DOCSLIB.ORG

Softbank's Tech Problems Widen

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Softbank's Tech Problems Widen **** TUESDAY, NOVEMBER 5, 2019 ~ VOL. CCLXXIV NO. 108 WSJ.com HHHH $4.00 DJIA 27462.11 À 114.75 0.4% NASDAQ 8433.20 À 0.6% STOXX 600 403.41 À 1.0% 10-YR. TREAS. g 17/32 , yield 1.787% OIL $56.54 À $0.34 GOLD $1,508.00 unch EURO $1.1129 YEN 108.57 In Iraq and Lebanon, Protesters Turn Their Anger on Iran Dow Hits What’s News A Record As U.S. Business&Finance Outpaces he Dow notched its first Trecord since mid-July, gaining 0.4% to 27462.11, World while the S&P 500 and Nas- daq again posted fresh highs, underscoring investors’ faith Sound economic data in the U.S. economy. A1, B11 and robust earnings An anonymous email warning about the safety of lift blue-chip index to Vale’s dams two weeks before first high since summer the Brazil disaster prompted then-CEO Schvartsman to pur- BY AMRITH RAMKUMAR sue the writer’s identity and call the person a “cancer.” A1 The Dow Jones Industrial SoftBank’s strategy of Average climbed Monday to its pouring cash into promising first record since mid-July, the young firms to create big win- latest example of investors’ ners failed at WeWork and is faith in the domestic economy showing cracks at a number powering U.S. stocks to fresh of its other investments. A1 highs. Buoyed by optimism about a Uber posted a steep quar- U.S.-China trade accord and last terly loss even as revenue week’s upbeat figures on third- rose 30%. The company pro- quarter economic growth and jected a full-year profit for AHMAD AL-RUBAYE/AGENCE FRANCE-PRESSE/GETTY IMAGES October hiring, the blue-chip 2021 on an adjusted basis. B1 ON EDGE: Iraqi demonstrators gathered outside Baghdad’s high-security Green Zone during antigovernment protests on Monday. index rose 0.4% to 27462.11. Under Armour shares fell Mass demonstrations against corruption in Iraq and other Arab countries have also targeted Iran as Tehran’s influence has grown. A8 The rally brought its 2019 ad- nearly 19% after the company vance to 18% in what has been confirmed it was the sub- a banner year on Wall Street. ject of a federal probe into Stocks, bonds and commodi- its accounting practices. B1 ties have all posted outsize gains, with resilient consumer McDonald’s said its hu- SoftBank’s Tech Problems Widen spending and labor-market man-resources chief has left strength easing fears of an im- the firm, days after the chain minent economic downturn. fired its CEO over his rela- investments failed to ignite Bank’s investing strategy, ThelatestrecordforU.S. tionship with an employee. B1 Beyond WeWork, other growth. After a sizable bet on By Phred Dvorak, which has had big successes in shares also underscores its re- Xerox and Fujifilm have companies backed by online car-lessor Fair, that com- Rolfe Winkler the past. cent leadership in global mar- agreed to end a 57-year- the Vision Fund have pany is struggling to stay and Heather SoftBank will be under scru- kets. After hitting another re- old joint venture more than afloat. Wag is for sale, people Somerville tiny on Wednesday when it re- cord Monday, the S&P 500 is a year after an attempt at a struggled recently with knowledge of the compa- leases earnings. Analysts are up 23% for the year and on full merger soured. B1 nies said. losing money on every fare estimating SoftBank and the Vi- track for its best annual per- SoftBank Group Corp.’s long- Dozens of other firms, such booked. Coupang, in which the sion Fund will have to take bil- formance since 2013. Sprint lost 91,000 of its time strategy of dumping as Chinese ride-hailing giant Vision Fund has invested $2.7 lions of dollars in losses as they The MSCI AC World ex USA most lucrative phone connec- mountains of cash on promis- Didi Chuxing and South Korean billion, said that last year its mark down the value of many PleaseturntopageA2 tions in the latest quarter, as ing young companies to create e-commerce company Coupang, operating loss grew faster than investments. Investors are the No. 4 U.S. carrier strug- big winners failed dramatically are in industries known for its revenue. watching the fund’s perfor- gled to retain subscribers. B4 at WeWork, and is showing burning cash and with uncer- The failure of WeWork’s ini- mance closely—particularly be- Cuts in Tariffs A single large player cracks at a number of its other tain paths to profitability. The tial public offering forced cause SoftBank is trying to manipulated the price of investments. Wall Street Journal reported SoftBank to fund a $9.5 billion raise funds for a second Vision On the Table bitcoin as it ran up to SoftBank’s nearly $100 bil- that Didi—the Vision Fund’s bailout to salvage its $9 billion Fund even bigger than the first. nearly $20,000 two years lion Vision Fund gave compa- biggest investment at $11.8 bil- investment and helped to sour “All funds have investments U.S. and China consider ago, a study concluded. B10 nies like dog-walking app Wag lion—was seeking more cash the market on big-spending, that are performing at different rolling back some levies to and indoor farm Plenty more this summer, months after a unprofitable startups. It has levels,” said a SoftBank spokes- clinch partial trade deal....... A2 World-Wide cash than they wanted, but the company executive said it was also drawn attention to Soft- PleaseturntopageA6 U.S. and Chinese offi- cials are actively consider- Warned of Uber Posts Loss, Obscure Model Puts Price ing rolling back some tar- iffs to clinch the partial Predicts Gains trade deal under negotia- A Problem, Uber aims to turn a profit in tion, according to people 2021, even as its quarterly On Healthy Year of Life familiar with the talks. A2 Vale’s CEO losses surpass $1 billion. B1 The ex-U.S. ambassador Quarterly net profit/loss to Ukraine said State De- partment officials didn’t Lashed Out $4 billion QALY concept drives down drug costs by tallying value of benefits publicly support her out of fear of being overruled by BY LUCIANA MAGALHAES BY DENISE ROLAND Trump, according to the 2 3Q 2019 The Institute for Clinical and Economic Re- AND SAMANTHA PEARSON transcript of her impeach- t$1.2B view, an outgrowth of Harvard Medical ment-inquiry testimony. A4 The makers of the cholesterol-lowering School with no political affiliation or official 0 Giuliani associate Lev BELO HORIZONTE, Brazil— drug Praluent, which first went on sale for policy-making role, has latched onto the con- Parnas, in a reversal, intends Vale SA’s top managers re- $14,600, offered to sell it for as little as cept, called the QALY, for “quality-adjusted to comply with a congres- ceived an anonymous email –2 $4,500, after rebates. A new migraine drug life year.” It puts a dollar figure on a year of sional subpoena to the extent warning about the state of the called Aimovig, expected to cost up to healthy life, calculates how much health a he can, his lawyer said. A4 miner’s dams two weeks be- $10,000 a year, went on sale for $6,900. And drug restores to a sick patient, then prices The four administration fore a deadly disaster, a note –4 Zolgensma, a lifesaving gene therapy for chil- drugs accordingly. officials whose testimony im- that prompted the chief execu- dren that its maker said might cost up to $5 With public and bipartisan political pres- tive to pursue the writer’s million, was priced at $2.1 million. sure mounting over high drug prices, includ- peachment investigators had –6 scheduled for Monday didn’t identity and call the person a Behind all the price restraint was a com- ing from the Trump administration and Dem- appear for depositions. A4 “cancer,” a police document 1Q 3Q 1Q 3Q 1Q 3Q plex economic model invented decades ago to ocratic presidential candidates such as shows. 2017 ’18 ’19 determine how to price health care fairly. Elizabeth Warren, pharmaceutical companies An appeals court ruled Authorities said they are Source: the company These days, a little-known Boston nonprofit have started paying attention. Novartis AG that Trump’s accounting firm focusing on then-CEO Fabio group is using it to shame drug manufactur- set the price of its lifesaving gene therapy must comply with a New Schvartsman’s response as ers to lower their prices. PleaseturntopageA12 York grand-jury subpoena for they investigate whether a cul- his financial information. A6 ture of retaliation at the com- The U.S. has officially pany contributed to the Jan. The Struggle to Grow a Beard Is started the process of exit- 25. mine-dam collapse in Bru- ing the Paris climate ac- madinho that killed 270 peo- Real, So Men Decide to Fake It cord, citing an unfair eco- ple, the world’s deadliest min- nomic burden on American ing disaster of its kind in more iii workers and businesses. A3 than 50 years. The Jan. 9 email, which was Eye shadow, fibers, sprays create full The largest mass protests sent to Mr. Schvartsman, cur- to hit Iraq and Lebanon in de- rent Chief Executive Eduardo facial hair; ‘the Rick Ross look’ cades are posing a direct chal- Bartolomeo, Chief Financial #1 has a nice lenge to the influence Iran has Officer Luciano Siani Pires and BY RAY A.
Load more

Recommended publications
  • Gopro Appoints Jim Lanzone to Board of Directors
    NEWS RELEASE GoPro Appoints Jim Lanzone to Board of Directors 8/30/2018 SAN MATEO, Calif., Aug. 30, 2018 /PRNewswire/ -- GoPro, Inc. (NASDAQ: GPRO) today announced that Jim Lanzone, Chief Digital Ocer of CBS Corporation and CEO of CBS Interactive, has joined GoPro's Board of Directors. "We are proud that GoPro attracts leaders like Jim Lanzone to our board," said Nicholas Woodman, GoPro's CEO and Founder. "Jim's skill as an entrepreneur and operator of companies with globally respected brands is a valuable addition to our already impressive board." As Chief Digital Ocer of CBS, Lanzone has driven CBS's digital strategy and transformation across its operating divisions, including the development of CBS' pioneering suite of digital streaming services such as CBS All Access, CBS Sports HQ and CBSN. Lanzone is also the CEO of CBS Interactive, the 7th largest Internet property in the United States. Under his leadership, CBS Interactive's audience and engagement has more than doubled. Prior to CBS, Lanzone was co-founder and Chief Executive Ocer of Clicker Media Inc., which was acquired by CBS in 2011. Lanzone was previously the CEO of Ask.com (formerly Ask Jeeves), a top 10 global web property and leading search engine acquired by IAC/InterActiveCorp in 2005. "GoPro is known for enabling the world to capture and share its passion in the form of immersive and engaging content," said Lanzone. "I look forward to working with Nick and the rest of the Board on the company's vision for the future." 1 Mr. Lanzone's appointment became eective on August 29 of this year.
    [Show full text]
  • Here the People’S Consent Is Being Manufactured by Our Government?
    OPEN THE BOOKS THE DEPARTMENT OF SELFPROMOTION HOW FEDERAL AGENCY PR SPENDING ADVANCES THEIR INTERESTS RATHER THAN THE PUBLIC INTEREST FISCAL YEARS 2007 – 2014: OVERSIGHT STUDY U.S. GOVERNMENT PUBLIC AFFAIRS PUBLIC RELATIONS PR THE DEPARTMENT OF SELF-PROMOTION HOW FEDERAL AGENCY PR SPENDING ADVANCES THEIR INTERESTS RATHER THAN THE PUBLIC INTEREST FISCAL YEARS 2007 – 2014: OVERSIGHT STUDY PUBLISHED: NOVEMBER, 2015 By: Adam Andrzejewski, Chairman of American Transparency OpenTheBooks.com Dr. Tom Coburn, Honorary Chairman American Transparency “Open the Books is doing the work I envisioned when the Coburn-Obama bill became law. Their innovative app and other tools are putting sunlight through a magnifying glass.” March 11, 2014 OUR REPORT MADE POSSIBLE BY: The “Federal Funding Accountability and Transparency Act of 2006” Sponsors: Sen. Tom Coburn (R-OK) & Sen. Barack Obama (D-IL) (Public Law 109-282, 109th Congress) “Is the spending in the public interest or the special interest?” – U.S. Sen. Tom Coburn “I know that restoring transparency is not only the surest way to achieve results, but also to earn back the trust in government…” – U.S. Sen. Barack Obama TABLE OF CONTENTS INTRODUCTION & SUMMARY ........................................................................................................................... 5 Overview of the History of Government Public Affairs Officers ............................................................................ 6 TOP 10 TAKEAWAYS – THE DEPARTMENT OF SELF-PROMOTION .............................................................
    [Show full text]
  • Improper Payments: Analyzing $2.3T Mistakenly Spent by the U.S
    OPENTHEBOOKS OVERSIGHT REPORT | IMPROPER PAYMENTS: ANALYZING $2.3T MISTAKENLY SPENT BY THE U.S. GOVERNMENT SINCE 2004 IMPROPER PAYMENTS ANALYZING $2.3 TRILLION MISTAKENLY SPENT BY THE U.S. GOVERNMENT SINCE 2004 OpenTheBooks Oversight Report OPENTHEBOOKS.COM | AMERICAN TRANSPARENCY OPENTHEBOOKS.COM AMERICAN TRANSPARENCY IMPROPER PAYMENTS ANALYZING $2.3 TRILLION MISTAKENLY SPENT BY THE U.S. GOVERNMENT SINCE 2004 PUBLISHED: NOVEMBER 2020 By: Adam Andrzejewski – Founder and CEO of OpenTheBooks.com Thomas W. Smith – Chairman of OpenTheBooks.com “OpenTheBooks is doing the work I envisioned when the Coburn-Obama bill became law. Their innovative app and other tools are putting sunlight through a magnifying glass.” U.S. Senator Tom Coburn, MD Washington, D.C. | March 11, 2014 Dedicated to Dr. Tom Coburn OpenTheBooks Honorary Chairman Rest In Peace - March 28, 2020 OUR REPORT MADE POSSIBLE BY: The “Federal Funding Accountability and Transparency Act of 2006” Sponsors: Sen. Tom Coburn (R-OK) & Sen. Barack Obama (D-IL) (Public Law 109-282, 109th Congress) “Is the spending in the public interest or the special interest?” – U.S. Sen. Tom Coburn, MD “I know that restoring transparency is not only the surest way to achieve results, but also to earn back the trust in government…” – U.S. Sen. Barack Obama PROLOGUE SINCE 2004, twenty large federal agencies This issue has attracted reform efforts on both have admitted to disbursing an astonishing $2.3 sides of the aisle. In 2009, President Barack trillion in improper payments. Last year, these Obama issued an executive order to stop improper improper payments totaled $175 billion – that’s payments in the core programs of the federal about $15 billion per month, $500 million per day, government.
    [Show full text]
  • Program 1033 –$1.8 Billion in Military Gear Transferred to Local Police Agencies Program 1033 $1.8 Billion in Military Gear Transferred to 8,200 Local Police Agencies
    OPENTHEBOOKS OVERSIGHT REPORT | PROGRAM 1033 –$1.8 BILLION IN MILITARY GEAR TRANSFERRED TO LOCAL POLICE AGENCIES PROGRAM 1033 $1.8 BILLION IN MILITARY GEAR TRANSFERRED TO 8,200 LOCAL POLICE AGENCIES OpenTheBooks Oversight Report OPENTHEBOOKS.COM | AMERICAN TRANSPARENCY OPENTHEBOOKS.COM AMERICAN TRANSPARENCY PROGRAM 1033 $1.8 BILLION IN MILITARY GEAR TRANSFERRED TO 8,200 LOCAL POLICE AGENCIES PUBLISHED: SEPTEMBER 2020 By: Adam Andrzejewski – Founder and CEO of OpenTheBooks.com Thomas W. Smith – Chairman of OpenTheBooks.com “OpenTheBooks is doing the work I envisioned when the Coburn-Obama bill became law. Their innovative app and other tools are putting sunlight through a magnifying glass.” U.S. Senator Tom Coburn, MD Washington, D.C. | March 11, 2014 Dedicated to Dr. Tom Coburn OpenTheBooks Honorary Chairman Rest In Peace - March 28, 2020 OUR REPORT MADE POSSIBLE BY: The “Federal Funding Accountability and Transparency Act of 2006” Sponsors: Sen. Tom Coburn (R-OK) & Sen. Barack Obama (D-IL) (Public Law 109-282, 109th Congress) “Is the spending in the public interest or the special interest?” – U.S. Sen. Tom Coburn, MD “I know that restoring transparency is not only the surest way to achieve results, but also to earn back the trust in government…” – U.S. Sen. Barack Obama PROLOGUE Jamelle Bouie / Flickr Civil unrest in urban areas during the summer of 2020 has sparked renewed interest in the Pentagon’s transfer of surplus military equipment to local law enforcement agencies. Liberals tend to raise civil liberties concerns while conservatives question why the federal government is involving itself in area of responsibility traditionally reserved for states and local communities.
    [Show full text]
  • Openthebooks Oversight Report – National
    PUBLISHED: JULY 2017 By: Adam Andrzejewski – Founder and CEO of OpenTheBooks.com Thomas W. Smith – Chairman of OpenTheBooks.com “Open the Books is doing the work I envisioned when the Coburn-Obama bill became law. Their innovative app and other tools are putting sunlight through a magnifying glass.” March 11, 2014 Dr. Tom Coburn, Honorary Chairman of OpenTheBooks.com OUR REPORT MADE POSSIBLE BY: The “Federal Funding Accountability and Transparency Act of 2006” Sponsors: Sen. Tom Coburn (R-OK) & Sen. Barack Obama (D-IL) (Public Law 109-282, 109th Congress) “Is the spending in the public interest or the special interest?” – U.S. Sen. Tom Coburn “I know that restoring transparency is not only the surest way to achieve results, but also to earn back the trust in government…” – U.S. Sen. Barack Obama NATIONAL FOUNDATION ON THE ARTS AND HUMANITIES OVERSIGHT REPORT BY OPENTHEBOOKS.COM prologue Every year, celebrities such as Katy Perry, Pharrell Williams, Madonna, Alex Rodriguez and Jennifer Lopez grace the red carpet at the “Met Gala,” a benefit for New York City’s Metropolitan Museum of Art. The star power helps the organization raise up to $300 million annually. Since 2009, however, the Met has received federal grants totaling $1.2 million from the National Foundation on the Arts and Humanities (NFA-H). The Met can’t argue that it needed the money – it has more than $3.7 billion in financial assets. Our OpenTheBooks Oversight Report – The National Foundation on the Arts and Humanities found that well-heeled, public charities such as the Met take hundreds of millions of dollars in public funding annu- ally.
    [Show full text]
  • DATACENTER 2007 AGENCY PROFILES YEARBOOK DATACENTER 2007 MARKETER PROFILES YEARBOOK 100 LEADING NATIONAL ADVERTISERS Profiles of the Top 100 U.S
    June 25, 2007 DATACENTER 2007 AGENCY PROFILES YEARBOOK DATACENTER 2007 MARKETER PROFILES YEARBOOK 100 LEADING NATIONAL ADVERTISERS Profiles of the top 100 U.S. marketers in this 52nd annual ranking 100 TOTAL U.S. MORE ONLINE: LEADING AD SPENDING AD SPENDING TOP NATIONAL BY MEDIUM BY SPENDERS BY ADVERTISERS FOR CATEGORY MEDIUM, BRAND RANKED 2006 AND 2005 AND MEDIUM AND MARKET SHARE PAGE 10 PAGE 8 PAGE 9 AdAge.com This document, and information contained therein, is the copyrighted property of Crain Communications Inc. and The Ad Age Group (© Copyright 2007) and is for your personal, non-commercial use only. You may not be reproduce, display on a website, distribute, sell or republish this document, or the information contained therein, without the prior written consent of The Ad Age Group. FACTS. JUST THE FACTS. DIGITAL MARKETING HISPANIC FACT PACK SEARCH MARKETING FACT PACK All the usable data and stats FACT PACK Critical data on new media marketers need to tap this The latest data on the sites, tools options – blogs, podcasts, booming market. Advertise and options available to turn streaming video, texting, video your brand’s own unique reach consumer searches into sales. games and more – and the among Hispanics. STILL TIME TO PLACE YOUR AD. consumers that use them. Advertise your search tools Perfect for marketers looking and capabilities to capture your to get on top of their game in share of this business. Closes the digital arena. September 19. TO GET YOUR OWN COPY OF THESE FACT PACKS Call 888-288-5900 or e-mail [email protected] TO ADVERTISE Suzanne Hermalyn, Tel: 508.497.8688.
    [Show full text]
  • THE CONGRESSIONAL FAVOR FACTORY Legalized Pay-To-Pl Ay a Study of Federal Grants, Campaign Cash, Investments, Employment, Power & Influence
    THE CONGRESSIONAL FAVOR FACTORY Legalized Pay-to-Pl ay A study of Federal Grants, Campaign Cash, Investments, Employment, Power & Influence OpenTheBooks Oversight Report OPEN THE ™ OpenTheBooks.com | American Transparency OpenTheBooks.com AMERICAN TRANSPARENCY THE CONGRESSIONAL FAVOR FACTORY LEGALIZED PAY-TO-PLAY A Study of Federal Grants, Campaign Cash, Investments, Employment, Power & Influence PUBLISHED: OCTOBER, 2019 By: Adam Andrzejewski - Founder and CEO of OpenTheBooks.com Thomas W. Smith - Chairman of OpenTheBooks.com “Open the Books is doing the work I envisioned when the Coburn-Obama bill became law. Their innovative app and other tools are putting sunlight through a magnifying glass.” March 11, 2014 Dr. Tom Coburn, Honorary Chairman of OpenTheBooks.com OUR REPORT MADE POSSIBLE BY: The “Federal Funding Accountability and Transparency Act of 2006” Sponsors: Sen. Tom Coburn (R-OK) & Sen. Barack Obama (D-IL) (Public Law 109-282, 109th Congress) “Is the spending in the public interest or the special interest?” - U.S. Sen. Tom Coburn “I know that restoring transparency is not only the surest way to achieve results, but also to earn back the trust in the government...” - U.S. Sen. Barack Obama THE CONGRESSIONAL FAVOR FACTORY PAGE I PROLOGUE Did you ever wonder why 97 percent of Congress gets Members of Congress own investment stock in, are reelected each year even though only 17 percent of employed by, and receive retirement pensions from the American people believe our representatives are federal contractors – to whom billions of taxpayer doing a good job? dollars flow. Moreover, Members sponsor legislation that affects these contractors. Then, the contractor’s It’s called an incumbent protection system.
    [Show full text]
  • Mapping the Swamp – a Study of the Administrative State by Openthebooks.Com • 2017
    PUBLISHED: DECEMBER 2017 By: Adam Andrzejewski – Founder and CEO of OpenTheBooks.com Thomas W. Smith – Chairman of OpenTheBooks.com “Open the Books is doing the work I envisioned when the Coburn-Obama bill became law. Their innovative app and other tools are putting sunlight through a magnifying glass.” March 11, 2014 Dr. Tom Coburn, Honorary Chairman of OpenTheBooks.com OUR REPORT MADE POSSIBLE BY: The “Federal Funding Accountability and Transparency Act of 2006” Sponsors: Sen. Tom Coburn (R-OK) & Sen. Barack Obama (D-IL) (Public Law 109-282, 109th Congress) “Is the spending in the public interest or the special interest?” – U.S. Sen. Tom Coburn “I know that restoring transparency is not only the surest way to achieve results, but also to earn back the trust in government…” – U.S. Sen. Barack Obama MAPPING THE SWAMP – A STUDY OF THE ADMINISTRATIVE STATE BY OPENTHEBOOKS.COM • 2017 Prologue In America today, the administrative state and our expansive The number of highly compensated federal employees is grow- federal workforce perform a critical and sometimes controver- ing. Between fiscal year 2010 and 2016, the number of federal sial role in our society. The center-left sees value in establishing employees making $200,000 or more has increased by 165 per- federal programs to help the “little guy” through a wide-rang- cent. Our analysis showed that more than 406,000 federal em- ing and expert federal workforce. The center-right, on the other ployees earned six-figure incomes in 2016. Nearly 30,000 rank- hand, argues elected officials have delegated too much power and-file federal employees who received more than $190,823 to the federal bureaucracy, which now poses a threat to individ- out-earned each of the 50 state governors.
    [Show full text]
  • 2020 Annual Report
    OpenTheBooks 2020 ANNUAL REPORT OPEN THE OPEN THE BOOKS | AMERICAN TRANSPARENCY ™ IN MEMORIAM U.S. SENATOR TOM A. COBURN, M.D. March 14, 1948 - March 28, 2020 OpenTheBooks Honorary Chairman Former U.S. Senator Co-Sponsor of the 2006 "Google Your Government Act" Public Law 109-282,109th Congress MOST INFLUENTIAL PEOPLE 2013 “You can be a vital part of the OpenTheBooks’ drive to rally Americans.” “OpenTheBooks.com is one of the fastest growing and most effective organizations that I have seen. They expose the truth and provide us the transparency that we deserve.” "OpenTheBooks.com is doing the work I envisioned when the Coburn-Obama bill became law. Their innovative app and other tools are putting sunlight through a magnifying glass." REST IN PEACE II OPENTHEBOOKS.COM | A PROJECT OF AMERICAN TRANSPARENCY | 501(C)(3) OPENTHEBOOKS.COM | 2020 ANNUAL REPORT Letter From Our Chairman Thomas W. Smith In the last 20 years, our country’s national debt has exploded. In 2001, when George W. Bush took office, the national debt was $5.8 trillion. It took around 225 years -- booms, busts, depressions, wars, etc. -- to amass that much national debt. In just eight years, Bush and a compliant Congress doubled the number to $11.7 trillion. In Barack Obama’s two terms, another $8.6 trillion was added. During the past four years, Donald Trump and Congress fought many battles, but not over this: In that time, America’s future was mortgaged to the tune of another $6.7 trillion. Today, the national debt is around $27 trillion, a four-fold increase in the last two decades.
    [Show full text]
  • The Militarization of America: Non-Military Federal Agencies Purchases of Guns, Ammo, and Military-Style Equipment Fiscal Years 2006 – 2014: Oversight Study
    THE MILITARIZATION OF AMERICA: NON-MILITARY FEDERAL AGENCIES PURCHASES OF GUNS, AMMO, AND MILITARY-STYLE EQUIPMENT FISCAL YEARS 2006 – 2014: OVERSIGHT STUDY PUBLISHED: JUNE, 2016 By: Adam Andrzejewski – Founder and CEO of OpenTheBooks.com Thomas W. Smith – Chairman of OpenTheBooks.com “Open the Books is doing the work I envisioned when the Coburn-Obama bill became law. Their innovative app and other tools are putting sunlight through a magnifying glass.” March 11, 2014 Dr. Tom Coburn, Honorary Chairman of OpenTheBooks.com OUR REPORT MADE POSSIBLE BY: The “Federal Funding Accountability and Transparency Act of 2006” Sponsors: Sen. Tom Coburn (R-OK) & Sen. Barack Obama (D-IL) (Public Law 109-282, 109th Congress) “Is the spending in the public interest or the special interest?” – U.S. Sen. Tom Coburn “I know that restoring transparency is not only the surest way to achieve results, but also to earn back the trust in government…” – U.S. Sen. Barack Obama TABLE OF CONTENTS KEY FINDINGS (FY2006-FY2014) ...............................................................................................................1 INTRODUCTION ..........................................................................................................................................2 OVERVIEW AND METHODOLOGY ..........................................................................................................4 Chart: Federal Agency Spending (Outside of Department of Defense) on Guns, Ammunition, and Military-Style Equipment, FY2006-FY2014 ..............................................................................................4
    [Show full text]
  • Oversight Federalfundingofame
    PUBLISHED: FEBRUARY, 2017 By: Adam Andrzejewski – Founder and CEO of OpenTheBooks.com Thomas W. Smith – Chairman of OpenTheBooks.com “Open the Books is doing the work I envisioned when the Coburn-Obama bill became law. Their innovative app and other tools are putting sunlight through a magnifying glass.” – March 11, 2014 Dr. Tom Coburn, Honorary Chairman of OpenTheBooks.com OUR REPORT MADE POSSIBLE BY: The “Federal Funding Accountability and Transparency Act of 2006” Sponsors: Sen. Tom Coburn (R-OK) & Sen. Barack Obama (D-IL) (Public Law 109-282, 109th Congress) “Is the spending in the public interest or the special interest?” – U.S. Sen. Tom Coburn “I know that restoring transparency is not only the surest way to achieve results, but also to earn back the trust in government…” – U.S. Sen. Barack Obama INTRODUCTION On January 25, 2017, President Donald J. Trump issued Executive Order: Enhancing Public Safety in the Interior of the United States. The order denies federal funding to sanctuary cities who choose not to comply with federal laws regarding deportation of illegal entrants. Reaction to the new policy from across the political spectrum was immediate. However, the politicians, pundits and journalists admitted that the total amount of federal funding was undetermined. This report - Federal Funding of America’s Sanctuary Cites - quantified federal funding (FY2016) to the agencies and entities of America’s 106 Sanctuary Cities. SANCTUARY Conclusion: We sourced nearly $27 billion to Sanctuary Cities in federal grants and direct payments. CITIES BACKGROUND DEFINITION OF SANCTUARY CITY There is no definitive definition of a ‘sanctuary city,’ per se.
    [Show full text]
  • Adamandrzejewski
    Adam Andrzejewski CEO/founder, OpenTheBooks.com Adam Andrzejewski (say: Angie-eff-ski) is the CEO/founder of OpenTheBooks.com. Before dedicating his life to public service, Adam co-founded HomePages Directories, a $20 million publishing company (1997- 2007). His works have been featured on Good Morning America, ABC World News Tonight, C-SPAN, The Wall Street Journal, The New York Times, USA Today, FOX News, CNN, National Public Radio (NPR), Forbes, and many other national media. Mission: Capture & post online every dime taxed and spent at every level of government - federal, state and local across America. Simply stated, "Every Dime. Online. In Real Time." Our work is premised in powerful Appropriations Clause of the U.S. Constitution, Article I, Section 9, Clause 7: "... A Regular Statement and Account of the Receipts and Expenditures of All Public Money Shall be published from time to time." There's a clear interpretation: post every dime, online, in real time. Today, OpenTheBooks.com is the largest private repository of U.S. public-sector spending. Mission: post "every dime, online, in real time." To date, OpenTheBooks.com has captured 5 billion government-spending records, including nearly all disclosed federal government spending since 2000; 49 of 50 state checkbooks; and 22 million public employee salary and pension records from 60,000 public bodies across America. We display this data on our website at OpenTheBooks.com; in our mobile app – Open The Books, free in the Apple 'App Store' and 'Google Play' store; and on our interactive mapping platform by ZIP code. Our Honorary Chairman is the U.S.
    [Show full text]