The Billionaire Vs. The Nerd: Who Gets To Control International Trade With Canada? - Forbes

One Tough Nerd

When he ran for governor of Michigan in 2010, Republican Rick Snyder campaigned, somewhat tongue-in-cheek, as ?One Tough Nerd.? Now, in his second year in office, the squeaky-voiced former Gateway Computer chairman and venture capitalist is flexing his muscles in a high-stakes clash with an 85-year-old billionaire.

Snyder?s nemesis is Manuel ?Matty? Moroun, a trucking and logistics magnate who operates his $1.5 billion empire out of a converted elementary school in a working-class suburb of Detroit. Moroun also happens to control the Ambassador Bridge connecting Detroit and Windsor, Ont., the most lucrative border crossing between the United States and Canada. It carries 8,000 trucks a day and $120 billion worth of goods a year. Snyder wants to build a second bridge a couple of miles away to relieve bottlenecks, expand trade and provide an alternative crossing in case of a catastrophe. He?s also pitching the public-private bridge as a jobs creator in a state that desperately needs them.

Not surprisingly, Moroun objects. He doesn?t want to see any change that would threaten his $100 million annual revenue stream. If anybody?s going to build a new bridge, he wants to do it, right next to his existing one. But the people of Windsor are fed up by truck traffic on their local streets, and so far he?s been unable to obtain the necessary Canadian permits.

Moroun is a fighter, though. Until now, he has managed to fend off the threat of competition with a barrage of lawsuits, TV ads and political contributions to Michigan legislators and key members of Congress. He?s spent at least $5 million on political-style attack ads and mailings crafted by advisers that include Fox TV commentator Dick Morris and Americans for Prosperity, the free-market advocacy group founded by billionaire industrialists Charles and David Koch. He?s bought political influence as well, through family contributions of at least $776,000 to lawmakers since 2009. Most notable was a $100,000 contribution his son, Matthew, gave to the Michigan Republican Party last fall, one month before the bridge proposal died in a committee of the GOP-controlled state Senate.

Billionaire Matty Moroun

Now Moroun, famous for protecting his own interests, has suddenly gone populist. He?s bankrolling a petition drive to amend the Michigan Constitution so that any new bridge or tunnel to Canada would require a statewide vote. On Thursday, a group called The People Should Decide said it had collected more than enough signatures to get the referendum on the Nov. 6 ballot. ?This question will be put on the ballot as to who will decide the border issue in Michigan: A bureaucrat or the people,? said the group?s director, Mickey Blashfield, who is also head of government relations for Moroun?s bridge company.

But the Nerd governor isn?t backing down either. ?This is a case where you had one special interest that essentially had a near monopoly on a situation making a lot of money at other people?s expense now spending that money doing misleading ads,? Snyder told me in an interview. ?That?s not a good way to run things. It?s important that one special interest shouldn?t override the interests of millions of citizens.?

He has apparently been reading up on state law and thinks he already has authority to build the bridge without the Legislature?s approval or a public vote. Invoking something called the Urban Cooperation Act of 1967, Snyder last week announced an ?inter-local agreement? between Michigan and Canada?basically, a deal between two government bodies to create a jointly controlled entity. In this case, the state of Michigan and the government of Canada agreed to create an International Authority, consisting of three appointees each, to oversee the design, construction, operation and maintenance of a new bridge.

Michigan is too broke to pay for a $1 billion bridge, however. Yet Snyder, aware of Canada?s hatred for Moroun and its desire to advance its own economy, was able to negotiate a sweetheart deal: Canada will advance Michigan?s $550 million share, including land acquisition, new roads and part of the cost of a U.S. Customs inspection plaza, and will keep all the tolls collected until the debt is paid back. As gravy, that $550 million can be used to qualify for U.S. federal matching grants for road projects statewide. Snyder insists Michigan will pay nothing but will get 10,000 construction jobs, better roads and an opportunity for long-term growth.

At an appearance Thursday, the governor said he doesn?t believe the referendum will delay the bridge project. ?We shouldn?t wait. We have more and better jobs needed in Michigan, and we?re moving forward. We have a great agreement with Canada.?

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Microsoft Dividend, Mexican Debt: Today's Hunt For Income Turns Investors Into Globetrotters

Remember what grandma?s basket of goodies used to look like?

Her portfolio, that is. What she planned to live on during her declining years. In the past, that probably meant a smattering of U.S. government bonds, perhaps some dividend-paying stocks.

Today, that wouldn?t keep a household going for long. A slow American recovery, along with Europe?s problems and a permeating sense of worry means greater interest in income-building assets. In turn, that means lower yields, and in some cases, a money-losing investment on government bonds. That means raised eyebrows over companies? ability to shell out steady cash. And that means the S&P 500?s dividend yield is near 2%, about a third of its 10-year average.

Gran needs to go global. These days, it?s as much about Mexican debt as Microsoft?s dividend.

That?s how PIMCO?s Curtis Mewbourne sees things. I recently caught up with Mewbourne, to determine where the fixed-income money man expects the greatest returns in this topsy-turvy world. Serving as both a portfolio manager and on PIMCO?s investment committee, Mewbourne possess a fine-tuned outlook. Edited excerpts from our conversation:

FORBES: What?s confronting income-oriented investors today?

Mewbourne: The changes in the global financial market mean that some asset classes and some securities are changing, and their use in a portfolio is changing, too. Five years ago, a European saving for his child?s education would have sensibly said, I want steady returns, so I?ll invest in European government bonds. Fast forward to today, just a few years later, and you may have a very different opinion on those investments. You?re looking at losing some of your principal and questioning the steadiness of that income.

Another matter: central banks around the world have reduced interest rates to incredibly low levels. That caused a distortion of the prices and yields from government bonds. In Europe, the U.S. and Japan, government bonds can yield less than inflation. You?re getting negative returns?you?re losing money buying those bonds.

Should a portfolio be concentrated in one area?a place with more perceived safety, perhaps?

We?re basically trying to broaden our opportunity set and trying to have more smaller exposures to more areas. It?s not so much about any one broad market. It?s more how many different opportunities you can find.

Where are you looking for bonds?

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Hilary Duff Takes Heat For Cigarette in Pic

Hilary Duff is a non-smoker, despite what a recent photo implies.

The Lizzie McGuire actress was photographed holding a cigarette outside of the Rock and Reilly's Irish Pub in L.A., sending her Twitter followers into a tizzy.

"Yikes! Me holding a cigarette for my friend might have been a bad idea! Pretty bummed about the photo," said Duff, who gave birth to son Luca March 20.

"Sorry guys. It looks worse than it is!"

Duff's debunking the image seemed to smooth things over with her fan base, as several supporters began tweeting messages of support almost instantly.

"I knew that wasn't yours," one fan of the Duffester wrote. "You're feeding your baby, [and] even if you smoke, I'm pretty sure you wouldn't do it now."

Echoed another: "You're still perfect!"

Duff, 24, has been open about breastfeeding her little boy since his arrival, which likely contributed to most of the backlash over the smoking pic.

[Photo: FameFlynet]

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The Gospel of Rutba: New Book Chronicles An Unlikely Good Samaritan In War Torn Iraq

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Sony pumps $994 million into building stacked CMOS that lets smartphones record HDR Video

Sony is pumping 80 billion yen ($994 million) into its Nagasaki Technology Center, the home of its innovative stacked CMOS. Unlike traditional versions, the image sensor and circuit are mounted on top of one another, rather than side-by-side across a supporting substrate. The tweak means it shaves valuable millimeters from its body while producing far clearer images and, best of all, HDR Video. With the investment (and some Government subsidy) the company aims to pump out 60,000 wafers per month by the end of 2013. Given that both Samsung and Apple both use Sony's imaging equipment in their flagships, we can hope that the 13-megapixel units find their way into the next generation of handsets.

Continue reading Sony pumps $994 million into building stacked CMOS that lets smartphones record HDR Video

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Spending on Outdoor Recreation Reaches $646 Billion, Employs ...

More than Play Money: New Report Finds Annual Spending on Outdoor Recreation Reaches $646 Billion, Employs 6.1 Million
CEOs call for policymakers to act to promote the ?well-kept secret? of the American economy

Outdoor Industry Association

WASHINGTON, D.C. --(Ammoland.com)- ?A report released today by Outdoor Industry Association (OIA) shows that outdoor recreation is a major economic driver in the United States ? and one that has grown throughout the recession.

According to The Outdoor Recreation Economy report, more than 140 million Americans engage in outdoor activities each year, directly delivering $646 billion to the economy and supporting 6.1 million domestic jobs.

This new study reinforces what the outdoor industry has known for a long time ? outdoor recreation is a larger and more critical sector of the American economy than most people realize.

Highlight Facts from the Recreation Economy Report
The outdoor recreation economy is responsible for:

• 6.1 million direct American jobs
• $646 billion in direct consumer spending
• $39.9 billion in federal tax revenue
• $39.7 billion in state/local tax revenue

?During a time when some American industries are struggling, we are seeing solid growth,? said Will Manzer, CEO of Eastern Mountain Sports and chair of the OIA Board of Directors. ?Since 2005, the outdoor recreation economy has grown approximately 5 percent annually. In fact, outdoor recreation supports a significant number of jobs, on par with ? or, in some cases, more than ??other sizeable American industries.?

America is recognized globally as the leader in outdoor recreation. CEOs from leading outdoor recreation companies are calling on policymakers to take action to promote this critical component of the American economy.

?As a horizontal industry in a vertical nation, outdoor recreation is often overlooked,? said Manzer. ?However, outdoor recreation directly fuels major sectors of the American economy like manufacturing, hospitality and transportation. Just like any other sector of the U.S. economy, outdoor recreation needs support to continue to thrive.?

OIA is holding a briefing on Capitol Hill today with Senator Mark Udall (D-CO), Representative Charlie Bass (R-NH), Dusty McCoy ? Chairman and CEO of Brunswick Corp., and Manzer.

?This is the definition of a win-win scenario,? said Frank Hugelmeyer, president and CEO of OIA. ?In this country today, we?re battling an economic recession, a healthcare crisis, and we?re trying to create safe and sustainable places for families to live. The outdoor industry provides solutions for all of this. We need to come up with a strategy to protect the industry, its jobs and our customers.?

The outdoor industry can continue to be a growing jobs generator and an economic driver in the United States if parks, waters and trails are managed as a system designed to sustain these economic dividends for America.
For a full copy of the report, please visit outdoorindustry.org/recreationeconomy

About Outdoor Industry Association
Based in Boulder, Colo., with offices in Washington, D.C., Outdoor Industry Association (OIA) is the leading trade association for the outdoor industry and the title sponsor of Outdoor Retailer. OIA supports the growth and success of more than 4,000 manufacturers, distributors, suppliers, sales representatives and retailers of outdoor recreation apparel, footwear, equipment and services. For more information, go to outdoorindustry.org or call ?303.444.3353?.

About the Recreation Economy Report
The economic analysis for the Recreation Economy Report was conducted by Southwick Associates, Inc. The consumer survey was developed and executed by Harris Interactive?. The report was made possible through the financial support companies in the outdoor recreation industry.

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