Wednesday, February 29, 2012

NY Times: Treasury Bent NOL Rules to Provide $26 Billion to AIG #p2 #tcot


"Here's the back story: AIG's tax benefit comes in large part from its immense "net operating losses" during its depths of despair in 2008 before its rescue. The government had to dump $182 billion into the company after it was crippled by bad bets it had made insuring mortgage-backed securities.

The tax benefit comes in the form of something called net operating losses — NOLs in Wall Street parlance — that could be worth more than $25 billion, possibly more. Those losses can be very valuable, in part because companies can spread them over many years to lower or wipe out their income tax bills.

However, according to longstanding tax laws, if a company files for bankruptcy or is taken over, it loses the ability to use its net operating losses. AIG would fit that profile perfectly: on the verge of bankruptcy, the federal government took control of AIG, exchanging its bailout billions for shares in the company. The government — taxpayers — still own 77% of the company, down from 92% three years ago.

Still, the Treasury issued "Notices" exempting AIG from losing its right to make use of its NOLs. In total, the insurer estimated those losses were worth $26.2 billion as of 2009, and it claimed almost $9 billion in other "unrealized loss on investments." ...

All of this brings us to the inevitable questions: How did this happen? Why would Treasury exempt AIG from the law?    [S]enior Treasury officials said privately that they had exempted AIG because they did not consider the rescue to be a traditional takeover. The original law preventing companies from using the losses after a takeover were intended to prevent corporations from buying failing companies with lots of losses simply for the tax benefits. ..."

Tuesday, February 28, 2012

what a fucking scam: In South Carolina, Bank Of America Takes A Piece Of State Income Tax Returns @bofa_help #p2 #tcot

"This year South Carolina income tax refunds will arrive on prepaid debit cards unless taxpayers specifically opt for a check or direct deposit.

The change could potentially save South Carolina as much as $1 million in printing and mailing costs this year, state projections indicate. And for the nearly200,000 South Carolina households that do not have bank accounts, a prepaid debit card offers an end run around check-cashing fees and protects against the risk of holding so much cash.

But the biggest winner could be Bank of America, which will issue the prepaid cards and stands to collect an untold amount in fees from card users and merchants who own the stores where the cards may be used. The arrangement allows the Charlotte, N.C. bank to charge some card users fees as high as $10 per transaction. And unlike ordinary debit cards linked to a bank account, there are no caps on the fees banks can charge merchants when customers use prepaid debit cards.

The South Carolina Department of Revenue's decision is part of a larger movement inside government. In 41 states, unemployment benefits are issued via prepaid debit card. Nearly every state issues food stamp and cash welfare benefits on prepaid debit or similar cards. Even the federal government will stop issuing traditional social security checks early next year. Government agencies stand to save millions while banks stand to gain much more.

The nation's largest banks have been eager to help government agencies make the transition to prepaid debit cards, industry analysts say. The reason: banks hungry to replace revenue lost to new financial regulation stand to collect millions in small fees from multiple card users and merchants.

Bank of America declined to answer detailed questions about the way that prepaid debit cards are most often used or the bank's projected earnings from the tax refund cards. But the bank insists the potential fees won't hit many customers."

Twitter Is Selling Your Old Tweets

"Twitter has sold a bunch of old tweets to a firm called DataSift, which will analyze them for marketing purposes.

The Mail Online reports that DataSift is the first such company to get access to the tweets, which go back two years. Another 1,000-plus companies are on DataSift's waiting list.

DataSift confirmed the report to Mashable, but Twitter could not be reached for comment. The former has launched a product called DataSift Historics, which lets companies extract insights and trends that relate to brands, businesses, financial markets, news and public opinion, a rep says. DataSift will analyze public tweets, not private ones. If you delete a tweet, it's deleted from DataSift's archives."

Monday, February 27, 2012

really peta? Report: PETA Kills 95% of its Animals

"A new report claims animal rights group PETA killed 95% of the animals which turned up at its Virginia headquarters last year. But in this case, it is important to consider the source of the report.

The Daily Mail reports that according to the Center for Consumer Freedom, PETA received 1,992 cats and dogs in 2011, and 1,911 were put to sleep.

"PETA hasn't slowed down its slaughterhouse operation," CCF executive director Rick Berman said. "It appears PETA is more concerned with funding its media and advertising antics than finding suitable homes for these dogs and cats.""

rest at

asshole douchebag Rick Santorum: Obama "Snob" for Advocating College Education #p2 #tcot @gop @ricksantorum

" Speaking at the Tea Party group Americans For Prosperity's Michigan branch in Troy, Michigan, GOP presidential candidate Rick Santorum attacked President Barack Obama for wanting students to go to college (video below)."

Judge of the Day: Awesome Lesbian Judge in Texas Refuses to Marry Straight People #p2 #tcot @gop

"I hate reading about pharmacists and doctors (and politicians named Rick Santorum) who actively cause people harm by not prescribing treatment because of their religious beliefs. It's worse when they're called out and get all self-righteous about it. Hearing those stories makes me so angry that I start gnashing my teeth and crossing my eyes uncontrollably.

But sometimes I get news that makes me think, "maybe it will all be ok." Like the story I heard today about a Texas judge turning the tables on the pricksconscientious objectors who use religion to curtail the rights and health of other people. This judge has an ax to grind about the inability of gays to get married."

Friday, February 24, 2012

Romney's association with corporate tax shelter phantom loss generating schemes #p2 #tcot @gop

"Bloomberg's Jesse Drucker has been doing some research into presidential candidate Mitt Romney and come up with some interesting information--at least for those of us who find corporate involvement in aggressive tax shelter phantom loss generating schemes a worrisome problem.  See Drucker, Romney as Audit Chair Saw Marriott Son of Boss Shelter Defy IRS, (Feb. 22, 2012).

Mitt Romney has been on the board of Marriott INternational Inc. on and off since 1993, and has served as chair of the audit committee for 6 years.  During that period, the company has used aggressive tax avoidance deals, including (i) the "Son of BOSS" tax shelter structure for generating artificial losses that could be used to offset gains from other sources, thus reducing taxable income and tax liabilities and (ii)  shifting profits to a Luxembourg shell company.  Marriott's effective tax rate has been as low as 6.8%, even though the federal statutory rate for corporations is 35%.

These factoids demonstrate two things.

First, as the article points out, Romney claims that his business experience is the primary reason that Americans should want to see him in the White House.  Contrary to his claim, it seems to me that the more we hear about his business experience the less I think he is suited to the White House. "

Presidential candidate Romney as Audit Chair Saw Marriott Son of BOSS Shelter Defy IRS

"Mitt Romney has long had close ties to hotel operator Marriott International Inc. (MAR) The candidate for the Republican presidential nomination, whose full name is Willard Mitt Romney, was named after the chain's founder, J. Willard Marriott, a friend of his father. He joined the company's board in 1993, and has served on it for 11 of the past 19 years, including six as chairman of the audit committee.

During Romney's tenure as a Marriott director, the company repeatedly utilized complex tax-avoidance maneuvers, prompting at least two tangles with the Internal Revenue Service, records show. In 1994, while he headed the audit committee, Marriott used a tax shelter known to attorneys by its nickname: "Son of BOSS."

A federal appeals court invalidated the maneuver in a 2009 ruling, siding with the U.S. Department of Justice, which called Marriott's transaction and attempted tax benefits "fictitious," "artificial," "spectral," an "illusion" and a "scheme." Marriott had argued the plan predated government efforts to close such shelters.

Employing another strategy, Marriott legally avoided hundreds of millions of dollars in income taxes thanks to a federal tax-credit program criticized and allowed to expire by Congress. Marriott has also shifted profits to a Luxembourg shell company. During Romney's years on the board, Marriott's effective tax rate dipped as low as 6.8 percent, compared with the federal corporate statutory rate of 35 percent.

Oversight Role

Romney's business experience is the cornerstone of his presidential campaign. Opponents have focused on his leadership of the investment company Bain Capital LLC and his personal income tax rate of 13.9 percent. As a Marriott director, his responsibilities included oversight over the tax planning conducted by management, according to a company statement.

Romney's position as chairman of the board's audit committee for six years gave him and the other members responsibility to review financial reporting, according to Marriott's annual proxy filings. Members of that committee review "the results of internal and external audits, the accounting principles applied in financial reporting, and financial and operational controls," according to the company proxy filed covering his first year heading that committee."

Wednesday, February 22, 2012

wow: 'Leaders To ReBuild Detroit,' Habitat For Humanity Initiative, Begins With $1M From GM CEO Dan Akerson

"Just days before home-building charity Habitat for Humanity celebrates its 25th anniversary, the organization will launch a $25 million project to expand its work and rehabilitate homes in MorningSide, a neighborhood on Detroit's east side.

The three-year project, "Leaders to ReBuild Detroit," kicked off Wednesday afternoon at J.E. Clark Preparatory Academy with a $1 million personal donation from General Motors Chairman and CEO Daniel Akerson and his wife, Karin.

While Habitat has built 79 new homes in the MorningSide neighborhood in the last five years, according to Director of Development Tara Franey, the ongoing project will focus primarily on rehabilitation, critical repairs, energy-efficiency upgrades and weatherization projects, helping 500 families by 2014. Habitat will also work with community and outside organizations to provide programs like financial literacy trainings and homeownership workshops.

Franey said the organization was planning work that would help revitalize the entire community.

"We're looking at the whole neighborhood," she said, "rather than building one house and leaving."

The project is part of the statewide $225 million "ReBuild Michigan" campaign, and Habitat hasseveral partners in it, including Wayne County, Michigan State Housing Development Authority, the Detroit Land Bank Authority and Detroit Public Schools."

Apple supplier Foxconn hid underage workers before FLA inspection, says labor rights NGO

Foxconn, the Chinese manufacturer that Apple heavily relies on for its products, may have tried to clean up its act before inspectors from the Fair Labor Association descended on its factories, according to a Hong Kong non-governmental organization dedicated to workers rights.

Foxconn allegedly pushed underage employees out of sight before the FLA inspection, Debby Sze Wan Chan, a project officer from Students & Scholars Against Corporate Misbehavior (SACOM), tells AppleInsider.

asshole? Video: Georgia State Rep. Yasmin Neal Wants to Ban Vasectomies

"Georgia Democrat State Rep. Yasmin Neal has proposed a law that would ban the practice of vasectomies, except in cases where a man faces serious health risks (video below).

Rep. Neal's bill was crafted as a response to a 'fetal pain bill' proposed by Georgia Republicans, which would ban abortions after 20 weeks (which is also the law in the UK).

In her video, Rep. Neal says: "Thousands of children are deprived of birth in this state every year because of the lack of state regulation over vasectomies.""

rest at

Brad Pitt's 'Make It Right' Charity To Turn Vacant 103-Year-Old School Into Housing Complex


Monday, February 20, 2012

European Debt Crisis: In Spain, Soaring Joblessness Fuels Barter Economy

" MADRID, Feb 20 (Reuters) - It's 10.30 on a chilly winter's morning in central Madrid and retailer Emanuela Scena is opening up for business.

Her shop is one of several offering second-hand goods that have sprung up in Spain's capital during the economic crisis and is packed to the rafters with clothes, books, CDs and electrical equipment.

But unlike the others, it doesn't take cash. It's part of a barter economy in goods and services that is gaining ground as the country tips into recession and already sky-high unemployment rates inch up.

Finding different ways of generating business has also inspired stores in two towns to start accepting the peseta again, encouraging customers more than a hour's drive away to root through cupboards and drawers for a currency they thought they'd surrendered for good in 2002.

"When we started (in December 2010), Spain was already in crisis. At first people didn't like the fact that everything we were exchanging was second-hand, but now they understand," Scena said.

'Abrete Sesamo' (Open Sesame) - "we liked the idea of a name suggesting Ali Baba's cave of treasures" - now gets up to 20 customers a day swapping goods for points they earn by bringing in items of their own and paying a small subscription fee.

People can also buy points just with euros, "but they're more expensive that way because we want to encourage bartering."

As a storeholder, Scena is an exception in a small but growing parallel economy that is being fuelled mainly by a clutch of websites, paid for by advertising and offering platforms for the cash-free exchange of everything from language classes and dog-walking to furniture and cars.

It has also encouraged discounting in Spain's residential property market, which collapsed in 2007 when an asset bubble burst, saddling banks with a mountain of toxic loans and making them less inclined to issue mortgages to new customers. "

Cleveland To Use National Mortgage Settlement Money To Demolish Homes, Sill Wants Banks To Pay

"Funds meant to help struggling families in Cleveland are instead being used to knock down vacant and dilapidated homes left in the wake of the foreclosure crisis that ravaged this midwestern city. Over the past five years, Cleveland has spent $60 million coping with thousands of deteriorating, empty houses, and has had to divert funds meant to help poor families obtain affording housing, according to city officials.

"We would have much rather spent that money helping families and creating homes rather than knocking houses down that we believe are owned by some very well-resourced banks," said Chris Warren, Cleveland's chief of Regional Development. The city has come out swinging again and again against the banks, filing suits looking to get them to foot the bill for maintaining vacant homes."

@Sears Company took the IL tax credit and ran - 150mil in tax savings and still laid off workers - r/t and boycott

" To sum up, Sears fired 100 people two months after its state taxes were cut by $150 million. Sears complained that it anticipates reporting fourth-quarter earnings of less than half of the $933 million it made the previous year."

Friday, February 17, 2012

your wasted federal loan dollars at work in the for-profit education industry @gop

"  The private four-day getaway marked the annual senior executive management seminar of the trade group representing the for-profit college industry -- a sector that derives most of its $30 billion-plus annual revenue from federal funds, in the form of student loans and grants.

Students at for-profit colleges often end up with enormous debt burdens and lean job prospects, resulting in a disproportionate number of student loan defaults. But the scene at this resort tucked into the Sierra Nevada Mountains served as testament to the fact that those running the institutions have fared far better.

Five dozen executives, who flew in on Sunday from states as far afield as Florida, Indiana and Virginia, gathered at the Ritz-Carlton, paying nearly $400 a night. They enjoyed the ski slopes, a spa and cocktail lounges, putting their taxpayer-financed revenues to lavish effect.

They devoted some of their hours to work, plotting political and business strategies in a key election year. Among the distinguished guests was former Senate Majority Leader Trent Lott of Mississippi, who was recently brought on as a lobbyist for the trade group, the Association of Private Sector Colleges and Universities. New rules from the Obama administration aimed at stemming marketing abuses within the industry have impeded growth. The trade group has filed suit in a bid to derail the regulations."

@gop plutocrat: "the Rich shouldn’t have to pay taxes", Santorum backer says

"The powerful connection between money and politics is also on vivid display in the roller-coaster Republican race, where Rick Santorum owes his surge in part to the generosity of the Wyoming multimillionaire Foster Friess, whose "super PAC" helped keep Santorum's candidacy alive by running TV ads on his behalf.

I interviewed Friess a few days ago, before he made his headline-grabbing remark about women using aspirin as contraceptives in his earlier days ("The gals put it between their knees, and it wasn't that costly.") He's a folksy, white-haired, septuagenarian charmer whose Web site features a photo of him astride a horse and "Foster's Campfire Blog." He also has unequivocal views about the proper relationships among the wealthy, the state and politics."

Gawker Media jettisons its porn blog

"Fleshbot is certainly not the iconoclastic site that Denton aspired to creating when it was launched in 2003 — rather than taking a fresh look at where porn and eroticism might be found in life and on the internet, it increasingly became a mouthpiece for, and captured by, the porn industry. To the point that when Gawker Media started looking at porn-industry scandals, that ended up happening on Gawker, rather than on Fleshbot.

Interestingly, the kind of site that Denton originally envisaged is nowadays very common on Tumblr, which has a thriving porn-reblogging community, based around as many different niches as there are porn specialities. (Which is to say, a lot.) Fleshbot tried to be all things to all porn consumers, both gay and straight, and that's not how porn works: people tend to gravitate towards their own personal kinks, rather than going for the anything-and-everything approach."

VICTORY: MSNBC Dumps Pat Buchanan - his TEN Most Outrageous Statements #p2 #tcot

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VICTORY: MSNBC Dumps Pat Buchanan

Feb 17, 2012 | By ThinkProgress War Room

Pat Buchanan's TEN Most Outrageous Statements

Sometimes victory comes quickly and sometimes it takes longer. In the case of Pat Buchanan, there's been literally years of organizing by progressives — including like Color of Change, Credo, and Media Matters – to draw attention to and hold him accountable for his racist, homophobic, and anti-Semitic statements.

Here's the rundown on his greatest misses.

1. Wanted to close the borders to protect white dominance. As he wrote in his 2006 book State of Emergency: "If we do not get control of our borders, by 2050 Americans of European descent will be a minority in the nation their ancestors created and built."

2. Blamed lower test scores on minorities. In his most recent book Suicide of a Superpower: Will America Survive to 2025?, he blames minorities for dragging down the country's test scores. "[T]he decline in academic test scores here at home and in international competition is likely to continue, as more and more of the children taking those tests will be African-American and Hispanic.

3. Claimed Jerry Sandusky's atrocities are because of "Homosexual marriage."Buchanan appeared on a right-wing radio show on November 15 to make some convoluted comparisons: "Let's take this Penn State thing…these horrors, there's an organization that marches in the gay pride parade in New York called—used to—called the North American Man Boy Love Association, which advocated voluntary sex along the lines of exactly what was going on at Penn State. Many of our political icons have marched in that parade right behind that NAMBLA float […] This is now, homosexual marriage is now the civil rights cause of the decade."

4. Said the Jewish population in the United States dropped in the 90s because Jews aborted all their babies. Buchanan explains that the decline in the American Jewish population during the 1990s (a decline that a Brandeis studysays never occurred), "is a result of the collective decision of Jews themselves. From Betty Friedan to Gloria Steinem in the 1970s to Ruth Bader Ginsburg today, Jewish women have led the battle for abortion rights. The community followed."

5. Asserted Anders Breivik, who murdered 77 people including 69 teens in Norway, "may have been right." Buchanan called Breivik a coward, evil, and cold-blooded, and then proceeded to defend his twisted rationale for the killings: "As for a climactic conflict between a once-Christian West and an Islamic world that is growing in numbers and advancing inexorably into Europe for the third time in 14 centuries, on this one, Breivik may be right."

6. Claimed that all great nations punish the gays. In a Human Events column, Buchanan attacked California's 9th Circuit Judge Vaughn Walker after his ruling of Proposition 8 as unconstitutional as a "judicial tyrant," before going on to explain that "through history, all the great religions have condemned homosexuality and all the great nations have proscribed or punished it. None ever placed homosexual liaisons on the same plane as traditional marriage, which is the bedrock institution of any healthy society.

7. Penned "The Affirmative Action Nobel." That's the title of Buchanan's October 13, 2009 column on in which he claims that President Obama's Nobel Prize was simply the result of affirmative action. And the column only got worse from there: "They have reinforced the impression that Obama is someone who is forever being given prizes — Ivy League scholarships, law review editorships, prime-time speaking slots at national conventions — he did not earn."

8. Argued that Poland and the United Kingdom had it coming in World War II.Buchanan seems to suggest in a 2009 column that World War II—and all the atrocities that accompanied it—was really the fault of Poland and Britain, for refusing to engage in diplomacy with Germany. "Why did Warsaw not negotiate with Berlin, which was hinting at an offer of compensatory territory in Slovakia? Because the Poles had a war guarantee from Britain that, should Germany attack, Britainand her empire would come to Poland's rescue."

9. Dabbled in Holocaust denial. Pat Buchanan danced alarmingly close to denying key facts of the Holocaust. In a 1990 column for the New York Post, he defended convicted Nazi war criminal Ivan Demjanjuk (whom he latercompared to Jesus Christ) against charges from Holocaust survivors that he was guilty of murder by accusing the survivors of misremembering all of it: "This so-called 'Holocaust Survivor Syndrome' involves 'group fantasies of martyrdom and heroics.' Reportedly, half of the 20,000 survivor testimonies in Yad Vashem memorial in Jerusalem are considered 'unreliable,' not to be used in trials[…]The problem is: Diesel engines do not emit enough carbon monoxide to kill anybody."

10. Argued Hitler was an individual of "great courage." That's just one of the quotes that the Anti-Defamation League attributes to Buchanan in theircompendium of offensive remarks from Buchanan over the years. In 1977, he qualified his labeling of Hitler as racist and anti-semitic by adding that "he was also an individual of great courage, a soldier's soldier in the Great War, a leader steeped in the history of Europe, who possessed oratorical powers that could awe even those who despised him[…]His genius was an intuitive sense of the mushiness, the character flaws, the weakness masquerading as morality that was in the hearts of the statesmen who stood in his path."

And since Republicans are apparently eager to reignite the divisive culture wars of the past, here's Buchanan's famous 1992 GOP Convention speech on the culture wars — a speech many believe helped cost President George H.W. Bush victory in that year's presidential election. Some of the language may be softer, but 20 years hence we still hear many of the same divisive attacks on progressive values from leading conservatives.

Part 1:

Part 2 here and part 3 here.



Evening Brief: Important Stories That You May Have Missed

The 19 public companies who are funding the climate-denial think tank Heartland Institute.

As oil companies make record profits, Fox News is advising Republicans to blame high gas prices on the Obama administration.

Fox's Chris Wallace says that Pat Buchanan, like Glenn Beck, was "irresponsible" and merited firing.

The House passed a transportation bill consisting entirely of earmarks for Big Oil.

Earlier today, the House and the Senate passed a full-year extension of the payroll tax cut, unemployment benefits, and the reimbursement rate for Medicare doctors.

Virginia is poised to enact a bill which critics are calling state-sponsored rape.

Fox News got a climate report wrong - again.

In 2002, Mitt Romney called for "cooperation" with unions. Now he's (falsely) attacking Santorum for being pro-union.

Does the Susan B. Anthony List know that Rick Santorum says he supports funding for Planned Parenthood?

rush @Limbaugh Leads @GOP In Pondering How To Deal With Improving Economy #p2 #tcot

"GM is reporting record profits. Jobs numbers are looking up. Suddenly President Obama looks like an incumbent frontrunner again. So what do Republicans who have been planning to run on a dismal economy do now?

Well, there are a lot of suggestions but no consensus.

For Republicans looking to win over independents, one has to be careful not to sound bummed about objectively good news. But you don't want to give the White House credit for it either, so instead the plan is to play backseat driver and brag that the GOP would have gotten there way faster. Let's call this the Mitt Romney Approach.

On Thursday, Romney told voters that "thank heavens" the economy is getting better and Detroit is back on its feet — but quickly added that, hey, they both would be more awesome now if everyone had listened to me.

House Republicans, who were caught off guard by surprisingly strong jobs numbers earlier this month, took a similar approach as Speaker John Boehner confirmed things were improving, but added that "we must do better.""

@gop Most Red States Take More Money From Washington Than They Put In #p2 #tcot

"A look at 2010 Census and IRS data reveals that the 50 states and the District of Columbia, on average, received $1.29 in federal spending for every federal tax dollar they paid. That means that some states are getting a lot more than they put in, and vice versa. The states that contributed more in taxes than they got back in spending were more likely to have voted for Obama in 2008 and were more likely to be largely urban. (There are some clear exceptions: For instance, New Mexico, a rural, Democratic state, gets more federal money per tax dollar than any other state.)

These three interactive maps break down the split between the spenders and lenders. Click on any state for more detailed data, including each state's per capita ratio of spending received versus taxes paid and where it ranked when the Tax Foundation ran the 2005 numbers."

@gop pig Darrell Issa Compares His All-Male Anti-Contraception Panel To Martin Luther King #p2 #tcot

House Oversight Committee Chairman Darrell Issa (R-CA) has been catching flack for holding a panel today relating to women's access to birth control that featured zero women, but Issa won't let the fact that few Americans agree with his position deter him. Taking to Twitter this evening, he fired back with a always-appropriate Martin Luther King Jr. comparison:

Veterans group presses Obama on ‘welcome home’ for Iraq troops #p2 #tcot

A small but vocal veterans group has enlisted more than 20,000 people on a petition urging President Barack Obama to honor soldiers returning home from Iraq with a national day including parades in major cities.

"Our message to the president is: Let's work together on this, let's capitalize on the moment," Iraq and Afghanistan Veterans of America (IAVA) executive director Paul Rieckhoff told Yahoo News.

"To use a military term: Let's coordinate fires. Let's get everybody working on the same page," Rieckhoff said, worrying about a "fragmented" approach to capitalizing on "all the goodwill" towards veterans.

How Does the 1 Percent Exploit America? Find Out in One Minute (Video)

Even in an Occupy world, most Americans don't know exactly how the 1% does what it does. The mainstream media hasn't explained it, and the 1% likes things that way.

That's why we've created anew video series unmasking those in the 1% who are exploiting the 99%—name by name, fact by fact. Each short video—one minute apiece—lays out the truth about a different tycoon. These aren't opinions; these are facts, condensed into bite-sized chunks. Occupy has already revealed the country's widespread outrage at the 1%; now it's time for the plutocracy's dirty deeds to be common knowledge.

Occupy Joins the Fight Against Private Prisons

On Wednesday, January 24, the Occupy movement joined theNational Prison Divestment Campaign in 13 cities across the country for a nationwide day of action that gave a voice to an invisible segment of the 99 percent exploited by the private prison industry.

The National Prison Divestment Campaign was organized less than a year ago by Enlace, a coalition of US and Mexican low-wage worker centers and unions, to pressure corporations to divest from private prisons, whose chief investors include some of country's largest financial institutions such as Wells Fargo and Bank of America, both of which have provoked the ire of the Occupy movement for their role in tanking the economy, among other things.

In Washington, DC, occupiers and prison reform advocates converged on Tivoli Square across the street from the Columbia Heights Wells Fargo.