Policy Group Questions Loans for Pfizer Deal

The New York  Times
Cyrus Sanati

Pfizer’s $68 billion acquisition of rival pharmaceutical maker Wyeth is drawing criticism over the $22.5 billion in loans Pfizer received from major Wall Street banks to help close the deal.

The Greenlining Institute, a California-based public policy group, says it has filed an action with the antitrust division of the Department of Justice in which it questioned whether the bank consortium that provided the loans was misusing the billions of dollars they received under the government’s Troubled Asset Relief Program. Continue reading “Policy Group Questions Loans for Pfizer Deal”

Foreclosure Fightback

TheNation.com
By Ben Ehrenreich

“This is a crowd that won’t scatter,” James Steele wrote in the pages of The Nation some seventy-five years ago. Early one morning in July 1933, the police had evicted John Sparanga and his family from a home on Cleveland’s east side. Sparanga had lost his job and fallen behind on mortgage payments. The bank had foreclosed. A grassroots “home defense” organization, which had managed to forestall the eviction on three occasions, put out the call, and 10,000 people–mainly working-class immigrants from Southern and Central Europe–soon gathered, withstanding wave after wave of police tear gas, clubbings and bullets, “vowing not to leave until John Sparanga [was] back in his home.”

Continue reading “Foreclosure Fightback”

Protesters in San Francisco Demand More Credit

Americanbanker.com
Emily Flitter

Housing advocates in California today got some fresh air as they decried bank bailouts and called for government aid to Main Street. Representatives of 40 community groups marched through San Francisco, stopping at the local headquarters of big banks that received federal bailout money and ending their rout at the Federal Reserve Bank of San Francisco. Continue reading “Protesters in San Francisco Demand More Credit”

Fostering Homeownership — the Right Way

American Banker
By Orson Aguilar and Faith Bautista

As the presidential inauguration draws near, it is increasingly clear that bailouts and government guarantees are unlikely to be successful unless government assistance is focused on the 10 million or more American homeowners who are in trouble and the millions of jobs than can be created directly and indirectly through homeownership. Continue reading “Fostering Homeownership — the Right Way”

The Philanthropy Shakedown

Wall Street Journal
Give to ‘minority-led’ charities, or else.

In 2006, Publix Supermarket Charities donated almost $30 million to causes that included Habitat for Humanity, the March of Dimes and United Way. But Al Piña isn’t satisfied. Mr. Piña, the chairman of the Florida Minority Community Reinvestment Coalition, believes Publix isn’t giving enough to people of color who donate to other people of color. Welcome to the latest trend in racial extortion. Continue reading “The Philanthropy Shakedown”

McClatchy to Hold On Through Turbulent Times

Andrew S. Ross
SFgate.com
Wednesday, December 10, 2008

Might a media company based in Northern California follow the Tribune Co.’s example and be the next to seek some “breathing space” from its debts, i.e., file Chapter 11? No way, said Gary Pruitt, CEO of Sacramento’s McClatchy Co. Talking to a reporter after his presentation Tuesday at the UBS Global Media and Communications conference in New York, he said McClatchy is “not facing anything close to what they have been. I was disappointed about the bankruptcy filing, that’s all I can say.” Continue reading “McClatchy to Hold On Through Turbulent Times”

Medicare Drug Plans Changing

Seniors urged to check Part D prices and coverage during open enrollment to avoid surprises.

By Melissa Evans, Staff Writer
contracostatimes.com
Posted: 12/03/2008 11:04:27 PM PST
Updated: 12/04/2008 10:32:40 AM PST

Fifteen dollars a month doesn’t sound like a lot of money – except if you’re living on a fixed monthly income of about $1,650, and rent, food and energy costs are soaring, too. Continue reading “Medicare Drug Plans Changing”