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Blog Post
9/18/2008
Posted by Consumer Watchdog
CW's founder Harvey Rosenfield recounts in his new blog Honest Answers an interesting conversation not long ago with a retired judge who told Harvey that then-AIG CEO Hank Greenberg was complaining to judges about Harvey and his Prop 103's regulation. Greenberg argued, of course, that the government shouldn't be meddling in AIG's business. ...
Blog Post
9/18/2008
Posted by Consumer Watchdog
AIG’s near collapse has at least one silver lining: the US House took HR 5840 (Kanjorski, D-PA) off the floor yesterday. The bill would allow the treasury department to override state regulation of the insurance industry. (Consumer Watchdog’s letter to Rep. Kanjorski is here.) Kudos to Representatives Speier (D-CA) and Kucinich (D-OH...
News Release
9/17/2008
Posted by Consumer Watchdog
H.R. 5840 (Kanjorski) On House Calendar Today Would Allow Treasury Dep't to Preempt Certain State Laws Santa Monica, CA -- In a letter today to Congressman Paul Kanjorski (D-PA), Consumer Watchdog, a California-based nonprofit, said that the massive federal bailout of America’s largest insurer means that Congress needs to rethink a proposal...
News Story
9/17/2008
Posted by Consumer Watchdog
A House bill that would create a federal office of insurance information stalled Wednesday amid the nation's growing financial crisis. A congressional aide familiar with the situation said the Democratic leadership pulled the bill (HR 5840) from floor consideration Wednesday because Rep. Jackie Speier, D-Calif., objected to it. Speier, one of the...
News Story
9/15/2008
Posted by Consumer Watchdog
Consumers' ability to collect damages from drug makers over serious side effects is at stake in an upcoming ruling. Prescription drugs sometimes cause serious side effects. A ruling by the U.S. Supreme Court expected this fall could radically alter consumers' ability to seek recourse from drug makers should they suffer harm. The case, called Wyeth...
News Story
8/21/2008
Posted by Consumer Watchdog
PASADENA, CA -- Economic issues have become the top concern among voters who plan to turn out for the November presidential election. Some of those issues were hashed out Wednesday evening as more than 200 people gathered at the Pasadena Senior Center for an economic roundtable. The roundtable touched on everything from the nation's ailing housing...
News Story
8/14/2008
Posted by Consumer Watchdog
Open the California coast and the offshore waters of Florida and the Carolinas to new oil drilling and prices at the pump will drop, contends Republican presidential candidate John McCain. And Democratic rival Barack Obama soon after eases his opposition to offshore drilling, with the same hope. All this despite warnings from the federal Energy...
News Story
8/1/2008
Posted by Consumer Watchdog
The oil giant brings in $11.68 billion, the largest profit for a U.S. company, and still fails to meet analysts' expectations. Critics say Exxon and others aren't doing enough to reduce gas prices. ExxonMobil Corp. posted second-quarter earnings Thursday of $11.68 billion, once again topping its own record for the biggest three-month profit ever...
News Release
8/1/2008
Posted by Consumer Watchdog
Chevron Data Shows Industry Lag in Producing New Oil from U.S. Source -- Lower Production Shows Failure of Investment, Not Lack of Oil, Says Watchdog   Santa Monica, CA -- Chevron Corp. reaped another record quarterly profit of $6 billion dollars, despite producing less oil than projected, and losing money on its refining of oil into gasoline...
News Release
7/31/2008
Posted by Consumer Watchdog
Exxon’s ‘Biggest Profit in the World’ Is Actually Bigger -- $8 Billion in Unproductive Share Buybacks Should be Counted, Says Group Shell, No. 2 Oil Co., Also Hits New Record, But Hoards Less   Santa Monica, CA -- ExxonMobil announced the biggest quarterly corporate profit in history today, despite producing less oil and...