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Who Owns Big Oil? We Do!

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The American Petroleum Institute has a new public image campaign: http://whoownsbigoil.org. The purpose of this website, presumably, is to convince us that if we raise taxes on hugely profitable corporations we will only be hurting ourselves. Why? Because we are all shareholders of those corporations and when they are taxed we suffer.

While I am skeptical of API’s conclusions, it’s right to say we own the oil companies. In fact, shareholders across the country are demanding accountability and disclosure from the corporations that they rightfully own and the effort could be the key to slowing the flow of corporate money in the 2012 election.

The Food and Drug Administration announced last Wednesday that it had finalized a plan asking drug companies to voluntarily limit the use of certain antibiotics in animal feed.

U.S., States Sue Apple, Publishers Over E-Book Price Conspiracy

By | Ed Mierzwinski
Consumer Program Director

Today, the U.S. Attorney General and the Attorney Generals of Connecticut and Texas announced settlements with several publishers -- Hachette Book Group, Simon & Schuster and HarperCollins --over an alleged conspiracy with Apple and other publishers to attack Amazon's pricing model, secretly set e-book prices and thereby harm consumers. However, Apple and the publishers Macmillan and Penguin Group USA have refused to settle and are being sued by the agencies.

While I am highly skeptical of the sentiment that "Congress is not afraid of bankers", given that banking lobbyists outnumber banking reform advocates 25-1 and that the Chairman of the Senate Financial Services Subcommittee seems to believe that "the banks own the place," the most ridiculous thing about members of the American Bankers Association's announcement of the industry's new Super PAC may be their willingness to reveal its strategy for skirting the non-coordination rules. This speaks volumes about how the industry thinks about its involvement in politics.

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