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Posts tagged ‘Bloomberg’

Wyden Waiting in the Wings to Take Over Senate Finance.

Image: Wyden Waiting in the Wings to Take Over Senate Finance


By Elliot Jager

Sen. Ron Wyden is set to become the next head of the Senate Finance Committee if Montana Democrat Max Baucus retires as expected to become the next U.S. ambassador to China, the Wall Street Journal reported.

The Oregon Democrat, respected in his party for his generally liberal views but described by Republicans as willing to reach accommodation across the aisle on economic issues, is expected to push for tax reform, which could include a substantial in the corporate tax rate from 35 percent to 24 percent, according to the Journal.

Bloomberg also reports another reason for Republicans to like him: he is “an ardent advocate of tax simplification,” favoring individual rates at 15, 25 and 35 percent.

Former New Hampshire Republican Sen. Judd Gregg, who worked with the 64-year-old Wyden on a tax reform measure some years back, told the Journal that Wyden has an “unrelenting positive outlook” on things and never gave up trying to hammer out a bipartisan bill even though it ultimately died without consideration.

Another House Budget Committee Chairman Paul Ryan, also said Wyden “understands that true bipartisanship builds on the best ideas from both parties.”

The Wisconsin Republican, who is likely to succeed Michigan Rep. Dave Camp as chairman of the House Ways and Means Committee, would have an opportunity to work with Wyden again next year if Republicans hold the House and Democrats hold the Senate. The two have worked in 2011 on Medicare reform plan, an effort that did not sit well with some of Wyden’s liberal colleagues, The Hill reported.

Wyden, however, has said that he has no plans to work with Ryan again on a Medicare reform effort, although the program remains one of his concerns. He reportedly believes that some effort has to be made to ensure that the program is more sustainable and more focused on chronic health problems.

“His big thing is that if you’re not talking about Medicare, you’re not talking about [fixing] the budget,” former Wyden aide Barbara Smith Warner told the Journal.

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© 2014 Newsmax. All rights reserved.


Bloomberg Layoffs Signal Move Away From Investigative Journalism.

Bloomberg is laying off journalists who report on areas company executives consider to be unconnected to its primary source of revenue —  its eponymous data terminals used by traders and hedge-fund managers.
The company will reconfigure its news division to de-emphasize investigative journalism and non-business stories in order to accentuate market-driven news, The New York Times reported.
Bloomberg first moved into journalism because it boosted the credibility of its terminal business. The idea that the news side would complement the main business side is under reassessment.
“We shouldn’t be doing any news other than what makes money for our readers,” said Thomas Secunda, who co-founded the company in 1982 and is responsible for its profitable terminals and others financial services.
Some 85 percent of Bloomberg’s employees are not journalists. The company projects $8.3 billion in revenue this year. The news side brings in just four percent of that amount. Most of Bloomberg’s 315,000 terminal subscribers don’t use them to read its journalism output.
The business and news sides sometimes conflict, the Times reported.
Award-winning investigative reporting has cost the company terminal sales. Bloomberg’s stories on the wealth accumulated by Xi Jinping, then the incoming Communist Party boss and his family, led Beijing authorities to halt the purchase of Bloomberg terminals in China.
The government also stopped issuing residency visas to Bloomberg reporters. Communist authorities told Bloomberg the company had been licensed to operate in China to cover business not politics.
Bloomberg executives were also concerned that its reporting in Singapore would cost the company sales there.
In May, Bloomberg reporters were caught spying on how customers were using terminal potentially jeopardizing sales.
The change in news mission is being orchestrated by Bloomberg’s chief executive Daniel Doctoroff and implemented by editor-in-chief Matthew Winkler.
The company has fired about 40 out of its 2,400 journalists but will hire 100 others to focus on terse, fast-moving market news, the Times reported. Bloomberg remains highly profitable and maintains bureaus in 73 countries.
When he leaves office at the end of 2013, Mayor Michael Bloomberg, who founded the company, is expected to return to write a column for Bloomberg’s opinion section.
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© 2013 Newsmax. All rights reserved.
By Elliot Jager

De Blasio, Lhota Win Primaries For NYC Mayor.

Image: De Blasio, Lhota Win Primaries For NYC Mayor

(Getty Images)

Public Advocate Bill de Blasio won the most votes in the New York City Democratic mayoral primary on Tuesday but it was not immediately apparent whether he could avert a runoff, according to early results and exit polls reported by local media.

The winner needs at least 40 percent of the vote or will face the second-place candidate in the race of Democratic hopefuls to succeed three-term Mayor Michael Bloomberg in running the most populous city in the United States.

If DeBlasio does not get 40 percent, he could face a tough run-off against Bill Thompson who, analyists predict, is likely to pick up the bulk of the votes that went to Christine Quinn. Many think Thompson could be the ultimate victor if there is a run-off. He came within a hair of defeating Michael Bloomberg in 2009.

With about 25 percent of precincts reporting results, de Blasio had 39 percent over former city comptroller Thompson with 25 percent and City Council Speaker Christine Quinn with 16 percent, according to NY1 television.

On the Republican side, Joe Lhota, the former head of the city’s mass transit agency and former Mayor Rudolph Giuliani‘s deputy mayor for operations, had 50 percent of the vote with about one-third of precincts reporting, NY1 said.

Republican grocery chain billionaire businessman John Catsimatidis had 43 percent, the local television station reported.

Lhota faces an uphill battle against the Democratic nominee in the city of 8.3 million people, where Democrats outnumber Republicans six to one.

A poll cited by the New York Times also showed de Blasio, one of the more liberal candidates on the ballot, with a strong lead.

Thompson lost the 2009 race to Bloomberg, who has been mayor since January 2002 and is leaving office due to term limits.

Quinn, who would be the city’s first female and openly gay mayor if elected, was seen as most likely to follow Bloomberg’s moderate policies.

Former Congressman Anthony Weiner, who saw his lead vanish after news that his penchant for texting women lewd pictures of himself had not ended, was last among the major candidates with 5 percent in early results.

Weiner conceded the election this evening, saying, “We had the best ideas. Sadly, I was an imperfect messenger,” according to USA Today reporter Catalina Camia ‏on Twitter.

Weiner’s wife Huma Abedin was not with him when he conceded.

Sydney Leathers, who came forward this summer to say she and Weiner had frequent sexually charged conversations online and over the phone, arrived at his primary night party at a midtown Manhattan bar, where he was noticeably absent.

“I’m here celebrating his impending doom. His loss, here at his victory party,” Leathers said.

She called his campaign “embarrassing” and said he might have a political future “after he gets himself together.”

“I mean, I’m one to talk,” she said. “But he needs help.”

The winner of the mayor’s race in November will assume the helm of the nation’s largest city at a critical juncture, as it experiences shrinking crime rates yet widening income inequality, and as the nearly completed One World Trade Center building symbolizes a new era after the terrorist attacks of 2001.

Bloomberg, the businessman Republican-turned-independent, is completing his third term. While the city’s registered Democrats outnumber Republicans 6 to 1, the GOP’s recent success in mayoral elections has been largely attributed to a crime epidemic, the aftermath of the Sept. 11 attacks or other extraordinary circumstances.

Nearly three-quarters of Democratic primary voters say the next mayor ought to move away from Bloomberg’s policies, according to the exit polls.

And De Blasio, 52, has fashioned himself as the cleanest break from the Bloomberg years, proposing a tax on the wealthy to fund universal pre-kindergarten and changes to city police practices he says discriminate against minorities.

His rise was as sudden as it was unexpected. Not even two months ago, he was an afterthought in the campaign but surged in part thanks to an ad that centered on his interracial family, his headline-grabbing arrest while protesting the possible closure of a Brooklyn hospital and the defection of Weiner’s former supporters in the wake of another sexting scandal.

“I’m a lefty and I’ve had enough of the righties,” said Jessica Safran, a business consultant from the Boerum Hill section of Brooklyn who voted for de Blasio. “Even if de Blasio moves to the center if he gets elected, he’ll be closer to the positions I want than the others.”

De Blasio, who worked in Bill Clinton’s White House and Hillary Rodham Clinton’s Senate campaign before being elected to the city council and then public advocate, the city’s official watchdog position.

© 2013 Newsmax. All rights reserved.
By Newsmax Wires

Bloomberg Taking ‘Boxes’ With Him: NYC Can’t Use Terminals After Term Ends.

New York City Mayor Michael Bloomberg will cancel the city’s free use of his Bloomberg business terminals when he leaves office in January, reports the New York Post. 

If the next administration wants to use the 60 so-called “Bloomberg Boxes,” spread throughout the city’s five boroughs, taxpayers will have to foot the annual $20,000 fee for each terminal, which would amount to $1.2 million a year.

When he took office in 2002, Bloomberg waived the fees for the 25 computers already being used by the city’s financial departments and paid for another 35 terminals to be added at City Hall.

“The city was a paying client before Mike Bloomberg became mayor, and to remove any possible conflicts, the company [Bloomberg LP] agreed to provide free terminal use as long as he remained in office,” company spokesman Ty Trippet told the Post, adding: “We don’t expect that would continue after he leaves office in December.”

The terminals have six monitors that offer real-time market data, news aggregation, internet access, and a way for subscribers to submit trades electronically.

© 2013 Newsmax. All rights reserved.
By Lisa Barron

Bloomberg Takes Aim at Democrats Over Gun Votes.

Image: Bloomberg Takes Aim at Democrats Over Gun Votes

By Lisa Barron

New York Mayor Michael Bloomberg is upping the ante in his push for stricter gun control, asking the city’s top donors to cut off contributions to four Democratic senators who voted against universal background checks in April.

Bloomberg was expected on Wednesday to send personal letters to hundreds of the biggest Democratic donors in New York asking them to stop sending campaign money to the four senators — Mark Pryor of Arkansas, Max Baucus of Montana, Mark Begich of Alaska, and Heidi Heitkamp of North Dakota — who helped block the background-check bill, reports The New York Times.

Latest: Do You Support the NRA on Gun Rights? Vote in Urgent Poll

Baucus is retiring and Heitkamp does not face re-election until 2018, but for Pryor and Begich, the letter comes as they are gearing up for tough re-election fights in Republican-friendly states.

According to the Times, New York is critical to the party’s fund-raising, with donors contributing $30.4 million to sitting Democratic senators and the Democratic Senatorial Campaign in 2012.

The four senators targeted by Bloomberg have raised more than $2.2 million from New York, the Times reports.

Bloomberg already has come after Pryor, spending $350,000 on a television campaign in Arkansas that expressed “disappointment” with the senator for opposing the bill expanding background checks.

Explaining the impetus for his latest move in an interview Wednesday on MSNBC‘s “Morning Joe,” Bloomberg said, “What’s surprising is you have an issue that 85 to 90 percent of people in virtually every state, gun owners and non-gun owners, NRA members and non-NRA members, agree on. We don’t want to sell guns to people with criminal records or mental problems, and yet Congress doesn’t go along.”

“It’s hard to see how that maintains itself, and in the end you’ve got to believe the public is going to win this battle,” he said.

Bloomberg said he is not limiting his efforts to the Democrats, explaining, “The first thing I’ve got to do is get it through the Senate… and then you go and sit down with (Rep. John) Boehner and (Rep. Eric) Cantor and the leadership on the Republican side in the House and say, ‘Look, if you want your members to get re-elected, they should vote with the public.’

“This is not a partisan thing. This is saving lives,” Bloomberg continued. “This is something I feel very strongly about.”

Bloomberg also defended his use of pocketbook politics against the Democratic senators.

“Going after these guys and saying, ‘Don’t give money to them if they don’t vote the way you want’ is the way a democracy should work. You support the people you agree with and do not support the people you don’t agree with,” he said. “I’m not the first one to do this. We’ve always don’t this.”

Pryor, for one, is fighting back, with help. The National Shooting Sports Foundation has launched a radio campaign in Arkansas supporting the senator and his vote against background checks.

Latest: Do You Support the NRA on Gun Rights? Vote in Urgent Poll

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© 2013 Newsmax. All rights reserved.

Gold Futures Post Longest Slump Since February on ETF Decline.

Gold futures fell, capping the longest slump in almost three months, as assets in exchange-traded products backed by the metal extended a slump to the lowest since July 2011.

ETP holdings have tumbled 15 percent this year to 2,225.9 metric tons, after climbing every year since the first product was listed in 2003, data compiled by Bloomberg show. Assets in the SPDR Gold Trust, the biggest product, will probably drop by an additional 2 million to 4 million ounces after slumping 9.7 million ounces since mid-December, Deutsche Bank said today.

ETF selling continues to weigh on prices,” Frank Lesh, a trader at FuturePath Trading in Chicago, said in a telephone interview. “The overall trend remains bearish.”

Gold futures for June delivery fell 0.7 percent to settle at $1,424.50 an ounce at 1:44 p.m. on the Comex in New York. The price dropped for the fourth straight session, the longest slump since Feb. 20.

The commodity has dropped 15 percent this year, entering a bear market last month as some investors lost faith in the metal as a store of value. The decline spurred demand for bars, coins and jewelry, and futures have climbed 7.8 percent from a 26-month low of $1,321.50 on April 16.

Physical Buyers

“Physical buyers backed off when prices neared $1,500, and we expect some of them to come back to the market after the recent price decline,” said Huang Fulong, an analyst at CITICS Futures Co., a unit of China’s largest listed brokerage. “Any rally will be capped if ETF selling continues.”

Silver futures for July delivery fell 1.3 percent to $23.379 an ounce on the Comex, the biggest decline for a most-active contract since May 1.

On the New York Mercantile Exchange, palladium futures for June delivery advanced 1.2 percent to $727.15 an ounce. Earlier, the price reached $733.80, the highest since April 11. Trading was more than double the average in the past 100 days, according to Bloomberg data.

Platinum futures for July delivery jumped 1.2 percent to $1,501.90 an ounce.

The platinum market last year swung to the biggest deficit since 2002 as supplies fell to a 12-year low because of strikes and work stoppages in South Africa, the world’s biggest producer, according to Johnson Matthey Plc. The palladium shortfall was the largest since 2000, said the London-based metal refiner and producer of pollution-control devices for vehicles.

Anglo American Platinum Ltd., the top platinum producer, said last week it will idle three shafts in South Africa’s Rustenburg region with production capacity to be cut by as much as 350,000 ounces.

Lonmin Plc, the third-largest producer, said operations at its Marikana mine in South Africa were halted after workers refused to go underground.

© Copyright 2013 Bloomberg News. All rights reserved.

Feds Scrutinize Bloomberg Reporters’ Tracking of Officials’ Terminal Use.

The Federal Reserve and the Treasury Department are examining how closely their officials’ use of Bloomberg terminals was monitored by Bloomberg journalists.

Bloomberg has acted to curb its journalists’ ability to call up log-in and other usage data for users of its terminals after complaints from Goldman Sachs.

A Bloomberg reporter recently asked a Goldman employee about a partner’s employment status, noting that the partner hadn’t logged on to his Bloomberg terminal recently.

Video: Economist Predicts ‘Unthinkable’ for 2013

The Fed is investigating the situation and has contacted Bloomberg to gather more information, a Fed spokesperson told CNBC. A source told the network that the Treasury Department is doing the same.

Meanwhile, a former Bloomberg employee told CNBC that he garnered information about usage of Bloomberg terminals by Federal Reserve Chairman Ben Bernanke and former U.S. Treasury Secretary Tim Geithner.

He said he called up the information “just for fun” rather than to use in a story. He also said that all Bloomberg journalists had access to this usage information.

A Bloomberg spokesman told CNBC its information on journalists’ access to officials’ data usage was “untrue” but wouldn’t specify how.

In any case, Bloomberg users in the financial community can’t be too happy to learn about the shenanigans.

“On Wall Street, anonymity is critically important. Secrecy and the ability to cover one’s tracks is paramount,” Michael Driscoll, a former senior trader at Bear Stearns who now teaches at Adelphi University,” told The New York Times.

“If Bloomberg reporters crossed that line, that’s an issue.”

Video: Economist Predicts ‘Unthinkable’ for 2013

© 2013 Moneynews. All rights reserved.

By Dan Weil

Bloomberg: Laws and Constitution ‘Have to Change’ After Boston Bombings.

New York Mayor Michael Bloomberg says the nation will “have to change” its interpretation of privacy laws and the Constitution following last week’s Boston Marathon bombings.

Speaking at a Monday press conference reported by the Politicker, Bloomberg said, “The people who are worried about privacy have a legitimate worry.” But he added: “We live in a complex world where you’re going to have to have a level of security greater than you did back in the olden days, if you will. And our laws and our interpretation of the Constitution, I think, have to change.”

The mayor, who has come under fire for the New York Police Department‘s “stop-and-frisk” program and surveillance of Muslim communities in the aftermath of the Sept. 11, 2001 terrorist attacks, stated that the rest of the country needs to implement more aggressive monitoring.

“Look, we live in a very dangerous world. We know there are people who want to take away our freedoms. New Yorkers probably know that as much if not more than anybody else after the terrible tragedy of 9/11,” he said.

“We have to understand that in the world going forward, we’re going to have more cameras and that kind of stuff,” Bloomberg continued, pointing to the use of magnetometers to detect weapons in schools.

“It really says something bad about us that we have to do it,” he added, “but our obligation, first and foremost, is to keep our kids safe in the schools; first and foremost to keep you safe if you go to a sporting event; first an foremost is to keep you safe if you walk down the streets or go into our parks.”

“We cannot let the terrorists put us in a situation where we can’t do those things,” the mayor said. “And the way to do that is to provide what we think is an appropriate level of protection.”

© 2013 Newsmax. All rights reserved.
By Lisa Barron

Hardcore Lib Bloomberg Says ‘Constitution Must Change’ After Boston.

Right now, with Obama occupying the White House the Liberals have the momentum. And with heavy-hitters like George Soros and Michael Bloomberg, they have the money. For all of us who love freedom and the United States Constitution this is a toxic combination.

As you will see in the story below, they believe their time is now and they will continue taking strike and strike against the Bill of Rights, the Constitution, and everything else that this country is founded on. The scary part is that they just might be able to pull it off.

“…but this is your hour, and the power of darkness.” Luke 22:53

From Politicker: In the wake of the Boston Marathon bombings, Mayor Michael Bloomberg said Monday the country’s interpretation of the Constitution will “have to change” to allow for greater security to stave off future attacks.


“The people who are worried about privacy have a legitimate worry,” Mr. Bloomberg said during a press conference in Midtown. “But we live in a complex word where you’re going to have to have a level of security greater than you did back in the olden days, if you will. And our laws and our interpretation of the Constitution, I think, have to change.”

Mr. Bloomberg, who has come under fire for the N.Y.P.D.’s monitoring of Muslim communities and other aggressive tactics, said the rest of the country needs to learn from the attacks.

“Look, we live in a very dangerous world. We know there are people who want to take away our freedoms. New Yorkers probably know that as much if not more than anybody else after the terrible tragedy of 9/11,” he said.

“We have to understand that in the world going forward, we’re going to have more cameras and that kind of stuff. That’s good in some sense, but it’s different from what we are used to,” he said.

The mayor pointed to the gun debate and noted the courts have allowed for increasingly stringent regulations in response to ever-more powerful weapons.

“Clearly the  Supreme Court has recognized that you have to have different interpretations of the Second Amendment and what it applies to and reasonable gun laws … Here we’re going to to have to live with reasonable levels of security,” he said, pointing to the use of magnetometers to catch weapons in city schools.

“It really says something bad about us that we have to do it. But our obligation first and foremost is to keep our kids safe in the schools; first and foremost, to keep you safe if you go to a sporting event; first and foremost is to keep you safe if you walk down the streets or go into our parks,” he said. “We cannot let the terrorists put us in a situation where we can’t do those things. And the ways to do that is to provide what we think is an appropriate level of protection.”

Still, Mr. Bloomberg argued the attacks shouldn’t be used as an excuse to persecute certain religions or groups.

“What we cant do is let the protection get in the way of us enjoying our freedoms,” he said.  “You still want to let people practice their religion, no matter what that religion is. And I think one of the great dangers here is going and categorizing anybody from one religion as a terrorist. That’s not true … That would let the terrorists win. That’s what they want us to do.” source – Politicker

by NTEB News Desk

Bloomberg calls sugary drink ruling a ‘temporary setback’ for NYC—not for him.

Bloomberg holds up a 24-ounce soda cup at a news conference Tuesday (Allison Joyce/Getty Images)

New York City Mayor Michael Bloomberg had planned to hold a celebratory press conference on Tuesday morning to talk up the benefits of a regulation he had championed for months limiting the sale of large sugary drinks as part of the city’s efforts to combat obesity.

But when a judge abruptly put the brakes on the so-called soda ban Monday, less than 24 hours before it was set to take effect, Bloomberg was forced to tweak his message and sought to downplay the political impact of what could be a major policy setback during his final months at City Hall.

The mayor’s aides quickly found a spot for Bloomberg to visit: Lucky’s Cafe, a popular midtown Manhattan diner that had decided to stick with the mayor’s push to limit sugary drinks to promote better health among its customers. On Tuesday, Bloomberg showed up there to urge other businesses to follow the diner’s lead and “voluntarily” comply with the drink limits as the city prepares to appeal Monday’s ruling—a judicial decision the mayor defiantly described as a “temporary setback” for his administration’s push to improve the health of city residents.

“Despite yesterday’s temporary setback, I don’t think there’s any doubt that momentum is moving in our direction,” Bloomberg insisted. “We must help people change their lives before they ever enter the hospital, and that’s what our reform is all about.”

But as the fight over the soda ban heads to the courts, a larger question emerged about what impact Monday’s decision might have on Bloomberg’s legacy at City Hall and on the national political stage, where he has sought to expand his influence in recent months as he considers his political future after the mayor’s office.

Over the last 12 years, Bloomberg has established a reputation as one of the boldest mayors in the country—embracing initiatives that weren’t always popular in the beginning but have since been adopted by other cities around the country.

Among other things, Bloomberg pushed for a ban on smoking in bars, restaurants and public parks—a regulation that was at first unpopular but has become a way of life in New York and other cities. He was among the first mayors to call for a local ban on trans fats, and his regulation requiring fast-food restaurants to post the fat and calorie counts of their menu items has been widely credited with the improving the health of city residents.

In recent months, Bloomberg has cast his ban on large sugary drinks as a rule that was in natural progression with the other citywide health initiatives he’s passed during his three terms at City Hall. And before the ban was thrown out Monday, the mayor spoke of taking those drink limits nationwide as a way to combat obesity, suggesting that the state of New York and the rest of the country should take similar steps to block constituents from consuming empty calories.

In the aftermath of Monday’s ruling, Bloomberg made headlines around the country, with critics slamming what some assailed as his “nanny” mayorship. But most political observers dismissed the idea that the “setback,” as Bloomberg put it, will hurt the mayor in the long run.

“Certainly it is a loss for him,” Lee Miringoff, director of Marist Institute of Public Opinion, told Yahoo News. “But I don’t think this in and of itself will become a major blemish on his three terms in office. I don’t think this is something where he loses standing on other issues. … It’s unwelcome news for him, but this was something that was playing to mixed reviews anyway.”

Meanwhile, Mark McKinnon, a Republican political consultant who has worked with Bloomberg in the past, also dismissed any impact on the mayor’s legacy.

“Courts weighing in is just more evidence of Bloomberg’s reach and impact,” he said. “If someone’s barking, that’s just proof that Bloomberg is biting.”

On Monday, Bloomberg rejected a suggestion that Monday’s court ruling had cost him valuable political capital in his final months in office—insisting it was his job as mayor to help city residents be healthier.

Bloomberg echoed that answer at Tuesday’s news conference, where he displayed a 64-ounce soda cup from KFC that he said would give a consumer 800 empty calories if it were full of sugary drink. He insisted the ban on large sugary drinks has nothing to do with him or his legacy.

“It wasn’t a setback for me. It was a setback for the people who are dying,” Bloomberg declared. “In case you hadn’t noticed, I watch my diet. This is not for me.”


By  | The Ticket

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