MORNING MESSAGE
Federal Government Feeds Charter School Beast Despite Auditor’s Warnings
Politicians always promise they will rid government of “waste, fraud, and abuse,” so let’s hope at least one political leader or policymaker will denounce our federal government’s new gift of nearly a quarter-billion dollars to charter schools ... This money is the latest installment of an over $3 billion gravy train the federal government has funded to help launch over 2,500 charter schools across the nation. Regardless of how you feel about these schools, you should be concerned about how this new government outlay to charters will be used, based on the extensive track record of financial malfeasance in these schools.
WHEN TRUMP HELPED RIG THE RULES
NYT explores when Trump successfully lobbied for a tax break:“It was late in 1991, and Mr. Trump was sitting before a special panel in Washington’s Cannon House Office Building. His pitch: for lawmakers to relax tax rules that Mr. Trump said had strangled the real estate industry … in less than two years, as part of a wide-ranging budget deal, Congress passed a set of provisions that stood to be enormously lucrative to Mr. Trump and the rest of the real estate industry…”
Clinton poised to outspend Trump. Politico:“In-state Democratic operatives are planning for a significant tranche of the money — coming from the $150 million Clinton’s campaign and associated accounts had in the bank to start October — to be added to the previously announced $80 million television investment her team previewed at the start of this final phase … Trump’s totals appear to be dwarfed by Clinton’s: his campaign entered September with $38 million while the Republican National Committee had $40.5 million…”
WELLS FARGO HURTS BANK LOBBY
Wells Fargo scandal a setback to bank lobbyists, says BreakingViews’ Gina Chon:“One proposal they want to defeat would force senior officials to defer more than 50 percent of their pay for four years if their bank loses money after taking excessive risk … The industry has also been preparing to repel watchdogs’ recent surprise recommendation to Congress to repeal banks’ ability to engage in merchant-banking activities … Wells Fargo was to be held up as a decent bank that would be hurt by such new limits – until its accounts fiasco blew up last month.”
Former AIG chief completes testimony in fraud case. NYT:“The six-day courtroom confrontation between Maurice R. Greenberg and lawyers for New York State accusing him of orchestrating sham transactions … ended Thursday without any knockout blows … Greenberg has said he either did not remember certain documents or was not involved in the details of deals. Mr. Greenberg’s assertions that he left details of the two transactions to other A.I.G. executives fly in the face of his reputation ‘for being a detail-oriented micro manager,’ said David Schiff, a former insurance analyst…”
BREAKFAST SIDES
Mild job growth in September. NYT:“Employers added 156,000 jobs last month, the Labor Department said Friday, enough to accommodate new entrants into the labor force and draw back workers who dropped out after the Great Recession … Average hourly earnings ticked higher by 0.2 percentage point last month, bringing the wage gain over the last 12 months to 2.6 percent.”
New pressure to cut public pensions. The Hill:“The report, from Moody’s Investors Service, shows states are already liable for an estimated $1.25 trillion in pension costs for current employees and retirees. It says those costs are likely to mount with inflation. The rising costs will contribute to budget crises that will force states to rethink spending priorities.”
Obamacare going strong in California. LAT:“The state has recorded some of the nation’s most dramatic gains in health coverage since 2013 while building a competitive insurance marketplace that offers consumers enhanced protections from high medical bills … while health coverage has faltered in other states where politicians worked to undermine the law, California highlights what can be accomplished if government officials and industry leaders work together…”
Groups charge ALEC with skirting lobby regs. The Hill:“The Center for Media Democracy and Common Cause say ALEC is engaging in corporate lobbying for organizations like Exxon, while working under an IRS nonprofit designation that prohibits such lobbying … The organizations filing Thursday’s complaint cite numerous payments Exxon made to ALEC as a member and try to tie those payments directly to ALEC’s work fighting climate policies.”
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