David Dayen

Newly appointed American Prospect executive editor David Dayen, who will be joining the magazine June 1, is a contributing writer to SalonHe also writes for The InterceptThe New Republic, and The Fiscal Times. His first book, Chain of Title, about three ordinary Americans who uncover Wall Street's foreclosure fraud, was released by The New Press in 2016.

Recent Articles

Our Bankrupt Policy for Puerto Rico

The restructuring of the island’s debt allows no role for the Puerto Rico’s government.

AP Photo/Ricardo Arduengo, File
The endgame for Puerto Rico’s debilitating fiscal crisis has begun. Unable to manage a $74 billion debt that has accompanied a decade of recession, spikes in poverty, and a mass exodus of citizens, the island will now turn to federal courts to approve a resolution with its creditors. But in many ways nothing has changed for Puerto Rico. The congressionally-imposed fiscal oversight board, known locally as the junta , remains in control as lead negotiator in restructuring talks. Whether Puerto Rico’s three million citizens get a fair deal or a continuation of harsh austerity depends almost entirely on seven unelected, unaccountable technocrats. Frustrating journalists everywhere, what Puerto Rico did on Wednesday cannot be called “bankruptcy,” because Congressional Republicans who passed last year’s PROMESA law didn’t want to be saddled with such language. But the process under Title III of that law uses the Federal Rules of Bankruptcy Procedure to...

Merge, Bail, and Make Out Like a Bandit

Yahoo’s Marissa Mayer is just the latest CEO to fail at her job, see her company merged, and float away on a huge golden parachute.

(Photo: AP/Eric Risberg)
Corporate America prides itself on rewarding success and punishing failure. Yahoo CEO Marissa Mayer does not fit comfortably into that narrative. During her five-year tenure at the once-proud tech firm, user levels stagnated , ad revenue dropped , acquisitions cratered , layoffs accelerated , product quality floundered , and hackers stole the personal information of more than one billion users. But when Yahoo’s sale to Verizon becomes official in June, with the restructured company renamed Oath , Mayer will walk away with $186 million , according to a regulatory filing released this week. That includes shares of Yahoo stock Mayer owned, stock options, and a $23 million “ golden parachute ” of cash, restricted stock units, and medical benefits. Mayer did relinquish $14 million while taking responsibility for the Yahoo Mail data breach, but she’ll get 13 times that amount just to no longer remain part of the company. Mayer’s award is not merely an...

Tesla Workers File Charges with National Labor Board as Battle with Elon Musk Intensifies

Employees fight back as Tesla ramps up anti-union policies.

AP Photo/Jeff Chiu
Capital & Main is an award-winning publication that reports from California on economic, political and social issues. The American Prospect is co-publishing this piece. Workers at Tesla’s Fremont, California, electric car factory have filed an unfair labor practice charge with the National Labor Relations Board (NLRB), accusing the company of illegal surveillance, coercion, intimidation, and prevention of worker communications. The employees, who have been attempting to organize the approximately 7,000 workers at the plant through the United Auto Workers, claim that Tesla violated multiple sections of the National Labor Relations Act, which protects the right to unionize. “I know my rights, and I know that we acted within them,” said Jonathan Galescu, a body repair technician. Galescu and his colleagues have previously cited low pay, hazardous work conditions, and a culture of intimidation as motivations to unionize the plant. On February 10, several Tesla...

Charge Time: Electric Car Workers Accuse Tesla of Low Pay and Intimidation

Employees at the company’s factory in California are seeking to unionize through United Auto Workers.

(Photo: AP/Paul Sakuma)
The Prospect is co-publishing this piece with Capital & Main . Along Silicon Valley’s interlocking freeways, low-slung tech offices with obscure names like Way.com or Oorja are populated by fresh-faced technologists in badges and pleated slacks, striving to create the next great app. But off the I-880 in Fremont, a white colossus rises from the landscape, a 5.3-million-square-foot monster that stretches across two interchanges. The gray lettering is a full story high: TESLA. Here, the company makes high-end, zero-emission vehicles, luxury cruisers for a climate emergency. Chief executive officer Elon Musk has cultivated a reputation as an economic visionary and has been hailed for solving the world’s great challenges with panache. Tesla’s Fremont factory brought hope to a blue-collar, racially diverse town with a manufacturing tradition. And this week, after reports of a 69 percent increase in first-quarter sales, the automaker passed Ford in market value. But...

The Hidden Monopolies That Raise Drug Prices

How pharmacy benefit managers morphed from processors to predators

gemphoto/Shutterstock
This article appears in the Spring 2017 issue of The American Prospect magazine. Subscribe here . Rob Frankil of Sellersville, Pennsylvania, followed his father into the family business after college. “My entire life,” he said, “I’ve been involved with managing and owning independent pharmacies.” He now owns two stores, a traditional community pharmacy and another that caters to long-term care facilities. Like any retail outlet, Frankil purchases inventory from a wholesale distributor and sells it to customers at a small markup. But unlike butchers or hardware store owners, pharmacists have no idea how much money they’ll make on a sale until the moment they sell it. That’s because the customer’s co-pay doesn’t cover the cost of the drug. Instead, a byzantine reimbursement process determines Frankil’s fee. “I get a prescription, type in the data, click send, and I’m told I’m getting a dollar or two,”...

Pages