Tag Archives: Obama. Romney

PIRATES AT THE HELM?

PIRATES AT THE HELM ?

Louise Annarino

June 1, 2012

 

As Fathers’ Day nears I have been thinking about the fathers of America and what they are thinking about our presidential candidates. Polls show that the largest group of Democratic candidate President Barack Obama’s supporters are women; the largest group of Republican candidate Mitt Romney’s, white men. Clearly, the patriarchal position of Republican policies and legislative agenda does not sit well with most women. Also, President Obama’s record abounds with efforts to empower and protect women and their children. Men who think they can offer platitudes to women are sadly mistaken, and will not gain women’s support by returning them to second-class citizenship.

 

But, it is the men who cause me to ponder. One would expect strong support for a president who is hands-on seeking out and destroying the enemies who attacked us on 9/11, who works hard to assure our military and veteran’s have our full support and gratitude; who repeatedly asks congress for approval and support to rebuild our bridges,  ports, roads, airports and infrastructure; and who seeks legislative reform to  bring home companies which have moved off-shore, rebuild our manufacturing platform, gives tax breaks to small business etc. to encourage economic growth. Since President Obama took office we have only moved forward with an on-going increase in productivity, job retention and creation, GNP, and a reduction in unemployment. They must understand that slow and steady growth which is sustainable over the long term is best for our economic stability as the world’s economic powerhouse. While currency values fall worldwide, the U.S. dollar remains strong.

 

And, it is the men who cause me to ponder when they seem unwilling to consider how President Obama explores changes which will transform how we educate their children. I realize rich men need not be concerned; they simply send their children to the best schools money can buy: low class size, highly paid and trained staff, broad extracurricular opportunities, readily available tutoring and support services. But even working men, whose children attend public schools in overcrowded classrooms, with poorly paid staff who must use their own money to enrich classroom activities, who must deal with those unruly and emotionally stressed children of poverty without anyone’s support; men who must pay for their children to play sports and engage in other extracurricular opportunities out of their unemployment checks who oppose this president. Why do such men, such fathers, oppose what is in their own best interest, and the interests of their wives and children?

 

Do they believe Mitt Romney, who as Governor of Massachusetts plunged that state to 47th. in the nation in jobs creation will do better as president? Do they really believe that a man who made his living by destroying the livings of men like them will protect them and their families? I am sure his equity firm made companies more profitable. He did so by eliminating union and non-union workers, reducing wages of workers who remained, stopping workers’ health care coverage. Once the company was profitable, however, his company withdrew those profits to repay the bank loans he had used to buy the company in the first place. Then, he used what profit remained to repay his investors and pay himself the fees to which he was entitled. Often, he had to sell off the equipment needed to continue production.

Finally, the company he tells you his equity firm made more profitable had to file bankruptcy. Since there were no longer assets, nor sufficient equipment to continue to create worth there was no means to pay retirement benefits to the workers who lost their jobs. The companies eventually closed. The bankruptcy court approved termination of retirement benefits for people who had worked their whole lives for the company.

 

This is how Mitt Romney became a self-described successful businessman and multi-millionaire. I don’t call that success; I call that legal piracy.  Like a pirate his money rests in off shore accounts one would need a map to discover. He’s not telling; not even disclosing his prior tax returns. Is this what makes him appealing to men? Do they all want to play pirate? Do they all think if they follow Romney they will become wealthy, too. Do they want a pirate at the helm of our Ship of State? At what cost to their women and children? At what cost to their country, and mine?

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LESSONS FROM MY KITCHEN

LESSONS FROM MY KITCHEN

Louise Annarino

May 18, 2012

 

For years I was a good cook, and a great baker. Then a few years ago, nothing seemed to turn out right. Cakes fell on one side. Cookies were either burnt or raw. Pie crust was soggy. It was so difficult to produce a tasty product I nearly stopped trying. Friends and family stopped asking for a sweet from my kitchen, turned down my offerings, and made strained faces as they said they were “not hungry” when offered a treat. I gave up, believing my baking days were over; others would replace my efforts with their own. Recently, my oven died. A new oven was installed. Suddenly, my cooking and baking skills were restored, my productivity increased, and the demand for my sweets increased. The secret? I now used an oven whose heat was regulated. Baking, like any productive endeavor, is both an art and a science. There are rules to acknowledge, recipes to follow, and regulated patterns to maintain proper heat to alter the interaction of the ingredients for successful cakes-pies-cookies. Baking for a family is not without risk, but less demanding than baking for a huge family wedding. Baking a wedding cake and catering the event is an enterprise too big to fail. Throwing a burnt batch of cookies out to the birds is no big deal; failing to deliver a wedding cake is.

 

Regulations are not meant to restrict an enterprise, but to make it more productive. Following rules and regulations is not counterproductive; it assures the common good will be served by the success of the enterprise. It encourages growth and productivity. It assures certainty which reduces fear and risk to manageable proportions. regulations are good and necessary. Not just in kitchens, but in the corporate world as well.

 

What do we mean by too big to fail? Consider the nation’s biggest banks collective holdings: In 2008,the nation’s biggest banks held $6 trillion, 40% of the nation’s wealth; today, $8.5 trillion, 56% of the nation’s wealth. the bail out first orchestrated by president George Bush, and later adopted by president Obama, successfully avoided the loss and actually increased the gain of Wall Street Banks. While unemployment continues to drop slowly, wealth of the banks has increased quickly and dramatically.

The unemployment rate hovers around 8% at best, and in our minority communities it has slid to 40-50%.1 Meanwhile, CEO and upper level executives of Wall Street enjoy million dollar bonuses,on top of multiple-million dollar salaries. Wall Street’s golden boy, JPMorgan Chase chairman and CEO Jamie Dimon, earns about $20 million per year before bonuses and perks.2

 

This same Jamie Dimon recently announced his bank lost $2 billion in a “sloppy” and “stupid” trade whose “red flags” he and others had seen for months but which he had characterized as “a tempest in a teapot”. “We made a terrible, egregious mistake,” Dimon said in an interview that aired on Sunday on NBC’s Meet the Press. “There’s almost no excuse for it.”1 There is no “almost” about it, Mr. Dimon.  There is NO excuse. Later, Mr. Dimon indicated the loss had doubled to $ 4 billion, a drop in the bucket for JPMorgan Chase, if not for its investors.3

 

The Obama administration and Democrats in Congress did manage to enact financial reform legislation to rein in such sloppy/stupid and speculative derivative trades, before the Republicans gained complete control of the House of Representatives in the 2010 election. The Dodd-Frank Bill may not have been strong enough for most economists, but has been under unceasing Republican attack. Republicans have blocked every effort to expand financial reform measures, and to implement rules to enforce Dodd-Frank; and, they have refused to confirm Richard Cordray to oversee the newly-created  Consumer Financial Protection Bureau, forcing President Obama to make a recess appointment, also opposed by Senate and House Republicans.

 

The recess appointment to the new agency, hobbled by the lack of a permanent director, faces possible litigation as it tries to regulate banks and other financial institutions.The position of House Republican Leader,Rep. John Boehner and Senate Republican Leader, Mitch McConnel is best illustrated by Alabama Republican Rep. Spencer Bachus’, the chairman of the House Committee on Financial Services,comment, “President Obama has delegitimized the CFPB and has opened the agency up to legitimate legal challenges that will cripple it for years”. Clearly, every effort will be made to stop financial reform.4

It is not simply that Republicans oppose Dodd-Frank and the Volcker Rule which stops banks with government guaranteed deposits from proprietary trading; Mitt Romney has promised he will overturn it. The Volcker Rule prevents such banks from speculating with depositors’ money, backed by government guarantees supported by our tax dollars. While AIG used market derivatives to bet on the housing market causing a world-wide economic bust, JPMorgan Chase more recentlyused market derivatives to bet on corporate debt. Again, using depositors’ money backed by federal guarantees – using our tax dollars. Clearly, why would we expect anything else? What is the incentive to rein in risk when you are betting with someone else’s money, and the taxes collected by the federal government guarantee your failures will not result in your personal loss?

To add insult to injury, Republicans argue it is morally wrong to ask those who “earn” their wealth from the capital gains made from such investments to pay the same rate as those who “earn” their wealth from their own labor, instead of the 15% they now pay. Also, they pay nothing at all until they draw down their profits. If they reinvest and take loans against these profits/assets they pay zero on the gains, living off the loan whose costs may be deductible. They do all of this with depositors’ funds backed by tax-payers’ dollars.

This same strategy of using others’ money for one’s personal gain, without risking one’s own assets is a key feature of venture capitalists such as presidential candidate Mitt Romney and Bain Capital. Do banks and venture capitalists sometimes turn a profit for their investors and the companies they buy? Yes. But, at what cost?  The recent JPMorgan Chase loss might have resulted in gain, had things gone differently. But the only risk was to depositors. Romney and Bain may have saved a few companies, while closing down most; but at what cost to down-sized workers who lost their jobs, retirees who lost retirement income and benefits, workers who lost health insurance coverage? Romney and Bain faced no risk of their own.If the company could not be saved it was sold off and Bain was reimbursed before workers or retirees, who lost most if not all in the company’s bankruptcy.

The willingness to risk loss is increased when using someone else’s money and your own potential loss is prevented by the structured guarantees which assure one will not lose one’s own profits;and, that one can avoid taxes on such ill gotten gains. Such gains are ill gotten and inherently immoral, but not illegal. That needs to change. Such change is being fought by ALEC, Koch Brothers et al, and an army of lobbyists.

Recently, the Ohio legislature, as have other state legislatures armed with sample legislation prepared and funded by ALEC, passed legislation requiring welfare recipients to take drug tests at their own cost. If they pass the test they are reimbursed. If they fail they are not reimbursed nor granted benefits for which they are otherwise entitled. The rationale? Welfare recipients are using other people’s money (government revenue) for food and shelter; and perhaps drugs. If we want to protect the funds of one set of persons from misuse by poor people-unemployed people-disabled people-and yes- those with drug or alcohol addiction in order to protect the common good, should we not also test CEO’s-investment capitalists-and bankers who are using other people’s money; and perhaps misusing it for their own gain at the expense of the common good? I can assure you the rate of drug and alcohol abuse is just as high among this group. And whom do you think launders the money for those who transport drugs into our communities? The banks.5 The street junkie denied benefits is probably not using the bank in this way, but the drug lords are doing so.

The patterns clearly favor the haves at the expense of the have nots. This is not new. What is new is that the middle class is now expendable to the haves and have joined the have nots. And the haves are doing all they can to keep the rest of us from seeing the pattern, regulating it, and saving ourselves from it.

This election is not about taking back our country; nor taking back Congress and presidency. It is about taking back ourselves. It is time to get in the kitchen, get fired up and ready to go!

 

1.Inner City Black Male Unemployment At 50 Percent, http://westorlandonews.com/category/opinion/roger-caldwell/  August 24, 2009

2.JPMorgan boss eats teapot tempest words

http://www.telegraphindia.com/1120514/jsp/foreign/story_15486300.jsp#.T7ORUI7QVIA 

3.Morgan’s Corner: Banks reject any regulation, even as billions evaporate, Earl Morgan/For The Jersey Journal 

4.Richard Cordray Recess Appointment Sparks More Bickering,Obama achieves goal by appointing consumer watchdog–but risks backlash in courts and in Congress,Alex M. Parker, http://www.usnews.com/news/articles/2012/01/04/richard-cordray-recess-appointment-sparks-more-bickering

5.How a big US bank laundered billions from Mexico’s murderous drug gangs,Ed Vulliamy The Observer, Saturday 2 April 2011  http://www.guardian.co.uk/world/2011/apr/03/us-bank-mexico-drug-gangs

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UNINTENDED CONSEQUENCES AND POLITICAL DECISION-MAKING:THINK LIKE AN EAGLE

Unintended Consequences and Political Decision-Making: Think Like an Eagle

Louise Annarino

April 23, 2012

When I was 5 years old I dug a hole over my head in our backyard to get to China, which I had been told was on the opposite side of the earth.Being so deep, with the hole’s rim above my head, I could not see any part of our yard; so, I was unaware of her presence until my Mother hauled me out, covered in dirt. She was not happy.

While growing up in the post-war building boom, contractors would build plywood fences around construction sites to keep people out. They drilled large holes at various heights allowing the public to peer through and satisfy their curiosity about the on-going progress. I could not pass without looking into the hole. It seemed as if I were viewing the entire area through that small hole. It was not until the fence was removed the first time, and the project unveiled that I could see it in its unsuspected entirety. It amazed me how much had been hidden from view. After the first such unveiling, looking through small holes became very frustrating rather than illuminating. I was dissatisfied and often complained to the construction bosses to lower the fence so we could see over. They were not happy with me.

English Literature anthologies serve a purpose. They contain a selection of a variety of types of work from various writers. Longer works are not printed in their entirety. Just when I start enjoying a longer piece, it is “cut off”. Just when I began to appreciate a particular writer, it is off to another. I want to read a writer’s entire body of work, to know him well enough to discern his untitled voice. In high school, I spent hours on my own reading beyond class assignments. The insights I gained did not always serve me well. When tested on a particular writer my expanded knowledge often put my responses at odds with those sought by my instructor. Some instructors considered me a “thorn” in their sides.

As a young lawyer I soon learned that not every case should be appealed. One of the first female lawyers in Columbus told a story about appealing a murder conviction in which her client was given a life sentence. On appeal, he was given the death penalty. When deciding whether or not to appeal a case, many things are considered: possibility of success, impact upon client, unintended consequences, etc. Every lawyer knows that a  “bad” case can make “bad” law.

Lawyers learn to appeal only “good” cases. As a poverty lawyer in the 70’s I learned patience; the ability to wait for a specific case with a “good” set of facts to bring a class-action on a food-stamps,unemployment compensation,or AFDC issue to reduce the chance that the appellate decision would have negative unintended consequences for all benefit recipients. As an Assistant Attorney General at a state university in the 1980-90’s, I learned that an appeal on behalf of one state agency could have negative unintended consequences on another state agency. Taking legal action requires an attorney to anticipate and prepare for such unintended consequences. A good lawyer looks at the entire picture, not through a single peephole. A good lawyer recognizes he is often working down in a hole. A good lawyer also knows how to focus on details, and appreciate the tedious nature of research. A good lawyer, and a good president, must be able to focus on tedious details and be able see the larger picture in order to  avoid unintended consequences.

What are unintended consequences? Those things we cannot anticipate if we are down in a hole, unable to perceive the surrounding circumstances, as I was while digging to China. What we cannot anticipate when we view something through a small peephole, one piece at a time, rather than viewing it as a whole, as if looking through a plywood fence with built-in peepholes. Thinking we understand something even though we have only studied and learned a few things about it, a small portion of its reality, as when reading a compilation of literary selections. Reducing the chance an unintended consequence will have a negative impact requires breadth and depth analytical thinking, a process which takes time, patience, and humility.

Today’s multi-media, instant-communication, 24-7 feed, tweeting, social media, etc. are windows on the world; but, the windows are mere peep-holes. We dig holes for ourselves using apps, and spend so much time digging around we delude ourselves that we are accomplishing something. We can explore anything, and do. We feel enlightened, and we are. We gain confidence in our place in the world, and we should. But what we see and what we know is very limited, offering short-term insight which encourages short-term responses. Perhaps most importantly, we must understand that we do not have access to all we need to know, despite increased transparency. We are still operating in a hole, not a whole, learning only bits and pieces, looking though small openings onto the world around us.

Yet, we readily assess our president’s performance, and his administration’s policies as if we knew what he knows. As if we know all there is to know. As if we can see what he sees up ahead. We ignore the fact that the president of a nation has a bigger picture of what the world really looks like, than any perception available to us. It is time to step back and admit we on the ground are ill prepared to substitute our judgment for his. Instead, we must work together, sharing with him what we know as he attempts to do so with us.

President Obama won in 2008 with the widest margin of any Democratic president since Lyndon Johnson was elected. Such a large majority elected him not simply because of his message of hope to so many who had lost hope during 8 years of the Bush administration, but because he is able to see what so many of us cannot, beautifully articulated in his soaring speeches. He can see the forest for the trees.

We use words to describe President Obama such as “lofty” (Republican version:elitist), “soaring”(Republican version:pompous), “confident” (Republican version:cocky) to illustrate through our speech that he is somehow above us, able to see a broader and longer view than we can imagine from our limited range of vision. This does not mean we feel inferior. Rather, we feel elevated by our shared vision. We feel, finally, part of the whole in a way we had not before. He continually calls us to “join him”, “share with him”. He recognizes and reminds us we are a family, we are the “United” States of America; and, we are in this together (Republican version: he’s “not one of us”). Republican descriptions of President Obama could not be more wrong. Their insistence that President Obama is a divider is a symptom of their own failed vision of America, and of America’s future.

There are 3 types of thinkers: 1)Detailers who focus on the problem immediately before them in great detail, experts in their field. Detailers focus on the immediate concern, looking for near-term solutions. 2)Expansionists who see a problem as part of a larger whole. Expansionists focus on the broad implications of the immediate problem, looking for long-term solutions. 3)Eagles who are capable of seeing the whole picture as their minds soar long and broad across the horizon, and are able to dive down into the canopy of detail, even set down upon the earth.Eagles are the exceptional few who combine the thinking styles of both 1 and 2. President Obama is an eagle.

For example, in September 2011, President Obama was highly criticized for opposing a proposed EPA rule reducing smog causing chemicals. NYT.com/2011/09/03. The president rejected the proposed rule saying that it would impose too severe a burden on industry and local governments at a time of economic distress.

Such an attack,based on a peep-hole viewpoint, was premature.Shortly thereafter,in November, 2011 President Obama, who obviously knew in September that the November proposals were forthcoming, was praised for his “proposed fuel efficiency and global warming pollution standards for new cars and light trucks in model years 2017-25…(supported by)13 major automakers and the United Autoworkers…” http://ecowatch.org/2012/ fighting-for-air-groups-launch-campaign-to-support-u-s-epas-life-saving-standards.

Not long after this change, on April 18, 2012 the EPA “finalized the first-ever national standards to reduce mercury and other toxic air emissions – like arsenic, acid gas, and cyanide – from power plants, which are the largest sources of this pollution in the United States…This crucial step forward will bring enormous public health benefits. By substantially reducing emissions of toxic pollutants that lead to neurological damage, cancer, respiratory illnesses, and other serious health issues, these standards will benefit millions of people across the country, but especially children, older Americans, and other vulnerable populations. Cumulatively, the total health and economic benefits to society could reach $90 billion each year….The first comprehensive update in decades of regulations governing the oil and gas operations, the new rules require the drilling industry to capture air pollutants from well-completion work, including hydraulic fracturing or “fracking,” pipelines, storage tanks and compressor stations.

“U.S. Environmental Protection Agency Administrator Lisa Jackson said the regulation is “an important step toward tapping future energy supplies without exposing American families and children to dangerous health threats in the air they breathe…In conjunction with the release of the rule, President Obama also issued a Presidential Memorandum which underscores the health benefits of the rule and directs EPA Administrator Jackson to use flexibilities built into the Clean Air Act where needed, and to work proactively with states, industry and other entities in a transparent manner to implement the rule in way that delivers the health benefits of the rule while addressing reliability concerns.” http://www.whitehouse.gov/blog/2011/12/21/protecting-american-families-and-environment-mercury-pollution

This example of how President Obama implemented his promised environmental policy is but one example of how a type 3 thinker strategizes long-term change while managing short-term problems.

It has been too easy to attack President Obama. Both the right and left continue to do so. Every interest group does so. Are we eager for immigration reform? Of course. Are we impatient for more and better jobs? Who would not be impatient?

But, we must realize that President Obama enacted these environmental protections, and each policy success, despite every possible obstruction by Republicans in Congress. Are our peepholes too small to see this? Are we busy standing in holes of our own making? Let’s look at the whole picture.

Republicans block every forward looking effort President Obama makes. Democratic bills seldom if ever make it out of Republican-controlled House committees. Senate Republicans use the filibuster to keep Democratic bills from even reaching the Senate floor for discussion. Republicans stress short-term solutions because it plays best upon our fears, and too few of us can see beyond the daily struggles of caring for ourselves and our families to pay attention to long-term solutions. They have tried to make life difficult for the middle class and the poor in order to reign in our hopes for the future, to limit our long-term American dreams, to convince us President Obama is a failure. They plant short-term thinking into talking points so we will analyze President Obama in short-term gains. They want President Obama to be a short-term president. They don’t want him to achieve long-term gains. They fear his depth and his breadth.Yet, none of their candidates is so capable as is President Obama.

Republican’s depiction of Mitt Romney as a businessman capable of changing America for the better is a farce. Mitt Romney’s record at Bain of eliminating workers benefits, shutting out workers’ business participation(eliminating unions), and eliminating jobs may offer a short-term solution for a few companies’ survival. But, Romney can’t see beyond his own very narrow, short-term interest. He has no foreign affairs experience,education,nor training.The reason he appears stiff and phony when stating he “understands” us or is “one of us” is because he does not and is not one of us. He is living the American Dream, but at our expense. He does not want to give up his dream to share ours. He even keeps his wealth off-shore!

The choice is clear to me in this election: vote for Romney’s short-sighted and ineffectual return to old failed policies; or vote for Obama’s far-sighted expansion of America’s future progress. It is critical that we pay close attention to the House and Senate races at the state and national level as well. We must elect Democratic candidates who will support President Obama’s policies, not those who prevent any discussion and deny Congress a vote on them.

And to those who continue to make short-sighted comments attacking President Obama I warn you to beware of unintended consequences. You could end up with the wrong man leading this country and find the dream of a broader and more forward thinking America is no longer an option.

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MR. POTTER VS. GEORGE BAILEY

MR. POTTER VS. GEORGE BAILEY

Louise Annarino

February 4, 2012

Mr. Potter and George Bailey are both characters the 99% have come to mistrust: bankers. But, the community of Bedford Falls, a community of 99ers, doesn’t mistrust George Bailey.He is the hero of IT’S A WONDERFUL LIFE, a beloved community leader.

Each man understands and follows sound business practices.Each seeks to make his business profitable. And, each hopes to make a good life for himself. Each pursues the American Dream.

Bedford Falls knows George Bailey understands their plight and is willing to fight for them. He is even willing to fight his fellow banker, on their behalf. For, Mr. Potter has set himself apart from the community of Bedford Falls. He has become an economic dictator, who relishes his superior wealth and economic position, and believes he alone knows best what enterprises should be funded and who is allowed to pursue economic freedom from his control.  Businesses rise and fall on his whim, guided by is ability to “cash in on” a given business enterprise. George Bailey stands in his way to total domination of Bedford Falls.

Sound familiar? Mitt Romney and Mr. Potter are men of a single mind, the mindset of the Republican Party. George Bailey and Barak Obama are men of a single mind, the mindset of the Democratic Party.

Some progressive Democrats are angry that President Obama is willing to associate with and confer with bankers, just as George Bailey did. Banks are an economic engine for our communities. Of course President Obama must engage the expertise of that community to restart America’s economic engines. His choices may not always have been ones we agree with, but the 99% can trust him to do his best to save our communities as George saved Bedford Falls over the years. George saved his community one member at a time. It was a slow process,often painful and calling for George to sacrifice his own security. George discovers he created not just a good life for Bedford Falls; but, a wonderful life for himself.

At the end of the story, the 99% community of Bedford Falls pulls together to help save the Bailey Building and Loan. In doing so, they save George,themselves and their town. They stop Potter from taking absolute control of their community. The 2012 election offers the 99ers the same opportunity. We can elect President Barak Obama, saving his second term as president;and, in the process save ourselves and our communities.

Nowhere is the distinction between Republican candidates such as Mitt Romney and the Democratic candidates such as Barak Obama more obvious than in a review of campaign fundraising records filed with the Federal Elections Commission.

Only President Obama refuses donations from registered lobbyists and bans them from raising money for his re-election. Others in their firms may make individual contributions. Obama goes even further. Though not required to do so, he discloses everyone who has raised at least $50,000. Mitt Romney is the beneficiary of $2.2 million from registered lobbyists.1

As of 12-31-2011, President Obama has raised $128 million dollars. His largest bloc of 2011 donors are retirees. 1 President Obama’s small-dollar donations,those $200 or less, exceed the overall total raised by any other candidate; and, are one-half of the Obama campaign fundraising total.2  One-fourth of Romney’s campaign chest comes from 41 individuals who have formed a super PAC. As of 12-31-2011, the PAC Restore Our Future has raised $30.1 million dollars for Romney. 4 Ten of the donors have contributed AT LEAST $1 million each. 3 Most recently, a former associate (as is Romney) of Bain Capital, Edward W. Conrad, was disclosed to have made a $1million donation to the PAC as W Spann,LLC. W Spann, LLC was formed in Delaware in March; donated to the PAC in April; and dissolved in July, 2011leaving no paper trail.3

Candidates and their campaign committees are required to remain independent of PACS; but, Romney has made personal appearances at Restore Our Future fundraisers.3  The Stephen Colbert PAC, administered by Jon Stewart is an apt parody.

As of 12-31-2012 President Obama had collected $139,526,311. Mitt Romney had collected $57,112,767.  Republicans allege they are raising many more millions than President Obama, who many analysts believe has been abandoned by Wall Street donors. Hedge fund managers fear proposed tax reforms which will tax their gains as regular income. Mr. Potter of Wall Street is not happy with Mr. Obama. Mr. Potter of the US Chamber of Commerce (the bankers) is not happy with Mr. Obama. I, for one, am happy with President Obama and his willingness to fight the Mr. Potters of the world. My money is on Obama. Is yours?

1. http://www.bloomberg.com/news/2012-02-03/lawyers-rank-third-on-obama-campaign-donor-list-even-with-lobbying-ties.html

2. http://elections.nytimes.com/2012/campaign-finance

3.http://www.boston.com/news/politics/articles/2012/02/02/hedge_fund_moguls_top_list_of_donors_to_super_pac_supporting_mitt_romney/

4.  http://www.washingtonpost.com/politics/mitt-romney-relying-heavily-on-small-group-of-super-rich-donors/2012/02/01/gIQAFVB4iQ_story.html

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