Tag Archives: responsibilities

Asset Seizures and Doing Business in Russia

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And the disingenuosity of corporate heads who are continuing to do business inside Russia.

Nestlé is still doing business there.

Ukrainian Prime Minister Denys Shmyhal tweeted that he had talked with Nestlé Chief Executive Mark Schneider, who he said showed no understanding of the side effect of continuing to sell in Russia.

Shmyhal is being generous. Schneider, having risen to the top of a large international corporation, knows full well the fungibility of money; he knows full well that money his company spends in Russia, even if it’s solely to support his employees there and the employees of Russian suppliers of his businesses there, allows other moneys to be reallocated to Russia’s barbaric invasion of Ukraine. Schneider knows full well that the taxes his Russian-domiciled companies pay go to supporting the Russian war machine.

Other businesses have said they are staying because their hands are tied by joint-venture or franchise agreements.

This is…mistaken. The disruptions caused by war are a perfectly legitimate business—and legal—reason to walk away from “joint ventures,” especially when one of the partners is domiciled in the war-starting nation and thereby (however unavoidably) supporting that war of aggression. These business’ managers know this full well; they’re simply hiding behind a transparent fig leaf in order to put their incomes ahead of what’s right.

Russian prosecutors have warned some companies of asset seizures if they withdraw from the country and threatened to arrest employees.

This is simply idiotic. By surrendering their companies to such threats, the business managers who so succumb already have surrendered their company assets to Russian authorities. Koch Industries COO, Dave Robertson, for instance:

We will not walk away from our employees there or hand over these manufacturing facilities to the Russian government so it can operate and benefit from them[.]

He already has, and they already are—whatever Koch’s facilities produce in Russia, those facilities now are producing only that which the Russian government permits.

PepsiCo, Unilever, Proctor & Gamble, Reckitt Benckiser, these are another small part of the extensive list of Western companies finding excuses to continue doing business inside Russia and thereby, however indirectly, supporting that nation’s barbaric war.

Maybe Western consumers should begin looking to other companies from which to buy things.

Update: Since I wrote this, Nestlé has agreed to limit its production in Russia to truly necessary items: baby food and other infant nutrition products, specialist veterinary meals and medical-nutrition products. Nestlé also has committed to donating such profits as it gets in Russia would be donated to humanitarian relief organizations.

It’s About Time, Joey

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The Biden-Harris administration has finally gotten around to honoring an urgent request from an erstwhile American ally.

The Biden administration has transferred a significant number of Patriot antimissile interceptors to Saudi Arabia within the past month, fulfilling Riyadh’s urgent request for a resupply amid sharp tensions in the relationship, senior US officials said.
The transfers sought to ensure that Saudi Arabia is adequately supplied with the defensive munitions it needs to fend off drone and missile attacks by the Iran-backed Houthi rebels in neighboring Yemen, one of the officials said.

That’s good.

Now the Biden-Harris administration also needs to honor another urgent request, this one from a current American ally. The administration needs to ship multiple batteries of Patriot antimissile interceptors to Ukraine. Those batteries also need to be accompanied by the administration’s stepping out of the way of Poland, and others, transferring MiG-29s and other combat aircraft to Ukraine.

This would partially fulfill that nation’s urgent, repeated requests and desperate need for air and missile defense systems with which to defend itself from the actual and ongoing invasion by barbarians from the East and immediate north.

Oblivious

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Nero fiddled, but in the modern world, President Joe Biden (D)…bicycles. And he’s not even doing it in the capital like Nero did; he’s ducking out to Delaware to take his rides. Meanwhile, Kyiv burns, Kharkhiv burns, Kherson burns, Mariupol is being razed to the ground, Lviv is getting missiles and bombs dropped on it, barbarians are bombing women, children, hospitals, schools, refugee convoys on routes the barbarians pretended to agree to leave alone. Much of Ukraine burns.

And then other nations that Russia President Vladimir Putin wants to conquer in order to reconstitute the Russian empire will burn. And the conflagration is likely to grow from there.

Bicycling is good exercise, and the physical effort is good for clearing the mind and momentarily relieving the stress of office, even for one who so dedicatedly ducks out on those stresses at every opportunity.

However, Biden doesn’t need to run off to Delaware’s coast every time he takes the notion to go for a bike ride. There’s a nice, five-mile circuit closer to home that he could use to his heart’s content, if he weren’t so insistent on getting out of town.

He could ride his bicycle from the White House up Pennsylvania Avenue to Constitution Avenue, then take 23rd Street NW to loop the Lincoln Memorial, then return along Independence Avenue to Maryland Avenue, and finish back at the White House.

Easy peasy.

But easier for this president [sic] to hie off to Delaware to duck away from the stresses of office. And to avoid facing the world.

Oh, yeah—there is this on his calendar for tomorrow:

Biden is slated to travel to Brussels, Belgium, this week for the March 24 NATO summit on Russia’s war in Ukraine[.]

No plans, though, to travel to Kyiv to meet with Ukrainian President Volodymyr Zelenskyy, like some eastern European heads of state did a few short days ago.

That would be a bicycle ride too much.

A Tiny Step

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Senators Joni Ernst (R, IA), Chuck Grassley (R, IA), and Ron Johnson (R, WI) are proposing a law to modify how student loans are made. Their bill, the Student Transparency for Understanding Decisions in Education Net Terms, or STUDENT (aren’t we cute), Act

would provide student loan applicants with an estimate of the total amount of interest they would pay, based on a standard 10-year repayment plan, during or prior to taking out a loan….

It’s easy enough to calculate the amortization table, and the periodic and total interest paid, for any loan; there should be no problem in requiring the lender to include the tables in their student loan offers. But why wait until after the students have taken out the loan?

Aside from fixing that little fillip, though, more useful moves regarding the student loan industry include these:

  • get the government out of the student loan business altogether, including both extending the loan or guaranteeing one
  • privatize the student loan industry. Require the college/university that has the student who is taking out the loan in order to attend that college/university
    • co-sign the student loan, or
    • extend at least half of the total loan in partnership with the private lender

Of course, at the Federal level, enforcement of the second bullet would be limited to withholding Federal funds from those colleges or universities declining to satisfy either of the requirements. Further Federal enforcement would be limited to withholding a fraction of Federal transfers to those States who choose not to enact similar requirements and to otherwise publicizing and jawboning those States who choose not to go along. Those are strong incentives, though.

Silence is Violence

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The Ukrainian industrialist and philanthropist, Victor Pinchuk, has a simple plea for the West:

We thank you for the food, the money, the sympathy and the painted blue-and-yellow flags. But if you want to save us, Ukraine needs planes, antiaircraft and antitank missiles, armed drones, and other weapons of war. So I beg our friends in the West: please give Ukraine the planes and other weapons it needs—now. Stop buying coal and oil from Russia. Don’t think about it; don’t evaluate options; don’t consider. Just do it. Time is life.

What he said.

What is that Leftist slogan? Silence is violence. More to the point for Biden-Harris and the persons leading NATO and the EU, so is dithering.