TPM News

The flat tax is such a popular idea in conservative circles that Texas Governor Rick Perry is trying to revive his presidential primary campaign by proposing one.

Except for the flat tax part.

It turns out Perry's plan isn't flat, doesn't eliminate the current tax code, as many conservative elites claim to want, and would likely blow a huge hole in the federal budget.

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Rick Perry’s campaign is out with a new television ad playing up the Texas governor’s job-creation record.

The 30-second spot, which debuted Wednesday on Iowa TV and cable stations and runs through the end of the month, is Perry’s first commercial ad buy and has the candidate promising to create 2.5 million jobs.



Listen to Republicans on just about any question on growing the economy and reducing public debt, and the first answer you’re likely to receive is that rolling back the “massive” regulations Barack Obama has instituted is step number one. However, as Bloomberg reports, Obama’s White House approved fewer government regulations than his predecessor George W. Bush at the same point in their presidencies.

Bloomberg reports:



Rajat Gupta, the former Goldman Sachs Group Inc. director once accused of feeding tips to Galleon Group LLC hedge fund manager Raj Rajaratnam, surrendered to federal authorities to face insider trading charges, making him the highest-ranking executive to be arrested in the probe.

As floods spread in Bangkok, more residents have been told to evacuate. The country is facing its worst floods in 50 years. Flooding in Bangkok is expected to continue for as long as a month.

See photos of the flooding here.

Newt Gingrich on CBS’s “The Early Show” says that the bickering between Republican presidential candidates during the Vegas debate “hurt everybody.”

“You have to have some sense of maturity and some sense of seriousness,” he said, the AP reports.

Former Goldman Sachs director Rajat Gupta is going to surrender to the FBI tomorrow to face criminal charges, a person familiar with the investigation told Reuters. He had been listed as an unindicted co-conspirator in the trial of Raj Rajaratnam earlier this year.

The Wall Street Journal has more:

The details of the charges, which were sealed, couldn't immediately be determined. But prosecutors and the Securities and Exchange Commission have said in filings and in court that Mr. Gupta gave Mr. Rajaratnam details he had learned at Goldman board meetings in 2008 about a $5 billion investment in the bank by Warren Buffett's Berkshire Hathaway Inc. and about Goldman's first ever quarterly loss as a public company.

According to evidence presented at Mr. Rajaratnam's trial, Mr. Gupta called him within minutes of learning confidential details at Goldman board meetings. Mr. Gupta also allegedly leaked information about P&G's corporate earnings.

Big blue made history today by appointing its first female CEO in its over 100 years of existence.

Virginia Rometty, 54, formerly IBM's head of global sales and a board member at American International Group (AIG), will take over the reigns of IBM on January 1, 2012, when current IBM CEO and chairman Samuel J. Palmisano, 60, steps down after nine years of being in control of the company. He'll remain on as chairman of IBM's board, which voted to elect Rometty to the post.

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No, it's not Solyndra that's in trouble this time.

The board of America's largest solar panel company, First Solar, shocked investors and industry analysts alike by announcing on Tuesday that it had fired CEO Robert Gillette and asked former CEO and company founder Mike Ahearn to replace him in an interim spot until a new permanent leader could be found. Shares of First Solar, which had already declined 63 percent throughout the past year, nosedived, falling over 25 percent in the hours following the announcement.

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