PR Watch.org

Today the Funny or Die crew took the fight for financial reform to a knew level, tapping the talents of reality TV star Heidi Montag who delivers the message that "with hidden fees and standard interest rate increases, that $11,000 jaw line can end up costing $50,000 dollars!" Montag is famous for her multiple plastic surgeries featured recently on the cover of People magazine.

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In the 1950s, more than half the U.S. population smoked. Now that number is down to just 21 percent of adults. As the domestic cigarette market shrinks, tobacco companies are taking their business to the developing world, where they don't have to deal with pesky things like advocacy groups that oppose industry activity, smoking bans, and a populace that is aware of the health hazards of smoking.

Now Philip Morris (PM) is playing hardball in lesser-developed countries to try and preserve their ability to market cigarettes however they want. On February 19, PM filed a lawsuit against Uruguay to try and force that country to withdraw a new law requiring 80 percent of each side of cigarette packs show graphic images depicting the health effects of smoking.

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Watching the devolution of the bank reform bill in the U.S. Senate has been painful. Banking Chairman Chris Dodd’s original proposal unveiled last year had numerous strengths, most significantly the removal of bank supervisory authority from the Federal Reserve. Dodd had decided that the Fed had done such a lousy job ignoring the housing bubble and failing to crack down on predatory lending in the mortgage market that it shouldn’t be given a second chance.

But a second chance for this unpopular and failed institution is currently in the works. In an effort to please Republicans and achieve a bipartisan bill, Dodd is not only going to let the Fed keep its bank supervision and rule making authority, he wants to give it authority over the proposed Consumer Financial Projection Agency (CFPA).

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Republicans and conservative news media outlets like Fox News keep repeating the error made by newly-elected Massachusetts Senator Scott Brown, when he mistakenly called the Senate process of reconciliation "the nuclear option." The term the "nuclear option" was coined in 2005 by then-Majority Leader Trent Lott, when Democrats used the filibuster to block the appointment of appeals court judges nominated by George W. Bush. This prompted Republicans to threaten to change the Senate rules so they could cut off debate on judicial nominees using a simple 51-vote majority instead of the required 60-vote majority needed to end a filibuster. The momentousness of this change -- effectively blocking the stalling technique known as the filibuster -- moved some Democrats to dub the Republicans' threat the "nuclear option." Thus, the term "nuclear option" refers to a major change in the rules of the Senate, not passing a bill using reconciliation. Passing a bill -- even a large and important bill -- through reconciliation is fairly standard procedure, and has been used many times before to approve major health care reform initiatives.

It's getting clearer that conservatives would rather sling around a scary, loaded old term and hope to elicit some emotional effect than come up with a new term -- or use the right words -- to communicate what they mean.

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Wendell Potter with House Speaker Nancy PelosiThe Center for Media and Democracy's own Wendell Potter, former head Corporate Communications for CIGNA, and now the Center for Media and Democracy's Senior Fellow on Health Care, is going to New York City to tape an interview with Bill Moyers for his show, Bill Moyers' Journal, to be broadcast Friday night, March 5.

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The reckless behavior of big Wall Street banks, credit card companies, and mortgage lenders caused a financial crisis that cost us millions of lost homes and jobs, billions in tax-payer funded bailouts and trillions in lost college and retirement savings.

This week, the Senate will take up financial reform legislation that will set the shape of economy for the next 50 years. This is a critical time to call or email your Senator and tell them American families can no longer afford a "boom and bail" economy and it's past time that they cracked down on the abuses that caused the financial crisis.

From March 1-4, you can call the Senate toll free at 1-866-544-7573 between the hours of 9 a.m.-5 p.m. EST. The toll-free number, provided by our friends at Service Employees International Union (SEIU), will ask you to dial-in your zip code. You will automatically be connected to your Senators' office. Or you can go to BanksterUSA.org to email your Senator.

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The steady stream of revelations regarding the role Goldman Sachs has played in the fleecing of Europe should reinvigorate efforts in Congress to rein in the reckless trading that could send the global economy into another tailspin.

To recap, Greece and a number of other European Union countries are dangerously in debt. EU rules say member countries cannot have budget deficits that exceed 3 percent of their gross domestic product (GDP). The Greek government recently revealed that its debt is closer to 12 percent of GDP. Other countries including Spain, Ireland, Italy and Portugal are also in trouble. Like our behemoth banks, these countries are “too big to fail.” A default by any one of them would put an end to talks of “green shoots” and could lead to a double dip recession.

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Former VP Dick CheneyIn April, 2009, former vice president Dick Cheney called for the Central Intelligence Agency (CIA) to release classified memos he said demonstrated how well "harsh interrogation methods" -- torture -- worked to prevent terrorist attacks and save lives. But investigators with the U.S. Department of Justice (DOJ) Office of Professional Responsibility (OPR) just released a report saying that the CIA memo Cheney cited as justifying U.S. torture contains "plainly inaccurate information" that undermines its conclusions.

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Even before a recent U.S. Supreme Court decision blew the lid off corporate campaign spending, it was clear that the big banks would be key players in the 2010 election cycle.

Unemployment will remain high, and so will resentment against the banks -- a volatile combination that will encourage savvy members of Congress to continue to fight for meaningful reform of the financial sector. While a major reform bill is winding its way though Congress right now, it only addresses aspects of the problem, leaving loose ends for reformers to pick up and pursue in 2011.

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The New York Times' front page exposé on the role that Goldman Sachs has played in the Greek tragedy unfolding in Europe right now raises a huge number of concerns both for the U.S. economy and the financial reform measures now in Congress.

To recap, Greece and a number of other European Union (EU) countries are dangerously in debt. EU rules say member countries cannot have budget deficits that exceed three percent of GDP. Greece's debt is closer to 12 percent. Other countries including Spain, Ireland, Italy and Portugal are also in trouble. These countries are "too big to fail." A default by any one of them would rock the global markets, putting an end to the hopeful signs of an EU recovery and potentially leading to a "double dip" recession here in the United States.

Greece and perhaps the other EU nations have been hiding the extent of the debt for years. This week, it was revealed that they have been able to do this with the aid of major U.S. players like Goldman Sachs. The German magazine Der Spiegel broke the story that Greece did a billion-dollar currency swap with Goldman Sachs in 2002 that did not show up on the nation's books as debt.

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Although it seems a bit like a dog-bites-man story, the New York Times reported that Texas Governor and 2012 presidential aspirant Rick Perry (R-TX) has joined with the Competitive Enterprise Institute (CEI) in challenging the Environmental Protection Agency's decision to regulate carbon dioxide as a greenhouse gas. As the Center for Media and Democracy has documented on our SourceWatch site, CEI has been well-funded by Exxon and other oil companies, and is one of the main U.S. corporate front groups fighting efforts to address global warming and regulate the industry that feeds it funding. But, the courts are now stacked in Perry's favor, as noted below.

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A congressional hearing next week into the proposed 39 percent rate increase in California by health insurance giant WellPoint could breathe new life into health care reform efforts on Capitol Hill, especially if lawmakers broaden their investigation into the outrageous rate increases other insurers are also demanding from coast to coast.

WellPoint found itself in Congressional investigators' crosshairs after the California Department of Insurance challenged the company's planned increase in the rates it charges its customers who cannot get coverage through the workplace, but have to go it alone in what is called the individual market.

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Front group man extraordinaire Rick Berman and his attack group, the Center for Consumer Freedom (CCF), have launched a new Web site, HumaneWatch.org, to harass the Humane Society of the United States (HSUS), the country's largest animal welfare organization. In pursuing its mission of stopping animal cruelty, HSUS has apparently run afoul of some large, wealthy business interests, and now it is getting some major pushback.

The Humane Society works to stop egregious, ongoing animal abuse, particularly in money-making enterprises like puppy mills, factory farming, dogfighting, cockfighting, and unsporting hunting practices like "canned hunts," where hunters pay to shoot at captive, domestically-raised, exotic animals. While this is a laudable goal, it pits HSUS against a significant number of wealthy, powerful businesses that engage in animal cruelty practices, like meat and egg producers, factory farmers, canned hunting businesses, contract research labs that do animal testing for big corporations and pharmaceutical companies that exploit animals to manufacture drugs like Premarin, which is used to treat the symptoms of menopause. Premarin is made from pregnant mares' urine and is marketed by Wyeth Pharmacueticals, one of the world's largest drug companies.

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It's really unbelievable. The way that Goldman Sachs keeps sticking its foot in it is simply unbelievable. Let's not review their gross profits and bonuses, or their many failed public relations schemes to gloss over unseemly profits, a practice we have dubbed "greedwashing". Let's simply recap this week's news.

On Sunday, the New York Times detailed in a front-page expose' how Goldman may have hastened the demise of AIG, and perhaps the global economy, by betting that the housing market would collapse and jacking up its insurance for mortgage securities with AIG to extract more and more money from the firm as the housing market went south.

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Copenhagen Out of the Frying Pan, Part 8
Publisher's Note: I asked our guest blogger, Alex Carlin, to send along a wrap-up blog reflecting on his experience at COP15, and looking ahead to COP16 later this year. He graciously agreed, and here are his reflections on the conference and climate change. --Lisa Graves, Executive Director

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While Treasury Secretary Timothy Geithner was on the talk shows reassuring America that the economy is healing, developments in Europe threatened to cut the legs out from under a U.S. recovery.

The short story is that Greece and a number of other European Union (EU) countries are in debt, deep in debt. EU rules say member countries cannot have budget deficits that exceed three percent of GDP. Greece’s debt is closer to 12 percent.

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In a video posted on YouTube on February 3, House Representative Barney Frank (D-Massachusetts) explains how the right wing media machine creates and spreads disinformation in an effort to smear the left. "Disinformation" should not be confused with "misinformation," the unintentional form of wrong information. Disinformation is produced by people who intend to mislead their audience.

Frank tells how John Fund, an editorial writer for the Wall Street Journal, told a lie about him in November of last year: In a speech at a conservative function in Florida called "Restoration Weekend," Fund claimed that, after losing the special election in Massachusetts, Democrats Chuck Schumer and Barney Frank were going to propose a bill to create universal voter registration. Fund further stated that Democrats were going to add all welfare recipients and unemployed people to the voter rolls, and he called it "felon re-enfranchisement."

In reality, Frank explains, there was no such bill.

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On the day that Punxsutawney Phil emerged to predict a long hard winter, Americans picked up the newspaper to read that AIG, the bankrupt insurance giant, was going to pay out $100 million in bonuses to its failed financial products division. Kenneth Feinberg, President Obama’s pay czar, announced that these were “grandfathered” retention payments and that the unit had taken a $20 million dollar reduction in bonuses.

Like Bill Murray in the classic film Groundhog Day, we are being forced to live this day over again.

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The Center for Media and Democracy and BanksterUSA are pleased to present our Golden Throne Award to T. Timothy Ryan Jr., President and Chief Executive Officer of the Securities Industries and Financial Markets Association (SIFMA). SIFMA is the leading behind-the-scenes lobby group representing big banks and investment firms, as well as broker-dealers and other peddlers of financial instruments, which Warren Buffett labeled "weapons of mass destruction." SIFMA lobbies Congress and financial regulators, and handles securities-related press for some of the biggest players in the financial crisis--Goldman Sachs, Bank of America, AIG, Merrill Lynch, Citigroup, and Fidelity Investments.

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Davos is a small resort town in Switzerland best known for hosting the World Economic Forum (WEF), an annual meeting of global political and business elites. Every year the biggest boosters of the "neoliberal" economic policy agenda of deregulation, unfettered global trade and strict International Monetary Fund (IMF) rules for poor countries, convene at Davos to pat each other on the back.

Now that these policies have almost brought the world to ruin, one would expect these global titans to be self-reflective and perhaps even apologetic. Mostly they were absent.

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