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An anti-capitalist former stockbroker and the son of Sir James Goldsmith have launched an audacious attempt to halve the value of Coca-Cola’s shares.
The radical activist Max Keiser has joined forces with the editor of the Ecologist magazine, Zak Goldsmith, to launch a hedge fund that will donate the profits from short-sales in Coke’s stock to the “victims of Coke’s business model in places like India and Colombia”.
The idea is that as a boycott spreads the money in the fund will increase as shares in the company drop.
Mr Keiser, founder of activist website Karmabanque.com, believes the stunt will reduce Coca-Cola shares from their current value of $41 (£22) to $22 (£11). The campaign says it will “commit to as much money as it takes to take down Coke”, but Mr Keiser refused to say whether the son of the late billionaire had invested any money of his own in the project.
Why has the administration’s flagship foreclosure prevention program been so ineffective in helping struggling homeowners get loan modifications and stay in their homes? One reason: The government’s supervision of the program has apparently ranged from nonexistent to weak.
Documents obtained by ProPublica – government audit reports of GMAC, the country’s fifth largest mortgage servicer – provide the first detailed look at the program’s oversight. They show that the company operated with almost no oversight for the program’s first eight months. When auditors did finally conduct a major review more than a year into the program, they found that GMAC had seriously mishandled many loan modifications – miscalculating homeowner income in more than 80 percent of audited cases, for example.
Yet GMAC suffered no penalty. GMAC itself said it hasn’t reversed a single foreclosure as a result of a government audit. Continue Reading »