April 14, 2015

Former Gov. Deval Patrick to join Bain Capital

Source: Boston Globe

Former governor Deval Patrick is joining the Boston investment giant Bain Capital, where he will start a new line of business directing investments in companies that produce profits but also have a positive impact on social problems.

Patrick, a Democrat who led the state of Massachusetts for eight years, joins a firm founded by his Republican predecessor in the State House, Mitt Romney. It marks a return to business pursuits, and a potentially outsized paycheck, for a high-profile former governor whose future plans were fodder for intense speculation in political circles.


The move is a new avenue for Bain Capital, an $80 billion firm best known for investments in companies such as Dunkin’ Donuts and Staples. Patrick will help give Bain its first foothold in the growing field of “social impact” investing, tackling social problems such as hunger or climate change with for-profit investments.

Patrick, 58, will become one of Bain’s managing directors, and the first African American to do so.

Read more: http://www.bostonglobe.com/business/2015/04/13/former-gov-deval-patrick-join-bain-capital/QEgS648qXMm2KIq1AUySRO/story.html

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"Social impact investing" sounds nice... There is some crazy irony here though.

March 20, 2015

Obama administration questions U.S. airlines on subsidy claims: source

Source: Reuters

The Obama administration has asked U.S. airlines for more information on their claims that Gulf carriers have received market-distorting subsidies, marking its first written response to U.S. airlines' lobbying effort, Reuters has learned.

The administration asked U.S. airline representatives about 20 questions in writing last week about their method in determining the subsidy allegations and about the market harm they say Gulf carriers have caused them, according to a person familiar with the matter.

U.S. airlines hope to provide the government answers within 10 days, the person said.

While the administration has not taken a stance, the request reflects the growing focus on the debate in Washington. The source said the questions were factual and did not suggest the administration was either swayed or skeptical.

Read more: http://www.reuters.com/article/2015/03/19/us-airlines-competition-regulator-idUSKBN0MF07D20150319

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This is an interesting development for those following this saga. The U.S. based carriers (and their unions!) are protesting that the Middle Eastern airlines receive unfair subsidies. Their labor practices are also fairly questionable.

February 3, 2014

A question about seniority and being a college student

I'm sure some people can help me here. I am a 21 year old Democrat with very progressive views. I am currently in college balancing significant coursework with my new job. The job is at a union shop, and obviously I'm at the very bottom of the seniority list.

My managers know I am in school, so they made a special schedule to accommodate me. This schedule allows me to not work mandatory shifts on days when I have class. Unfortunately, some of the more senior members of the union are now objecting because they say I'm bypassing seniority to get certain shifts, which would violate the contract. I may have to resign, which would be a shame, because I really like the work and we make a decent wage with good benefits (thanks to the union).

Still, I'm having a crisis of faith. I always supported pro-labor politicians and I think right-to-work is a terrible idea. But can you blame me for feeling a bit jaded if a union forces me to lose a job that I like? Not sure what to think here. Also, the union folks might agree to make an exception, not sure yet. They're talking it over with management.