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Blog Post
10/31/2008
Posted by Consumer Watchdog
Internal FDA documents revealed by Congressman Henry Waxman show that "key FDA career officials strongly objected to Bush Administration drug labeling regulations that would preempt state liability lawsuits, asserting that the central justifications for the regulations were 'false and misleading' and warning that the changes would deprive...
Blog Post
10/30/2008
Posted by Consumer Watchdog
The Wall Street Journal is reporting that Google and Yahoo are closing to walking away from their proposed advertising alliance after the Justice Department said it would go to court to stop the deal absent major concessions. Earlier this month Consumer Watchdog wrote the Justice Department to block Google’s proposed advertising alliance...
News Story
10/30/2008
Posted by Consumer Watchdog
HOUSTON, TX -- Another quarter and more record U.S. profits for Exxon Mobil. Yet even as earnings surged for major producers, there were signs that Big Oil's run may be coming to an end. Need proof? Shares of Exxon Mobil, the world's largest publicly traded oil company, floundered even as it reported third quarter income of $14.83 billion,...
News Release
10/30/2008
Posted by Consumer Watchdog
'Consumers Now Know Where Their Money Went'; Congress, White House Must Prevent a Repeat of Costly Energy Bubble Santa Monica, CA -- ExxonMobil's $14.8 billion third-quarter profit reports clears up one thing--now consumers now know where their money went, said Consumer Watchdog. Exxon’s mind-boggling profit is again the highest quarterly...
Blog Post
10/28/2008
Posted by Consumer Watchdog
Financial companies may be scrambling for cash but being low on funds hasn’t stopped their political spending according to a report in the Los Angeles Times. The U.S. Chamber of Commerce, the strongest voice in Washington for the business community, spent $30 million on lobbying in the third quarter of this year, more than twice as much...
News Release
10/28/2008
Posted by Consumer Watchdog
BP Profit, Including Inventory, More Than Doubles from Year Ago to Over $10 Billion on Spiking Oil Prices Santa Monica, CA -- BP, only number four of the five major oil companies, rode the wave of the crude oil price spike to a staggering profit jump in the third quarter of 2008. It is a stark reminder of the damage inflicted by energy costs on a...
News Story
10/13/2008
Posted by Consumer Watchdog
OLDWICK, N.J. -- Any major overhaul of the U.S. health system next year are shaky given the $700 billion federal rescue of Wall Street and the troubled economy. Although the industry will forge ahead with its proposals to provide all Americans with access to affordable coverage, many health care observers wonder how much urgency such reforms will...
Blog Post
10/10/2008
Posted by Consumer Watchdog
I got a call to do an interview on a hometown radio show yesterday – WJR in Southeastern Michigan. They were wondering, as every American taxpayer has to be right about now, just what AIG executives were thinking when they paid $440,000 for a company junket to a luxury Orange County hotel – one week AFTER taxpayers bailed them out to...
News Story
10/3/2008
Posted by Consumer Watchdog
BOSTON, MA -- The bailout bill passed by the U.S. Senate Wednesday is nearly the same Wall Street giveaway as its original, critics say -- except that it now includes $100 billion more in tax giveaways and pet projects for lawmakers' home districts. "They decided this bill should be Christmas in October," said Republican Rep. Steven La...
Blog Post
10/1/2008
Posted by Consumer Watchdog
In a bid to to make the $700 billion bailout palatable to Congressional Republicans, some supporters of the plan are proposing adding a provision that is symptomatic of the very policies that got us in this mess. They want to suspend "mark-to-market" accounting, which insists that assets on a company's books be pegged to reality. ...