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The Death of King Coal

The end is coming fast for coal as an energy source…

The World’s Largest Private Coal Company May File For Bankruptcy

Peabody Energy, the largest private coal company in the world, may soon file for bankruptcy, citing falling global demand and “substantial doubt” about its future.

The company has been hit hard by a glut in cheap natural gas and the Obama administration’s tougher, climate change-minded government. Several major coal companies have already succumbed to the changes, including Arch Coal, the second largest supplier in America.

“These projections and certain liquidity risks raise substantial doubt about whether we will meet our obligations,” Peabody said in a filing to the Securities and Exchange Commission. “There exists substantial doubt whether we will be able to continue.”

Shares in the company fell more than 45 percent on Wednesday after the filing.

Coal has long been lambasted for being a fuel of the past as growing concerns about climate change have led to harsh crackdowns on future mining operations. President Barack Obama halted new coal leases on public lands earlier this year. And China, by far the largest burner of coal on the planet, has promised to tackle it’s gargantuan greenhouse gas emissions by 2030.

Several leading environmental groups, including 350.org, Greenpeace and WildEarth Guardians, called on Peabody to end its coal business, citing the announcement as an “opportunity to protect the climate” in a press release.

“All we’re doing is calling on the company to get on board with helping our nation and our communities transition away from coal by winding down their operations in an orderly and effective manner,” Diana Best, Greenpeace’s senior coal campaigner, said in the statement.

Peabody has laid off hundreds of employees over the past few years and announced in January it would pay $75 million into a health fund for thousands of retired coal workers from a now-defunct company it spun off in 2007.

The company had $6.3 billion in debt and a net loss of more than $2 billion at the end of 2015.

Talking about Kentucky and Coal…A little Bluegrass is in order in a song about Peabody…

This is a modern electrified version of a Bluegrass classic – “You’ll Never Leave Harlan Alive”. Harlan County Kentucky was featured in a television series a few years ago, and it’s theme song featured a new style blending Bluegrass, funk, and rap.

In case you need to ask, my Grandfather was a coal miner, and my Dad did a stint to get though school up in the mountains working the Pocahontas mine.

 
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Posted by on March 17, 2016 in American Greed, General

 

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Herman Cain – “Reassessing My Candidacy”

Looks like with the latest bombshell accusation of a 13 year affair with a woman in Atlanta…

Herman is toast.

Herman Cain ‘Reassessing’ 2012 Candidacy

Republican presidential candidate Herman Cain told his staff Tuesday morning that he is reassessing his candidacy and will make the decision whether to remain in the race in “the next several days.”

Cain’s campaign has been plagued by sexual harassment allegations, and Monday a woman came forward alleging a 13-year affair with the candidate.

The Des Moines Register has more quotes from the Tuesday morning conference call. Cain reportedly told about 90 staff that the latest affair story might create “too much of a cloud” around his campaign.

“If a decision is made, different than we should plow ahead, you all will be the first to know,” he said. “Now with this latest one we have to do an assessment as to whether or not this is going to create too much of a cloud in some peoples’ minds as to whether or not they should support us going forward.”

He went on to deny the woman’s story as he did Monday when it broke.

Cain’s Iowa campaign chairman, Steve Grubbs, told the AP that the allegations have hurt Cain’s fundraising and taken a toll on his family. Still, Cain will continue his campaign for now and deliver a foreign policy speech in Michigan on Tuesday.

Top Republicans have called for Cain to drop out of the race:

“Cain is irrelevant, and the quicker he gets out of the race the better it will be,” said Ed Rollins, a longtime Republican strategist. “My fear is that he marches to the beat of his own drum and he may try to drag it on and deny and deny and deny. And my sense is that will likely be the pattern here. But there is no way he can be the nominee of our party. The quicker he gets out, the better for him and for us.”

Cain indicated Monday that he intended to remain in the race as long as he had the support of his wife, Gloria.

Tuesday the The Draft Herman Cain PAC, the Super PAC backing the candidate, abandoned him and changed its name to Beat Obama PAC.

 

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Take a Hint Herman!

Time to do something smart for a change, Herman – and fall on your political sword…Everyone has had enough of the Minstrel Show.

“Dead Man Walking”… Indeed.

"It's Time to Go Now", Herman...

Cain Speaks Out to Deny Charges; 2nd Voice Heard

Days after declaring he was moving on from the rapidly developing controversy, Mr. Cain waded back in with an emphatic plea for decency from his high-profile lawyer followed by a defense of his personal integrity and a condemnation of the news media. He was emphatic in saying that men were victims of sexual harassment, too.

His comments came as the latest woman to go public with the accusations — Karen Kraushaar, one of two who settled sexual harassment claims while they worked at the National Restaurant Association while it was led by Mr. Cain — set in motion plans to appear with other women who have accused Mr. Cain of inappropriate behavior.

Ms. Kraushaar, 55, who now works as a spokeswoman for one of the three inspectors general at the Treasury Department, told The New York Times: “When you are being sexually harassed in the workplace, you are extremely vulnerable. You do whatever you can to quickly get yourself into a job someplace safe, and that is what I thought I had achieved when I left.”

 

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More Coming Out of the Woodwork – Big Problems for Cain

One of the problems with not handling an issue quickly and professionally – especially in the charged world of sex and politics… Is it comes back to haunt you.

Once might be a misunderstanding or a stupid mistake. Twice to the point of having to make payoffs for legal settlements… He’s done it a whole bunch more times and gotten away with it.

Suing for sexual or racial harassment or discrimination can be a career limiting experience – not to mention the sometimes years before the lawyers can come to a settlement. So it’s not something that is done lightly by most people. So generally for every person who feels they are forced into filing a formal complaint – there are 6 or more who are afraid to who have had the same, or worse experiences.

One of the character flaws which have become increasingly obvious with Cain is his inability to take advice from his staff. He is way too full of himself to listen to the political professionals.  That’s not real smart behavior from a supposed CEO. Your staff can raise you up, they can take you down. The difference between a smart CEO and a stupid one is often in how he works with his staff. A large part of which is to let them do their jobs, and listening to them.

Herman’s treatment of this issue has opened the floodgates…

Stick a fork in him. He’s toast!

Third employee alleges sexual misconduct by Cain

A third former employee says she considered filing a workplace complaint over what she considered aggressive and unwanted behavior by Herman Cain when she worked for the presidential candidate in the 1990s. She says the behavior included a private invitation to his corporate apartment.

Herman Cain dodges harassment questions as third accuser surfaces

She worked for the National Restaurant Association when he was its head. She told The Associated Press that Cain made sexually suggestive remarks or gestures about the same time that two co-workers had settled separate harassment complaints against him.

The employee described situations in which she said Cain told her he had confided to colleagues how attractive she was and invited her to his corporate apartment outside work. She spoke on condition of anonymity, saying she feared retaliation.

Cain’s campaign declined to comment.

 

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Epitaph For Tiger?

Wow… This article certainly seems to me to have run out far on a limb…And kept going. Certainly seems a heady recipe to have to eat some humble pie at some point – because despite Tiger’s current difficulties, there isn’t anything physical which might keep him from returning to form.

Tiger Woods Is Finished

Tiger Woods Is Finished

Tiger's recent game has been atrocious, suggesting to one author that he has lost it forever...

Tiger Woods didn’t win the PGA Championship yesterday, or any major this year. Get used to that sort of thing happening, because Tiger Woods will never win another major championship again.

He’s finished. He’s not catching Jack Nicklaus. He’s won what, fourteen majors? Well, that’s what he’ll stay on for the rest of eternity. It’s a shame, because he has put his entire being into chasing Nicklaus, and we, as fans, have followed him for over a decade assuming that the record would eventually be in his grasp, and sooner rather than later. It’s frustrating to get to this point and think that we’ll never reach that moment with Woods. But we never will.

There are a few reasons why.

 
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Posted by on August 21, 2010 in News

 

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