More Layoffs at the Denver Post

Updated Feb 26:

Note to “journalists:”  Your socialist views promoted Obama and the Democrat Party take over of Colorado. Businesses small and large are the enemy of Democrats. They were your advertisers. Does Big Brother spend advertising in your newspaper?

The Denver Post announced the layoffs of six newsroom managers Wednesday as part of a cost-cutting effort. Big deal, you think? After hundreds have been “let go” over the past two years? Yes. It is big for them.

Dismissed, effective Friday, were Gary Clark, managing editor of news; Mark Cardwell, managing editor of online news; Erik Strom, assistant managing editor of technology; Ingrid Muller, creative director; Cynthia Pasquale, assistant city editor; and Stephen Keating, online special- projects editor. Keating will continue to work on a project for Post owner MediaNews Group.

The layoffs come as dozens of newspapers across the country are cutting staffs and budgets to deal with steep declines in advertising and circulation.

“These departures were forced by budget cuts I have to make,” Post editor Greg Moore said in a memo to staffers. “I think you all know the financial challenges facing this industry and this newspaper.”

MediaNews Group is negotiating with union-covered Post employees for $2 million in wage and benefit concessions.

Rocky Mountain News owner E.W. Scripps has put that newspaper up for sale, and may close it, because of mounting financial losses.

Scripps imposed companywide pay and benefit cuts Wednesday at its newspapers and television stations, although the Rocky Mountain News reported that the cuts will not apply to the News.

The reductions, announced in an e-mail from Scripps chief executive Rich Boehne, were reported in several Scripps newspapers. Scripps declined to publicly release what it described as an “internal employee memo.”

I wrote about Times Mirror pulling the plug on The Denver Post, Dallas Times-Herald, and Houston Post, some 13 years ago, next they sold the family jewels, the rest of Times Mirror to the Tribune Co., and we all know about Zell’s offer to take the company private.

This is what is in store for all the former Times Mirror papers:

Layoffs, cuts to the bone.

Memo from Denver Post editor Greg Moore

To The Staff:

On Monday, April 23, in the auditorium on the first floor, we will have two very important staff meetings. I don’t think there is any secret that our newspaper and others have been facing some challenging times.

Even though just a year ago we went through buyouts in an effort to reduce costs, the financial situation facing the paper and the Denver Newspaper Agency requires additional measures be taken. At meetings at 11 a.m. and again at 4 p.m., we will explain details of another round of buyouts in an effort to cut expenses without having to do layoffs. These buyouts will be offered to Guild and exempt employees. I really hope we are able to achieve the savings we need and every effort has been made to construct an offer that will help us get there. The meetings will give us a chance to share details of the offers with you and answer questions. I know this is tough and introduces more anxiety in already difficult times. But we will get through it.

See you then,

Greg

While the Chandlers live like royalty in California.

 

Singleton should be praised for saving the Denver Post. It very easily could have been the Post shutting down today instead of the weird, tabloid Rocky Mountain News.

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Recent Fannie Mae and Freddie Mac executives on Obama’s payroll — Senator Chris Dodd oversees Freddie and Fannie and has received hundreds of thousands in contributions from them. Barney Frank’s lover was a director on Fannie

UPDATE: Oct. 2, 2008

Unqualified home buyers were not the only ones who benefited from Massachusetts Rep. Barney Frank’s efforts to deregulate Fannie Mae throughout the 1990s.

So did Frank’s partner, a Fannie Mae executive at the forefront of the agency’s push to relax lending restrictions.

Enron executives are in prison over much less. In fact far more money was lost to investors after Mr. Frank, trumpeted the great management of Freddie Mack and Fannie May.

We thank Bill O’Reilly for bringing up Barney Frank’s role. Fortunately, we still have a free press in this country. Wait until ’09, if Obama wins he and Nancy Pelosi promise to invoke the “Fairness Doctrine.”

Now that Fannie Mae is at the epicenter of a financial meltdown that threatens the U.S. economy, some are raising new questions about Frank’s relationship with Herb Moses, who was Fannie’s assistant director for product initiatives. Moses worked at the government-sponsored enterprise from 1991 to 1998, while Frank was on the House Banking Committee, which had jurisdiction over Fannie.

Both Frank and Moses assured the Wall Street Journal in 1992 that they took pains to avoid any conflicts of interest. Critics, however, remain skeptical.

“It’s absolutely a conflict,” said Dan Gainor, vice president of the Business & Media Institute. “He was voting on Fannie Mae at a time when he was involved with a Fannie Mae executive. How is that not germane?

“If this had been his ex-wife and he was Republican, I would bet every penny I have – or at least what’s not in the stock market – that this would be considered germane,” added Gainor, a T. Boone Pickens Fellow. “But everybody wants to avoid it because he’s gay. It’s the quintessential double standard.”

Did you read about this in the New York Times, Washington Post or San Francisco Chronicle?

UPDATE: 9/25/08

Countrywide Financial, the biggest U.S. mortgage lender, made large, previously undisclosed home loans to two additional executives of Fannie Mae, the government-chartered firm at the center of the U.S. credit crisis.

This is what Lindsey Graham said on Greta’s show: “And this deal that’s on the table now is not a very good deal. Twenty percent of the money that should go to retire debt that will be created to solve this problem winds up in a housing organization called ACORN that is an absolute ill-run enterprise, and I can’t believe we would take money away from debt retirement to put it in a housing program that doesn’t work.”

Imagine what $140,000,000 can do to for ACORN and the Democrat party?

The FBI is investigating Freddie, Fannie, and AGI.
One of Countrywide’s previously undisclosed customers at Fannie was Jamie Gorelick, an influential Democratic Party figure whose $960,000 mortgage refinancing in 2003 was handled through a program reserved for influential figures and friends of Countrywide’s chief executive at the time, Angelo Mozilo. Ms. Gorelick was Fannie Mae’s vice chairman at the time. [Former Deputy Attorney General Jamie Gorelick, listening to testimony on Capitol Hill in April, got a Countrywide refinancing while at Fannie Mae.] Associated Press

Former Deputy Attorney General Jamie Gorelick, listening to testimony on Capitol Hill in April, got a Countrywide refinancing while at Fannie Mae.

Another Countrywide client was recently ousted Fannie Mae Chief Executive Daniel Mudd, though it isn’t clear whether he received special treatment on two $3 million mortgage refinancings he made when he was the company’s chief operating officer.

In an interview, Ms. Gorelick said she had no knowledge of receiving special treatment. A financial adviser to Mr. Mudd said he received interest rates in line with the prevailing market.

The Fannie loans — including a series of already reported preferential loans to former Fannie chief executives James Johnson and Franklin Raines — underscore the close connections between Countrywide and Fannie Mae and raise potential conflict-of-interest issues.

UPDATE: 9/24/08

Statement by John McCain, May 25, 2006:

Mr. President, this week Fannie Mae’s regulator reported that the company’s quarterly reports of profit growth over the past few years were “illusions deliberately and systematically created” by the company’s senior management, which resulted in a $10.6 billion accounting scandal.

The Office of Federal Housing Enterprise Oversight’s report goes on to say that Fannie Mae employees deliberately and intentionally manipulated financial reports to hit earnings targets in order to trigger bonuses for senior executives. In the case of Franklin Raines, Fannie Mae’s former chief executive officer, OFHEO’s report shows that over half of Mr. Raines’ compensation for the 6 years through 2003 was directly tied to meeting earnings targets. The report of financial misconduct at Fannie Mae echoes the deeply troubling $5 billion profit restatement at Freddie Mac.

The OFHEO report also states that Fannie Mae used its political power to lobby Congress in an effort to interfere with the regulator’s examination of the company’s accounting problems. This report comes some weeks after Freddie Mac paid a record $3.8 million fine in a settlement with the Federal Election Commission and restated lobbying disclosure reports from 2004 to 2005. These are entities that have demonstrated over and over again that they are deeply in need of reform.

For years I have been concerned about the regulatory structure that governs Fannie Mae and Freddie Mac–known as Government-sponsored entities or GSEs–and the sheer magnitude of these companies and the role they play in the housing market. OFHEO’s report this week does nothing to ease these concerns. In fact, the report does quite the contrary. OFHEO’s report solidifies my view that the GSEs need to be reformed without delay.

I join as a cosponsor of the Federal Housing Enterprise Regulatory Reform Act of 2005, S. 190, to underscore my support for quick passage of GSE regulatory reform legislation. If Congress does not act, American taxpayers will continue to be exposed to the enormous risk that Fannie Mae and Freddie Mac pose to the housing market, the overall financial system, and the economy as a whole.

I urge my colleagues to support swift action on this GSE reform legislation.

Mac and Mae meltdown. Which Democrats benefited from the quasi-government agencies?

UPDATE: 9/24/2008
Opensecrets.com has looked into the public records of direct contributions from the organizations of Freddie and Fannie, not including the donations from top executives. The FBI is opening major investigations into the actions of the organizations.

Fannie Mae and Freddie Mac Invest in Democrats

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(For an updated chart that includes contributions from Freddie Mac and Fannie Mae’s PACs and employees to ALL lawmakers back to 1989, including to their leadership PACs, go here.) and data The federal government recently announced that it will come to the rescue of Freddie Mac and Fannie Mae, two embattled mortgage buyers that for years have pursued a lobbying strategy to get lawmakers on their side. Both companies have poured money into lobbying and campaign contributions to federal candidates, parties and committees as a general tactic, but they’ve also directed those contributions strategically. In the 2006 election cycle, Fannie Mae was giving 53 percent of its total $1.3 million in contributions to Republicans, who controlled Congress at that time. This cycle, with Democrats in control, they’ve reversed course, giving the party 56 percent of their total $1.1 million in contributions. Similarly, Freddie Mac has given 53 percent of its $555,700 in contributions to Democrats this cycle, compared to the 44 percent it gave during 2006.

Fannie Mae and Freddie Mac have also strategically given more contributions to lawmakers currently sitting on committees that primarily regulate their industry. Fifteen of the 25 lawmakers who have received the most from the two companies combined since the 1990 election sit on either the House Financial Services Committee; the Senate Banking, Housing & Urban Affairs Committee; or the Senate Finance Committee. The others have seats on the powerful Appropriations or Ways & Means committees, are members of the congressional leadership or have run for president. Sen. Chris Dodd (D-Conn.), chairman of the Senate banking committee, has received the most from Fannie and Freddie’s PACs and employees ($133,900 since 1989). Rep. Paul Kanjorski (D-Pa.) has received $65,500. Kanjorski chairs the House Financial Services Subcommittee on Capital Markets, Insurance and Government-Sponsored Enterprises, and Freddie Mac and Fannie Mae are government-sponsored enterprises, or GSEs.
Campaign Contributions, 1989-2008

Top Recipients of Fannie Mae and Freddie Mac

Name

Office

Party/State

Total

1. Dodd, Christopher

S

D-CT

$133,900

2. Kerry, John

S

D-MA

$111,000

3. Obama, Barack

S

D-IL

$105,849

4. Clinton, Hillary

S

D-NY

$75,550

5. Kanjorski, Paul E

H

D-PA

$65,500

This is a story that you won’t read about in the mainstream media. The Clinton administration marching orders to open up home loans to people unqualified, (socialization of home ownership). Today, the Democrats have taken over the U.S. Congress and have a 50/50 chance to take over the White House.
Look into the Barney Frank, Chris Dodd and Barack Obama connection — they have recieved millions of dollars from Fannie Mae and Freddie Mac. Chris Dodd also received a sweet deal from Countrywide. These same people in “public service” are not investigating the corruption. For the past two years, the Democrats have held the majority controlling status of the House and Senate. So they will not turn in their own.

“Freddie and Fannie used huge lobbying budgets and political contributions to keep regulators off their backs.

A group called the Center for Responsive Politics keeps track of which politicians get Fannie and Freddie political contributions. The top three U.S. senators getting big Fannie and Freddie political bucks were Democrats and No. 2 on the list is Sen. Barack Obama.

Fannie and Freddie have been creations of the congressional Democrats and the Clinton White House, designed to make mortgages available to more people and, as it turns out, many people who couldn’t afford them… Now remember: Obama’s ads and stump speeches attack McCain and Republican policies for the current financial turmoil. It is demonstrably not Republican policy and worse, it appears the man attacking McCain — Sen. Obama — was at the head of the line when the piggies lined up at the Fannie and Freddie trough for campaign bucks.

Sen. Barack Obama: No. 2 on the Fannie/Freddie list of favored politicians after just two years in the Senate.

Next time you see that ad, you might notice he fails to mention that part of the Fannie and Freddie problem.”

Now let’s look at Franklin Raines, Barack Obama’s campaign manager — previously a Fannie Mae top executive.

This story is serious but it won’t receive any attention from the mainstream media who benefit from a socialist America and Barack Obama as President.

“Fannie Mae and Freddie Mac have also strategically given more contributions to lawmakers currently sitting on committees that primarily regulate their industry. Fifteen of the 25 lawmakers who have received the most from the two companies combined since the 1990 election sit on either the House Financial Services Committee; the Senate Banking, Housing & Urban Affairs Committee; or the Senate Finance Committee. The others have seats on the powerful Appropriations or Ways & Means committees, are members of the congressional leadership or have run for president. Sen. Chris Dodd (D-Conn.), chairman of the Senate banking committee, has received the most from Fannie and Freddie’s PACs and employees ($133,900 since 1989). Rep. Paul Kanjorski (D-Pa.) has received $65,500. Kanjorski chairs the House Financial Services Subcommittee on Capital Markets, Insurance and Government-Sponsored Enterprises, and Freddie Mac and Fannie Mae are government-sponsored enterprises, or GSEs.”

The names of the top four recipients of Campaign contributions from Fannie and Freddie over the last 10 years is also interesting – Christopher Dodd, John Kerry, Barack Obama and Hillary Clinton (all top Democrats for those keeping a scorecard).
About Franklin Raines and James Johnson
James A. Johnson (born December 24, 1943) is a United States Democratic Party political figure. He was the campaign manager for Walter Mondale’s failed 1984 presidential bid and chaired the vice presidential selection committee for the presidential campaign of John Kerry. He was involved in the vice-presidential selection process for the 2008 Democratic presidential nominee Senator Barack Obama.
Johnson began his career as a faculty member at Princeton University, later moving on to the United States Senate as a staff member and to the Dayton-Hudson Corporation (now Target Corp.) as director of public affairs. He was executive assistant to Vice President Walter Mondale during the entire Carter Administration (1977-1981). Later, he founded and headed Public Strategies, a private consulting firm, from 1981 to 1985 before leaving for Lehman Brothers.
From 1991 to 1998, he served as chairman and chief executive officer of the Federal National Mortgage Association (Fannie Mae), the quasi-public organization that guarantees mortgages for millions of American homeowners. Previously, he was vice chairman of Fannie Mae (1990-1991). An Office of Federal Housing Enterprise Oversight report from September 2004 found that, during Johnson’s tenure as CEO, Fannie Mae had improperly deferred $200 million in expenses. This enabled top executives, including Johnson and his successor, Franklin Raines, to receive substantial bonuses that they would have otherwise not earned.
As of 2006, he is a vice chairman of the private banking firm Perseus LLC, a position he has held since 2001. He is also a board member at Goldman Sachs, Gannett Company, Inc., a media holding group, KB Home, a home construction firm, Target Corporation, Temple-Inland, and UnitedHealth Group.
Johnson has also served as chairman of both the Kennedy Center for the Arts (1996-2004) and the Brookings Institution (1994-2003). He is also a member of the American Academy of Arts and Sciences, the American Friends of Bilderberg, the Council on Foreign Relations, and the Trilateral Commission.
On May 22, Democratic Party officials confidentially divulged that Obama had asked Johnson “to lead the process” for selecting Obama’s running mate.On June 4, 2008, Obama announced the formation of a three person committee to vet vice presidential candidates, including Johnson. However, Johnson soon became a source of controversy when it was reported that he had received loans directly from Angelo Mozilo, the CEO of Countrywide Financial, a company implicated in the U.S. subprime mortgage lending crisis. Although he was not accused of any wrongdoing and was initially defended by Obama on the grounds that he was simply an unpaid volunteer, Johnson announced he would step down from the vice-presidential vetting position on June 11, 2008 in order to avoid being a distraction to Obama’s campaign.
On September 19, the McCain/Palin campaign released an ad showing Obama linked him to Johnson.
What does Don Imus have to say about his old pals? They threw him under the train.
Give us your thoughts, my friends.

Ike is heading toward Houston — Cat 3 — Time to Evacuate

Where are the NBC, MSNBC and CNN anchors? Why aren’t they interested in the fourth largest city in the U.S.? Why did they all spend so much time to cover the storms in New Orleans?

(Because they were hoping to keep the U.S. voters’ attention away from the Republican National Convention.)

Then came Hurricane Sarah.

Houston is the fourth largest city in the U.S. not including the population of Galveston. Imagine 5 million people on the move. It’s like scenes in the movies Independence Day and Asteroid.

Gas stations are already running out of regular. Wal-Mart shelves are wiped clean of water and toilet paper.

Why are people so concerned about toilet paper before natural disasters? I’d think your rectum would be the least of your worries.

I think local TV stations and grocery stores like Ike.

How about selling hurricane names to major sponsors — Hurricane Ikea.

You might remember I posted a suggestion that McCain/Palin and Bush will coordinate humanitarian aid to Cuba. Though my post didn’t raise many eyebrows, someone agrees with me in Washington DC.

Look at this:

Evacuations appeared to have saved lives in Cuba when Ike slammed into the island. Four deaths were reported from the storm, according to the Cuban government. The Cuban Civil Defense brought buses or trucks to take people to shelters. Photo See the damage from the storm »

The United States, which provided $100,000 in emergency aid to communist-run Cuba through private aid agencies after Hurricane Gustav hit the island August 30, said that it was considering additional emergency aid for Cuba because of Ike. Video Watch as winds and waves pound Cuba »

It is 9-11 — 35 percent of the Democrat Party voters believe Bush was behind it.

Gary Pruitt to get the boot from the Titanic of newspaper failures. McClatchy is a case study in ignorance

CEO Gary Pruitt of the McClatchy News Inc. (mainly newspapers) has made it on Jim Cramer’s Wall of Shame, and Cramer cited MNI’s disastrous acquisition of Knight-Ridder which brought the stock down 82% as the reason for this special honor. The newspaper had been a well-run operation, but Cramer said the acquisition was among the worst he has ever seen. In addition, advertising revenue dropped 16% after subsequent declines. McClatchy has a history of making losing acquisitions, including the Minneapolis Star in 1998. Not only did Cramer give Pruitt a special place on the Wall of Shame, he gave him the middle name “Schemp” after the inept sidekick of the Three Stooges.

Pruitt may be looking for a job on the Obama campaign. The McClatchy family unanimously voted him off the board of directors on Tuesday.

McClatchy stock has crashed to less than a gallon of gas, about $3.20. There is no more wiggle room for stock offers. The stock smells like an old fish wrapped in the Sacramento Bee.

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