Weill’s About-Face: Break Up the Banks!

Jul 25, 2012, 10:56 am EDT
Weill’s About-Face: Break Up the Banks!

Now he tells us!

Sandy Weill, the former CEO and chairman of Citigroup (NYSE:C) who invented the one-stop shopping financial supermarket idea of too-big-to-fail banks, says we should break them up.

That’s right: The man who spearheaded the death of Glass-Steagall — the Depression-era law that separated commercial banking from investment banking and insurance underwriting — now thinks we should go back in time and undo all these risky combinations. Read 

Big Companies Spending Less On Lobbying

Jul 24, 2012, 5:15 pm EDT
Big Companies Spending Less On Lobbying

If K Street has seemed a little less busy over the past few months, there’s a good reason for that.

The top 50 lobbying spenders spent $30 million less in the second quarter of this year than they did during the first quarter, according to lobbying disclosure releases. Overall, they spent $168 million between April and June.

In many cases, the corporations and trade groups that make up the top lobbying spenders made deep cuts to their lobbying efforts. AT&T (NYSE:T) went from spending $7.05 million during the first quarter to $3.49 million in the second, a nearly 50% cut. Also making $1 million-plus cuts were companies like ExxonMobil (NYSE:XOM), General Electric (NYSE:GE), Google (NASDAQ:GOOG), Pfizer (NYSE:PFE), Novartis (NYSE:NVS), and Johnson & Johnson (NYSE:JNJ). Read 

Vogue Editor Anna Wintour to Co-Host Obama Fundraiser

Jul 23, 2012, 3:07 pm EDT
Vogue Editor Anna Wintour to Co-Host Obama Fundraiser

Political fundraising events are often star-studded affairs. The one being planned for President Obama by Vogue Editor-In-Chief Anna Wintour and producer Harvey Weinstein is no exception.

The guest list has not been made public, but Meryl Streep and Michael Kors were among the attendees at a prior Obama fundraising event Wintour co-hosted with actress Sarah Jessica Parker, The Hill reports.

The event will take place on August 6 at Weinstein’s estate and reportedly cost a whopping $35,800 per plate. Read 

Undecided Voters in Short Supply

Jul 23, 2012, 11:32 am EDT
Undecided Voters in Short Supply

If recent polling is any indication, all the campaign ads and candidate visits that Mitt Romney and Barack Obama have rolled out are preaching to the choir.

A recent poll conducted by The Washington Post and ABC News found there are fewer undecided voters than there were in the past three elections.

Only 6% of those polled said there was a good chance they would change their mind on who they were voting for. Another 13% said it was possible they might change their mind, but unlikely. That leaves less than 1 in 5 voters who say there’s any chance they will change their mind. Read 

George W. Bush Declines Invitation to GOP Convention

Jul 22, 2012, 9:03 pm EDT
George W. Bush Declines Invitation to GOP Convention

Former President George W. Bush has kept a low profile since leaving office in 2009, and don’t expect him to jump back into the spotlight any time soon.

The latest proof that Bush wants to stay low key? He has declined an invitation from the Republican National Convention to attend. Bush made the announcement through an e-mail sent by his spokesman.

When asked if Bush had been invited to speak at the convention as well as attend, the spokesman said that Bush had declined before any speaking details had been discussed. Read 

Can Hollywood Counter GOP Super PACs?

Jul 19, 2012, 5:54 pm EDT
Can Hollywood Counter GOP Super PACs?

With today’s announcement that actor Morgan Freeman has given $1 million to the Obama-supporting super PAC Priorities Action USA today, some Democratic supporters are hopeful that it’s the start of a positive trend.  With Romney out-raising Obama, and Romney’s super PAC running circles around Obama’s, they’re hoping some Hollywood glitz, glamor, and money can turn the tide.

Some big names in Tinseltown have already written some big checks on behalf of Obama. DreamWorks co-founder Jeffrey Katzenberg has given $2 million to Priorities Action USA, comedian Bill Maher has given $1 million, director Steven Spielberg has given $100,000, and Lost creator J.J. Abrams and his wife have given $100,000.

While these are significant sums of money, they pale in comparison to what Romney’s super PAC, Restore Our Future, has done. Restore Our Future raised a record $20 million last month. Romney’s super PAC has been buoyed by large donations from the likes of casino mogul Sheldon Adelson, former Swift Boat Veterans for Truth financier Bob J. Perry, and New Balance Athletic Shoe Inc. Chairman James S. Davis. Read 

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