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September 30, 2016
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Tag: Finance


Taxpayers Are Subsidizing Bonuses for Wall Street CEOs

A little-known section of the U.S. tax code “created a legal process by which publicly held companies can lower their tax bills by boosting CEO pay,” reports George Zornick at The Nation. (Pictured: John Stumpf, Wells Fargo chairman and CEO.)

Posted on Sep 5, 2016 READ MORE


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Public Banks as the Antithesis of Neoliberalism

Public banks give people the right to share in sustainable abundance—a goal that neoliberalism makes impossible.

Posted on Jun 15, 2016 READ MORE



In Spite of 2010 Law, Banks Still Make Billions on Overdraft Fees

A 2010 law was supposed to relieve Americans of the onerous penalties, but thanks to aggressive marketing campaigns that persuade consumers to “opt in” for overdraft coverage, banks made nearly $14 billion on the “service” last year.

Posted on May 26, 2016 READ MORE



Missing the Goal for Limiting Temperature Rise Could Have a Huge Financial Impact

If the global average surface temperature rises by 2.5 degrees Celsius over its pre-industrial level by 2100, $2.5 trillion—or 1.8 percent—of the world’s financial assets would be at risk, scientists say.

Posted on Apr 6, 2016 READ MORE



The Populist Revolution: Bernie and Beyond

With disenfranchised millennials at his back, Bernie Sanders’ proposal of a real financial revolution, a fundamental change in the system itself, is a great start to the necessary overhaul of society.

Posted on Jan 27, 2016 READ MORE



The Citadel Is Breached: Congress Taps the Federal Reserve for Infrastructure Funding

In a landmark infrastructure bill passed in December, Congress finally tapped into the Federal Reserve for infrastructure funding. Some experts say legislators should go further and authorize funds to be issued directly.

Posted on Jan 18, 2016 READ MORE



How America’s Wealthiest Are Saving Billions Through a Private Tax System

Part of the so-called “income defense industry,” the system involves highly paid tax lawyers, estate planners, anti-tax activists and lobbyists who work in tandem to devise the best strategies for super-rich individuals to save on taxes.

Posted on Dec 30, 2015 READ MORE



Martin Shkreli Is Just a Brasher, Larger Version of What Others in Finance and Corporate Suites Do

The former hedge-fund manager and pharmaceutical executive may be a rotten apple, but hedge funds and the pharmaceutical industry are two rotten systems that are costing Americans a bundle.

Posted on Dec 22, 2015 READ MORE



A Perfect Storm Is Headed for Fossil Fuel Assets

Coal, oil and gas sectors warned that trillions of dollars of assets could be stranded if a global agreement on limiting climate change is reached at the U.N. summit in Paris.

Posted on Nov 26, 2015 READ MORE



Investors Opt Out of Fossil Fuels as Climate Summit Nears

As momentum builds for a new deal on climate change, investors are becoming increasingly nervous about having their cash in fossil fuels.

Posted on Sep 24, 2015 READ MORE



Financial Support for the People: The U.K. Labour Front-Runner’s Controversial Proposal

British MP Jeremy Corbyn has proposed a “quantitative easing for people” that has critics crying hyperinflation and supporters saying, “It’s about time.”

Posted on Sep 3, 2015 READ MORE



Greece Debt Crisis: Massive Stock Plunge After Five-Week Shutdown

Ending down 16.23 percent by the end of Monday, Athens’ stock market experienced its worst daily performance since at least 1985, when modern record keeping began.

Posted on Aug 3, 2015 READ MORE


The Dark Money Shark









Posted on Jul 23, 2015 ENLARGE



How Goldman Sachs Helped Create the Greek Debt Crisis

The investment bank turned a huge profit by helping to hide the real extent of Greece’s debt, and in the process almost doubled it.

Posted on Jul 17, 2015 READ MORE



A Revolutionary Pope Calls for Rethinking the Outdated Criteria That Rule the World

Pope Francis’ revolutionary encyclical addresses not just climate change but the banking crisis. Interestingly, the solution to that crisis may have been modeled in the Middle Ages by Franciscan monks following the saint from whom the pope took his name.

Posted on Jul 5, 2015 READ MORE



Africa’s Advocates Say Fossil Fuel Subsidies Must Go

With more than 600 million people in sub-Saharan Africa still lacking access to electricity, the continent is being urged to take a leading role in crucial climate negotiations.

Posted on Jun 5, 2015 READ MORE



A Corporate Cult Captures and Thwarts Our Best Graduates

Society’s educated, humane members are being systematically sucked into a destructive reorientation program orchestrated by and for the benefit of a corporate establishment centered on the practices of finance and management, writes veteran journalist George Monbiot at The Guardian.

Posted on Jun 4, 2015 READ MORE



New Energy Policy Needed as Nuclear Giants Take a Hit

Plans for a worldwide fleet of huge new nuclear reactors have collapsed, with the cancellation of a major project and no new orders being placed.

Posted on May 29, 2015 READ MORE


Texas Protester









Posted on May 28, 2015 ENLARGE


Kochyderm









Posted on May 26, 2015 ENLARGE


Student Loan Calculator









Posted on May 22, 2015 ENLARGE


Student Loan









Posted on May 17, 2015 ENLARGE



The Obamas’ Net Worth Is as Much as $6.9 Million

The first family almost qualifies as 1 percenters, with a 2014 adjusted gross income a bit shy of the $521,411 that would put them among the richest segment of Americans, according to financial disclosures released Friday.

Posted on May 15, 2015 READ MORE


Taxes









Posted on Apr 14, 2015 ENLARGE



How America Became an Oligarchy

At the core of the doctrine that all people have “certain inalienable rights” is the right to vote. But the collective will of American voters no longer prevails. And private banking is largely to blame.

Posted on Apr 8, 2015 READ MORE



The SEC Illustrates the Danger of Regulatory Capture

The phrase “regulatory capture” shrouds a serious problem in vaguely academic jargon, making it seem like unimportant esoterica rather than anything noteworthy.

Posted on Mar 29, 2015 READ MORE



Destructive Effects of El Niño and La Niña Could Intensify

International scientists say global warming could double the frequency of the extreme La Niña weather phenomenon that triggers floods and hurricanes.

Posted on Feb 1, 2015 READ MORE



pcruciatti / Shutterstock.com

A Whining Wall Street Banker Pleads for Pity

J.P. Morgan was recently socked in the wallet by financial regulators who levied yet another multibillion-dollar fine against the Wall Street baron for massive illegalities.

Posted on Jan 30, 2015 READ MORE



Climate Talks Take a Rocky Road to Paris

The U.N. climate talks in Lima have ended with the setting of deadlines for the world to come up with plans to curb emissions and adapt to climate change.

Posted on Dec 14, 2014 READ MORE



Obama Pledge Gets Dollars Flowing Into Climate Fund

Many developing countries are already suffering the impacts of climate change, but a special fund to help them adapt to a warming world has been bolstered by promises of billions of dollars from wealthier nations.

Posted on Nov 20, 2014 READ MORE



Weak Laws Offer Debtors Little Protection and Allow Collectors to Seize a Fourth of Their Wages

Critics say the 1968 federal law that allows collectors to take 25 percent of debtors’ wages, or every penny in their bank accounts, is out of date and overly harsh.

Posted on Sep 16, 2014 READ MORE



Shutterstock

Shareholders’ Quest for More Transparency

A proposed Securities and Exchange Commission rule would force publicly traded companies to disclose their political spending to their shareholders.

Posted on Sep 12, 2014 READ MORE



The Disconnect Between Workers’ Pay and Social Worth

Does anyone seriously believe hedge-fund mogul Steven A. Cohen is worth the $2.3 billion he raked in last year, despite being slapped with a $1.8 billion fine after his firm pleaded guilty to insider trading?

Posted on Aug 4, 2014 READ MORE



Hadrian / Shutterstock.com

French Bank BNP Has Enough Cash to Pay Record $9 Billion Fine

Accused of violating sanctions against Iran, Syria and Cuba, French bank BNP Paribas agreed to pay a jaw-dropping fine, and, perhaps more incredibly, to do so without asking for money.

Posted on Jul 1, 2014 READ MORE



Infrastructure Sticker Shock: Financing Costs Exceed Construction

Funding infrastructure through bonds doubles the price or worse. Costs can be cut in half by funding through the state’s own bank.

Posted on Jun 1, 2014 READ MORE



Shutterstock

Will Government Use Its New Leverage Over the Financial Industry?

If you read one business book this year, make it “Flash Boys” by Michael Lewis. The journalist famous for “Moneyball” and “The Big Short” takes readers inside the parasitic world of high-frequency trading that is harming the broader economy.

Posted on Apr 18, 2014 READ MORE


Could a New Equity Empire Spark the Next Housing Crisis?

Laura Gottesdiener talks with “Democracy Now!” about her TomDispatch article on the team-up of big banks and private equity firms to bundle rental property mortgages into a new financial product called “rental-backed securities.”

Posted on Apr 10, 2014 WATCH & LISTEN


A Century of Collusion Between Washington and Finance

Former Wall Street executive, financial journalist and Truthdig contributor Nomi Prins tells “Democracy Now!” how a small number of bankers have played critical roles in shaping a century’s worth of financial, foreign and domestic policy in the United States, a series of events that she documents in her new book, “All the Presidents’ Bankers: The Hidden Alliances That Drive American Power.”

Posted on Apr 8, 2014 WATCH & LISTEN



‘The Dick Joke Is Not Always Your Friend’

The recently deceased Harold Ramis’ beloved anti-authoritarian comedies of the late ’70s and the ’80s (including “Animal House” starring John Belushi, pictured) were pop trojan horses of then-emerging right-wing cultural values, former Harper’s Magazine columnist Thomas Frank writes at Salon.

Posted on Mar 6, 2014 READ MORE



Thatcher Cook/PopTech (CC-BY-SA)

Former Regulator Sheila Bair Works for a Bank Now, but It’s Not What You Think

As head of the FDIC, Sheila Bair was one of the best known critics of banks. Now she works for one. So when is a revolving door not a revolving door?

Posted on Feb 5, 2014 READ MORE



Fourth Banker Dies of Apparent Suicide in a Week

Russell Investments chief economist Mike Dueker’s apparent suicide death, discovered Thursday after the 50-year-old former St. Louis Federal Reserve officer had been reported missing from his home in Tacoma, Washington, became the fourth such loss in the financial community in the span of a week.

Posted on Feb 5, 2014 READ MORE


American Oligarchs Will Never Cancel the Debts Owed to Them

University of Missouri economist Michael Hudson explains one of the best-kept and most pernicious secrets of contemporary capitalism: Unless the financial scheme underpinning society is restructured, the bulk of debts owed by working and poor Americans can’t and won’t be repaid.

Posted on Nov 30, 2013 WATCH & LISTEN



Flickr/Thomas Hawk

How Payday Lenders Bounce Back When States Crack Down

In 2008, payday lenders suffered a major defeat when the Ohio legislature banned high-cost loans. That same year, they lost again when they dumped more than $20 million into an effort to roll back the law: The public voted against it by nearly two-to-one. But five years later, hundreds of payday loan stores still operate in Ohio, charging annual rates that can approach 700 percent.

Posted on Aug 6, 2013 READ MORE



Shutterstock photo of a man holding money.

Americans Suffer While Finance Tax Waits for Congress’ Attention

The Financial Transaction Tax, or Robin Hood Tax, would generate more than $300 billion a year in revenue, thereby doing away with the need for the sequester currently forcing across-the-board budget cuts.

Posted on Apr 24, 2013 READ MORE



HowardLake (CC BY-SA 2.0)

Barclays to Ax Thousands of Jobs

The new chief executive of the British bank is aiming to clean up his scam-ridden operation by dropping 3,700 employees from its structured capital markets unit and other offices.

Posted on Feb 12, 2013 READ MORE



Verso Books

The Making of Global Capitalism

Although Karl Marx discerned in the middle of the 19th century that a new class of capitalists was creating “a world after its own image,” it took until the beginning of the 21st century before “a constantly expanding market” could be said to have fully spread capitalist social relations “over the entire surface of the globe,” write Leo Panitch and Sam Gindin in their new book, “The Making of Global Capitalism.”

Posted on Jan 31, 2013 READ MORE


Jobless Elf









Posted on Dec 17, 2012 ENLARGE


Financial Assistance









Posted on Dec 17, 2012 ENLARGE



aresauburn™ (CC BY-SA 2.0)

Mountain of Corporate Cash Sits Idle (Video)

Figures from the Internal Revenue Service suggest that nonfinance companies based in the United States are holding more than $5 trillion in cash, triple what the Federal Reserve reports—idle money that Reuters columnist David Cay Johnston suggests would be better spent creating jobs, paying dividends and sharing the burden of taxes.

Posted on Jul 20, 2012 READ MORE



Elliott Brown (CC-BY)

Bailout, Tune Out

The BBC reports that while the United States and the U.K. have made a habit of buying too-big-to-fail banks and then looking the other way, the safest banks in the world aren’t just owned but operated by civil governments.

Posted on Jan 30, 2012 READ MORE


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