Search Results for: koch

By Pam Martens and Russ Martens: December 9, 2016  On December 4 the Wall Street Journal reported that President-elect Donald Trump was considering the following three individuals for Vice Chairman of the Federal Reserve for Bank Supervision: John Allison, the long serving head of BB&T bank and a Board Member of the right-wing Cato Institute which was half owned by the Koch brothers for decades; Paul Atkins, a consultant, former member of the Securities and Exchange Commission and a Visiting Scholar at the right-wing think tank, the American Enterprise Institute, which has heavy ties and financial backing from the Koch brothers. Also under consideration, and as far removed as one could possibly get from the other two, Thomas Hoenig, Vice Chair of the Federal Deposit Insurance Corporation and the former President of the Federal Reserve Bank of Kansas City. Thomas Hoenig would deliver America from the stranglehold of the Ayn Rand lunatic fringe … Continue reading →

By Pam Martens and Russ Martens: March 17, 2016  Democrats sitting on the U.S. Senate Banking Committee at Tuesday’s confirmation hearing to take testimony from President Obama’s two nominees for the Securities and Exchange Commission (SEC) must have felt like they were having an out of body experience — listening to the human personification of billionaire Charles Koch’s money aping his Ayn Rand, anti-regulatory double-talk from a witness seat. What had to be particularly nauseating to them was that this nominee was sent to them by President Obama who ran as a Democrat on a platform of hope and change. While the political makeup of the SEC is prescribed by law, so that one of these two nominees had to be a Republican, why pick this particular Republican? On October 20, 2015, President Obama announced that his nominee to fill a Republican seat on the SEC would be Hester Peirce, … Continue reading →

By Pam Martens and Russ Martens: January 4, 2016 Call them astroturf organizations or neoliberal think tanks or corporate front groups – it all adds up to the same thing: big corporate bucks are engaged in a vicious propaganda war to recast the 2008 financial crash and its depression-like aftermath as the product of big government meddling rather than corporate lobbyists strong-arming deregulation of banking and Wall Street. The corporate cartel simply cannot allow mandates for tough new regulations to gain footing in Washington, otherwise the multi-decade work of the Kochtopus goes poof. (Kochtopus is short-hand for the political and front group money machine run by billionaire brothers, Charles and David Koch.) The Koctopus now has its knickers in a twist over the release of the movie, The Big Short, directed by Adam McKay and based on the bestselling book by Michael Lewis, a former Wall Street insider. Prior to … Continue reading →

By Pam Martens and Russ Martens: January 26, 2015 Just imagine what would happen in the United States, land of the billionaire Koch brothers’ well-heeled minions and their obsessive hysteria against the government helping those in need, if a political party called the Coalition of the Radical Left (Syriza is the Greek shorthand) took over the country in a landslide victory. Even though it happened in Greece yesterday, not the United States, it is sure to provide plenty of fodder for the Kochs to incite fear in their ranks and ramp up campaign spending by billionaires heading into the 2016 U.S. election. Just this past Saturday, Charles Koch was warning his Ayn Rand-worshiping followers at their annual confab in Palm Springs, California that “Americans have taken an important step in slowing down the march toward collectivism.” In excerpts of his speech leaked to the media, Koch said his vision is … Continue reading →

By Pam Martens: May 23, 2013  There are IRS scandals and then there are IRS Scandals – with a capital S. Last year, we reported on the capital S kind. For decades, billionaires Charles and David Koch had secretly owned shares giving them 50 percent ownership of the Cato Institute – a 501(c)(3) nonprofit organization subsidized by the taxpayer — while pushing a deregulatory agenda for big business. Today, Cato is functioning as a megaphone to spin the current flap over the IRS to advance its agenda.  Before the news broke in 2012 of the Kochs’ ownership in Cato, most of America believed that nonprofits could not be owned by individuals and were required under the law to have a freely elected Board of Directors. (Charles Koch had found a loophole in the law in Kansas where Cato was originally formed.) The Internal Revenue Service warns that charitable organizations like the … Continue reading →

By Pam Martens: May 21, 2013  Yesterday, DBA Press and the Center for Media and Democracy released a stunning report showing how counter terrorism units and the Department of Homeland Security gathered intelligence on the Occupy Wall Street movement for the benefit of the very corporations targeted by the protesters.  Titled, Dissent or Terror: How the Nation’s Counter Terrorism Apparatus, In Partnership with Corporate America, Turned on Occupy Wall Street, the year-long investigation is based on the collection of thousands of pages of records obtained from counter terrorism and law enforcement agencies. One of the revelations of the report is that Koch Industries, as well as billionaire Charles Koch and his son, Chase Koch, hired off-duty Wichita, Kansas police officers that served as their own private security force at the company and their personal residences in mid February 2012.  According to the report: “These dates coincide with Occupy Wichita’s  ‘Occupy … Continue reading →

By Pam Martens: May 16, 2013  The President Obama of 2013 who is feigning outrage over the IRS adding extra scrutiny to nonprofit applications being filed with the words Tea Party in their title is not the same man who singled out Americans for Prosperity in a speech in 2010. Americans for Prosperity was founded and funded by billionaires Charles and David Koch, who have funneled money into politics through front groups for over four decades to advance their corporate deregulatory agenda that powers their profits and personal wealth. The Kochs are majority owners of Koch Industries, one of the largest private corporations in the world. (According to Forbes, the brothers’ wealth has almost doubled in just three years to $34 billion each – while 46 million Americans without lobbyists and clever tax attorneys live below the poverty level, including one in five children.)  Americans for Prosperity is a front for creating Tea … Continue reading →

By Pam Martens: April 24, 2013  We used to be a country with a rich heart. Now we’re the land of the heartless rich.  In one of the worst economic downturns since the Great Depression, the billionaire Koch brothers who habitually rail against government’s unfair burden on the wealthy, have almost doubled their net worth to a combined $68 billion. On March 10, 2010, Forbes listed the net worth of Charles and David Koch at $17.5 billion each. This year, Forbes says the Koch brothers are individually worth $34 billion.    During that same time period, some of the bleakest economic news has been reported for the rest of America. Just yesterday, the Pew Research Center released a study showing that between 2009 to 2011 the richest 7 percent of Americans increased their wealth by 28 percent while the remaining 93 percent of households lost 4 percent of their net worth. … Continue reading →

By Pam Martens: April 22, 2013 Corporate media is abuzz with the possibility that the Koch brothers will use their majority-control of Koch Industries to buy eight daily newspapers owned by the Tribune Company, including the Los Angeles Times and Chicago Tribune, the fourth and ninth largest dailies in the country, respectively. If the Kochs’ bid is successful, it will signal a plan by the Kochs to stop hiding behind front groups and the launch of a full-scale, open assault on reshaping the country to fit their agenda: deregulation, privatization, and dramatically shrinking the Federal government. Tribune also owns two of the largest dailies in the battleground state of Florida: the Orlando Sentinel and the Sun Sentinel out of Fort Lauderdale. Other dailies include The Baltimore Sun, Hartford Courant, The Morning Call and Daily Press.  According to the 2013 Forbes list of billionaires, both Charles and David Koch increased their wealth by … Continue reading →

By Pam Martens: September 27, 2012 With Mitt Romney writing off 47 percent of voters, the Presidential race now comes down to the Koch brothers’ money and Paul Ryan’s ambitions.  According to the Republican political consultant, Roger Stone, David Koch played a key role in Ryan’s selection. Says Stone, “The selection was cemented at the July 22nd fundraiser Koch held for Romney at the former’s sumptuous Hamptons estate. Koch pledged $100 million more to C-4 and Super PAC efforts for Romney for Ryan’s selection.”  According to Forbes, the Kochs have budgeted to spend approximately $400 million in this election cycle, chump change to men worth $25 billion each according to the Forbes list of billionaires.   To understand the Koch motivation to get Paul Ryan a heartbeat away from the Presidency, it requires listening to this brief tape, featured at the libertarian Cato Institute web site.  On the tape you will first hear Herman … Continue reading →