Burger King Buying Tim Hortons With Financial Assist from Obama-Ally Warren Buffett

Burger King Sell-Out: Moving Headquarters to Canada After Tim Hortons Buyout

Burger King Sell-Out: Moving Headquarters to Canada After Tim Hortons Buyout

BURGER KING SELL-OUT:  Burger King has sold us out and is moving to Canada for a favorable tax status. Um, I won’t be a Burger King customer going forward. There are other far more healthier offerings out there. Still, Burger King is facing a backlash and calls for a boycott. When will corporate greed end? The corporate tax rate in the U.S. is 35 percent and it’s 15 percent in Canada.

Obama ally Warren Buffett to help with financing of Burger King-Tim Hortons Deal

Obama ally Warren Buffett to help with financing of Burger King-Tim Hortons Deal (Photo attribution: Unkown)

Here’s the interesting part:  Obama-ally Warren Buffet should be feeling some heat from this deal as well. There are reports that his Berkshire Hathaway will provide $3 billion to help in financing the deal. Just imagine how much money his company stands to make from all this? People flooded the fast-food chain’s Facebook page on Monday threatening to boycott the fast food restaurant chain. One person even called on lawmakers to sponsor a bill that would shut down every Burger King restaurant on a military installation.

3G Capital, the majority owner of Burger King, will continue to own the majority of the shares of the new company on a pro forma basis, with the remainder held by existing shareholders of Tim Hortons and Burger King. 3G Capital and its affiliates have a demonstrated track record of managing international expansion of iconic brands around the globe. Within this new entity, Tim Hortons and Burger King would operate as standalone brands, while benefiting from shared corporate services, best practices and global scale and reach. A key driver of these discussions is the potential to leverage Burger King’s worldwide footprint and experience in global development to accelerate Tim Hortons growth in international markets. The new company would be the world’s third-largest quick service restaurant company, with approximately $22 billion in system sales and over 18,000 restaurants in 100 countries worldwide. Tim Hortons and Burger King each have strong franchisee networks and iconic brands that are loved by their respective consumers. Any transaction will be structured to preserve these relationships and deepen the connections each brand has with its guests, franchisees, employees and communities. Source: Yahoo News

petition against Burger King was started on Monday on MoveOn.org’s website.  Sen. Sherrod Brown (D-Ohio) urged customers to ditch Burger King and eat at Wendy’s or White Castle instead. He said in a statement:  “Burger King’s decision to abandon the United States means consumers should turn to Wendy’s Old Fashioned Hamburgers or White Castle sliders.” “Burger King has always said ‘Have it Your Way’; well my way is to support two Ohio companies that haven’t abandoned their country or customers.”

U.S. Job Creation Best in Five Years, Right Wing Continues to Attack Obama

As the right wing continue to claim that President Obama is one of the worst presidents in U.S. history, the improving economy continues to make a joke of their claims. Gallup just released data showing that the U.S. has had the best job creation in five years. Of course, the right wing will shrug that off and continue to attack President Obama.

“The Job Creation Index is now much improved from the all-time monthly low of -5 recorded in February and April 2009.”

“The net job creation score is based on 37% of workers telling Gallup that their employer is hiring new people and expanding the size of its workforce, and 15% saying their company is letting people go and reducing the size of its workforce. The percentage “hiring” is the highest since August 2008 and the percentage “letting people go” is the lowest since March 2008.”

Gallup: U.S. Job Creation Best in Five Years, Right Wing Continues to Attack President Obama

Gallup: U.S. Job Creation Best in Five Years (Gallup)

Dabotubo Horsfall Sues Former Employer Morgan Stanley, Alleges Racial Discrimination

Dabotubo Horsfall, black former Morgan Stanley employee, accuses company of racial discrimination

Dabotubo Horsfall Sues Former Employer Morgan Stanley, Alleges Racial Discrimination (Photo credit: Wikipedia)

Dabotubo Horsfall has sued Morgan Stanley alleging that the investment bank engaged in blatant discrimination against him because he is black, paying him less than his peers and refusing to give him recognition for his work on prominent deals.

Dabotubo Horsfall, a vice-president in Morgan Stanley’s investment management infrastructure fund, sued the bank and seven of its senior managers, accusing them of subjecting him to “blatant discriminatory treatment on account of his race.” The lawsuit was filed in New York Supreme Court on February 11, but went unnoticed outside the bank for more than a month.


Dabotubo Horsfall complaint [PDF] alleges that in November 2011, his boss left the division, and he was put under the supervision of two managers, John Watt and Thomas Gray, who proceeded to discriminate against him based on his race. Horsfall claims to have helped close a deal involving the sale of a Chilean electric distribution company that made Morgan Stanley more than $150 million in profit, but was “never properly acknowledged nor was he properly compensated for his work on this complex transaction” by Watt and Gray. Furthermore, Horsfall alleges he was not given a year-end written evaluation that year, and was not given any credit for his involvement in the Chilean deal during a face-to-face review with Watt. Source

Read Dabotubo Horsfall complaint against Morgan Stanley.

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#SmallBizSat: President Obama Shops at Virginia Bookstore for Small Business Saturday

President Obama Small Business Saturday

#SmallBizSat: President Obama Shops at Virginia Bookstore for Small Business Saturday (Photo credit: White House/Pete Souza)

#SmallBizSat:  During the presidential campaign, the right wing painted President Obama as staunchly anti-small business, which could not have been further from the truth. President Obama and his daughters, Sasha and Malia, shopped this morning at One More Page Books in Arlington, Va., where he purchased 15 books, which the White House said will be given as gifts. This is the second year President Obama has visited a bookstore in observance of Small Business Saturday.

ABC News:  Wedged between Black Friday and Cyber Monday, Small Business Saturday was launched in 2010 to focus on independently owned brick and mortar shops. The occasion was conceived by the American Express corporation, but has since been largely endorsed by business groups and politicians. American Express claims 100 million shoppers hit small businesses last year on the Saturday following Thanksgiving.

The family spent roughly 20 minutes inside the store, spending some of the time quietly conversing with locals. Obama reportedly brought a shopping list on his BlackBerry smartphone.

“Preparation, you know,” the president told shop owner Eileen McGervey. “That’s how I shop. Michelle, she can go wandering around.”

Here’s the tweet from the White House on SmallBizSat:

Hostess Brands, Maker of Twinkies and Ding Dongs, Going Out of Business, Blames Striking Union Workers

Box of Twinkies

Hostess Brands, Maker of Twinkies and Devil Dogs, Going Out of Business, Blames Striking Union Workers (Photo credit: Wikipedia)

Curtain call for Hostess, the maker of Twinkies.  The company, that also makes iconic baked goods such as Wonder Bread and Devil Dogs, said it is asking a federal bankruptcy court for permission to cease operations, blaming its problems on a strike by bakers protesting a new contract. Here’s an excerpt from its press release:

The Board of Directors authorized the wind down of Hostess Brands to preserve and maximize the value of the estate after one of the Company’s largest unions, the Bakery, Confectionery, Tobacco Workers and Grain Millers International Union (BCTGM), initiated a nationwide strike that crippled the Company’s ability to produce and deliver products at multiple facilities.

On Nov. 12, Hostess Brands permanently closed three plants as a result of the work stoppage.  On Nov. 14, the Company announced it would be forced to liquidate if sufficient employees did not return to work to restore normal operations by 5 p.m., EST p.m., Nov. 15.  The Company determined on the night of Nov. 15 that an insufficient number of employees had returned to work to enable the restoration of normal operations.

The BCTGM in September rejected a last, best and final offer from Hostess Brands designed to lower costs so that the Company could attract new financing and emerge from Chapter 11.  Hostess Brands then received Court authority on Oct. 3 to unilaterally impose changes to the BCTGM’s collective bargaining agreements.

Hostess Brands is unprofitable under its current cost structure, much of which is determined by union wages and pension costs. The offer to the BCTGM included wage, benefit and work rule concessions but also gave Hostess Brands’ 12 unions a 25 percent ownership stake in the company, representation on its Board of Directors and $100 million in reorganized Hostess Brands’ debt.

“We deeply regret the necessity of today’s decision, but we do not have the financial resources to weather an extended nationwide strike,” said Gregory F. Rayburn, chief executive officer.  “Hostess Brands will move promptly to lay off most of its 18,500-member workforce and focus on selling its assets to the highest bidders.”

In addition to dozens of baking and distribution facilities around the country, Hostess Brands will sell its popular brands, including Hostess®, Drakes® and Dolly Madison®, which make iconic cake products such as Twinkies®, CupCakes, Ding Dongs®, Ho Ho’s®, Sno Balls® and Donettes®.  Bread brands to be sold include Wonder®, Nature’s Pride ®, Merita®, Home Pride®, Butternut®, and Beefsteak®, among others.

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Former Reagan Budget Director David Stockman Says Mitt Romney No Job Creator While at Bain

Mitt Romney, Mr. 1% - Cartoon

Former Reagan Budget Director David Stockman Says Mitt Romney No Job Creator While at Bain (Photo credit: DonkeyHotey)

Damn, David Stockman, former Reagan budget director, just ripped Mitt Romney’s claims to shreds that he was a job creator at Bain Capital. That comes as the company’s Sensata firm is set to outsource jobs to China just before the November 6th presidential election.

Newsweek: “That is the modus operandi of the leveraged-buyout business, and in an honest free-market economy, there wouldn’t be much scope for it because it creates little of economic value. But we have a rigged system–a regime of crony capitalism–where the tax code heavily favors debt and capital gains, and the central bank purposefully enables rampant speculation by propping up the price of financial assets and battering down the cost of leveraged finance.”

“So the vast outpouring of LBOs in recent decades has been the consequence of bad policy, not the product of capitalist enterprise. I know this from 17 years of experience doing leveraged buyouts at one of the pioneering private-equity houses, Blackstone, and then my own firm. I know the pitfalls of private equity. The whole business was about maximizing debt, extracting cash, cutting head counts, skimping on capital spending, outsourcing production, and dressing up the deal for the earliest, highest-profit exit possible. Occasionally, we did invest in genuine growth companies, but without cheap debt and deep tax subsidies, most deals would not make economic sense.”

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China’s Xinhua News Agency Calls Mitt Romney’s ‘Currency Manipulator’ Attack ‘Foolish and Hypocritical’

Mitt Romney, Mr. 1% - Cartoon

China’s Xinhua News Agency Calls Mitt Romney’s ‘Currency Manipulator’ Attack ‘Foolish and Hypocritical’ (Photo credit: DonkeyHotey)

The Chinese aren’t taking what Mitt Romney is dishing out their way lightly. You will recall he called China a currency manipulator, to which the China’s official Xinhua news agency calls foolish and hypocritical. The scathing rebuke of Mitt Romney also said his actions would “trigger a catastrophic trade war and damage the already weak global economic recovery.” Here’s the obliteration of Mitt Romney by Chinese:

“It is rather ironic that a considerable portion of this China-battering politician’s wealth was actually obtained by doing business with Chinese companies before he entered politics,” Xinhua wrote.

“Such blaming-China-on-everything remarks are as false as they are foolish, for it has never been a myth that pushing up the value of China’s currency would be of little use to boost the chronically slack job market of the world’s sole superpower, not to mention to magically turn the poor U.S. economic performance around.”

Xinhua said such China-bashing had been “a cancer in U.S. electoral politics, seriously plaguing the relations between the two countries.

“It has also become a handy tool for U.S. politicians who try to court the votes and support of ill-informed voters by ratcheting up antagonistic sentiment towards China, while truly serious social and economic woes within the United States have been left unfixed.”

The United States should “put its own fiscal house back in order, substantially slash its tremendous military expenditure, and optimize its economic structure”, it added.

Damn, yesterday Joe Scarborough eviscerated Mitt Romney and today the Chinese news agency did it all over again. Mitt Romney talks tough, but this is a league in which he is in over his head.

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Black Enterprise Magazine Again Names Verizon One of 40 Best Companies for Diversity

Verizon High Speed Internet

Black Enterprise Magazine Again Names Verizon One of 40 Best Companies for Diversity (Photo credit: Wikipedia)


Black Enterprise Magazine again gives top honors to Verizon as one of the 40 best companies for diversity in the U.S.


NEW YORK , July 12, 2012 /PRNewswire/ –‘For the seventh year, Black Enterprise magazine has named Verizon to the publication’s list of 40 Best Companies for Diversity.’ The elite companies were selected based on their commitment to diversity in four key areas: employee base, senior management representation, supplier diversity and board of directors.

African-Americans made up about 20 percent of Verizon’s workforce and nearly 22 percent of new hires in 2011, and hold many leadership positions including chief security officer, president of Verizon Global Wholesale, general counsel of Verizon Enterprise Services, senior vice president of internal audit and vice president of human resources for Verizon Wireless. Verizon also has one of the most diverse corporate boards in America. Currently, women and people of color make up 64 percent of Verizon’s Board of Directors, and African-Americans constitute 27 percent of the […]


Click here to view full article


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Russell Wasendorf Sr., Founder of PFGBest, in Critical Condition After Suicide Attempt Over Missing Money

Russell Wasendorf Sr.

PFGBest founder Russell Wasendorf Sr. in Critical Condition After Suicide Attempt Over Missing Money (Facebook)

Russell Wasendorf Sr., the founder of PFGBest brokerage firm (Peregrine Financial Group) attempted suicide after it was disclosed that more than $200 million is missing from clients’ accounts. Russell Wasendorf Sr. was found in his car near his company’s Iowa headquarters and is in critical condition at the University of Iowa Hospital, according to media reports. Wasendorf, a former journalist and trader, is reportedly in a coma.

Wasendorf’s suicide attempt came hours before the National Futures Association (NFA) said it had issued an emergency order to in effect freeze PFGBest’s operations after finding that a US bank account the broker said contained $225 million in customer funds actually held only $5 million, the Guardian reports. “It appears that PFG does not have sufficient assets to meet its obligations to its customers,” the NFA said.

An alleged fraud and misappropriation of customer funds by futures merchant Peregrine Financial Group Inc. started more than two years ago, according to a lawsuit filed Tuesday by federal regulators.

The Commodity Futures Trading Commission accused Peregrine Financial and its chief executive, Russell Wasendorf Sr., of fraud, customer funds violations and making false statements. The news comes less than a year after the collapse of MF Global Holdings Ltd. and is raising new questions about government oversight of how futures firms manage customer cash. Source: Wall Street Journal

Still think that these companies don’t need regulation to avoid customers being ripped off? SMH. Of course, Sen. Chuck Grassley (R-IA) believes the government should take a wait-and-see attitude, saying it’s “premature to start talking about an indemnity fund or changes to the law,” Reuters reports. Um, why am I not surprised a Republican lawmaker would take this position? Does the near financial collapse on Wall Street ring a bell?

Trouble for Obama as Unemployment Rate Inched Up to 8.2 Percent in May

Trouble for Obama? Er, President Obama, you know that economic recovery you’re trying to feed us? It ain’t happening as evidenced from the 69,000 jobs created in May, less than the 155,000 expected. Obama has a big problem because the unemployment rate edged up  to 8.2 percent. The Republicans have lost no time in reminding voters on why they should go with flip-flopper Mitt Romney, saying his policies have failed. I am really disappointed in the whole “hope and change” thingy Obama sold on us. The reality is that the Democratic Congress failed to act (as usual) and now the Republicans don’t have a vested interest in working with this president.

Blacks fared worse than other racial groups in May as well, with the jobless rate coming in at 13.6 percent, from 13 percent in April, according to the Bureau of Labor Statistics. Whites was 7.4 percent; Asians 5.2 percent down from 7.0 a year earlier; and Hispanics 11 percent, edging up slightly. Why isn’t the black community calling President Obama out on the unemployment rate in our community? He has yet to campaign in a predominantly black community. The black community continues to allow itself to be taken for a fool by the Democrats and President Obama. Of course, you will never hear people like Rev. Al Sharpton criticizing the president for the economic state of the black community.

GOP presidential nominee Mitt Romney had this to say:

“Today’s weak jobs report is devastating news for American workers and American families. This week has seen a cascade of one bad piece of economic news after another. Slowing GDP growth, plunging consumer confidence, an increase in unemployment claims, and now another dismal jobs report all stand as a harsh indictment of the President’s handling of the economy. It is now clear to everyone that President Obama’s policies have failed to achieve their goals and that the Obama economy is crushing America’s middle class. The President’s re-election slogan may be ‘forward,’ but it seems like we’ve been moving backward. We can do so much better in America. That’s why I’m running for president.”

I can’t top that because he’s right. On a separate note, Bill Clinton kicked Obama in the face when he praised Mitt Romney’s “sterling” business record and offered some kind words about Donald Trump, the “Birther King.” I am sure many Democrats are ticked off by his comments. Well, the Clinton-Obama grudge goes pretty deep. The only problem I have with Donald Trump is the whole birther thing he’s pushing. Other than that, I have no beef with him. In fact, I have admired him for his business acumen and his success.

Here’s the reaction on Twitter, slamming Obama for unemployment rate inching up: