A 12-week old polar bear born in the Toronto Zoo experienced snow for the first time this week. The cuddly cub named Remy is seen pawing and sniffing the snow in this video released by the zoo. He is the only surviving cub of the three born in November to Aurora, one of the zoo's two female polar bears.
Reported by CBS News 3 days ago.
Polar bear cub gets his first taste of snow
↧
↧
After crash, call for closer oversight of truckers
CHICAGO (AP) — A deadly crash in Illinois involving a truck driver accused of staying at the wheel for more than 35 hours without a long enough break prompted a call Thursday for tougher oversight of drivers and trucking companies. Monday's crash on an interstate near Aurora in northern Illinois killed a tollway worker and critically injured a state trooper who were assisting a stranded driver. "Furthermore, I hope you will look into any other similar incidents and take the necessary steps to ensure that every trucking company takes these federal rules seriously," Durbin wrote. According to the analysis, the new rule will prevent some 1,400 crashes and save 19 lives each year, while impacting the relatively small number of drivers who work more than 70 hours a week.
Reported by SeattlePI.com 3 days ago.
↧
Man fatally struck by SUV in Aurora
A man died early Saturday after he was struck by an SUV in west suburban Aurora, police said. The unidentified man, thought to be in his 30s or 40s, was walking southbound on Broadway Avenue, near Spring Street, where he was struck by a 2006 Mitsubishi SUV, also southbound, shortly before 4 a.m., authorities said.
Reported by Chicago S-T 2 hours ago.
↧
Welcome For Aurora Marine Set for Feb. 8
Patch Montgomery, IL --Revelers will welcome SSgt. Christopher Limberg. Reported by Patch 4 hours ago.
↧
Man Struck and Killed by SUV in Aurora
Patch Naperville, IL --A man described as being in his 30s or 40s died after being struck by an SUV in Aurora. Reported by Patch 2 hours ago.
↧
↧
Montgomery Woman Cited in Fatal Crash
Patch Montgomery, IL --A Montgomery woman was ticketed after a pedestrian was struck and killed in Aurora early Saturday. Reported by Patch 2 hours ago.
↧
Watch: Polar bear cub gets his first taste of snow
A 12-week old polar bear born in the Toronto Zoo experienced snow for the first time this week. The cuddly cub named Remy is seen pawing and sniffing the snow in this video released by the zoo. He is the only surviving cub of the three born in November to Aurora, one of the zoo's two female polar bears.
Reported by CBS News 4 days ago.
↧
Westell Announces Availability of the Kentrox Optima Management System® Version 11 and Mobile Applications for Download
AURORA, Ill.--(BUSINESS WIRE)--Westell has released the Kentrox® Optima Management System version 11. In addition, the Optima mobile applications are available for download from the Apple® App Store and Google Store™.
Reported by Business Wire 3 days ago.
↧
Iceland and Russia, the Bucket List Adventures for Middle East Women
The World at her Feet heads off to northern hemisphere for exhilarating experienceThe World at Her Feet, women travel group in the Middle East, is preparing for what promises to be their most exciting destinations in 2014. The group will depart to Iceland on 2nd April 2014 and off to Russia on 16thMay 2014. Considered as the bucket list destinations, The World at her Feet is looking forward to exhilarating journeys to these two incredible destinations. From the enchanted Northern Lights hunting of Iceland to the Bolshoi Theatre in Moscow, fall in love with the snow-embellished dreamscape that is Russia and the home to some of nature's rarest and strangest sights of Iceland.
A jam-packed 7-days/6 nights journey to the Nordic island of Iceland takes off on 2nd April 2014 and costs AED 12,000 on twin sharing excluding airfare. This once in a lifetime experience offers an itinerary that includes the pursuit of the Aurora Borealis, Northern Lights - the geological phenomenon where stars emit a bright green trail, visits to the Golden Falls, Thingvellir National Park, the exploding glaciers Geysir and Strokkur. This nature centric trip will be punctuated with a taste of urbanized Iceland through shopping and food. While in Iceland enjoy the Golden Falls, Thingvellir National Park, the exploding glaciers Geysir and Strokkur, Skaftafell National Park, Hveragardi Blue Lagoon, Thundering Waves Geothermal Spa and a visit to the local farmhouse and greenhouse.
The Russian adventure takes The World at her Feet to an astounding home of 23 UNESCO World Heritage Sites as well as the host of the latest Winter Olympics. Departing on 16h May 2014, this is a journey of time travel to a place where the Romanov Monarchy ruled and where literature of Tolstoy comes to life. An 8days/ 7nights trip for AED 9,500 explores the rich culture and includes visits to Kremlin, St. Isaac's Cathedral, the State Hermitage, the Bolshoi Theatre as well as the souvenir haven that is Arbat street.
"The destinations we have chosen in 2014 are the most astounding - each one is on many women's bucket list. We have taken a great deal of consideration with the itinerary covering the major landmarks and attraction. These are not to be missed trips certainly" said Paulomi Bhatt, Founder, The World at her Feet.
Bask in the glory of the Czars in Russia or roam the Highlands of Iceland with The World at her Feet. To book for this one in a lifetime experience visit www.theworldatherfeet.com or write to info@theworldatherfeet.com.
END
Company Contact Information
Grace & Garbo
Rahma Himid
119027
Bur Dubai
119027
+97150 6254251
News and Press Release Distribution From I-Newswire.com Reported by i-Newswire.com 3 days ago.
A jam-packed 7-days/6 nights journey to the Nordic island of Iceland takes off on 2nd April 2014 and costs AED 12,000 on twin sharing excluding airfare. This once in a lifetime experience offers an itinerary that includes the pursuit of the Aurora Borealis, Northern Lights - the geological phenomenon where stars emit a bright green trail, visits to the Golden Falls, Thingvellir National Park, the exploding glaciers Geysir and Strokkur. This nature centric trip will be punctuated with a taste of urbanized Iceland through shopping and food. While in Iceland enjoy the Golden Falls, Thingvellir National Park, the exploding glaciers Geysir and Strokkur, Skaftafell National Park, Hveragardi Blue Lagoon, Thundering Waves Geothermal Spa and a visit to the local farmhouse and greenhouse.
The Russian adventure takes The World at her Feet to an astounding home of 23 UNESCO World Heritage Sites as well as the host of the latest Winter Olympics. Departing on 16h May 2014, this is a journey of time travel to a place where the Romanov Monarchy ruled and where literature of Tolstoy comes to life. An 8days/ 7nights trip for AED 9,500 explores the rich culture and includes visits to Kremlin, St. Isaac's Cathedral, the State Hermitage, the Bolshoi Theatre as well as the souvenir haven that is Arbat street.
"The destinations we have chosen in 2014 are the most astounding - each one is on many women's bucket list. We have taken a great deal of consideration with the itinerary covering the major landmarks and attraction. These are not to be missed trips certainly" said Paulomi Bhatt, Founder, The World at her Feet.
Bask in the glory of the Czars in Russia or roam the Highlands of Iceland with The World at her Feet. To book for this one in a lifetime experience visit www.theworldatherfeet.com or write to info@theworldatherfeet.com.
END
Company Contact Information
Grace & Garbo
Rahma Himid
119027
Bur Dubai
119027
+97150 6254251
News and Press Release Distribution From I-Newswire.com Reported by i-Newswire.com 3 days ago.
↧
↧
Universal Windows Akron Earns Esteemed 2013 Angie’s List Super Service Award
Award reflects company’s consistently high level of customer service.
Akron, OH (PRWEB) February 01, 2014
Universal Windows Akron (http://universalwindowsakron.com) has earned the service industry’s coveted Angie’s List Super Service Award, reflecting an exemplary year of service provided to members of the consumer review service in 2013.
“We are proud to have earned this award consistently. It shows the level of quality of our product and installation service,” said Joe Pianecki, owner of Universal Windows Akron.
“Only about 5 percent of the companies Universal Windows Akron competes with in Akron, Canton, Hudson, Fairlawn, and Aurora markets are able to earn our Super Service Award,” said Angie’s List Founder Angie Hicks. “It’s a mark of consistently great customer service.”
Angie’s List Super Service Award 2013 winners have met strict eligibility requirements, which include an “A” rating in overall grade, recent grade, and review period grade; the company must be in good standing with Angie’s List, have a fully complete profile, pass a background check and abide by Angie’s List operational guidelines.
Service company ratings are updated daily on Angie’s List. Companies are graded on an A through F scale in areas ranging from price to professionalism to punctuality. Members can find the 2013 Super Service Award logo next to company names in search results on AngiesList.com.
About Universal Windows Akron
Universal Windows Akron provides high quality vinyl replacement windows, vinyl siding, fiberglass and steel entry doors and home improvement products in the Akron, Canton and Portage county areas. Reported by PRWeb 3 days ago.
Akron, OH (PRWEB) February 01, 2014
Universal Windows Akron (http://universalwindowsakron.com) has earned the service industry’s coveted Angie’s List Super Service Award, reflecting an exemplary year of service provided to members of the consumer review service in 2013.
“We are proud to have earned this award consistently. It shows the level of quality of our product and installation service,” said Joe Pianecki, owner of Universal Windows Akron.
“Only about 5 percent of the companies Universal Windows Akron competes with in Akron, Canton, Hudson, Fairlawn, and Aurora markets are able to earn our Super Service Award,” said Angie’s List Founder Angie Hicks. “It’s a mark of consistently great customer service.”
Angie’s List Super Service Award 2013 winners have met strict eligibility requirements, which include an “A” rating in overall grade, recent grade, and review period grade; the company must be in good standing with Angie’s List, have a fully complete profile, pass a background check and abide by Angie’s List operational guidelines.
Service company ratings are updated daily on Angie’s List. Companies are graded on an A through F scale in areas ranging from price to professionalism to punctuality. Members can find the 2013 Super Service Award logo next to company names in search results on AngiesList.com.
About Universal Windows Akron
Universal Windows Akron provides high quality vinyl replacement windows, vinyl siding, fiberglass and steel entry doors and home improvement products in the Akron, Canton and Portage county areas. Reported by PRWeb 3 days ago.
↧
Pedestrian struck in hit-and-run on Interstate 225
Aurora police are investigating at hit-and-run involving a pedestrian in the southbound lanes of Interstate 225 near Interstate 70 and Smith Road on Sunday night.
Reported by Denver Post 18 hours ago.
↧
Pedestrian Killed in Crash in Downtown Aurora Early Sunday
Patch Oswego, IL --An unidentified victim was killed when he was struck by a SUV in downtown Aurora shortly before 4 a.m. on Sunday after he'd been walking southbound on Broadway Avenue near Spr Reported by Patch 17 hours ago.
↧
Bill Jacobs BMW Team Members Donate to Loaves and Fishes to Support Families in Need
On January 21st, team members from Bill Jacobs BMW donated a large collection of food to Loaves and Fishes Community Food Pantry, an organization that provides healthy meals to neighbors in need residing in Naperville and other DuPage County communities.
Naperville, IL (PRWEB) February 03, 2014
Giving back to the community in which one resides can be a gift you give yourself.
Team members at Bill Jacobs BMW found that out to be true. On January 21st, team members from Bill Jacobs BMW donated a large collection of food to Loaves and Fishes Community Food Pantry, an organization that provides healthy meals to neighbors in need residing in Naperville and other DuPage County communities.
Bill Jacobs BMW employees were asked to bring food and can good items to their holiday luncheon in support of Loaves and Fishes Community Food Pantry. The response was tremendous and a team of Bill Jacobs volunteers organized the collection and drove it over to the food bank.
“I’m very thankful to all our employees,” said Greg Joutras, General Manager of Bill Jacobs BMW. “We asked them to dig deep at the holiday season for the sake of giving to someone in need, and we weren’t disappointed. Each employee stepped up to the plate and it was obvious they were happy to help.”
About Loaves & Fishes
Loaves & Fishes is a trusted leader dedicated to ending hunger in the Naperville and DuPage Country communities. Since its inception in 1984, Loaves & Fishes has become of the largest food banks in the area, distributing more than 60,000 pounds of groceries to approximately 600 families every week. Almost half of those served by the organization are children. Loaves & Fishes counts on over 1,000 dedicated volunteers to connect nutritious food to the people that need it.
Bill Jacobs BMW is not new to supporting the community in which they reside. They support many local charities including the Ronald McDonald House Charities, Naperville’s Turning Pointe Autism Foundation, and Susan G. Komen Chicago.
“I’m very proud of our BMW dealership and employees,” continued Greg. It was a good opportunity for us to give back and help with such a worthwhile local cause.”
About Bill Jacobs BMW
Bill Jacobs employees are committed to building stronger communities and also bring along enthusiasm and a desire to give back. The Bill Jacobs Auto Group has been servicing the Chicago market for over 50 years. As one of the largest BMW dealerships in Chicagoland, Bill Jacobs BMW has served Illinois loyally since 1981 with some of the highest customer satisfaction ratings in the automotive industry. Our staff has a passion for all things “MINI”. In keeping with the Bill Jacobs tradition, our commitment to customer service is second to none. Our primary concern is the satisfaction of our customers.
The dealership has one of the best selections of New, Certified and Preowned vehicles in the Midwest. We promise to provide a customer-friendly purchase experience and a responsive and reliable experience in our service department. Our customers can come in and take advantage of our knowledgeable BMW Certified technicians and a fully-stocked inventory of BMW parts.
For additional information please visit us today at 2495 Aurora Avenue, Naperville IL 60540 866-516-8010 or at http://www.billjacobsbmw.com. Reported by PRWeb 14 hours ago.
Naperville, IL (PRWEB) February 03, 2014
Giving back to the community in which one resides can be a gift you give yourself.
Team members at Bill Jacobs BMW found that out to be true. On January 21st, team members from Bill Jacobs BMW donated a large collection of food to Loaves and Fishes Community Food Pantry, an organization that provides healthy meals to neighbors in need residing in Naperville and other DuPage County communities.
Bill Jacobs BMW employees were asked to bring food and can good items to their holiday luncheon in support of Loaves and Fishes Community Food Pantry. The response was tremendous and a team of Bill Jacobs volunteers organized the collection and drove it over to the food bank.
“I’m very thankful to all our employees,” said Greg Joutras, General Manager of Bill Jacobs BMW. “We asked them to dig deep at the holiday season for the sake of giving to someone in need, and we weren’t disappointed. Each employee stepped up to the plate and it was obvious they were happy to help.”
About Loaves & Fishes
Loaves & Fishes is a trusted leader dedicated to ending hunger in the Naperville and DuPage Country communities. Since its inception in 1984, Loaves & Fishes has become of the largest food banks in the area, distributing more than 60,000 pounds of groceries to approximately 600 families every week. Almost half of those served by the organization are children. Loaves & Fishes counts on over 1,000 dedicated volunteers to connect nutritious food to the people that need it.
Bill Jacobs BMW is not new to supporting the community in which they reside. They support many local charities including the Ronald McDonald House Charities, Naperville’s Turning Pointe Autism Foundation, and Susan G. Komen Chicago.
“I’m very proud of our BMW dealership and employees,” continued Greg. It was a good opportunity for us to give back and help with such a worthwhile local cause.”
About Bill Jacobs BMW
Bill Jacobs employees are committed to building stronger communities and also bring along enthusiasm and a desire to give back. The Bill Jacobs Auto Group has been servicing the Chicago market for over 50 years. As one of the largest BMW dealerships in Chicagoland, Bill Jacobs BMW has served Illinois loyally since 1981 with some of the highest customer satisfaction ratings in the automotive industry. Our staff has a passion for all things “MINI”. In keeping with the Bill Jacobs tradition, our commitment to customer service is second to none. Our primary concern is the satisfaction of our customers.
The dealership has one of the best selections of New, Certified and Preowned vehicles in the Midwest. We promise to provide a customer-friendly purchase experience and a responsive and reliable experience in our service department. Our customers can come in and take advantage of our knowledgeable BMW Certified technicians and a fully-stocked inventory of BMW parts.
For additional information please visit us today at 2495 Aurora Avenue, Naperville IL 60540 866-516-8010 or at http://www.billjacobsbmw.com. Reported by PRWeb 14 hours ago.
↧
↧
Aurora police suspect intoxication in deadly Aurora hit-and-run
A pedestrian who was struck by a driver who fled the scene in Aurora late Sunday has died.
Reported by Denver Post 8 hours ago.
↧
Will Disney Create A Plus-Size Princess?
Ariel, Jasmine, Tiana, Anna, Aurora, Belle, Cinderella...they're all lovely in their individual ways. Are they representative of the average young woman? No — unless you happen to get dressed by bluebirds, own a talking candlestick, and burst into song whenever a handsome prince is nearby.
Reported by Huffington Post 3 hours ago.
↧
Westell Technologies Reports Third Quarter Revenue of $25 million
AURORA, Ill.--(BUSINESS WIRE)--Westell Technologies, Inc. (NASDAQ: WSTL), a global leader of intelligent site and outside plant solutions, today announced results for its fiscal 2014 third quarter ended December 31, 2013. Consolidated revenue was $25.2 million, led by $14.7 million in sales of intelligent site management solutions, as well as continued strong demand for tower mounted amplifiers (TMAs) and distributed antenna systems (DAS) interface panels. On a GAAP basis, the Company recorded
Reported by Business Wire 1 hour ago.
↧
Jamie Dimon's Big Pay Raise - and the Minimum Wage
Last week JPMorgan Chase's Board approved a 74% pay raise for its CEO Jamie Dimon for 2013 - a year when JPMorgan barely escaped a criminal penalty and paid $20 billion in fines and penalties for wrongdoing - much of it on his watch.
Sometimes we get numb to numbers like $20 million. To put it in perspective, in 2013, Dimon made $9,615 per hour. In other words, he made more in the first two hours of the first workday of the year, than a minimum wage worker made all year long.
There has been much debate about whether Dimon deserved his big increase in a year that the bank paid so much in fines, and narrowly avoided criminal prosecution.
Still others are outraged that Wall Street bankers whose reckless speculation lead to the collapse of the world economy - and cost 8 million Americans their jobs - should continue to be rewarded with lavish economic benefits.
But the real scandal is the fact that for over thirty years, a tiny slice of Americans have rigged the rules of the economic game so they could siphon off all of the over 80% increase in our per capita gross domestic product.
Last week the New York Times reported that even though Dimon's massive pay package was inconceivable to most ordinary Americans, "... in the world of executive compensation, especially when viewed from the rarefied perspective of other chief executives, and more broadly on Wall Street, Mr. Dimon's pay - and how it is determined - is not only defensible, but laudable."
Yep. To other CEO's his $20 million salary seems quite reasonable. After all the Chairman of the JPMorgan Compensation Committee was Lee R. Raymond, former chairman and CEO of Exxon Mobil. When he left Exxon he got a $400 million retirement package - no kidding.
The Compensation Committee apparently reasoned that "in context" Mr. Dimon's compensation package was quite reasonable. Mr. Raymond's successor at Exxon Mobil, Rex Tillerson, was paid $40.3 million in 2012. Leslie Moonves, CEO of CBS was paid $62.2 million. Larry Ellison of Oracle brought home $96.12 million.
And these salaries are nothing compared with the incomes of some of Wall Street's greatest speculators - people like John Paulsen who several years ago made a whopping $5 billion.
What do the very rich do with all of this money?
Of course most of it is used to invest in making more money. It isn't hard to make lots of money if you have some to start with. If you have $50,000 of savings in the stock market, just let it sit and stock prices go up 40% over a couple of years, you make $20,000 - not bad. But if you have a million dollars in the same stock market and expend the same effort you make $400,000.
And they spend it. According to a study by the Institute for New Economic Thinking, in 2012, 38% of all personal consumption expenditures were made by the top 5% of earners. That's up from 27% in 1992. In response, the New York Times reports that "the customer base for businesses that appeal to the middle class is shrinking as the top tier pulls ever further away." As it result the Times reports firms like Olive Garden, Red Lobster, J.C. Penney and Sears that cater to the middle class are struggling and fine-dining restaurants and retailers are thriving.
And the very rich also use their extraordinary wealth on other "critical necessities":
· How about a Seamagine Aurora personal submarine - great for ice-diving or spotting tropical fish. It's safe down to 3,300 feet, comes in three, four or five person designs and sells for a mere $3 million.
· Or you might want to buy a Vacheron Constantin Patrimony Traditionnelle Chronograph (watch). The advertisement for this piece says that "this Patrimony Traditionelle carries over the aesthetic cues from those dress chronographs into a modern 42 mm case size". Sells for only $55,900. Keeps time about as well as a $22.95 Timex - and for all but the most sophisticated looks pretty much like a $250 Bulova - and certainly no better than a $8,000 Rolex. But I'm sure to someone for whom money is no object it's worth it.
· Or perhaps you might want to stroll down Rodeo Drive in Beverly Hills and drop in on a little boutique where you could pick up a $4,000 blouse. That's right, some people actually pay four grand for a blouse that looks for all the world like one you could get for $100 - and probably not much better than a knock off you could pick up for $50. Must be that designer name in the label.
I don't begrudge super rich people recklessly spending their money like this. But I do begrudge those people thinking that these "necessities" are more important than making sure every child in America goes to bed with food in her stomach, or has access to a good education, or gets a good head start in life in a pre-school.
I do begrudge the greed that says that in order for a few very wealthy people to afford their lavish life styles it is right to prevent most ordinary Americans from sharing in the benefits of our society's growing economic productivity.
The thinking that underlies these kinds of massive CEO salaries was elucidated in the New York Times by Professor Christopher Armstrong of the Wharton School of the University of Pennsylvania.
"You want the board to be sophisticated," he said. "They know the labor market for bank senior executives."
After all, JPMorgan shares had soared 37% in 2013. And even after $20 billion in penalties and fines, JPMorgan's profits were $18 billion on total sales of $100 billion. In other words if there had been no fines, JPMorgan would have made profits of $38 billion - or $.38 cents of profit on each dollar of bank revenue.
Of course the Board was happy with Dimon, but that is the moral of the story. Multi-national corporations, and especially Wall Street Banks, have consolidated so much economic power that they have managed to create an economic environment where they - and a small number of very wealthy people -- can siphon off every dollar generated by America's economic growth. That is not just political rhetoric. That is the empirical experience of the last thirty years of American economic history.
It is that rigged system of concentrated economic power that has to be changed -and that change will not happen as a result of the "magic of the free market place." It will happen as a result of the policies of a democratically elected government. Every policy of the federal government must be viewed through the lens of its effect on insuring that all Americans benefit from our economic growth - not just the wealthiest among us.
The new health care law will make a dent in economic inequality by providing everyone access to health care and preventing ordinary people from going bankrupt just because they get sick.
Five other major changes are critical:
1). Increasing the minimum wage. What is required is to make it federal policy that no one who works full time will live in poverty - that hard work pays off for everyone - that everyone receives a living wage with no exceptions.
We heard a lot last election from the Republicans about "makers and takers." They say the "makers" work hard and create wealth, while the "takers" just try to sponge off the "makers" to get "entitlements."
If you ever take the subway to work in the morning at 5 AM you see who the real "makers" are. They are ordinary working people - black, latino, white, Asian - who get to work before the sun rises to mop the floors and bake the bread and serve the McDonalds breakfast sandwiches. All of those people deserve a living wage.
2). Policies that allow every worker the opportunity to collectively bargain over their wages and working conditions through a union - in both the public and private sector. From the 1930's through the early 1970's it was collective bargaining that created the American middle class - gave us the weekend, the eight hour day, middle class wages, pensions and health care benefits. Collective bargaining allows ordinary working people to be more than commodities to be paid according to what the "market will bear." Collective bargaining is necessary to rebuild the middle class once again.
3). Trade and tax policies that protect the rights of workers with just as much ardor as they protect the rights of corporations. Policies that don't encourage firms to outsource jobs to the areas where they can pay people eighty-five cents an hour.
4). A social safety net that truly protects Americans from unforeseen economic problems - and includes unemployment insurance for the long-term unemployed.
5). Breaking up the big banks and returning to a policy that makes it impossible for Wall Street bankers to recklessly speculate with government insurance dollars.
In the next several months we can begin that process by ending Republican cuts in unemployment insurance for the long-term unemployed, and by passing the Harkin-Miller bill to increase the minimum wage from $7.35 per hour to $10.10 - and index that wage to inflation.
Opponents of raising the minimum wage will cry out that if it is increased, employers will cut back on new jobs. That's the same thing opponents said every time the minimum wage was increased over the last 50 years - and it never happened.
Instead it turns out that workers have more money in their pockets to buy goods and services, and employers have to create more jobs to satisfy the demand. And it's true, initially it might take a little bite out of the bottom lines of the WalMarts and McDonalds of the world and put some of those dollars into workers' pockets instead. It's about time.
And of course, all that new demand will be for things like food, education, clothing, and new housing - the necessities of life rather than the personal submarines, extravagant watches and $4,000 blouses that Jamie Dimon and his crowd can afford. Yet another reason to raise the minimum wage.Robert Creamer is a long-time political organizer and strategist, and author of the book: Stand Up Straight: How Progressives Can Win, available on Amazon.com. He is a partner in Democracy Partners and a Senior Strategist for Americans United for Change. Follow him on Twitter @rbcreamer. Reported by Huffington Post 9 hours ago.
Sometimes we get numb to numbers like $20 million. To put it in perspective, in 2013, Dimon made $9,615 per hour. In other words, he made more in the first two hours of the first workday of the year, than a minimum wage worker made all year long.
There has been much debate about whether Dimon deserved his big increase in a year that the bank paid so much in fines, and narrowly avoided criminal prosecution.
Still others are outraged that Wall Street bankers whose reckless speculation lead to the collapse of the world economy - and cost 8 million Americans their jobs - should continue to be rewarded with lavish economic benefits.
But the real scandal is the fact that for over thirty years, a tiny slice of Americans have rigged the rules of the economic game so they could siphon off all of the over 80% increase in our per capita gross domestic product.
Last week the New York Times reported that even though Dimon's massive pay package was inconceivable to most ordinary Americans, "... in the world of executive compensation, especially when viewed from the rarefied perspective of other chief executives, and more broadly on Wall Street, Mr. Dimon's pay - and how it is determined - is not only defensible, but laudable."
Yep. To other CEO's his $20 million salary seems quite reasonable. After all the Chairman of the JPMorgan Compensation Committee was Lee R. Raymond, former chairman and CEO of Exxon Mobil. When he left Exxon he got a $400 million retirement package - no kidding.
The Compensation Committee apparently reasoned that "in context" Mr. Dimon's compensation package was quite reasonable. Mr. Raymond's successor at Exxon Mobil, Rex Tillerson, was paid $40.3 million in 2012. Leslie Moonves, CEO of CBS was paid $62.2 million. Larry Ellison of Oracle brought home $96.12 million.
And these salaries are nothing compared with the incomes of some of Wall Street's greatest speculators - people like John Paulsen who several years ago made a whopping $5 billion.
What do the very rich do with all of this money?
Of course most of it is used to invest in making more money. It isn't hard to make lots of money if you have some to start with. If you have $50,000 of savings in the stock market, just let it sit and stock prices go up 40% over a couple of years, you make $20,000 - not bad. But if you have a million dollars in the same stock market and expend the same effort you make $400,000.
And they spend it. According to a study by the Institute for New Economic Thinking, in 2012, 38% of all personal consumption expenditures were made by the top 5% of earners. That's up from 27% in 1992. In response, the New York Times reports that "the customer base for businesses that appeal to the middle class is shrinking as the top tier pulls ever further away." As it result the Times reports firms like Olive Garden, Red Lobster, J.C. Penney and Sears that cater to the middle class are struggling and fine-dining restaurants and retailers are thriving.
And the very rich also use their extraordinary wealth on other "critical necessities":
· How about a Seamagine Aurora personal submarine - great for ice-diving or spotting tropical fish. It's safe down to 3,300 feet, comes in three, four or five person designs and sells for a mere $3 million.
· Or you might want to buy a Vacheron Constantin Patrimony Traditionnelle Chronograph (watch). The advertisement for this piece says that "this Patrimony Traditionelle carries over the aesthetic cues from those dress chronographs into a modern 42 mm case size". Sells for only $55,900. Keeps time about as well as a $22.95 Timex - and for all but the most sophisticated looks pretty much like a $250 Bulova - and certainly no better than a $8,000 Rolex. But I'm sure to someone for whom money is no object it's worth it.
· Or perhaps you might want to stroll down Rodeo Drive in Beverly Hills and drop in on a little boutique where you could pick up a $4,000 blouse. That's right, some people actually pay four grand for a blouse that looks for all the world like one you could get for $100 - and probably not much better than a knock off you could pick up for $50. Must be that designer name in the label.
I don't begrudge super rich people recklessly spending their money like this. But I do begrudge those people thinking that these "necessities" are more important than making sure every child in America goes to bed with food in her stomach, or has access to a good education, or gets a good head start in life in a pre-school.
I do begrudge the greed that says that in order for a few very wealthy people to afford their lavish life styles it is right to prevent most ordinary Americans from sharing in the benefits of our society's growing economic productivity.
The thinking that underlies these kinds of massive CEO salaries was elucidated in the New York Times by Professor Christopher Armstrong of the Wharton School of the University of Pennsylvania.
"You want the board to be sophisticated," he said. "They know the labor market for bank senior executives."
After all, JPMorgan shares had soared 37% in 2013. And even after $20 billion in penalties and fines, JPMorgan's profits were $18 billion on total sales of $100 billion. In other words if there had been no fines, JPMorgan would have made profits of $38 billion - or $.38 cents of profit on each dollar of bank revenue.
Of course the Board was happy with Dimon, but that is the moral of the story. Multi-national corporations, and especially Wall Street Banks, have consolidated so much economic power that they have managed to create an economic environment where they - and a small number of very wealthy people -- can siphon off every dollar generated by America's economic growth. That is not just political rhetoric. That is the empirical experience of the last thirty years of American economic history.
It is that rigged system of concentrated economic power that has to be changed -and that change will not happen as a result of the "magic of the free market place." It will happen as a result of the policies of a democratically elected government. Every policy of the federal government must be viewed through the lens of its effect on insuring that all Americans benefit from our economic growth - not just the wealthiest among us.
The new health care law will make a dent in economic inequality by providing everyone access to health care and preventing ordinary people from going bankrupt just because they get sick.
Five other major changes are critical:
1). Increasing the minimum wage. What is required is to make it federal policy that no one who works full time will live in poverty - that hard work pays off for everyone - that everyone receives a living wage with no exceptions.
We heard a lot last election from the Republicans about "makers and takers." They say the "makers" work hard and create wealth, while the "takers" just try to sponge off the "makers" to get "entitlements."
If you ever take the subway to work in the morning at 5 AM you see who the real "makers" are. They are ordinary working people - black, latino, white, Asian - who get to work before the sun rises to mop the floors and bake the bread and serve the McDonalds breakfast sandwiches. All of those people deserve a living wage.
2). Policies that allow every worker the opportunity to collectively bargain over their wages and working conditions through a union - in both the public and private sector. From the 1930's through the early 1970's it was collective bargaining that created the American middle class - gave us the weekend, the eight hour day, middle class wages, pensions and health care benefits. Collective bargaining allows ordinary working people to be more than commodities to be paid according to what the "market will bear." Collective bargaining is necessary to rebuild the middle class once again.
3). Trade and tax policies that protect the rights of workers with just as much ardor as they protect the rights of corporations. Policies that don't encourage firms to outsource jobs to the areas where they can pay people eighty-five cents an hour.
4). A social safety net that truly protects Americans from unforeseen economic problems - and includes unemployment insurance for the long-term unemployed.
5). Breaking up the big banks and returning to a policy that makes it impossible for Wall Street bankers to recklessly speculate with government insurance dollars.
In the next several months we can begin that process by ending Republican cuts in unemployment insurance for the long-term unemployed, and by passing the Harkin-Miller bill to increase the minimum wage from $7.35 per hour to $10.10 - and index that wage to inflation.
Opponents of raising the minimum wage will cry out that if it is increased, employers will cut back on new jobs. That's the same thing opponents said every time the minimum wage was increased over the last 50 years - and it never happened.
Instead it turns out that workers have more money in their pockets to buy goods and services, and employers have to create more jobs to satisfy the demand. And it's true, initially it might take a little bite out of the bottom lines of the WalMarts and McDonalds of the world and put some of those dollars into workers' pockets instead. It's about time.
And of course, all that new demand will be for things like food, education, clothing, and new housing - the necessities of life rather than the personal submarines, extravagant watches and $4,000 blouses that Jamie Dimon and his crowd can afford. Yet another reason to raise the minimum wage.Robert Creamer is a long-time political organizer and strategist, and author of the book: Stand Up Straight: How Progressives Can Win, available on Amazon.com. He is a partner in Democracy Partners and a Senior Strategist for Americans United for Change. Follow him on Twitter @rbcreamer. Reported by Huffington Post 9 hours ago.
↧
↧
Jamie Dimon's Big Pay Raise -- and the Minimum Wage
Last week JPMorgan Chase's Board approved a 74 percent pay raise for its CEO, Jamie Dimon, for 2013, a year when JPMorgan barely escaped a criminal penalty and paid $20 billion in fines and penalties for wrongdoing -- much of it on his watch.
Sometimes we get numb to numbers like $20 million. To put it in perspective, in 2013, Dimon made $9,615 per hour. In other words, he made more in the first two hours of the first workday of the year than a minimum-wage worker made all year long.
There has been much debate about whether Dimon deserved his big increase in a year that the bank paid so much in fines, and narrowly avoided criminal prosecution.
Still others are outraged that Wall Street bankers whose reckless speculation lead to the collapse of the world economy -- and cost 8 million Americans their jobs -- should continue to be rewarded with lavish economic benefits.
But the real scandal is the fact that for more than 30 years, a tiny slice of Americans have rigged the rules of the economic game so they could siphon off all of the more than 80 percent increase in our per capita gross domestic product.
Last week the New York Times reported that even though Dimon's massive pay package was inconceivable to most ordinary Americans: "... in the world of executive compensation, especially when viewed from the rarefied perspective of other chief executives, and more broadly on Wall Street, Mr. Dimon's pay -- and how it is determined -- is not only defensible, but laudable."
Yep. To other CEOs his $20 million salary seems quite reasonable. After all, the chairman of the JPMorgan Compensation Committee was Lee R. Raymond, former chairman and CEO of Exxon Mobil. When he left Exxon he got a $400 million retirement package -- no kidding.
The Compensation Committee apparently reasoned that "in context," Mr. Dimon's compensation package was quite reasonable. Mr. Raymond's successor at Exxon Mobil, Rex Tillerson, was paid $40.3 million in 2012. Leslie Moonves, CEO of CBS, was paid $62.2 million. Larry Ellison of Oracle brought home $96.12 million.
And these salaries are nothing compared with the incomes of some of Wall Street's greatest speculators -- people like John Paulsen, who several years ago made a whopping $5 billion.
What do the very rich do with all of this money?
Of course most of it is used to invest in making more money. It isn't hard to make lots of money if you have some to start with. If you have $50,000 of savings in the stock market, just let it sit and stock prices go up 40 perceny over a couple of years, you make $20,000 -- not bad. But if you have a million dollars in the same stock market and expend the same effort you make $400,000.
And they spend it. According to a study by the Institute for New Economic Thinking, in 2012, 38 percent of all personal consumption expenditures were made by the top 5 percent of earners. That's up from 27 percent in 1992. In response, the New York Times reports that "the customer base for businesses that appeal to the middle class is shrinking as the top tier pulls ever further away." As it result the Times reports firms like Olive Garden, Red Lobster, J.C. Penney and Sears that cater to the middle class are struggling and fine-dining restaurants and retailers are thriving.
And the very rich also use their extraordinary wealth on other "critical necessities":
· How about a Seamagine Aurora personal submarine -- great for ice-diving or spotting tropical fish. It's safe down to 3,300 feet, comes in three, four or five person designs and sells for a mere $3 million.
· Or you might want to buy a Vacheron Constantin Patrimony Traditionnelle Chronograph (watch). The advertisement for this piece says that "this Patrimony Traditionelle carries over the aesthetic cues from those dress chronographs into a modern 42 mm case size." Sells for only $55,900. Keeps time about as well as a $22.95 Timex -- and for all but the most sophisticated looks pretty much like a $250 Bulova -- and certainly no better than a $8,000 Rolex. But I'm sure to someone for whom money is no object it's worth it.
· Or perhaps you might want to stroll down Rodeo Drive in Beverly Hills and drop in on a little boutique where you could pick up a $4,000 blouse. That's right, some people actually pay four grand for a blouse that looks for all the world like one you could get for $100 -- and probably not much better than a knock off you could pick up for $50. Must be that designer name in the label.
I don't begrudge super rich people recklessly spending their money like this. But I do begrudge those people thinking that these "necessities" are more important than making sure every child in America goes to bed with food in her stomach, or has access to a good education, or gets a good head start in life in a pre-school.
I do begrudge the greed that says that in order for a few very wealthy people to afford their lavish life styles it is right to prevent most ordinary Americans from sharing in the benefits of our society's growing economic productivity.
The thinking that underlies these kinds of massive CEO salaries was elucidated in the New York Times by Professor Christopher Armstrong of the Wharton School of the University of Pennsylvania.
"You want the board to be sophisticated," he said. "They know the labor market for bank senior executives."
After all, JPMorgan shares had soared 37 percent in 2013. And even after $20 billion in penalties and fines, JPMorgan's profits were $18 billion on total sales of $100 billion. In other words if there had been no fines, JPMorgan would have made profits of $38 billion -- or $.38 cents of profit on each dollar of bank revenue.
Of course the Board was happy with Dimon, but that is the moral of the story. Multi-national corporations, and especially Wall Street Banks, have consolidated so much economic power that they have managed to create an economic environment where they -- and a small number of very wealthy people -- can siphon off every dollar generated by America's economic growth. That is not just political rhetoric. That is the empirical experience of the last thirty years of American economic history.
It is that rigged system of concentrated economic power that has to be changed -and that change will not happen as a result of the "magic of the free market place." It will happen as a result of the policies of a democratically elected government. Every policy of the federal government must be viewed through the lens of its effect on insuring that all Americans benefit from our economic growth -- not just the wealthiest among us.
The new health care law will make a dent in economic inequality by providing everyone access to health care and preventing ordinary people from going bankrupt just because they get sick.
Five other major changes are critical:
1). Increasing the minimum wage. What is required is to make it federal policy that no one who works full time will live in poverty -- that hard work pays off for everyone -- that everyone receives a living wage with no exceptions.
We heard a lot last election from the Republicans about "makers and takers." They say the "makers" work hard and create wealth, while the "takers" just try to sponge off the "makers" to get "entitlements."
If you ever take the subway to work at 5 a.m., you see who the real "makers" are. They are ordinary working people -- black, Latino, white, Asian -- who get to work before the sun rises to mop the floors and bake the bread and serve the McDonald's breakfast sandwiches. All of those people deserve a living wage.
2). Policies that allow every worker the opportunity to collectively bargain over their wages and working conditions through a union - in both the public and private sector. From the 1930s through the early 1970s it was collective bargaining that created the American middle class -- gave us the weekend, the eight-hour day, middle-class wages, pensions and health care benefits. Collective bargaining allows ordinary working people to be more than commodities to be paid according to what the "market will bear." Collective bargaining is necessary to rebuild the middle class once again.
3). Trade and tax policies that protect the rights of workers with just as much ardor as they protect the rights of corporations. Policies that don't encourage firms to outsource jobs to the areas where they can pay people 85 cents an hour.
4). A social safety net that truly protects Americans from unforeseen economic problems -- and includes unemployment insurance for the long-term unemployed.
5). Breaking up the big banks and returning to a policy that makes it impossible for Wall Street bankers to recklessly speculate with government insurance dollars.
In the next several months we can begin that process by ending Republican cuts in unemployment insurance for the long-term unemployed, and by passing the Harkin-Miller bill to increase the minimum wage from $7.35 per hour to $10.10 -- and index that wage to inflation.
Opponents of raising the minimum wage will cry out that if it is increased, employers will cut back on new jobs. That's the same thing opponents said every time the minimum wage was increased over the last 50 years -- and it never happened.
Instead it turns out that workers have more money in their pockets to buy goods and services, and employers have to create more jobs to satisfy the demand. And it's true, initially it might take a little bite out of the bottom lines of the WalMarts and McDonalds of the world and put some of those dollars into workers' pockets instead. It's about time.
And of course, all that new demand will be for things like food, education, clothing, and new housing -- the necessities of life rather than the personal submarines, extravagant watches and $4,000 blouses that Jamie Dimon and his crowd can afford. Yet another reason to raise the minimum wage.Robert Creamer is a long-time political organizer and strategist, and author of the book: Stand Up Straight: How Progressives Can Win, available on Amazon.com. He is a partner in Democracy Partners and a Senior Strategist for Americans United for Change. Follow him on Twitter @rbcreamer. Reported by Huffington Post 8 hours ago.
Sometimes we get numb to numbers like $20 million. To put it in perspective, in 2013, Dimon made $9,615 per hour. In other words, he made more in the first two hours of the first workday of the year than a minimum-wage worker made all year long.
There has been much debate about whether Dimon deserved his big increase in a year that the bank paid so much in fines, and narrowly avoided criminal prosecution.
Still others are outraged that Wall Street bankers whose reckless speculation lead to the collapse of the world economy -- and cost 8 million Americans their jobs -- should continue to be rewarded with lavish economic benefits.
But the real scandal is the fact that for more than 30 years, a tiny slice of Americans have rigged the rules of the economic game so they could siphon off all of the more than 80 percent increase in our per capita gross domestic product.
Last week the New York Times reported that even though Dimon's massive pay package was inconceivable to most ordinary Americans: "... in the world of executive compensation, especially when viewed from the rarefied perspective of other chief executives, and more broadly on Wall Street, Mr. Dimon's pay -- and how it is determined -- is not only defensible, but laudable."
Yep. To other CEOs his $20 million salary seems quite reasonable. After all, the chairman of the JPMorgan Compensation Committee was Lee R. Raymond, former chairman and CEO of Exxon Mobil. When he left Exxon he got a $400 million retirement package -- no kidding.
The Compensation Committee apparently reasoned that "in context," Mr. Dimon's compensation package was quite reasonable. Mr. Raymond's successor at Exxon Mobil, Rex Tillerson, was paid $40.3 million in 2012. Leslie Moonves, CEO of CBS, was paid $62.2 million. Larry Ellison of Oracle brought home $96.12 million.
And these salaries are nothing compared with the incomes of some of Wall Street's greatest speculators -- people like John Paulsen, who several years ago made a whopping $5 billion.
What do the very rich do with all of this money?
Of course most of it is used to invest in making more money. It isn't hard to make lots of money if you have some to start with. If you have $50,000 of savings in the stock market, just let it sit and stock prices go up 40 perceny over a couple of years, you make $20,000 -- not bad. But if you have a million dollars in the same stock market and expend the same effort you make $400,000.
And they spend it. According to a study by the Institute for New Economic Thinking, in 2012, 38 percent of all personal consumption expenditures were made by the top 5 percent of earners. That's up from 27 percent in 1992. In response, the New York Times reports that "the customer base for businesses that appeal to the middle class is shrinking as the top tier pulls ever further away." As it result the Times reports firms like Olive Garden, Red Lobster, J.C. Penney and Sears that cater to the middle class are struggling and fine-dining restaurants and retailers are thriving.
And the very rich also use their extraordinary wealth on other "critical necessities":
· How about a Seamagine Aurora personal submarine -- great for ice-diving or spotting tropical fish. It's safe down to 3,300 feet, comes in three, four or five person designs and sells for a mere $3 million.
· Or you might want to buy a Vacheron Constantin Patrimony Traditionnelle Chronograph (watch). The advertisement for this piece says that "this Patrimony Traditionelle carries over the aesthetic cues from those dress chronographs into a modern 42 mm case size." Sells for only $55,900. Keeps time about as well as a $22.95 Timex -- and for all but the most sophisticated looks pretty much like a $250 Bulova -- and certainly no better than a $8,000 Rolex. But I'm sure to someone for whom money is no object it's worth it.
· Or perhaps you might want to stroll down Rodeo Drive in Beverly Hills and drop in on a little boutique where you could pick up a $4,000 blouse. That's right, some people actually pay four grand for a blouse that looks for all the world like one you could get for $100 -- and probably not much better than a knock off you could pick up for $50. Must be that designer name in the label.
I don't begrudge super rich people recklessly spending their money like this. But I do begrudge those people thinking that these "necessities" are more important than making sure every child in America goes to bed with food in her stomach, or has access to a good education, or gets a good head start in life in a pre-school.
I do begrudge the greed that says that in order for a few very wealthy people to afford their lavish life styles it is right to prevent most ordinary Americans from sharing in the benefits of our society's growing economic productivity.
The thinking that underlies these kinds of massive CEO salaries was elucidated in the New York Times by Professor Christopher Armstrong of the Wharton School of the University of Pennsylvania.
"You want the board to be sophisticated," he said. "They know the labor market for bank senior executives."
After all, JPMorgan shares had soared 37 percent in 2013. And even after $20 billion in penalties and fines, JPMorgan's profits were $18 billion on total sales of $100 billion. In other words if there had been no fines, JPMorgan would have made profits of $38 billion -- or $.38 cents of profit on each dollar of bank revenue.
Of course the Board was happy with Dimon, but that is the moral of the story. Multi-national corporations, and especially Wall Street Banks, have consolidated so much economic power that they have managed to create an economic environment where they -- and a small number of very wealthy people -- can siphon off every dollar generated by America's economic growth. That is not just political rhetoric. That is the empirical experience of the last thirty years of American economic history.
It is that rigged system of concentrated economic power that has to be changed -and that change will not happen as a result of the "magic of the free market place." It will happen as a result of the policies of a democratically elected government. Every policy of the federal government must be viewed through the lens of its effect on insuring that all Americans benefit from our economic growth -- not just the wealthiest among us.
The new health care law will make a dent in economic inequality by providing everyone access to health care and preventing ordinary people from going bankrupt just because they get sick.
Five other major changes are critical:
1). Increasing the minimum wage. What is required is to make it federal policy that no one who works full time will live in poverty -- that hard work pays off for everyone -- that everyone receives a living wage with no exceptions.
We heard a lot last election from the Republicans about "makers and takers." They say the "makers" work hard and create wealth, while the "takers" just try to sponge off the "makers" to get "entitlements."
If you ever take the subway to work at 5 a.m., you see who the real "makers" are. They are ordinary working people -- black, Latino, white, Asian -- who get to work before the sun rises to mop the floors and bake the bread and serve the McDonald's breakfast sandwiches. All of those people deserve a living wage.
2). Policies that allow every worker the opportunity to collectively bargain over their wages and working conditions through a union - in both the public and private sector. From the 1930s through the early 1970s it was collective bargaining that created the American middle class -- gave us the weekend, the eight-hour day, middle-class wages, pensions and health care benefits. Collective bargaining allows ordinary working people to be more than commodities to be paid according to what the "market will bear." Collective bargaining is necessary to rebuild the middle class once again.
3). Trade and tax policies that protect the rights of workers with just as much ardor as they protect the rights of corporations. Policies that don't encourage firms to outsource jobs to the areas where they can pay people 85 cents an hour.
4). A social safety net that truly protects Americans from unforeseen economic problems -- and includes unemployment insurance for the long-term unemployed.
5). Breaking up the big banks and returning to a policy that makes it impossible for Wall Street bankers to recklessly speculate with government insurance dollars.
In the next several months we can begin that process by ending Republican cuts in unemployment insurance for the long-term unemployed, and by passing the Harkin-Miller bill to increase the minimum wage from $7.35 per hour to $10.10 -- and index that wage to inflation.
Opponents of raising the minimum wage will cry out that if it is increased, employers will cut back on new jobs. That's the same thing opponents said every time the minimum wage was increased over the last 50 years -- and it never happened.
Instead it turns out that workers have more money in their pockets to buy goods and services, and employers have to create more jobs to satisfy the demand. And it's true, initially it might take a little bite out of the bottom lines of the WalMarts and McDonalds of the world and put some of those dollars into workers' pockets instead. It's about time.
And of course, all that new demand will be for things like food, education, clothing, and new housing -- the necessities of life rather than the personal submarines, extravagant watches and $4,000 blouses that Jamie Dimon and his crowd can afford. Yet another reason to raise the minimum wage.Robert Creamer is a long-time political organizer and strategist, and author of the book: Stand Up Straight: How Progressives Can Win, available on Amazon.com. He is a partner in Democracy Partners and a Senior Strategist for Americans United for Change. Follow him on Twitter @rbcreamer. Reported by Huffington Post 8 hours ago.
↧
Former Oswego East Principal to Become West Aurora Supt.
Patch Oswego, IL --Former District 308 administrator has spent the last school year overseeing a tiny district in Iowa. Reported by Patch 6 hours ago.
↧
First Mozilla Firefox 30.0 Build Available, Download Now
Mozilla has just greeted us with two new alpha builds of its popular web browser, one of which is the first development snapshot of the 30.0 branch. Mozilla Firefox 29.0a2 Aurora and Mozilla Firefox 30.0a1 Nightly are the two new builds in question, both available for Mac OS X, Windows, and Linux computers alike. Don’t expect a public set of release notes, because these are the earliest of birds in Firefox development. For example, Firefox 30.0a1 is the first sn...
Reported by Softpedia 7 hours ago.
↧
More Pages to Explore .....
