LGBTI News and Politics

Archive for the ‘Business/Finance/Taxes’ Category

When the Bank Robs You: Wells Fargo Contractors Allegedly Stole Family Heirlooms Rescued From Nazis


Well Fargo building. (photo: David Adier)
Well Fargo building. (photo: David Adier)

 

David Dayen | The Intercept | Reader Supported News | August 29, 2015

he few remaining defenders of the Obama administration’s failure to prosecute the executives who helped cause the 2008 financial crisis argue that the bankers’ actions were unethical but not criminal. President Obama himself has made this claim: “Some of the most damaging behavior on Wall Street … wasn’t illegal,” he told Steve Kroft on 60 Minutes in December 2011.

The president might want to take this up with David Adier, who says he was victimized by Wells Fargo breaking and entering into his family’s home in Morris Township, New Jersey, and then committing property damage and theft. Burglary is a felony subject to prison time — if anybody but a bank does it.

Adier’s case is doubly disturbing because of what was taken: items his father retrieved from his family’s apartment in France before fleeing the Nazis in 1940, including a Kiddush cup, a Seder plate and a sewing machine used by his grandmother.

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Bankers caught in heinous bribe, no one cares


 

RT America | August 26, 2015

The Bank of New York Mellon was just fined for giving internships to the kids of government officials affiliated with a Middle East sovereign wealth fund. They paid $14.8 million as a fine imposed by the SEC, but they didn’t admit guilt. And no one seems to care. The Resident discusses. Follow The Resident at http://www.twitter.com/TheResident

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Target. (photo: Spencer Platt/Getty Images)
Target. (photo: Spencer Platt/Getty Images)

 

Paul Walsh | Star Tribune | Reader Supported News | August 25, 2015

 

Tests for upper-level jobs screened out blacks, Asians and women, EEOC says.

 

arget Corp. has agreed to pay $2.8 million to thousands of rejected job candidates for upper-level positions because tests they were given disproportionately screened out applicants based on their race or gender.

The payout was announced Monday by the Minneapolis Area Office of the U.S. Equal Employment Opportunity Commission (EEOC) and will be disbursed among more than 3,000 people, said Julie Schmid, acting director for the agency in Minneapolis.

“The tests were not sufficiently job-related,” Schmid said. “It’s not something in particular about the contents of the tests. The tests on their face were neutral. Our statistical analysis showed an adverse impact. They disproportionately screened out people in particular groups,” namely blacks, Asians and women.

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China’s economy is getting very dangerous, will affect the US – Thom Hartmann


 

RT America | August 24, 2015

As the US stock market plunged in a chaotic opening on Monday, with the Dow rebounding from a 1,000-point loss to close down 588 points, average citizens are concerned about how market losses will affect them. Thom Hartmann from “The Big Picture” talks with Manila Chan about volatile markets around the globe.

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Lockheed Martin Pays $4.7 Million to Settle Charges It Lobbied for Federal Contract With Federal Money


Workmen at Sandia National Laboratories test for energy irregularities in a machine. (photo: Sandia National Laboratories)
Workmen at Sandia National Laboratories test for energy irregularities in a machine. (photo: Sandia National Laboratories)

 

Lisa Rein | The Washington Post | Reader Supported News | August 24, 2015

he world’s largest defense contractor has agreed to pay $4.7 million to settle charges that it illegally used government money to lobby top federal officials to extend its contract to run one of the country’s premier nuclear weapons labs.

Over five years starting in 2009, top executives for Lockheed Martin — who were being paid by the federal government to run Sandia National Laboratories — ran a fierce campaign to lobby members of Congress and senior Obama administration officials for a seven-year extension of their contract, according to the settlement the Justice Department announced Friday.

Lockheed executives, who hired a former New Mexico congresswoman to help them, didn’t just press people with influence to re-hire them for a deal worth $2.4 billion a year, as Energy Department Inspector General Gregory Friedman disclosed in an investigation last fall. They urged them to close the bidding to competition.

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Yet Another Subsidy for the Big Banks


(Photo: AP/Richard Drew) A television screen on the floor of the New York Stock Exchange in June.

 

David Dayen | The American Prospect | August 20, 2015

 

If Congress really wanted to save hundreds of billions of dollars, the Fed could stop paying interest on bank reserves.

When Mitch McConnell wanted to pay for a transportation bill this summer, he targeted a subsidy the Federal Reserve automatically pays to banks. All 2,900 banks who purchase stock in the Federal Reserve system—a kind of membership fee for using services like check-clearing and the discount window—get a 6 percent annual dividend, costing the government $16.3 billion over ten years. McConnell used this pot of cash for his highway bill, which remains in limbo until the House passes its own long-term version.

But there’s a bigger risk-free payout the Fed makes to big banks, one set to rise exponentially as the economy improves. In fact, according to the Congressional Budget Office, hundreds of billions of dollars that would otherwise go into the federal Treasury will leak out to banks, including branches of foreign banks, in the coming years. If Congress needs to find money to pay for new programs, they could cancel the Fed’s recent practice of paying interest on bank reserves.

For nearly 100 years, the Federal Reserve managed the nation’s monetary policy without paying interest on reserves, including the 10 percent of the value of loans which banks are required by law to park at the Fed. But in 2006, Congress passed the Financial Services Regulatory Relief Act, authorizing interest payments. It was actually an old idea first promoted by conservative economist Milton Friedman.

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Puerto Rico Defaults for the First Time


People walk past a closed store in San Juan, Puerto Rico, July 31, 2015. (photo: Britta Pedersen/AP)
People walk past a closed store in San Juan, Puerto Rico, July 31, 2015. (photo: Britta Pedersen/AP)

 

teleSUR | Reader Supported News | August 4, 2015

The news comes after years of economic turmoil in the island, produced mainly by the 2007-2010 recession and housing crisis that have affected the United States.

 

or the first time in its history Puerto Rico has gone into default, Moody’s Investors Service said on Monday.

The default came soon after the island’s Government Development Bank announced that it was only able to make a partial payment on its $72 billion debt.

Earlier, Victor Suarez, the chief of staff for Governor Alejandro Garcia Padilla, said the U.S. Commonwealth doesn’t have the money for the $58 million bond payment that was supposed to be paid today.

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