Romney Supporter: Billionaires Have Too Little Political Influence

Ken Griffin, a Chicago-based billionaire hedge fund manager, is a Mitt Romney supporter who thinks the super-rich have an "insufficient influence" over American politics, even though he thinks politicians should pay so much attention to CEOs.  He also believes the Obama Administration is at fault for the social unrest over income inequality and that China is pulling people out of poverty by embracing policies favoring the private sector.  He also believes that there is nothing wrong with billionaires, hedge fund managers, and other super-wealthy individuals spending unlimited amounts of money to influence elections.  It took a fraction of this campaign spending to get policies that benefit only the upper part of the top 1% and these lack of spending limits are designed to keep the system from changing.  Although he thinks companies should not directly harm others, he does not want government picking which businesses succeed and which ones fail.  But, he is out of touch by applying this way of thinking to this recent Chicago coal plant closings.  In response to the overwhelming neighborhood and community pressure to shut them down, he does not believe that "the company that injures people to be shut down and for the government to start a competing enterprise."  Which must means that he want business and government to work together, even if it means screwing over other people's health.

http://thinkprogress.org/politics/2012/03/10/442067/billionaire-romney-backer-ultrawealthy-have-an-insufficient-influence-over-politics/; http://www.chicagotribune.com/business/ct-biz-0311-confidential-griffin-web-version-20120311,0,2604121,full.column

Sears Closes Stores as Its Chairman Purchases Mansion

In the final three months of 2011, Sears lost $2.4 billion and announced in December that it would eliminate 100-120 stores.  That will surely bring layoffs of thousands of people.  Its chairman, Edward Lampert is about to purchase a $40-million home in Indian Creek Island, north of Miami.  Meanwhile, Florida is taking the biggest hit of Sears' layoffs.   Lampert also runs ESL Investments, a hedge fund.  Most informed and educated Americans are outraged at this sight of hedge fund managers and billionaires who layoff workers and then use their many millions to splurge on themselves.

http://www.huffingtonpost.com/2012/03/06/eddie-lampert-home_n_1324122.html

http://www.huffingtonpost.com/2012/02/23/sears-earnings-4q-2011_n_1296451.html

Billionaires' Index Created By Bloomberg

International financial news giant Bloomberg has just started the Bloomberg's Billionaires Index to measure the changes in daily wealth of the world's wealthiest individuals.  The firm's founder, current New York City Mayor Michael Bloomberg, is not included on the list.  Carlos Slim, the Mexican telecommunications kingpin, heads the list as the world's richest man at $68.5 billion.  Bill Gates, founder of Microsoft, ranked second at $62.4 billion.  This level of wealth means that either of them could lose hundreds of millions of dollars on a given day and hardly feel it.  Warren Buffet ranks third at $43.8 billion.  Meanwhile, 90% of all Americans would probably be content to earn 0.01-0.02% of this amount of wealth over the course of their entire lives.

http://www.washingtonpost.com/business/economy/bloombergs-billionaires-index-a-daily-measure-of-the-worlds-wealthiest-people/2012/03/05/gIQADpansR_story.html;

http://www.bloomberg.com/news/2012-03-05/slim-beats-gates-in-global-daily-ranking-of-billionaires.html

Billionaire Romney Donor Bullies Critics

Frank VanderSloot, an Idaho billionaire, is a huge donor to Mitt Romney's campaign and is its Finance co-chair. In 2004, Forbes magazine accused VanderSloot's company, Melaleuca, of being a pyramid scheme in selling dietary supplements and cleaning products. VanderSloot has filed costly lawsuits against Forbes, Mother Jones, and others that led these publications to remove articles that cast him in a harsh light for his anti-gay activism. Even local Idahoan bloggers have felt his wrath as he sued for infringing on copyrights by publishing a harsh letter his lawyers sent them. He now seeks to take this approach nationally. Billionaires who can use their riches to initimdate people in this way are threat to them and freedom of speech guaranteed in the First Amendment. Often called "Strategic Lawsuits Against Public Participation" (SLAPP), these actions are used by billionaires to protect their wealth when they feel threatened. Nearly 30 states have anti-SLAPP laws. All Ameircans should have the ability to investigate individuals like VanderSloot, especially when they can secretly contribute unlimited money through SuperPACS to Presidential campaigns. http://www.salon.com/2012/02/19/billionaire_romney_donor_uses_threats_to_silence_critics/singleton/