James O’Keefe is either the sleaziest kind of journalist or the most respectable kind of con artist. His Project Veritas group uses lies, scams and hidden cameras to entrap his political adversaries. This week, Project Veritas released a video of its latest victim: Ron Schiller, a fundraising executive for National Public Radio. Mr Schiller and a colleague were lured to a Washington restaurant with promises of $5m in donations from the “Muslim Education Action Center”. Meac, supposedly set up by the Muslim Brotherhood to “spread the acceptance of sharia”, does not actually exist. It was an invention of Project Veritas. But Mr Schiller was voluble in assuring its leaders of his contempt for the kind of middle-class Americans who voted for the Tea Party last autumn. “They believe in white, middle America, gun-toting … it’s scary,” he said. “They’re seriously racist, racist people.” Of course, they also happen to elect the congressional majority that controls the fate of $450m in public broadcasting funding. Mr Schiller has resigned from NPR, as has its chief executive, Vivian Schiller (no relation).
Political pranksterism is all the rage. Sacha Baron Cohen practised a form of it in Borat and, more recently, the editor of the Buffalo Beast news website phoned Scott Walker, the embattled Wisconsin governor, passing himself off as the Republican donor David Koch.
Monthly Archives: March 2011
A sugared pill
When Daniel Carlat, a psychiatrist in Massachusetts, was flown to New York with his wife by Wyeth, the “training” weekend he attended in a luxury hotel was topped off with a Broadway show. It was early 2001 and he had just agreed to the US pharmaceuticals company’s proposal that he give talks to doctors about its antidepressant Effexor.
During the following year, he was regularly paid fees of $750 a time to drive to “lunch and learn” sessions where he would speak for 10 minutes to emphasise the drug’s advantages to fellow doctors, using slides prepared by the company. “It seemed like a win-win,” he recalls. “I was prescribing it, educating doctors and making some money.”
But within a few months, he became disillusioned with his co-option as a marketing representative. He was selectively presenting clinical data that put the drug in a positive light to physicians who had been targeted by the company through “data mining” techniques that identified their individual prescription patterns.
Oil & Water, Jet Fuel & Labor
On June 25, 2008 I blogged asking the question: Is Oil A Cancer Or A Cure? At that time, the price of a barrel of oil had not yet reached its apex of $147 per barrel, but was well on its way. Based on findings by the Air Transport Association’s superb economic analysis team led by chief economist John Heimlich, the U.S. airline industry paid the equivalent of $174.64 per barrel [price of a barrel of oil plus the equivalent cost to refine crude into jet fuel (the crack spread)] on July 11, 2008. By December 23, 2008 the price of a barrel of West Texas Intermediate had fallen to $30.28 per barrel. So far in 2011, we’ve seen a similar surge in oil prices, but based on current geopolitical events, I am not expecting another $117 drop in the price of a barrel of oil like we witnessed in 2008.
I’m actually wondering what happens if the wave of Mideast political upheaval washes over Algeria? Or Saudi Arabia? Some economic experts say the price of oil could rocket past the $200 threshold.
In 2011, the industry has paid an average of $89.15 per barrel of crude and another $25.80 in the crack spread for a total cost of “in the wing” jet fuel of nearly $115 per barrel. Since February 22, 2011 the industry has paid more than the equivalent of $120 per barrel for jet fuel. On March 1, 2011 the industry paid the equivalent of $132.17 per barrel for jet fuel including the crack spread of $32.54. For all of 2008, the industry paid the equivalent of $25 per barrel to refine crude into jet fuel. In the last five days of trading the crack spread paid by the industry is nearly $30 per barrel.