Tag Archives: health

Corporate Evil: More evidence the demise of Sears & Kmart is all part of Romney/Bain style vulture capitalist scheme to intentionaly run the business into the ground!

“You make Sears sound like a liquidation play, not a retail recovery.”-from Fortune magazine

“The retail recovery is a potential upside. Regardless, you’ll see gigantic cash flows from the closing of locations, the pulling-out of the cash from inventory, work in process, and distribution centers. They’re not idiots when it comes to real estate. They understand that today’s standalone store can be tomorrow’s multi-use hotel/residential-retail center. I think Eddie Lampert [chairman of Sears Holdings] will end up being one of a few unbelievable case studies on what it means to be a long-term investor.”-answer from Bruce Berkowitz, a major stockholder in Sears Holdings

Fortune published a recent interview with Bruce Berkowitz, in which he basically said Sears and Kmart could make more profits for investors by being closed down and selling off their inventories and real estate.  I warned of this last year.

An InvestorPlace contributor, Will Ashworth, explained how the Romneyesque scheme is actually working.

For real estate, Ashworth says Berkowitz values the land property owned or leased by Sears Holdings to be about $17 billion USD.  Then there’s inventory.  Berkowitz estimates that a net profit of $2.5 billion could be made by selling off inventory. Ashworth himself is more conservative, thinking it be about a $1 billion net gain for investors.

Of course you can only sell off land and inventory by closing down the stores: “Many see Lampert using Sears as the next Berkshire Hathaway (NYSE:BRK.B), taking the proceeds of assets sales and reinvesting them elsewhere until Sears, the retailer, ceases to exist. It might take awhile, but Berkowitz is willing to patiently wait because deep down he knows Sears is worth far more dead than alive.-Will Ashworth, InvestorPlace

 

26 years later: Chernobyl expected to remain a threat for the next 100 years, at least! Warning for worse things to come from Fukushima Daiichi!

29 November 2012, two days ago workers in Ukraine raised steel arches over the entombed Chernobyl reactor: “This is a very significant milestone, which is a tribute to the ongoing commitment of the international donor community, and an important step towards overcoming the legacy of the accident.”-Suma Chakrabarti, European Bank for Reconstruction and Development

Those new steel arches weigh 5000 metric tons (5,511.5 tons), and are 22 meters (72 feet) tall!  The steel container won’t be finished until 2015.  It’ll weigh 20000 metric tons (22,046 tons) and is designed to allow ongoing decontamination work for the next 100 years!

26 years ago the Soviet designed reactor melted down, and it’s still spewing radiation.

The Soviets slammed Chernobyl with tons of concrete, sand and boric acid.  The impromptu concrete tomb was breaking down and a new one was built.  But even that one is breaking down, so a new massive steel tomb is being built, hopefully to contain the radiation for the next century.

Now realize that Chernobyl is only one reactor, with no spent fuel storage, and Japan’s General Electric designed Fukushima Daiichi melt down disaster involves at least four damaged reactors with four spent fuel pools that contained hundreds of fuel rods, each.

Initially Tokyo Electric Power Company (TEPCo) said they could have Fukushima Daiichi cleaned up by July 2011!!!  In December 2011 the Japanese government published their own report, saying cleanup will take at least 40 years, TEPCo downplayed the government report.  Then in March 2012, TEPCo admitted that reactors actually melted down.  Now, at the beginning of November 2012, TEPCo is admitting that clean up will take much longer, and they’ve even doubled their estimated cleanup and compensation costs from $62.5 billion USD to $125 billion!

Sears & Kmart news: Fail to pay off loans received in 2010! Kmart reneges on new layaway policy? Sears looking for independent store operators

29 November 2012, a retail real estate watchdog, CoStar Group, revealed that Sears, Kmart and even JCPenny have fallen behind in payments on loans they got back in 2010.

CoStar says about 24% of Commercial Mortgaged Backed Security (CMBS) loan payments are 30 to 90 days late, and that “…two of the largest three tenants were either a Sears, Kmart or JCPenney [mall] anchor.” 

There are other retail mall based businesses behind on their loan payments as well, click here to see the list.

In a report on The Consumerist, a frustrated Kmart shopper revealed that Kmart might be lying about their new no fees layaway policy: “…Kmart was not honoring the prices I agreed to pay or the no layaway service charge that is advertised on their website.”

She says she was told it was a software glitch, but when she tried to cancel the whole thing they wanted to charge a $10.00 per item cancellation fee!  She claims she even got a Kmart executive on the phone, but he hung up on her.

The Argus Press just posted a notice that Sears Holdings is looking for an independent owner to operate a Sears Hometown Store in Owosso, Michigan.

Corporate Evil: After blaming Unions for their shut down, Hostess now wants to pay out big bonuses to their execs! Shut down really part of Romney style crony vulture capitalist plan!

29 November 2012, gee after saying they didn’t have the money, and blaming unionized labor for the shut down of Hostess, suddenly they’ve got the bucks to pay bonuses to their incompetent executives!

Hostess officials are asking a bankruptcy judge to approve the paying out of $1.8 million USD in bonuses to their 19 executives.  Company officials say it’s necessary to keep the execs on board until they finish selling off their brands.

It’s starting to look like the running into the ground and eventual shut down of Hostess is really a Romneyesque vulture capitalist plan to chop up and sell the company off.  Hostess officials say there are more than 100 potential buyers chomping at the bit.

Hostess product sales were down, but last week a company official told the bankruptcy judge they still had $2.3 billion in sales last year!

So 18,500 people lost their jobs, and Hostess wants to pay $1.8 million in bonuses to 19 executives, that’s about $94,736 each (if my math is correct).  And those execs are still being paid big salaries as well; for example, CEO Gregory Rayburn has a monthly salary of $125,000!

I don’t think the Hostess shut down is about not having enough money.

 

 

Corporate Evil: Was Sears involved in counterfeit clothing? “Books” show Sears was client of illegal fashion factory! Don’t think 18 cents per hour is good money in Bangladesh, it’s not! Walmart blames you!

“It was my fault. But nobody told me that there was no emergency exit, which could be made accessible from outside. Nobody even advised me to install one like that, apart from the existing ones. I could have done it, but nobody ever suggested that I do it.”-Delowar Hossain, factory owner

Days after a fire killed more than 120 people (reports now say there will be more bodies found, as the initial body count was a guess) and injured 200, the factory owner accepts blame, and three of his supervisors are now charged with locking the workers in the building because they thought the fire alarm was fake (they actually believed the workers were trying to escape their wretched working conditions), another ‘illegal’ fashion factory goes up in flames (this time no one was locked in, but there were injuries), and the disaster reveals that unAmerican Corporate America is involved more than ever in slave wage factories (to get those high profits to make their investors happy, it’s not about keeping prices cheap for the lowly consumer).

The police and the Prime Minister of Bangladesh said they believe the fire was “an act of sabotage”.  A disgruntled employee perhaps?

Other reports say the factory was operating illegally anyway.  Both Walmart and Disney issued statements saying they canceled contracts with the factory at least 12 months ago, on the grounds the factory was dangerous.  Yet clothing with their brands on them were being made right up ’till the fire broke out.

Here’s some other companies/brands that were having clothing made at the illegal factory: ENYCE, Teddy Smith and Edinburgh Woollen Mill.  But another company was found listed in the factory account books: Sears.  If companies like Walmart and Disney swear they canceled their contracts a year ago, then who were those shirts, sweaters and hoodies (with Walmart’s Faded Glory label, and the Disney label) being made for?

I hear Sears is in big trouble money wise and has been struggling to get its profits up.  Just sayin’.  But of course Sears Holdings denies they’re involved, and yet at the same time plans to rectify the fire safety issue: “We can also confirm that Sears Holdings does not source from this factory….In addition, Sears recognizes that fire safety is a critical international issue that we intend to address through specialized training for management in those factories that produce merchandise for Sears Holdings.”-Sears Holdings statement

If they’re not involved then why is Sears in the fashion factory’s client account books and why did Sears say they will address fire safety at such factories?

According to the Associated Press, since 2006 at least 313 people have died in fashion factories in Bangladesh.

According to industry watchdog groups, labor rights groups and even the World Bank, the average pay for a fashion factory worker in Bangladesh is the equivalent to $38 USD per day!  And that’s double what they were being paid last year, they had to go on violent strikes to get the $38 per day!!!

Another report said they get paid the equivalent of 50 cents per hour in the United States!!!

And don’t think the fashion industry in Bangladesh can’t afford to pay more, last year they made $20 billion USD, making up 80% of Bangladesh’s Gross Domestic Product!!!

Companies that help retailers like Walmart hook up with fashion suppliers,  blamed the U.S. consumer:  “You have relentless pressure that consumers put on retailers and that retailers put on their suppliers to deliver lower and lower prices. And that pressure is a key reason why you see factories cutting corners.”-Josh Green, Panjiva

The only reason the average U.S. consumer “demands” lower prices is because their pay and benefits continue to go down year after year.  Blame unAmerican Corporate America!

 

 

 

World War 3: Dozens of U.S. allies in War on Terror say they will vote for Palestine!

“We obviously disagree with our oldest ally [France] on this issue. They know that we disagree with them.”-Victoria Nuland, U.S. State Department spokeswoman

28 November 2012, dozens of allies of the United States, such as France and Denmark, say they will vote against the wishes of the U.S. and Israel, and vote for Palestine!

The United Nations General Assembly will vote on granting Palestine non-member status, a way of recognizing Palestine as an official state: “It is of a magnitude of a historic level and I am sure that many other European countries will follow the example of France and we thank them in advance for being on the side of history and the side of humanity.”-Riyad Mansour, Palestinian envoy

French Foreign Minister, Laurent Fabius, also revealed that five of the permanent members of the UN Security Council will vote in favor of Palestine. Austrian officials said more than half the 27 members of the European Union will vote for Palestine.

“You know that for years and years, France’s consistent position has been the recognition of the Palestinian state. That is why when the question is raised on Thursday and Friday, France will respond with a ‘yes’!”-Laurent Fabius

This shows the United States, being one of the permanent UNSC members, has lost its influence on the international political scene.

Breaking news: Israel breaks ceasefire, wounds five Gazans, kidnap fishermen, sinks their boats!

“In a new violation of the ceasefire, the Zionist enemy arrested nine citizens and sunk several boats in the sea off the northern Gaza Strip!”-Islam Shahwan, Hamas

28 November 2012, typical of Israel, they are always the ones who break agreements, despite what the Israeli controlled U.S. media says!

According to Palestinian/Gazan medical reports Israeli troops open fired on people near the al-Bureij refugee camp in the central Gaza.  Four Palestinians wounded.

In an area north of the refuge camp, another person was shot and wounded by an Israeli soldier.

Israeli Defense Forces (IDF) say they shot at people who were approaching a border fence “acting violently”, even though those people were not armed.

IDF navy also kidnapped nine Palestinian fishermen from Gaza, and then sunk their fishing boats.

Palestinians in Gaza consider this a violation of the ceasefire agreement, but are giving Israel a chance if they release the kidnapped fishermen.

Government Incompetence & World War 3: U.S. military in Japan on the defensive against their own personnel! Japanese go on the offensive!

22 November 2012, after decades of atrocities committed by U.S. personnel against the people of Okinawa, U.S. military officials are now going after their own troops.

This comes after a sudden increase in the number of crimes committed by U.S. citizens against Japanese citizens.

In October a curfew was ordered for U.S. personnel after two U.S. citizens raped a woman (and this was part of a string of increased crimes against Japanese).  The curfew hasn’t worked as since then several more U.S. servicemen were caught getting drunk after curfew, vandalizing property and assaulting people.

Now the U.S. military has plainclothes cops patrolling the streets of Okinawa at night, in order to protect the Japanese from the U.S. military!

The people of Okinawa have protested for decades, but the Japanese leaders in Tokyo have always kowtowed to U.S. demands.

One of those complaints is that U.S. military jets intentionally fly low and loud at night over residential areas.  Now Okinawans have brought a $2.7 million USD lawsuit against the U.S. military at Kadena Air Base.  They are able to do this because a 2010 legal decision said that foreign forces in Japan are no longer immune from legal prosecution.

U.S. West Nile virus update, 21 November 2012: No end in sight? Health officials incompetent?

“As of November 20, 2012, 48 states have reported West Nile virus infections in people, birds, or mosquitoes. A total of 5,207 cases of West Nile virus disease in people, including 234 deaths….”-U.S. Centers for Disease Control and Prevention

In Louisiana, 15 new human cases and one death in the past week: “Not only do we continue to find more cases….we have three parishes reporting their first human cases of West Nile for the year. Clearly, this virus remains a threat, and it’s important to protect your health and avoid mosquito bites even as the weather gets colder and drier.”-Bruce D. Greenstein, Louisiana Dept. of Health and Hospitals

In Florida, health officials with the Alachua County Health Department are now saying the three people that tested positive for West Nile, when they tried to donate blood, actually tested negative!  But officials with the Duval County Health Department say they’ve confirmed two more people have West Nile virus.

As of 21 November, California reports 424 human cases, 16 people have died.  According to the Ventura County Environmental Health Division, another dead bird tested positive.

Pennsylvania reporting at least 49 human cases.

On 19 November, Texas confirmed 1,763 human cases, up nine from last week.

 

Pacific Ring of Fire: Seismologist says people should prepare for quake that will last an hour and create days of tsunamis!

Tohoku University Professor, Toru Matsuzawa, says the biggest earthquake we should expect is magnitude 10.  This is based on the Earth’s size and known faults (which have been increasing).

Last year japan suffered a magnitude 9 quake.  In 1960 Chile got hit by a magnitude 9.5 quake.  A magnitude 10 earthquake will be 32 times more powerful than a magnitude 9!

Toru Matsuzawa says a magnitude 10 tembler would happen if an 8,800 kilometers (5,468 miles) fault line around the northern Pacific Rim shifted 20 meters (65.6 feet).  It would shake the earth for 20 minutes to an hour, and create tsunamis that last for days.

He says he is only warning people so they can prepare for the worst case scenario, after all, the people of Japan had always been told by officials that the strongest quake they could expect was magnitude 8, with three meter high tsunamis, and look what happened on 11 March 2011.