Sunday, November 4, 2012

GM Helped Bain Capital Profit By Giving Funding To Struggling Parts Supplier Owned By Investment Firm

In 2000, a financially struggling plastics company that supplied car parts received emergency funding from auto manufacturers General Motors and Ford Co. The plastics company was owned by Bain Capital, the firm co-founded by Mitt Romney.

In other words, Romney, who has written against auto industry bailouts, profited via his involvement in Bain from a GM rescue of a car components supplier. Romney has recently come under fire from GM and Chrysler for airing dubious TV and radio spots suggesting the carmakers were shipping jobs to China.

Bain's management of Cambridge Industries was chronicled in a June story in The New York Times, which noted that Bain reaped over $10 million from the plastic manufacturer even as it went through bankruptcy, wiping out some of the other investors. According to a 2008 Detroit Free Press story, which is only available for purchase, Cambridge's bankruptcy meant more than 1,000 workers lost their jobs.

The full saga of Cambridge includes a political twist that The Times omitted: GM's decision to provide funding to its supplier as Bain managers let the company swing. According articles in the Detroit Free Press and Plastics News from 2000 accessed via Lexis Nexis, both GM and Ford gave unspecified financial aid to Cambridge. As GM and Ford supplied capital, Bain was extracting $950,000 a year in "advisory fees" from the ailing plastics company, according to The Times.

Romney claimed that he was on a paid leave from Bain in 2000 while he was running the Salt Lake City Olympics, but multiple government and company documents suggest otherwise. He held and continues to hold a financial stake in the firm.

Cambridge's cash infusion "is an indication that [GM] didn't feel like they had any good near-term switching opportunities" for the company to use other suppliers, Daniel Luria, an economist at the Michigan Manufacturing Technology Center, told HuffPost.

The relationship between parts suppliers and auto manufacturers is a close one, and GM exercises significant quality control oversight over the companies that provide it with windshield wiper arms, headlight covers, dashboards and dozens of other car components. Many working in the American auto industry are employed not specifically by GM, Ford and Chrysler, but by dozens of specialty suppliers that work with the carmakers.

"The biggest economic impact that bailing out GM and Chrysler had was in keeping the supply base from imploding," Luria said.

When a supplier shuts down suddenly, car companies can experience difficulty finding other firms to manufacture their parts, which can spark costly delays in production. Without the proper parts, GM can't get cars off the assembly line.

"Increasingly, automakers don't have multiple sources for particular parts," said Luria. "Having multiple suppliers so you could lean on them on price wasn't worth the price of duplicating the investment."

The tight relationship between suppliers and auto factories could be felt in Janesville, Wis., the hometown of Romney's running mate, Rep. Paul Ryan (R-Wis.). When the town's GM planted shuttered in the beginning of the recession, Eric Levitt, Janesville's city manager, said that he recalled several suppliers closing down as well.

John Beckord, president of Forward Janesville, a local business booster group, said the supply closures were typical. "Auto assembly plants will often have supply companies in close proximity, or some cases literally next door," he explained.

Beckord said the GM closure in Janesville had a "cascading effect."

"There were two very significant suppliers that also closed with the plant," Beckord said. One supplied seats for SUVs and another managed parts that came in from around the world, he said.

The 2000 Detroit Free Press articles do not specify how much funding the car companies offered to Cambridge in order to keep their supplier afloat. That same year, Cambridge was sold to Meridian Automotive Systems, Inc.

The Romney campaign declined to comment for this article.

Also on HuffPost:

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Source: http://www.huffingtonpost.com/2012/11/03/gm-bailed-out-bain-capital-romney-profits_n_2069034.html

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Saturday, November 3, 2012

iPad Apps of the Week: Path, The xx, and More? By Leslie Horn? A...



iPad Apps of the Week: Path, The xx, and More?

By Leslie Horn?

A natural disaster hit our city on Monday, but the apps of the week don?t sleep.

All-you-can-eat Stone Crabs in South - South Florida Food and Wine

?

Stone Crab Claws, photo credit: southfloridafoodandwine.com

Stone Crabs, while many restaurants are serving?this seasonal delicacy?as appetizers and ? la carte entr?es it?s the all-you-can-eat Stone Crab deals at a handful of South Florida restaurants that have?the reservation phone lines jammed up for hours and the standard host/hostess response ?sorry no seats available? when you show up without a reservation.

The prices are competitive ranging from $49-$105 depending on the Stone Crab size. Some restaurants are luring diners in with matching all-you-can-eat side dishes, soups and salads. ?Here?s a solid all-you-can-eat list giving any stone-crab lover their fix of the season with an all-you-can-eat menu. If we?ve left a restaurant off the list serving all you can eat stone crabs email us here and we?ll check it out.?Stone Crab Season October 15-May 15

Love the South Florida food scene??Check out our newly published book?(Globe Pequot Press, $14.95),?Food Lovers? Guide to Miami & Fort Lauderdale

Palm Beach County
All you can eat Stone Crabs in Boca Raton and Delray Beach

Jakes?s Stone Crab all you can eat Stone Crabs $59/person includes choice of soup and sides. Served 7 days a week from 4:30- 10pm reservations recommended. 514 Via De Palmas Boca Raton, FL 561-347-1055

Prime Delray?every Wednesday from 6-10pm,?all you can eat Stone Crab dinner,?Served with soup or salad and chef side.?$49/person.?Reservations Required.?110 East Atlantic Avenue?Delray Beach, FL?(561) 865-5845

Truluck?s All you can eat Stone Crabs served with unlimited soup, salad, and side dishes. Served only on Monday. ?Reservations recommended. Confirm pricing when making your reservation. Mizner Park 351 Plaza Real Boca Raton, FL 33432 (561) 391-0755

Broward County
All you can eat Stone Crabs in Fort Lauderdale

Catfish Deweys 4003 N. Andrews Avenue Oakland Park, Florida 954-566-5333 $49 Medium, $74 Large, $86 Jumbo. They do not have all sizes every day; call ahead to inquire about size and availability before heading over.

Billy?s Stone Crab?400 N. Ocean Drive Hollywood, Florida 954-923-2300. Call ahead to inquire about size availability. $65 medium, $75 select, $85 large, $105 jumbo

Truluck?s All you can eat Stone Crabs with unlimited soup, salad, and side dishes. Served only on Monday. Reservations recommended. Confirm pricing when making your reservation. 2584 East Sunrise Boulevard Fort Lauderdale, FL (954) 396-5656

Miami/Dade County
All you can eat Stone Crabs in Miami

Kitchen 305 at the Newport Beachside Hotel & Resort all you can eat Stone Crabs on Fridays; served with chowder, salad, fresh baked bread, ?corn on the cob and and red bliss potatoes, $55/person. 16701 Collins Avenue ?Sunny Isles Beach, FL. For reservations, call 305-749-2110

Truluck?s All you can eat Stone Crabs with unlimited soup, salad, and side dishes. Reservations recommended. Served only on Monday. Confirm pricing when making your reservation. 777 Brickell Ave. Miami, FL 33131 (305) 579-0035

Did you enjoy this article? If so, we?d love to hear your thoughts in the comments below. Sign up for our weekly email updates via the Contact Us page for more *hospitality* goodness. There?s lots more where this came from!

Source: http://www.southfloridafoodandwine.com/2012/11/all-you-can-eat-stone-crabs-in-south-florida.html

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Inspirational Quote About Loneliness - Self Help Daily

Quote About Loneliness

?So do not be lonely. You are just alone. It is like saying you are old. I am not old; I?m just older. -? Anna

I pull my quotes of the day from a great number of places. 8 times out of 10 they?re quotes I?ve recently read, thought about, or recently ?called on? for inspiration or motivation.? Today?s quote of the day is a rare bird: It?s taken from a comment left here on Self Help Daily.

The comment was left on a post about Overcoming Loneliness, but that?s not even remotely important compared to the comment, itself ? or more importantly the author of the comment.? Anna has been a widow for a year.? When I read that ? at the first of her comment ? my heart sank.? I thought, ?Bless her heart?? (we Kentuckians are always blessing someone?s heart).? Then after I read a little more, I realized, this is one very special lady and simply refuses to hand over her joy to life?s circumstances.

Her words, her demeanor, her grace, and her spirit touched me and I wanted to pass it along.

To read her entire comment, go to the post, scroll down to the comments, and look for Anna.? You?re going to love her.

Related Articles:

  1. Friday?s Quote of the Day
  2. Why Are So Many People Lonely?
  3. Wednesday?s Quote of the Day
  4. Quote About Fruitful Mistakes
  5. Inspirational Quote of the Day
  6. God Bless You

Source: http://www.selfhelpdaily.com/inspirational-quote-loneliness/

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Medivation, Astellas Prostate Cancer Drug Soars In First Weeks On ...

MINYANVILLE ORIGINAL Medivation?s (NASDAQ:MDVN) newly approved prostate cancer drug passed a very early test as initial sales and a bullish forecast for the treatment Xtandi appear to validate expectations that it will become a blockbuster product.

In the drug?s first 12 days of sales, the drug, Xtandi, generated revenue of $14 million. What?s more, Medivation?s sales partner Astellas Pharma predicted the treatment will produce sales of $100 million by the end of March 2013.

If the forecast holds up, those numbers would mean the drug will at least meet bullish Wall Street consensus estimates of $225 million in Xtandi?s first full year of sales, Jefferies analyst Biren Amin says. Amin notes that the consensus numbers are skewed by estimates that show Xtandi well exceeding $300 million in first-year revenue. While Amin doesn?t think the drug will reach those high-end estimates, the figures laid out by Astellas Thursday should give investors some comfort.

?Xtandi is well on track to at least meeting consensus estimates,? Amin says. The early ?results should assuage concerns around Xtandi?s launch.?

Shares of Medivation rose 3% to $52.51 in late-morning trading Thursday. The stock is up more than 500% over the past year. Astellas of Japan is traded on the Tokyo Stock Exchange.

For drug and biotech investors, the early stages of a product launch can be a real white-knuckle ride. It can?t be stated enough times that these are very early figures for Xtandi, but there are sky high hopes for Medivation?s treatment and any bad news is going to send the shares down.

Last year, the Food and Drug Administration approved Johnson & Johnson?s (NYSE:JNJ) Zytiga for treatment of men with advanced prostate cancer. That drug proved to be a fast-selling product. Zytiga sales were almost $700 million through the first nine months of this year. On the other hand, Dendreon?s (NASDAQ:DNDN) prostate cancer treatment, the vaccine Provenge, has disappointed since being approved by the FDA in 2010. (Dendreon reports its quarterly results Friday.)

Twitter: @brettchase

Follow the markets all day every day with a FREE 14 day trial to Buzz & Banter. Over 30 professional traders share their ideas in real-time. Learn more.

No positions in stocks mentioned.

The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views expressed by the writers are not necessarily the views of Minyanville Media, Inc. or members of its management. Nothing contained on the website is intended to constitute a recommendation or advice addressed to an individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles appearing on the website. Writers of articles are required to disclose whether they have a position in any stock or fund discussed in an article, but are not permitted to disclose the size or direction of the position. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.

Copyright 2011 Minyanville Media, Inc. All Rights Reserved.

Source: http://www.minyanville.com/sectors/biotech-pharma/articles/medivation-astellas-xtandi-prostate-cancer-drug/11/1/2012/id/45483

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10 Wooden iPhone Cases for the Geeky Lumberjack

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Source: http://news.yahoo.com/10-wooden-iphone-cases-geeky-lumberjack-102650233.html

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