Mary Williams Walsh of The New York Times recently dove into the issue of pension obligation bonds (POB), and she came up empty-handed. In her piece on bankrupt Stockton, CA’s POBs, Walsh relied on the analysis of an academic, Jeffrey A. Michael, with little background in municipal bonds, to claim that Stockton was duped into issuing $125 million of these bonds in 2007. Michael contends that the POB underwriter, Lehman Brothers, did not adequately disclose the risks associated with issuing POBs. Walsh writes:
The American rock band R.E.M. on Thursday demanded that Fox News “cease and desist” using their song “Losing My Religion” during its coverage of the Democratic National Convention.
“R.E.M.’s ‘Losing My Religion’ was used in the Fox News coverage of the Democratic National Convention last night,” a statement on the R.E.M. HQ website said. “R.E.M. today, through its music publisher, Warner-Tamerlane Music, demanded that Fox News cease and desist from continuing its unlicensed and unauthorized use of the song.”
“We have little or no respect for their puff adder brand of reportage,” lead singer Michael Stipe said. “Our music does not belong there.”
Fox News contributor Elaine Chao has recently appeared on Fox Business to criticize Obama over the economy and push the falsehood that he stripped the work requirement from welfare. During these appearances, Fox didn't disclose that Chao is a national chair of Mitt Romney's presidential campaign. Fox News has made it a regular practice to not disclose some of its frequent guests' ties to the Romney campaign.
In an August 2 press release announcing her appointment, Chao stated that she is "honored that Governor Mitt Romney asked me to serve as the national chair of Asian Americans and Pacific Islanders for Romney" and that "it will take new leadership to put this country on a path to prosperity and full employment."
News Corp., the parent company of Fox News, recently nominated Chao to join its Board of Directors. Chao is married to Senate Minority Leader Mitch McConnell (R-KY).
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