Barack Obama's Rich Supporters Fear His Tax Plans Show He's a Class Warrior
THE TELEGRAPH: Some of Barack Obama's richest supporters fear they have elected a "class warrior" to the White House, who will turn America's freewheeling capitalism into a more regulated European system.

Photo courtesy of The Telegraph
Wealthy Wall Street financiers and other business figures provided crucial support for Mr Obama during the election, backing him over the Republican candidate John McCain as the right leader to rescue the collapsing US economy.

But it is now dawning on many among them that Mr Obama was serious about his campaign trail promises to bring root and branch reform to corporate America - and that they were more than just election rhetoric.

A top Obama fundraiser and hedge fund manager said: "I'm appalled at the anti-Wall Street rhetoric. It was OK on the campaign but now it's the real world. I'm surprised that Obama is turning out to be so left-wing. He's a real class warrior."

Chris Edwards of the Cato Institute, a free enterprise think tank, said Democrats in Congress were unnerved by the president's latest plan to raise $210 billion over 10 years from multinational corporations.

The money is needed to pay for a national debt that will double over the next five years; and triple over the next 10 years to $17.3 trillion. But the crackdown already faces fierce Democratic resistance.

"These big companies are based in New York Boston, Seattle and Silicon Valley, where Democrats dominate," Mr Edwards said. "Obama's tax plan is already cleaving him from his big corporate supporters," he said.

Mr Obama made no secret of his plans to raise taxes on the "working rich" (individuals earning more than $200,000) by imposing a top income tax rate of almost 40 per cent, and there is little surprise that those plans remain on track, even during the worst economic crisis since the Great Depression.

But Democratic opposition is building in Congress to many of the President's proposals. A plan to reduce tax deductions for charitable gifts by richer people may have to be scrapped, because the charitable sector - which includes hospitals, museums and voluntary service groups - depends heavily on tax-deducted donations.

Charles Rangel, the New York chairman of the Ways and Means Committee, which drafts tax legislation, raised a red flag about the proposal last week. "I would never want to adversely affect anything that is charitable or good," he said.

Mr Obama also wants to "cap and trade" carbon emissions - seen by business as effectively yet another tax - to tackle global warming.

The president's plans are direct repudiation of the model of light touch regulation credited with creating economic growth and wealth in America in recent decades. >>> By Leonard Doyle in Washington | Saturday, May 9, 2009

FTSE 100 Dives 10pc as Global Markets Slide
THE TELEGRAPH: The FTSE 100 plunged more than 10pc this morning as fears over a global banking crisis and recession combine to rout stock markets around the world.

The UK's leading share index fell below 4,000 points for the first time in five years as equity markets across Europe were hammered after steep declines overnight in Asia and the US.

By 10am the FTSE had recovered slightly to 4,077 but was still showing heavy losses. "I'm sitting on my hands and quite a few people I talk to are doing the same," one trader said.

Shares in banks and commodity-based companies have been particulary hit with HBOS losing 18pc, Barclays 13pc and Rio Tinto 11pc.

"Fear leads to more fear," said Andy Brough, fund manager at Schroders, said. "Market makers are taking pre-emptive action and marking down prices before people start selling. The big institutions are sitting on their hands, the volumes are very low."

He said banking stocks were being badly hit because credit default swaps tied to the collapsed investment bank Lehman Brothers are due to be settled by this evening, revealing the banks which were most exposed. FTSE 100 Dives 10pc as Global Markets Slide >>> By Graham Ruddick | October 10, 2008

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Financial Crisis: Panic Selling Piles Pressure on G7 Leaders >>> Graeme Wearden and Julia Kollewe | October 10, 2008

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Dutch Companies Fear Jordanian Boycott
RADIO NETHERLANDS WORLDWIDE: Fearful of a Jordanian boycott of their products, two Dutch companies have distanced themselves from the film Fitna, produced and released earlier this year by Freedom Party leader Geert Wilders. On Sunday, Friesland Foods and the Zwanenberg Food Group placed adverts in Jordanian newspapers to announce that they have nothing to do with the film. They're hoping to prevent their products ending up on a Middle East blacklist.



They took this step after 'The Messenger of Allah Unites Us', a broad coalition of Jordanian political parties, professional organisations and media, printed one million posters showing Dutch and Danish products that - they argue - consumers in Jordan and other Middle East countries ought to boycott. In addition to a number of Danish brand names, the list includes such Dutch companies as KLM, Philips and baby food manufacturer Friso.



There's considerable anger in Jordan regarding Danish cartoonist Kurt Westergaard and Dutch politician Geert Wilders. The chairman of the coalition, Zakaria Sheik, says that both men have offended Muslims throughout the world and shouldn't escape their punishment. Dutch Companies Fear Jordanian Boycott >>> By Sebastiaan Gottlieb | June 23, 2008

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