GM have offered the US government a controlling stake of more than 50% in efforts to stave off bankruptcy. Re-financing it's $62 billion in debts in a massive "debt for equity" swap is the only measure left before calling in the courts to intercede.Under the deal, the government and unions would get a combined stake of 89% in the company through an issuance of new stock, with bondholders taking a further 10%. Existing shareholders would end up with ownership of just 1%.The future of GM looks far from secure- for the deal to go ahead, the offer must be accepted by 90% of bondholders – an extreme test of GMs persuasive skills, and even then, would not avoid for the company the mass closures, slashing of jobs and the demise of its Pontiac model , which the company inevitably faces.
Chief Executive Fritz Henderson admitted the chances of success are far from guaranteed and he conceded bankruptcy had become "more likely" in recent weeks.Another article on Bloomberg paints an even more pessimistic picture, "according to a person familiar with the committee representing creditors."
“This is an offer that’s designed to fail,” said Kip Penniman, an analyst at fixed-income research firm KDP Investment Advisors in Montpelier, Vermont. “To get 90 percent of them to agree to such a deal where there’s no cash, no other debt and pure equity while leaving the union VEBA arrangement unchanged from previous considerations is absurd.”
Monday, 27 April 2009
NEWS: Last Gasp for GM
Plan to monitor all internet use
The new system would track all e-mails, phone calls and internet use, including visits to social network sites.
Communication service providers (CSPs) will be asked to record internet contacts between people, but not the content, similar to the existing arrangements to log telephone contacts.
The security services already deploy advanced techniques to monitor telephone conversations or intercept other communications, but this is not used in criminal trials.
Ms Smith said that while the new system could record a visit to a social network, it would not record personal and private information such as photos or messages posted to a page.
"What we are talking about is who is at one end [of a communication] and who is at the other - and how they are communicating," she said.
Sunday, 26 April 2009
MUSIC: Saul Williams - Act III Scene 2 (Shakespeare) feat. Zack de la Rocha
Footage edited and put together by CorruptMedia.
Lyrics by Saul Williams, a poet, musician, actor, artist, who has collaborated with "Zack from Rage Against the Machine, Serj from System of a Down, Ikey from The Mars Volta, KRS-One, DJ Krust, De La Soul, Erykah Badu, Allen Ginsbourg, Trent Reznor of NIN, and many more"
Wednesday, 22 April 2009
NEWS: Tax rise as UK debt hits record
NEWS: US Freddie Mac chief found dead
Fairfax County Police said there was no foul play suspected in the death of David Kellermann, found in his home 20km (13 miles) west of Washington DC.
The 41-year-old had worked for the company for 16 years and became chief financial officer in September.
Freddie Mac was bailed out by the US government last year.
Police were investigating the death after being called to the house just before 0500 local time by Mr Kellermann's wife.
"We were called from inside the house to come investigate an apparent suicide," a Fairfax police spokeswoman told local media, according to AFP news agency.
US media reports said Mr Kellermann was found hanging in the basement of the house
Monday, 20 April 2009
RANDOM... Hubble Pictures of Space
The science and technology pictures from the Telegraph of photographs taken of space by the Hubble Space Telescope... Better than the rest of today's news!
NEWS: Secret police intelligence was given to E.ON before planned demo
Government officials handed confidential police intelligence about environmental activists to the energy giant E.ON before a planned peaceful demonstration, according to private emails seen by the Guardian.
Intelligence passed to the energy firm by officials from the Department for Business, Enterprise and Regulatory Reform (BERR) included detailed information about the movements of protesters and their meetings. E.ON was also given a secret strategy document written by environmental campaigners and information from the Police National Information and Coordination Centre (PNICC), which gathers national and international intelligence for emergency planning.
Last night the disclosures were criticised by environmentalists, MPs and civil liberty groups, adding to the growing controversy over the policing of protests.
David Howarth MP, who obtained the emails, said they suggested BERR had attempted to politicise the police, using their intelligence to attempt to disrupt a peaceful protest. "It is as though BERR was treating the police as an extension of E.ON's private security operation," he said. "The question is how did that [police] intelligence get to BERR? Did it come via the Home Office or straight from police? And once they'd got this intelligence, what did they do with it?"
Shami Chakrabarti, the director of Liberty, said the sharing of police intelligence between BERR and E.ON was a serious abuse of power. "The government is in danger of turning police constables into little more than bouncers and private security guards for big business. Police should be used to protect potential victims but also to facilitate people's right to protest," she said.
Sunday, 19 April 2009
MUSIC... The Weepies
NEWS Round up on Monsanto Part 2 - April
"South African farmers suffered millions of dollars in lost income when 82,000 hectares of genetically-manipulated corn (maize) failed to produce hardly any seeds.The plants look lush and healthy from the outside. Monsanto has offered compensation.Monsanto blames the failure of the three varieties of corn planted on these farms, in three South African provinces,on alleged 'underfertilisation processes in the laboratory". Some 280 of the 1,000 farmers who planted the three varieties of Monsanto corn this year, have reported extensive seedless corn problems."
Environmental activitist Marian Mayet, director of the Africa-centre for biosecurity in Johannesburg, demands an urgent government investigation and an immediate ban on all GM-foods, blaming the crop failure on Monsanto's genetically-manipulated technology.
Willem Pelser, journalist of the Afrikaans Sunday paper Rapport, writes from Nelspruit that Monsanto has immediately offered the farmers compensation in three provinces - North West, Free State and Mpumalanga. The damage-estimates are being undertaken right now by the local farmers' cooperative, Grain-SA. Monsanto claims that 'less than 25%' of three different corn varieties were 'insufficiently fertilised in the laboratory'.
80% crop failure
However Mayet says Monsanto was grossly understating the problem.According to her own information, some farms have suffered up to 80% crop failures. The centre is strongly opposed to GM-food and biologically-manipulated technology in general.
SO, what does a company under fire for the efficacy of their product do? Well, I had a quick browse of the Monsanto Press Release section of their website and was rather appalled by their aggressive tying in with various Universities and Research Institutions:They have, in the past MONTH:
1. Added David L. Chicoine to Board of Directors... Dr. Chicoine is currently president of South Dakota State University (SDSU)
2. Entered into a research collaboration to source novel genes for crop improvement with Hunan University in China, one of the oldest institutions of higher education in the world.
3. Committed $10 million to Rice and Wheat research program, to identify and support yound scientists interested in improving research into rice and wheat. The program will be administered by Texas AgriLife Research, an agency of the Texas A&M University System.
4. Committed $1million to sponsor plant breeding fellowships at South Dakota State University, where agriculture is South Dakota's number one industry.
On a slightly cheerier(ish) note, here's an article that outlines the experience of Canadian farmer Percy Schmeiser and his wide Louise who ended up spending the past 12 years in court battling with Monsanto. Its quite an insight into Monsanto's litigious aggression, but the tale has a rather interesting end to it in terms of Corporate Liability for contamination and clean up costs:
Saturday, 18 April 2009
Collateral Damage
I do so so love TexanCyclist.
It's such an honour he asked me to work on this with him, and much pleasure in the undertaking. I fell in love with his song on first listen.... the man has real insight and a beautiful soul.
A pleasure to know, his words really touch me.
Peace and Love
x
http://www.fcnl.org/weapons/index.htm
& http://www.iraqbodycount.org/
Friday, 17 April 2009
THOUGHTS.... on Phorm
It's a subject getting a lot of air time in the media at the moment. For the most part, they're focusing on the benefits of creating revenue from advertising space that directly hits it's target market versus the argument that this is a cynical infringement of the right to privacy- with databases of information being stored on people feeling more and more like Big Brother looming down over us.
However, I am wondering how long before people really start to see the problems of the practicalities of it, and the potential law suits that can emerge....
What about the many situations where this 'targeted advertising' may cause problems in scenarios where it is a SHARED computer.... Lets face it, there's a lot of family computers out there, and in todays financial climate, not many can afford to splash out on a personal computer for every member of a household.
Say for example you live in a University flat share and you suddenly notice ads for treatment creams for STD's popping up around your Facebook page.... is sensitive information like that really information you want to know about your flatmate? Would you be looking at a live-in partner with suspicion? What about the poor unwitting person who had been looking into their health on the internet?
Or what about the wife who sees there's an increase in the amount of ads for 'Singles' and 'Dating' websites and she gets to wonder what sites her husband frequents when she's not around?
Or what about the employee that gets exposed for looking at job websites while at work, because his manager walked past his desk in time to see a huge job advert banner float across the top of the innocent page he had open?
Or what about situations where someones safety is at risk? A woman looking for advice on domestic abuse, ends up alerting her abusive partner to the fact that she has been seeking advice, in the form of some cynical ads in the sidebar?
Just a thought.... :-/
Thursday, 16 April 2009
RANDOM/ NEWS: Labour's smear scandal and the President
The News of the World landed the McBride-
Draper Tory smear email story so it was weird to
see on Sunday they didn't run with it on the
front page. Instead the tabloid had a
bizarre headline, "Obama's brother in sex quiz",
which sounds like something Jacqui Smith's
husband would watch on TV, but was in reality
a random story about Obama's half-brother being
refused a visa to enter Britain.
Even more weirdly, the story was not written
by a NOTW journalist but bylined Gloria De Piero,
GMTV's Political Editor. De Piero is a close
friend of Derek Draper, a colleague of his
wife Kate Garraway, and an ex-flatmate of Damien
McBride's then-boss Tom Watson.
So, surely a coincidence that this was the front page
story? Otherwise I guess we'd have to assume that
the uncalled for and unnecessary smearing of the
family and reputation of the world's most popular
politician is acceptable to the Labour Party now?
Also sent a random link to Julian Cope's experience of the G20 protests in London, in his own words, made me laugh. World shut yer mouth, eh?
HULU TUBE - PHASING YOU OUT OF YOUTUBE
comment, rate, favourite, mirror, reupload, dominate, yell your head off, make a cup of tea, repeat process, and don't forget to reupload in random categories to get it EVERYWHERE!!!
NEWS: Mothers Act...
"The sum includes a criminal fine of $515 million, which the Justice Department called "largest criminal fine for an individual corporation ever imposed in a United States criminal prosecution."
The company will also pay up to $800 million in a civil settlement with the federal government and the states, and forfeit $100 million in assets, the Justice Department said in its statement, for total penalties of $1.415 billion."
A federal court district judge ordered the opening of confidential files which highlighted that the company withheld information regarding the drugs side effectsHere's CV1122's vlog:
NEWS: Phorm in a teacup
The Government has backed the covert testing of secret advertising trials using software from 'Phorm' an Aim-listed company, which gathers information from web users in order to actively target them with advertising that is specific to their interests. Phorm actions were exempted from privacy laws, meaning the UK has failed to implement the EU laws which would give authorities the power to act on Phorm's alleged breaches of user privacy.
Viviane Reding, EU Commissioner for Information Society and Media, said: "Do you want to turn the internet into a jungle? This could happen if we cannot control the use of our information online," she said. "There is an undeniable risk that privacy is being lost to the brave new world of intrusive technologies."
Sir Tim Berners-Lee, the British computer scientist generally credited with inventing the web, said recently that the technology threatened 'the integrity of the internet as a communications medium'.
Wednesday, 15 April 2009
NEWS: Round Up on Monsanto - April 14th
Tuesday, 14 April 2009
MUSIC: Well call me a Skyclad Hippy and paint me purple, but this sounds like rain to me...
Jack Haas plays a wonderful contraption called an OMstrument
NEWS: The surveillance state turned a blind eye on Ian Tomlinson
The surveillance state turned a blind eye on Ian Tomlinson
He calmly asks the question why, in todays surveilled society, with CCTV everywhere, the only footage that has come forward of the police treatment of Ian Tomlinson has come from bystanders filming the scene.
Counter-productively, the Counter Terrorism laws introduced in the UK in February actually make it illegal for a bystander to film the police, in case it 'aids' terrorism... maximum penalty is 10 years!!! The wooliness of the law is such that we should be worried... but nice to see the Telegraph pointing out the utter absurdity of the situation!
HOWEVER>>>
A rather distrubing video of more of more police brutality at the London G20 protests... if blogging on this is against the law, then "BITE ME"
Watch from 3.30 onwards... its really shocking :-(
Indymedia are asking for anyone with more footage or evidence to get in touch.
Also, theres ANOTHER protest planned for THIS SATURDAY APRIL 18th in London to protest the police behaviour.... their facebook group and all the details are here
While the intention of the protest is most definitely peaceful, if you're going to it, be aware that a protest against police policy may attract some slightly more anarchic individuals... the facebook invite i got said:
come down , peacefull is the answer! bring food , drinks and music.
hopefully the weather will be nice and we can spread the love
it is our right to demonstrate , and so we shall !
we come in peace ! this is not a riot , this is just a gathering of folk who like to exercise their freedom of speech (a basic human right along with freedom of movement)
spread the word
The petition to Number 10 to remove the idiot counter-terrorism laws on taking photographs in public places is HERE
NEWS: Power station protesters released on bail
Protests seem to be all the rage and police are clamping down pre-emptively!!
In the wake of all the attention being placed on the police handling of protest groups for the G20, it's clear that new police energy is being placed in preventing more of the same. The article is incredibly vague of course... (ever seen Minority Report?)
Power station protesters released on bail
114 people arrested for allegedly planning to target a power station were released on bail, police said today.
Scores of officers swooped on a school in Sneinton, Nottingham, yesterday, saying the suspects posed "a serious threat" to the safe running of the nearby Ratcliffe-on-Soar plant.
From a spokeperson:
"Police have gathered a large amount of evidence which they are now reviewing.
"From the information gathered, police believe that those arrested were planning a period of prolonged disruption to the safe running of Ratcliffe-on-Soar power station.
The spokesman added: "Information received during the operation indicates that a number of those arrested may be linked to a group of climate change protesters who have set up climate camps."
A spokesman for Camp for Climate Action, which has protested at both power stations, Heathrow airport and the G20 summit in London earlier this month, refused to comment last night.
.... And yet, with all that hardcore use of "allegedly, believe and may be" .... still no hardcore charges made against any of them. Hmmmmmm
Another article in the Independent really sums it up for me:
Leading article: Mass arrests have no place in a democratic country
Saturday, 11 April 2009
MUSIC: Stuart Zender
MUSIC: Stuff I'm listening to....
Soko's lyrics crack me up... I particularly love her song "I hate your dog"....
"Rawnald Gregory Erickson" - by Starfucker
And The Magistrates...
Dodgy hair at dawn.... but liking the tune.... The Magistrates are due to release their first single soon.... Heartbreak and their myspace has info on their tour dates in the UK...