Archive

Reuters blog archive

from David Cay Johnston:

A gift, from NY to Abu Dhabi

The author is a Reuters columnist. The opinions expressed are his own.

How does being taxed to give money to the oil-rich kingdom of Abu Dhabi and its hereditary ruler strike you?

The cost, if you live in New York State, comes to about $1.4 billion, or roughly $190 per household, for an economic development deal with a privately held company called GlobalFoundries to build a microchip plant near Albany.

As you ponder this forced transfer from you to the chip-making giant, which is controlled by Abu Dhabi's ruler Sheikh Khalifa bin Zayed Al Nahyan, keep in mind that Abu Dhabi says its citizens enjoy the world's third-highest per capita income, a third higher than Americans'.

The deal for the chip plant is being challenged in court by a long-time critic of "corporate welfare" in a case that will test New York's long-standing policy of subsidizing business.

from Anthony De Rosa:

Don’t dismiss the Wall Street occupation

It would seem that a populist uprising against corporate greed would find a widely approving audience, yet the current occupation of Wall Street has mostly been received with a mix of muted support and mockery. The now week old protest, which has been reported to have attracted several hundred activists this past weekend, is struggling to be understood.

There is no leader, by design, and the demands are still being formed by General Assemblies, a loose group of protesters who gather to discuss their grievances with what they see as a system that takes from the middle class and poor and protects the rich. They represent what they call "the 99%," the population outside of top 1% of income earners.

  •