| 00:00:14 |
Unidentified Speaker, -
JOHNSTON, THE BEST ARE SELLING AUTHOR, REVEALS THE SURPRISINGLY NUMEROUS WAYS IN WHICH CORPORATIONS SYSTEMATICALLY EXPLOIT THEIR CUSTOMERS. >> Host:...
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| 00:00:30 |
O'Donnell, Jayne - Correspondent
BASIC INTENTION OF YOUR BOOK IS WE'RE ALL GETTING TAKEN BY CORPORATIONS AND THE GOVERNMENT IS LETTING THEM GET AWAY WITH IT.
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| 00:00:37 |
Johnston, David Cay - Columnist
I. >> Guest: YES. >>
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| 00:00:38 |
O'Donnell, Jayne - Correspondent
Host: PEOPLE OFTEN SAY THAT REPORTERS LIKE YOU AND I, THESE ARE THE WORST CASES. IT'S NOT AS BADS A YOU DESCRIBE. I BELT THERE'S MORE EXAMPLE. DID YOU...
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| 00:00:51 |
Johnston, David Cay - Columnist
DO ANOTHER BOOK AND MAYBE TWO MORE BOOKS ON THE SAME THEME ABOUT WHAT IS GOING ON. AND UNFORTUNATELY WE NEED TO KEEP IN MINE WHAT ADAM SMITH TAUGHT...
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| 00:01:43 |
O'Donnell, Jayne - Correspondent
SOME OF THESE SPECIFIC EXAMPLES, EVERYBODY THAT TALKS TO YOU HAS THEIR FAVORITES. BUT TO YOU, WHAT WAS THE MOST EGREGIOUS. >> Guest: A MAN NAMED
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| 00:02:00 |
Johnston, David Cay - Columnist
BOB MANNING, A 26-YEAR-OLD LINEMAN FOR THE ELECTRIC POWER COMPANY IN UPSTATE NEW YORK. NIAGRA MOHAWK. AND ONE DAY IN FEBRUARY OF 1962, AS HE WAS COMING...
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| 00:04:37 |
O'Donnell, Jayne - Correspondent
WE TALK ABOUT IT IN YOUR BOOK, YOU TALK ABOUT SOME OF THESE INDUSTRIES HAVE BEEN DEREGULATED, AND OFTEN IN THIS PRESIDENTIAL CAMPAIGN, PEOPLE THING ABOUT...
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| 00:04:58 |
Johnston, David Cay - Columnist
Guest: THIS IS NOT A PARTISAN -- THERE'S ONE PARTY IN WASHINGTON, THE PARTY OF MONEY. AND FRANKLY, IF YOU OR I WERE ELECTED TO CONGRESS, WE'D HAVE TO...
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| 00:06:28 |
O'Donnell, Jayne - Correspondent
THE REGULATIONS. >>
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| 00:06:29 |
Johnston, David Cay - Columnist
Guest: THEY'RE OFTEN WRITTEN BY THE COMPANIES. >> Host: INTERESTING
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| 00:06:33 |
O'Donnell, Jayne - Correspondent
TO SEE THAT. PEOPLE DON'T BELIEVE IT BUT IT HAPPENS ALL THE TIME. >> Guest: EVERYBODY WHO WORKS
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| 00:06:38 |
Johnston, David Cay - Columnist
IN THE SAUSAGE FACULTY KNOWS THAT HAPPENS. >> Host: SO, YOU REFER --
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| 00:06:51 |
O'Donnell, Jayne - Correspondent
A COUPLE OF POWERFUL PHRASE, YOU REFER TO OURS BEING A RIGGED ECONOMY. IF YOU COULD EXPLAIN MORE CLEARLY. >> Guest: WELL, IN
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| 00:06:59 |
Johnston, David Cay - Columnist
A COMPETITIVE MARKET, GOVERNMENT WOULD SET THE RULES AND AS THE GERMANS DO, WITH WHAT THEY CALL -- ADJUST THE RULES AS BUSINESSES FIGURE OUT HOW TO...
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| 00:08:20 |
O'Donnell, Jayne - Correspondent
THE ONES MIGHT HAVE STOOD OUT FOR MOW, OTHER THAN THE AWFUL STORY ABOUT BOB. HOW ABOUT THE INTERNET. >> WE'RE 29 IN
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| 00:08:41 |
Johnston, David Cay - Columnist
SPEED. HOW DISTHAT COME TO BE. >> Guest: WE PAID THROUGH
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| 00:08:49 |
Johnston, David Cay - Columnist
THE INTERNET, THROUGH THE DEFENSE ADVANCE RESEARCH PROCESS AGENCY. SO WE BEGAN AT NUMBER ONE, AND BACK IN THE '90s, AL GORE, AS A SENATOR AND VICE PRESIDENT...
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| 00:11:12 |
O'Donnell, Jayne - Correspondent
SAY THAT. >> Guest: I WAS TOLD BY THE
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| 00:11:15 |
Johnston, David Cay - Columnist
PR PERSON AT VERIZON THAT WAS NOT USED ANYMORE. THAT'S THE ONLY COMPANY THAT ACTUALLY HAS FIBEROPTIC TO YOUR HOME. AT&T HAS FIBEROPTIC DOWN THE STREET...
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| 00:12:18 |
O'Donnell, Jayne - Correspondent
CELL SERVICE, EITHER. >> Guest:
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| 00:12:21 |
Johnston, David Cay - Columnist
THAT'S RIGHT. ONE OF THE ARGUMENTS IS WE DON'T HAVE A MONOPOLY ANYMORE, WE HAVE CABLE COMPANIES, TELEPHONE COMPANIES, CELL PHONE COMPANIES. FIRST OF...
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| 00:13:38 |
O'Donnell, Jayne - Correspondent
I WANT TO GET TO THIS AT THE END WITH -- BUT THAT PARTICULAR EXAMPLE, WHAT WOULD YOU TELL A CONSUMER IN THAT SITUATION? I KNOW YOU RECOMMEND THAT PEOPLE...
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| 00:13:52 |
Johnston, David Cay - Columnist
A LOT OF SOLUTION OTHER THAN THE BOOK ABOUT TAXES AND FREE LUNCHES AND SUBSIDIES. I WAS AT THE "NEW YORK TIMES" AND THEY SIDE TO WRITE SOLUTIONS IS...
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| 00:14:22 |
O'Donnell, Jayne - Correspondent
LIVING IN THE BUILDING IN NEW YORK, WHAT WOULD YOU DO PERSONALLY? >> Guest: FIRST OF ALL
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| 00:14:27 |
Johnston, David Cay - Columnist
I'D BE COMPLAINING TO THE COMPANY. I WOULD GO TO THE STATE LEGISLATURE AND SAY, I'M SORRY, WE HAVE THIS NICE BEAUTIFUL BUILDING, YOUR POSITION IS THEY...
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| 00:14:57 |
O'Donnell, Jayne - Correspondent
THE RAMIFICATIONS. >> Guest: THE STAFF SAYS
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| 00:14:59 |
Johnston, David Cay - Columnist
THIS IS THE BILL FOR THE LEADERSHIP SENDS AROUND A NOTE AND ONLY A HANDFUL OF PEOPLE LEARN WHAT THESE THINGS ARE ABOUT, AND IF THERE IS NO PUSHBACK,...
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| 00:16:00 |
O'Donnell, Jayne - Correspondent
A SOLUTION? WITH THE STATE LEGISLATURE? SHOULD THEY BE -- YEAR-ROUND SHOULD THEY BE PAID MORE? SHOULD THE LOBBYING RESTRICTIONS BE GREATER? >>
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| 00:16:13 |
Johnston, David Cay - Columnist
Guest: THIS IS A REAL DIFFICULT PROBLEM. IT STRIKES ME THAT ONE OF THE SOLUTIONS WE SHOULD BE HAVING AN ACTIVE DISCUSSION ABOUT IS PUBLIC FINANCING OF...
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| 00:17:37 |
O'Donnell, Jayne - Correspondent
TELECOM INDUSTRY. THE REMOTE CONTROL. THE PROCESS ON THE REMOTE CONTROL IS FASCINATING TO ME. COULD YOU GO OVER THAT? WHAT WAS THE -- A THOUSAND --...
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| 00:17:55 |
Johnston, David Cay - Columnist
GLASGOW, KENTUCKY, GOT THEIR NAMES FROM SCOTT LAND AND THEY'RE KNOWN FOR BEING TIGHT WITH A BUCK. THEY HAD A CABLE CHARGER, IT WAS FIVE DOLLARS A...
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| 00:18:40 |
O'Donnell, Jayne - Correspondent
TRIP. >> Guest: SO, $5 A
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| 00:18:42 |
Johnston, David Cay - Columnist
MONTH IS INDICATIVE, THAT'S PRICE GOUGING. THAT'S CHARGING A RATE OF RETURN THAT IS THOUSANDS OF PERCENT OVER TIME, AND YOU CAN DO THAT IF YOU'RE A...
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| 00:18:59 |
O'Donnell, Jayne - Correspondent
IN GLASGOW IS STILL THERE? >>
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| 00:19:01 |
Johnston, David Cay - Columnist
Guest: WHAT HAPPENED IS THERE WAS AN EFFORT BY THE COMPANY -- THE PRIVATE COMPANY TO SUE THEM OUT OF BUSINESS. AND NEWT GINGRICH WHEN HE WAS SPEAKER...
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| 00:20:51 |
O'Donnell, Jayne - Correspondent
WERE THERE OTHER EXAMPLES? MIGHT HAVE BEEN OTHER EXAMPLES OF THESE KINDS OF COMPANIES, UPSTART COMPANIES BECOMING DONE ABOUTING FAR MORE COMPETITIVE....
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| 00:21:03 |
Johnston, David Cay - Columnist
IN SACRAMENTO TRIED TO START BUILDING A SYSTEM, AND IMMEDIATELY AT&T CUT PRICES WAY DOWN TO NOTHING, AND THE SUPREME COURT IS VERY HOSTILE WITH THIS...
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| 00:22:59 |
O'Donnell, Jayne - Correspondent
EXAMPLE HOW CONSUMERS CAN MAKE A DIFFERENCE IN THEIR OWN LIFE. >> Guest:
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| 00:23:03 |
Johnston, David Cay - Columnist
ABSOLUTELY. WE TOOK ACTION TO CREATE THE DISTRICT. I TELL MY STORY OF THE NEIGHBORS WHO DID THE HARD WORK TO MAKE THIS HAPPEN. >> Host:
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| 00:23:10 |
O'Donnell, Jayne - Correspondent
ONE OF THE SECTIONS IN THE UTILITY SECTION, ELIMINATING THE CORPORATE INCOME TAX ON UTILITIES WILL END THE BLATANT LEGALIZED -- THE. >> Guest: PSEG...
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| 00:23:25 |
Johnston, David Cay - Columnist
UTILITY IN NEW JERSEY. >> Host: CAN YOU EXPLAIN
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| 00:23:28 |
O'Donnell, Jayne - Correspondent
THAT? HOW ELIMINATING THE CORPORATE -- >> SURE WELL,
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| 00:23:34 |
Johnston, David Cay - Columnist
PSED -- HALF THE STATES VOTED TO GET RID OF THE TRADITIONAL INTEGRATED UTILITY. IT GENERAL RATED ELECTRICITY IN THE POWER PLANT, TRANSMILTED AND IT THEN...
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| 00:25:17 |
Johnston, David Cay - Columnist
PAYING. THE CUSTOMERS ARE PAYING TWICE FOR THE INCOME TAX AND THE COMPANY GOT TO POCKET THE MONEY, AND PSEG HAS NEVER DENIED THIS. THEY'VE ALWAYS SAID,...
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| 00:28:05 |
O'Donnell, Jayne - Correspondent
STATISTICS THAT JUMPED OUT AT ME IS FROM 1983 TO 2010 THE NUMBER OF AMERICANS ROSE 36% BUT THE NUMBER OF UTILITY WORKERS FELL 15%. NOW, THAT OF COURSE...
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| 00:28:32 |
Johnston, David Cay - Columnist
THE WASHINGTON, D.C. CORPORATE UTILITY WHICH GETS 18% OF ITS MONEY FROM THE TAXPAYERS, INCLUDING THE TAXES THAT IS SUPPOSED TO GO BACK TO THE GOVERNMENT...
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| 00:31:21 |
O'Donnell, Jayne - Correspondent
OUTCRIES THAT HAPPEN AFTER THESE MASS BLACKOUTS MAKE A DIFFERENCE? OR IS IT THEY PAY A LOT OF ATTENTION AND GIVE LIP SERVICE -- >>
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| 00:31:28 |
Johnston, David Cay - Columnist
Guest: I DON'T THINK SO. I THINK THIS IS A REAL FUNDAMENTAL PROBLEM. THE UTILITY BOARD ARE REALLY INSULATED. >>> WHEN I FIRST WROTE
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| 00:31:36 |
Unidentified Speaker, -
ABOUT THE PUBLIC UTILITIES IN THE EARLY 18970s, THE UTILITY BOARDS I DEALT WITH A AT LEAST HAD SOME PEOPLE WHO WEREN'T DIRECTLY CONNECTED TO THE INDUSTRIES....
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| 00:32:42 |
O'Donnell, Jayne - Correspondent
OTHER EXAMPLES THAT ARE INTERESTING TO ME. BUT GET INTO A COUPLE OF THOSE I DIDN'T MENTION. THERE'S A SECTION ON 401Ks AND RETIREMENT SAVINGS. WHAT DO...
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| 00:33:03 |
Johnston, David Cay - Columnist
THEM 201(k). IF EVERYBODY KNEW HOW TO INVEST MONEY WELL THEN THE AVERAGE JOB ON WALL STREET WOULD PAY AVERAGE WAGES. IT'S ABSURD. FOR ALL OF MY EDUCATION...
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| 00:34:27 |
O'Donnell, Jayne - Correspondent
THAT'S NOT GOING TO PLAY WELL. >> Guest: SO THEY GET
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| 00:34:31 |
Johnston, David Cay - Columnist
THE RULES REWRITTEN TO UNDERFUND THESE THINGS AND RAID THEM. I HAVE A PENSION THAT HAS BEEN THOROUGHLY RAIDED AND WILL PROBABLY DIE BEFORE I DO. SO,...
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| 00:35:36 |
O'Donnell, Jayne - Correspondent
Host: WAS THERE ANY OTHER -- THERE IS AN ISSUE I DIDN'T TOUCH ON? >> Guest: SO MANY WE
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| 00:35:41 |
Johnston, David Cay - Columnist
COULD DO HOURS AND HOURS. >>
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| 00:35:43 |
O'Donnell, Jayne - Correspondent
Host: I WANT TO TALK -- >> Guest: FOUR
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| 00:35:46 |
Johnston, David Cay - Columnist
YEARS DIGGING THING THIS STUFF OUT. >> WELLS FARGO,
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| 00:35:51 |
O'Donnell, Jayne - Correspondent
GOLDMAN. >> Guest: LET ME DO GOLDMAN
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| 00:35:54 |
Johnston, David Cay - Columnist
AND WELLS FARGO. WHEN DETROIT WAS BAILED OUT BY WASHINGTON, EVERYBODY TOOK A HAIRCUT. THE CEO AND THE JANUARY IT IN -- JANITOR TOOK A HAIRCUT. THE...
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| 00:39:35 |
O'Donnell, Jayne - Correspondent
MENTIONED DODD-FRANK AND IT'S COME UP RECENTLY IN THE CAMPAIGN ABOUT WHETHER IT SHOULD BE REPEALED IN PART OR IN WHOLE. WHAT'S YOUR -- >> Guest: I'M...
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| 00:39:45 |
Johnston, David Cay - Columnist
OF DODD-FRANK. THE BEST REGULATION IS THE LEAST REGULATION YOU. WANT TO HAVE REGULATION THAT ENCOURAGE VIRTUOUS BEHAVIOR. WE HAD AN EX-LAW CALLED GLASS...
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| 00:41:11 |
O'Donnell, Jayne - Correspondent
WAS INTERESTING. THAT PEOPLE MIGHT THING THAT YOU ACTUALLY LIKE A LOT OF REGULATION BUT YOU REALLY DOME. >> Guest:
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| 00:41:17 |
Johnston, David Cay - Columnist
NO. I WANT TO HAVE -- >> Host: ONE SIDE OF
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| 00:41:20 |
O'Donnell, Jayne - Correspondent
THE POLITICAL SPECTRUM AND YOU'RE NOT. >> Guest: I'M A
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| 00:41:24 |
Johnston, David Cay - Columnist
REGISTERED REPUBLICAN. I'M THE COFOUNDER OF A TINY BUSINESS THAT MY FUNDS RUN. SO I'M ALSO NOT ANTICORPORATION. WHAT I'M IN FAVOR OF IS UNDERSTANDING...
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| 00:43:06 |
O'Donnell, Jayne - Correspondent
YOUR POLITE:LEANING. AS YOU'RE LISTENING TO THE CAMPAIGN RHETORIC, DO YOU THINK ONE SIDE -- DOES OBAMA SEEM MORE LIKELY THAN ROMNEY TO SOLVE ANY OF...
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| 00:43:18 |
Johnston, David Cay - Columnist
THE COVERAGE OF THE ELECTION HAS NOTHING TO DO WITH WHAT'S REALLY GOING ON HERE AT ALL. FIRST OF ALL, THE ROMNEY-RYAN PLAN WOULD ELIMINATE TOOK CAPITAL....
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| 00:47:11 |
O'Donnell, Jayne - Correspondent
THE CORPORATE INCOME TAX RATE. BUSINESSES SAY IT'S TOO HIGH COMPARED TO OTHER COUNTRIES. WHAT DO YOU SAY TO THAT? >> Guest: WELL, AGAIN,
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| 00:47:17 |
Johnston, David Cay - Columnist
I THINK WE'RE HAVING THE WRONG DEBATE IN THE ECONOMY AMERICA HAT IN THE 50s, 60s, 40s, 30s, THE CORPORATE INCOME TAX IS BORNE MOSTLY BY THE OWNERS OF...
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| 00:48:46 |
O'Donnell, Jayne - Correspondent
PERFECTLY SENSE. WHAT'S THE SINGLY MOST AEGREGIOUS TAX LOOPHOLE. >> Guest: IF YOU'RE
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| 00:48:56 |
Johnston, David Cay - Columnist
ALREADY WEALTHY -- IMAGINE YOUR PARENTS LEFT YOU A BILLION DOLLAR FORTUNE. YOU CAN LIVE TAX FREE. YOU GO INVEST IT IN INSTRUMENTS THAT DON'T PAY A...
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| 00:51:49 |
O'Donnell, Jayne - Correspondent
Host: LET'S GO TO JUST SOME OF THE OTHER SOLUTIONS THAT YOU BROUGHT UP. PRETTY MUCH COVERED, WHAT CONSUMERS CAN DO, MAYBE JUST TO EXPLAIN THAT A IT'S...
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| 00:52:05 |
Johnston, David Cay - Columnist
BRIEF COGENT LETTERS TO THE EDITOR, CALL RADIO SHOW, A GOOD IDEA IF PEOPLE WOULD COORDINATE AND SAY HERE'S A QUESTION WE WANT TO ASK OUR CONGRESSMAN,...
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| 00:52:21 |
Johnston, David Cay - Columnist
CONGRESS? >> Guest: WHEN THEY
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| 00:52:22 |
Johnston, David Cay - Columnist
SHOW UP ON OCCASION THEY DO COME TO TEMPERATURE DISTRICT TO TALK TO CONSTITUENTS. SOME OF THEM A LOT, SOME NOT HARDLY AT ALL, SENATORS AND OTHERS. I...
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| 00:53:03 |
O'Donnell, Jayne - Correspondent
OR TWO YOU THINK ARE DOING A GOOD
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| 00:53:06 |
Johnston, David Cay - Columnist
JOB? >> Guest: YES. PUBLIC CITIZEN HAS AN ENERGY GROUP THAT'S DONE A LOT OF VERY GOOD WORK AND PUSHED THIS. IN CALIFORNIA THERE'S A GROUP CALLED TURN....
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| 00:53:59 |
O'Donnell, Jayne - Correspondent
CAN'T GO BACK AND LOBBY. >> Guest: I SAY TO
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| 00:54:03 |
Johnston, David Cay - Columnist
YOU, JAYNE, YOU TELL THE COLLEGEMAN THIS BECAUSE I CAN'T TALK TO HIM FOR A YEAR. >> Host:
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| 00:54:08 |
O'Donnell, Jayne - Correspondent
RIGHT. SO, THAT'S WHAT CONSUMERS CAN DO. WHAT WOULD YOU LIKE TO SEE STATE LEGISLATURES DO? ON SOME OF THE DIFFERENT ISSUES. SOME OF THE. >> Guest:
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| 00:54:22 |
Johnston, David Cay - Columnist
IF EVERY STATE HAD A CONSUMER ADVOCATE OFFICE, WELL-FUNDED OFFICE OR MARSH FUNDS AS MUCH AS IT'S REPORTED EVERY CORPORATION SPENT ON LOBBYING, YOU WOULD...
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| 00:55:59 |
O'Donnell, Jayne - Correspondent
A FOUR-BOOK SERIES? >> Guest: I DON'T KNOW HOW
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| 00:56:01 |
Johnston, David Cay - Columnist
MANY BOOKS WE'LL GET OUT OF THE SERIES. PERFECTLY LEGAL, WHICH WON THE INVESTIGATIVE REPORTING OF THE YEAR AWARD, CAME OUT IN LATE 2003. IT'S STILL...
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| 00:56:46 |
Johnston, David Cay - Columnist
YOUR EDITOR? THESE -- THIS IS MY EDITOR. I WANT ODE TO DO A DIFFERENT BOOK HE DIDN'T LIKE. IT TURNED OUT TO BE TOUGH BECAUSE NOBODY HAD DONE WHAT I'VE...
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| 00:57:18 |
O'Donnell, Jayne - Correspondent
WOULD NOT PUT ANYONE TO SLEEP. SHE STORIES ARE VERY COMPELLING. THE WRITING WAS GREAT AND I ENJOYED READING AND IT IT'S BEEN GREAT TALKING TO YOU. >>...
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| 00:57:28 |
Unidentified Speaker, -
JAYNE. >> THAT WAS AFTER WORDS,
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| 00:57:42 |
Unidentified Speaker, -
BOOK TVS SIGNATURE PROGRAM IN WHICH AUTHORS ARE INTERVIEWED. AFTER WORDS AIRS EVERY WEEKEND ON BookTV AT 10:00 P.M. ON SATURDAY, 12:00 AND 9:00 P.M....
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NOTE: The transcript for this program was compiled from uncorrected Closed Captioning.