Wednesday Morning Reading: Anti-Tax Pledges, Chinese Ties, and More

Ohh…the coffee is dripping and so is the news.

Those teases at the Texas Tribune continue to roll out the results of their latest polling with the University of Texas.  Maybe unsurprisingly, those anti-tax pledges some politicians tout on the campaign trail don’t really do it for the majority of people, but the most conservative voters love the idea.  Also in the poll, the number one state issue is still seen as immigration and the economy (tied at 12 percent each).

In the race for U.S. Senate from Texas, candidate Ted Cruz has been blasted by Lt. Gov. David Dewhurst and former Dallas Mayor Tom Leppert for his legal representation of a Chinese firm in an intellectual property case. Now, the DMN reports Leppert has his own ties to Chinese companies and officials. By the way, early voting in the May 29th primary ends Friday.

The liberal group Progress Texas continues to ramp up their efforts to be the thorn in the side of Republican officeholders.  This time, the Quorum Report says outgoing State Sen. Florence Shapiro, R-Plano is brushing off an attack that she’s “in bed with” the virtual school industry.

John Cassidy at The New Yorker writes that the way the Facebook I.P.O. has unfolded so far is an indication that the entire I.P.O. process is deeply flawed and favors the “insiders” over the public.  Cassidy is pretty scathing here:

The fact is, Facebook’s I.P.O. wasn’t really an “initial” stock offering. In December, 2010, Goldman Sachs raised $500 million for the company in a deal that, following objections from the Securities and Exchange Commission, was limited to overseas investors. In the I.P.O. world, these late-stage quasi-public offerings are called “D-rounds,” and they are becoming increasingly common. Zynga did one before its I.P.O., and so did Groupon. They provide a cashing-out opportunity for insiders who would rather not wait until the I.P.O. More to the point, they allow “hot” companies to bid up the price of their stocks well before the investing public gets a sniff.

Later today, I plan to post a follow-up to my piece on blue collar workers. I got quite a few comments from people concerned that the reason so many people avoid skilled labor because companies act unethically. Well, one of the business owners I met in Dallas is calling out those unethical players in the construction industry. He says the fraudulent labor practices of some are “tearing at the fabric of this nation.”

Other notes:

As part of a growing trend, Highland Park becomes the latest city to warn drivers their cars will be seized if they don’t have licenses or insurance.

Former Dallas Mayor Tom Leppert has a new ad on TV and the Chronicle’s Texas Politics blog has a fact check.

The Express News reports a front man for a Mexican drug cartel set up businesses in San Antonio and all across South Texas.

A woman says she was from a lingerie store for being “too hot.”   I have absolutely no comment on this, but here’s a video so you can judge for yourself.

What else should I be covering? Please let me know.

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