the Senate floor, Majority Leader Harry Reid claimed that over the past two years the government has reduced the deficit by $2.5 trillion – almost double the amount the deficit is right now.

“In the last two years we have reduced the deficit by $2.5 trillion,” he said. “The Senate budget continues this effort without jeopardizing our economic recovery or breaking our promises to seniors and veterans.”

The Congressional Budget Office, which does non-partisan economic analysis at the behest of Congress, estimates that the federal deficit will be $845 billion by the end of this year. Two years ago, in 2011, the deficit was $1.3 trillion. That’s hardly a reduction of the more than $2 trillion that Reid claimed.

In fact, CBO data shows that the deficit has only been reduced by about $450 billion over the last two years. That’s about 20 percent of what Reid claimed.

For mangling budget numbers in a way that gave Americans too rosy a picture of the federal decific, Harry Reid wins the Whopper of the Week, a distinction awarded by the Washington Guardian to inaccurate, false, or misleading statements made by political leaders.

Reid’s mistake was in making it sound like the budget deficits and their reductions over the next decade have already taken place, during 2011 and 2012. The Democrat’s current fiscal plan projects $2.4 trillion in deficit reduction over the next 10 years, according to documents released by Sen. Patty Murray, D-Wash., the Senate Budget Committee chairwoman.

What Murray’s letter actually says is that the work in creating policy that will reduce the debt has been done over the past two years. It’s the planning and preparation that have been done over the past two years, the policy changes that will lead to deficit reduction. But most of the reductions are years off.

“This memo first lays out the bipartisan work we’ve already done over the last two years to reduce our deficit and debt by at least $2.4 trillion,” Murray’s letter reads.

Exact numbers are often difficult to come by and sometimes a guessing game, but politicians need to be accurate in their claims, especially when presenting a timeframe. Reid’s comments made it seem like the government has already cut the debt and should be operating at a surplus. But the reality is trillions in new deficits are on the horizon before those $2.4 trillion in savings are achieved.

Holder: Assassination of American Citizens May Be Necessary

HELP US KEEP YOU BETTER INFORMED ABOUT THE TRICKS OF THE RADICAL PROGRESSIVE REVOLUTION PLEASE DONATE ANY AMOUNT YOU CAN