Search Results for: koch

By Pam Martens and Russ Martens: March 27, 2018 Christopher Wylie, the Cambridge Analytica whistleblower who has thus far exposed how Steve Bannon and his money-backer, billionaire hedge fund manager Robert Mercer, created Cambridge Analytica, which harvested private data from 50 million Facebook users to help Donald Trump’s presidential campaign, testified for almost four hours this morning before British lawmakers in the Commons Culture Committee. His testimony was explosive at times. Wylie is testifying before the British lawmakers because the same people and companies involved in the social media data mining and micro-targeting for Trump’s presidential campaign were also involved in the June 23, 2016 Brexit vote in the U.K. where citizens voted in a referendum to take the U.K. out of the European Union. Wylie testified that a Canadian company, AggregateIQ (AIQ), developed the software for Cambridge Analytica, describing it as a “proxy” firm and “money laundering operation.” He … Continue reading →

By Pam Martens and Russ Martens: March 19, 2018 According to news reports last Friday and over the weekend, Facebook has landed squarely in the middle of the next explosive leg of the Trump-Russia scandal. According to the Guardian’s Observer newspaper in the U.K., a digital data mining company known as Cambridge Analytica collected private information from approximately 50 million Facebook users in order to support Donald Trump’s presidential campaign in 2016. Trump’s campaign hired Cambridge Analytica in the spring of 2016 and “paid it more than $6.2 million,” according to a Reuters report. A Cambridge Analytica whistleblower, Christopher Wylie, told the Observer that “We exploited Facebook to harvest millions of people’s profiles. And built models to exploit what we knew about them and target their inner demons. That was the basis that the entire company was built on.” According to the reports, the “inner demons” were unleashed through personalized … Continue reading →

By Pam Martens and Russ Martens: January 23, 2018  President Donald Trump’s White House Counsel, Don McGahn, has a long history of gutting campaign finance laws to the benefit of corporations. His wife, Shannon McGahn, also an attorney, has a long history in efforts to roll back financial regulations on Wall Street. They have become corporate America’s favorite power couple in Washington. We’ll get to the details in a moment but first some necessary background on how campaign finance law was brazenly corrupted at the U.S. Supreme Court. In 2011, half of our research team (Pam Martens) filed an explosive exclusive with CounterPunch (which we now carry in our archives at Wall Street On Parade). The article revealed that a sitting justice on the U.S. Supreme Court, Clarence Thomas, had been entertained by billionaire Charles Koch and his wife, Elizabeth, at their lavish private club, the Vintage Club, in Indian … Continue reading →

By Pam Martens and Russ Martens: January 12, 2018 On Wednesday, the House Financial Services Committee held a hearing on a topic of critical importance to all Americans: restructuring the Federal Reserve into a modern day central bank instead of a captured regulator controlled by the very banks it purports to supervise. Dean Baker, the Senior Economist at the Center for Economic and Policy Research, presented an important assessment of reforms needed at the Fed but you will be hard pressed to find any mainstream media coverage of his testimony. Instead, President Trump’s characterization yesterday of Haiti and African nations as “sh**hole countries” is dominating the news. How much critical work is falling by the wayside because mainstream media, dependent on ratings, elects to pursue only the most sensational stories – which they have no shortage of finding under President Trump. Congress began its latest push to reform the Federal … Continue reading →

By Pam Martens and Russ Martens: November 30, 2017 Bitcoin has soared this year by more than ten-fold, defying all of the Wall Street veterans who have compared it to the Tulip Bubble and/or a Ponzi scheme. That doesn’t mean that Bitcoin is a legitimate investment; it just means that bubbles have no set expiration date. The Nobel laureate economist, Joseph Stiglitz of Columbia University, appeared on Bloomberg television yesterday and had this to say about Bitcoin: “One of the main functions of government is to create currency. And Bitcoin is successful only because of its potential for circumvention, lack of oversight. So it seems to me it ought to be outlawed. It doesn’t serve any socially useful function.” Consider the remarks Stiglitz made yesterday to our more detailed assessment along the same lines back in 2014. We wrote: “The business writers at Reuters are also dead wrong on Bitcoin … Continue reading →

By Pam Martens and Russ Martens: August 31, 2017 Ayn Rand made her mark by writing and lecturing on a philosophy called Objectivism. It’s a philosophy that flips upside down everything that most Americans hold dear. Under Objectivism, greed is good, selfishness is noble, helping one’s fellow human beings is for suckers and an outright evil. The philosophy also holds that big government is bad and obscenely rich corporate titans are the real heroes of society. (See related articles below.) The Koch brothers’ network of billionaires has been financing the proliferation of Rand’s books into high schools and colleges for decades. Trump is the personification of the Ayn Rand creed and his elevation from reality TV host to the Oval Office is valid proof that the Kochs and their ilk have spent their money wisely. Trump’s gilded mansions and lifestyle are also mother’s milk to the one percenters he has … Continue reading →