tv Prime Interest RT May 17, 2013 8:30pm-9:00pm EDT
avner there is always a chance of it ending up in the hands of some disgusting create on the internet so when it comes to taking sexy pictures it might be best to stick to my golden rule for it which is just say no walk all the way. tonight let's talk about that by following me on twitter asked the resident. that's going to do it for an l. have a great night. good afternoon welcome to prime interest i'm hearing i'm boring here and washington d c and here's the headlines that i've been tracking all day. development than what we've coined the bloomberg eight continue to defy even our expectations our
favorite shadow regulator promissory freemium so group will now be assisting bloomberg and revamping its privacy and data standards. promissory with the same firm that was part of the botched independent foreclosure if you there's no word yet on who out promised tory will be spearheading the bloomberg you have heard bloomberg broker dealer operations are regulated by that the this is the very agency mary shapiro just left when she joined promised story last month. and speaking of the as you see it we're now targeting exchange it the broker dealer regulators for alleged violations of their policing duties of the market as you may recall to see a meager aboard and the front line regulator they conducted a mini audit just before john corazon blew up the firm now the f.c.c. is targeting the nasdaq exchange because of the botched i.p.o. facebook last year we're expecting to see a record settlement soon but it will likely have to be approved by
a total board and finally apple c.e.o. tim cook released details of his new corporate tax reform plan ahead of his trip to congress next tuesday as we covered yesterday apple currently holds over one hundred billion dollars in cash and investments on overseas profits they recently conducted several large bond offerings to get around tax laws now whether you agree with apple strategy or not this will be a heavily watched of them and there are trillions of global corporate money at stake here prime interest will be covering this event next week on the hill. and we'll bring you all the details on it so let's get to what's in your prime interest today.
some are calling this a classic example of david versus goliath playing out on a national stage monsanto's herbicide resistant roundup ready crops makes up more than ninety percent of the country's genetically engineered seeds according to monsanto the crops allow farmers to kill weeds without destroying their plant sounds like a good idea but there's a catch monsanto's patent on roundup ready bans users from replanting the seeds from past season which farmers have been doing for thousands of years after a seasons past the farmer has to dispose of the old batch and buy a new one and the price of seeds has increased every single year now vernon bowman who is a seventy five year old farmer from indiana and in one thousand nine hundred nine he purchased second generation monsanto seeds from the grain elevator which
included roundup ready soybean seeds he argued the terms of his didn't apply to him because he harvested a mix of seeds over this case went all the way to the supreme court on monday they ruled against the poor old farmer mr bowman citing that his loophole created copies of a patented and he did not respect the rights of the holder monsanto now monsanto supreme court case wends comes less than two months after congress passed a measure called a month santa protection act this measure would allow months and so would other biotech companies to plant and sell g.m.o. is without oversight from. a federal agency this piece of legislation was super headed by a u.s. senator roy blunt too has received over ninety five thousand dollars from month santo and campaign contributions since one thousand nine hundred six according to the miami herald and according to politico a senator blunt and monsanto work together on this bill critics of the legislation say the bill presents dangerous health because it reduces oversight of genetically
modified crops that. end up on shelves however yesterday oregon senator jeff merkley announced his plan to repeal the month santo protection act an earlier setback to the fight against months anto came in november when a proposition required requiring all g.m.o. products to be able to california and failed to secure enough votes this is what activists across the world to take matters into their own hands on may twenty fifth activists will lead a march against monsanto in thirty six countries in order to raise awareness of the dangers of g.m. and to hold monsanto accountable and even though the company faces mounting opposition and opposition monsanto's profits rose twenty two percent just this quarter joining me now to discuss this movement's economic implications is r t correspondent megan lopez and patty lovera the assistant director at food and water watch thanks for joining us so let's first jump into the biggest event that's
happened this week and that's of course the supreme court case of boman first monsanto can you just explain exactly what happened here and why once and it was going after this poor and farmer ok well not to get into too much of the specifics so without getting into too many of the nitty gritty details the exam extensions what happened is monsanto created this herbicide known as round up the problem is that the herbicide killed both the weeds as well as the crops so men monsanto invented roundup ready and it's actually a new into the effects of roundup now as a result it can withstand that herbicide it can withstand a lot of other things. so they have a patent on those thieves that guarantees the company exclusive rights to those thieves and to that kind of an invention for the next twenty years so what bowman did is he actually bought these soybean feeds that were sold to him by by another third party and he did they were meant to be used to be consumed not to be planted they were sold to him by a grain elevator and he actually planted them spray them with the roundup herbicide
and then planted them and took the surviving seeds and kept planting them now he says that this actually falls under the legal rule known as the exhaustion doctrine meaning that someone who actually sells a patented article cannot force that patent beyond the first essentially the generation but that's not that's not the case the scotus actually ruled that that is not the case that they do in fact have this kind of patent on future generations because it would cut into these companies profit now you have the opportunity to interview mark walked walter as he was bowman's attorney attorney and i had a clip from that i just wanted to share that with you know what with you guys. it doesn't matter how they see you they could have bought it on the open market like my client did you could have bought it at a farmers market could have bought it from their neighbor or it could have blown on their property and now every single time roundup ready seed germinates somebody is responsible for infringement and it's going to be the farmer in all those so it
makes an infringer out of about ninety five percent of the farmers makes them beholden to one single corporation to dictate the terms at which they can use property that they've purchased and that they own and right. now that's not fair how is it possible that ninety five percent of farmers can be infringing on lines and those that just shows how widespread the patents are how much they're covering so you know we have a food system in the u.s. that's really controlled by really not very many crops like corn and soybeans and cotton and then. for those seeds farmers in a very many choices and odds are if they're growing conventional crops at this point especially for soybeans and corn odds are that they're growing genetically engineered crops and odds are that the d.n.a. has a patent by months into. the center for food safety release a report and i found that the three biggest companies control. your half of the global seed market and that the average cost of planning an acre of soybean has
increased three hundred twenty five percent just since one thousand nine hundred five sides of the santa what are the other companies that are major players in this game so dupont so the interesting thing is that these were once chemical companies and now they're in the seed business because they're packaging the seeds and the chemicals they make together so monsanto is a chemical company that became a seed company dupont became a seed company when it bought pioneer seeds bear dow i mean these are chemical company names that we know but now they're also selling the seeds that farmers grow and are we starting to see collusion in this market when you consider. yes. lots of farmers do lots of folks who think about antitrust do and it's really not a question of starting it's been happening for a while so you know at this point it depends how you chop up the numbers but you know itself just flat out controls you know sixty percent of some crops like corn and some selling the seeds and if you look at the genetics they actually control
like ninety percent of sweeping genetics because they license the d.n.a. that they patented to other companies like dupont so they're really we've shrunk you know in terms of diversity and choices and they really do have a lock on these this huge input market the most critical input the seed and the rising prices are prices and see is that it is a do to coalition or is it due to increased demand or a shortage of supply so it depends who you ask but there's a couple pieces involved so in addition to buying the seeds farmers are now every time they open a bag or return they buy a bag of c. they're also paying licensing fees so they're paying a technology for. for that patented d.n.a. it's in there so that's a big chunk of the escalation in price and also i mean these two companies there are so few of them and they control so much of the market they can really look at what they anticipate the price for the crop will be in the fall and they'll jack up their seed prices to match any increase that might happen with the increase of the farmers going to get for that corn so those two numbers track really closely together and they you can do that kind of manipulate when you have
a big chunk of the market in your control. while also want to take a second to talk about what we dubbed the month santo protection act that was signed into law in march and there is a provision that allows monsanto to sell genetically engineered seeds even if the court has blocked them from doing so and now we have a clip from jeffrey smith who is the author of seeds of deception here's what he had to say about this. measure tells us that they are mandatory that they are required to go ahead and allow farmers to and weave their fingers sort of. at the courts so we actually dismembers the normal balances of power and checks and balances between the courts and the executive branch now and what was the food and water watch as a response to the so food and water watch lots of groups really any group that's looking at farmers' rights or sustainable agriculture and even groups that don't do
food like groups like the american civil liberties union were concerned about that measure because it really interferes with the role of the courts and how our government works are supposed to be these checks and balances and this really throws that out the window and so we opposed it lots of groups opposed it and the way that it became law was almost probably more offensive than what it actually does it really got done in a secret process not not very public not very transparent and it just shows that you know this this industry can't pass things on its own in the light of day they have to sneak things into other bills and from your work that you've done on this. do you have any additional concerns with them wanting their protection and i know a lot of the people that i have to. to have a lot of concerns about the montauk protection act but just to back up here it only you actually goes for six months so it ends on september thirtieth now the people that i have actually interviewed say that even though it's only six months it is still a huge problem because it gives them six months of essentially unregulated seed growing and marketing opportunities so a lot of the people yet expressed a lot of concerns about how this can sneak into
a bill where we now only now are having senators speak out against it and talk about repealing it and then speak to the larger things that might sneak into future bills. so we're going to take a break just for a moment i will continue talking with patty and megan after the break and after the break where i would take three trips to the revolving door with monsanto executive an f.d.a. official michael taylor and then finally private just producer bob inglis and i will whip out our fed magic eight ball to see what the greatest monetary experiment in history will bring up on the. wealthy british soil. is no time to write the next go. around. market why not. find out what's really happening to the global economy
with mike stronger or a no holds barred look at the global financial headlines tune in to conjure reports on r.g.p. . the worst year for the little things going right out to the. radio guy. what . did you never seen anything like this until. more news today boylan says once again flared up. these are the images the world has been seeing from the streets of canada. showing corporations to rule the day.
r.t.e. correspondent megan lopez and we were as we were talking about the mines and so protection act now months and already owns fifty percent of the world's the market do you think that the passage of this bill is going to allow among them to expand even greater i mean that's why they wanted it passed and it and wanted to is doing some of the dirty work for the rest of the biotechnology industry so there are lots of crops have been approved the product that the regulatory process is already too weak but they don't like even any delay and a few times people have managed to say u.s.d.a. did it wrong you didn't follow all the rules the courts have agreed and there's been a delay and that's not acceptable to them so they went to congress to try to make sure they would be no delays when they want to bring this stuff to market and you have any numbers on this how big of a market is. so at this point jim ozer genetically engineered crops are really dominating corn and soybean so it's eighty percent of corn ninety percent of soybeans it's most cotton it's most canola so it's like hidden foods if people don't realize that sugar beets alfalfa kind of like the building blocks of the food
supply and then there's others in the pipeline foods that we don't really think about before like sweet corn apples even genetically engineered salmon they're not all monsanto but they're all you know. of that industry monsanto is really led the way in breaking down the regulatory structure for it going back to one santos see why can't the farmers just choose not to buy. at this point the really it's really hard to find anything else we've talked to farmers who say i have a choice between dupont seeds and months into seeds so there's a very small section of the market it's organic you know single digits there's an even smaller section of folks that are going on g.m.o. it's very very hard for them to find the seeds and it's very very hard at this point for them to protect themselves from contamination from what their neighbors are growing so they may do their best to have it be still test positive because pollen or accidental contamination came from their neighbors it's very hard to be an island when you're surrounded by this technology and it seems like a lot of people are speaking out about this and that's why we're going to have the
march on months and so coming up can you explain what exactly people are protesting with this march they're protesting a lot of things so in some part they're protesting the absolute use of genetically engineered crops is going to be happening in thirty six countries two hundred fifty cities around the world places like washington d.c. and los angeles everybody is planning these huge protests the other part that they're protesting and that a small group is protesting is labeling them because at this point very few states within the u.s. actually know safer than the u.s. california proposition thirty seven that actually tonight the labeling of g.m. foods so they're protesting labeling as well but a lot of the people want to go organic they don't want to use the seeds whatsoever but just to go back to your point on just how big these corporations are the top ten seed companies actually account for fourteen point seven eight million dollars when it comes to the global seed markets sixty seven percent of the global seed
market and the top three that you are speaking to actually account for forty seven percent of that global seed market so it's a huge amount of people that are being affected by this and. huge amount of money. great this was. vera from the food and water watch and meghan lopez r t correspondent thank you girls. michael taylor started his career as a lowly staffer garner with a staff attorney with the food and drug administration but don't feel bad for him because six years later he traded in public service for cage street where he became a partner at king and spaulding and head of the firm's food and drug law practice
and guess who one of his clients was that's right monsanto i would say our first trip to the revolving door but we're just beginning so what i'm and from the lobbying firm he went back to the f.d.a. and became the deputy commissioner for policy it was here where he did all the milk drinkers a favor by signing a rule that sells milk produced from cowles who've been treated with b.t.h. does not have to be labeled now b g h is a growth hormone that biotech firms they synthesised can increase milk production in a cow up to sixteen percent but it can have all sorts of negative side effects on the animal including infertility and lameness but don't worry i'm sure it's fine because the f.d.a. approved it and guess who got the first patent on it. monsanto that was his second stint at the f.d.a. he moved to the u.s. department of agriculture and became the administrators of food and safety inspection service and that was his second swing through the revolving door but
we're not done because after that he went to work directly with months santa in one nine hundred ninety six and he became the vice president for public policy but he didn't go completely under the radar in one thousand nine hundred nine a lawsuit was brought up after a jail report was published that revealed conflicts within the f.d.a. during taylor's tenure there and he also had to recuse himself from matters dealing with santo i guess after all this he felt like need to repair his reputation and he went to work for a nonprofit resources for the future. the reserve the revolving door he went back to the f.d.a. and became the deputy commissioner of food and is now the senior advisor for the f.d.a. commissioner a presidential appointed position michael taylor is one of the best examples we have of the revolving door in washington where the line between service and subservient is the word monsanto has this boy on a short leash and tight collar. and
it's time for our dual bob thank goodness it's or is it friday or is it both a choice but for us respect in ready well with all the talk of the q.e. tapering that's the gradual slowing a federal reserve money printing or bond buying we took the opportunity yesterday we profiled the dallas fed president richard fisher he's one of the five major fed officials who spoke yesterday and there were some market moving events that happened even though he was pretty complimentary of our beloved chairman bernanke.
and his unconventional monetary policy we decided that he was in fact a hawk meaning that he tends to be more cautious about money printing exactly and again this is on a relative basis because we are talking about fed officials here so some of them have to be hawks and some of them most of them are actually dubs but turning it back to you right well we have a few we're names to get to today and we're going to start with eric rosengren he is the president of the boston fed exactly eric rosengren is currently a voting member of the federal open market committee or a forum see the regional food bank presidents rotate. as voting members so there are five voting and five non-voting alternatives in any given year and new york by the way is a permanent voting member because they're the ones who are actually doing all the fed's buying and selling of bonds are anyways back to or arab rosengren he's been a career boston fed up lloyd beginning in one thousand eighty five and two with voting record we were unable to find a single instance of them voting against a monetary easing not one. to over two thousand and seven rosengren made
a financial presentation to the f.o. and c. this was the month of the dow and the s. and p. five hundred actually set their high before the market collapsed in two thousand and eight he said in fact our forecasts for residential investment have become sufficiently bleak and that there may actually be some upside risk to it so watch the attendees last according to the reports that we got this wasn't long after bernanke he himself was still talking up the housing market and saying there was there's never been a national slowdown at least nationwide of the housing market he would be proven wrong but i will say if you scan the apple and see transcripts for the phrase laughter you'll find some pretty uncomfortable stuff rosengren did make a speech yesterday as we noted and this was what he had to say quote of course some observers and indeed policy makers have criticized degree of monetary commendation of the united states as excessive however i see it differently the outcomes could lead one to argue that policy has not been sufficiently accommodative sorry bob
what do you think i'm going to have to say doug i mean this is a slam dunk here you i agree i would say ok control room. is definitely very obvious. all right moving on we have the president of the san francisco fed john williams not the guy who composed the music to star wars and indiana jones this is another jointly anyone get on line to come on some time with the fine well john williams the for. official now he was one of the later speakers he recently moved the markets after some confusing statements which will visit us in the second period now a little background first williams joined the fed in one thousand nine hundred four and his work for both the board of governors and the san francisco fed he was a voting member of the f o m c in two thousand and twelve and was consistently on board with bernanke you know dissent in other words. well in his speech yesterday
he first said my forecast is that unemployment will be just below seven and a half percent at the end of this year and a shade below seven percent end of two thousand and fourteen i don't see it falling below six and a half percent and a half percent and tell twenty fifteen yeah let's let's back up and see what this actually means here. with fed is given its guidelines of when it's going to actually stop printing money or at least taper and that has to do with the six and a half percent unemployment level it's around it's a little bit higher than that right now by about a percentage point and they're also going to look at price inflation and price inflation is running under their metric so basically he's saying that the fed is probably going to ease into two thousand and fifteen but then he says that if all goes as hoped we could end the purchase program sometimes later this year so what is he saying this seems to be and this was a market moving event i mean the market tanked on this so he wants to have it both ways maybe i don't say anything you just there out of a bunch
a number is put in fed speak really confusing so no one really understands what's going on in her like the wizard of oz behind the guy behind the curtain in the wizard of oz but we're going to pull the curtain back and we're going to say i'm going to say what do you say also a hawk just because you that there are conservative numbers and the control room is . confused perfect. well i'll give you. well it looks like we've got to end this we will see everybody monday thank you on our way out. anabel love hate day here at prime interest we looked at bloomberg coddling up the
problem tory financial group in the shadows of the broker dealer regulation but as he isn't showing any love for nasdaq which will have to pay the piper for messing with the baby and nevers apple showered its shareholders with adoration or dividends but it would be organic apples that would get one sandoz genetically modified knickers all bunched up and i'm still dizzy from michael taylor story trips through the evolving door is on par with mary jo white finally we look at the fed officials who have a real problem with the evening they love to buy their treasury bonds but we love big coins which is why we're off to san jose so gotta go we'll see you back on monday with a full report be sure to follow us on facebook at facebook dot com slash prime interest from all of us at prime interest i'm harry i'm boring have a great weekend.
with three. four three. three. three. three. golds we broke your. cloning video for your media projects a free medio don carty don tom. you know how sometimes you see a story and it seems so you think you understand it and then you glimpse something else you hear or see some other part of it and realize everything you thought you knew you don't know i'm tom harpur welcome to the big picture.
as you live on one hundred thirty three bucks a month for food i should try it because you know how fabulous. i miss the town i know that i'm sitting in a really messed up. in the prairie so closely apologized and said the. worst shurtleff a long flight out superman to a radio guy and columbo minutes from a quick profit i want to watch closely a good news if you've never seen anything like this i'm told. what's good folks simon will rob long this is breaking the set.