Archive for the ‘WALL STREET’ Category

Jul
2015
1

Boeing CEO Taking $3.9M Annual Pension for 15 Years After Workers Were Forced Into 401Ks

Boeing CEO Taking $3.9M Annual Pension for 15 Years After Workers Were Forced Into 401Ks
  Boeing’s most recent Securities and Exchange Commission filing has revealed that CEO Jim McNerney will be paid $3.9 million a year in pension benefits for each of the next 15 years.  This revelation follows the announcement that he will retire on July 1st but will remain as chairman until February of 2016. The news [&hellip...
Jun
2015
24

BLS Figures Paint Bleak Picture of IL Economy, Refute Gov. Rauner Claims of Union-Driven Ills

BLS Figures Paint Bleak Picture of IL Economy, Refute Gov. Rauner Claims of Union-Driven Ills
  Illinois Governor Bruce Rauner has blamed almost all of the state’s economic woes on unions and pensions, but a look at the numbers shows the real problem may be the small group of workers he is trying to protect.  Creating “Right-to-Work” zones and making drastic changes to the state pension system are cornerstones of [&hellip...
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Jun
2015
19

Goldman Sachs Limits Interns to 17-Hour Workday, Impressing Absolutely No One

Goldman Sachs Limits Interns to 17-Hour Workday, Impressing Absolutely No One
  Goldman Sachs has told its 2,900 interns to take it easy this summer by limiting themselves to a 17-hour day. Yes, folks, you read that right. Working twice as many hours as a normal person is Goldman Sachs’ idea of not overdoing it.  The announcement of the policy “shift” comes two weeks after The [&hellip...
Apr
2015
29

Maine Bill Would Tie Big Business Tax Credits to (Prevailing) Wage Standards

Maine Bill Would Tie Big Business Tax Credits to (Prevailing) Wage Standards
A bill proposed by Maine State Sen. Chris Johnson would ensure that companies receiving tax breaks create decent paying jobs and are held accountable for their actions.  Maine LD 1287 was written following the Great Northern Paper Mill debacle, wherein the company received $16 million in tax credits and then closed its doors without repercussion....
Mar
2015
23

Surprised? Two-Thirds of Federal Subsidies Since 2000 Have Gone to Large Corporations

Surprised? Two-Thirds of Federal Subsidies Since 2000 Have Gone to Large Corporations
  A new report shows that two-thirds of the $68 billion in business grants and special tax credits awarded by the federal government over the past 15 years have gone to large corporations.  In that same 15-year period, hundreds of billions of dollars in loans, loan guarantees, and bailout assistance have been given to the [&hellip...
Nov
2014
19

U.S. Co’s Now Hold More Money Overseas Than Domestically; Tax Holiday May Not Help

U.S. Co's Now Hold More Money Overseas Than Domestically; Tax Holiday May Not Help
  An alarming stat has been released by Capital Economics, citing its own Audit Analytics database and other sources: U.S. companies are now stashing more than $2 trillion overseas.  Looking at the latest Federal Reserve flow of funds tally, corporations currently hold $1.9 trillion on U.S. shores, meaning there is potentially more money...
Oct
2014
21

CHART: Financially, It’s 1986 for the Bottom 90% of Americans

CHART: Financially, It's 1986 for the Bottom 90% of Americans
  Just in case you need a reminder of how lopsided the economy has become, a new paper from economists at the London School of Economics and the University of California at Berkeley shows the bottom ninety percent of American families are no wealthier than they were in 1986.  While the top 10 percent and, [&hellip...
Sep
2014
26

Mo’ (Dark) Money, Mo’ (Dark) Money, Mo’ (Dark) Money!

Mo' (Dark) Money, Mo' (Dark) Money, Mo' (Dark) Money!
  A coding error is to blame for the release of sensitive documents on the website of the Republican Governors Association (RGA) which disclose corporate donors and the amount of they donated.  The documents shed light on the secretive world of political “non-partisan” charities and the benefits that come with donating in secret.  The...
Sep
2014
10

Treasury Dept. Decision on Corporate Tax Avoidance Through “Inversions” Nears

Treasury Dept. Decision on Corporate Tax Avoidance Through
  The Treasury Department has announced that it will decide “in the very near future” if it has the power to revoke tax incentives from companies that move their operations overseas for tax avoidance reasons. The announcement came at a business tax reform seminar at the Urban Institute. Treasury Secretary Jacob Lew did not name [&hellip...
Aug
2014
15

Lobbyists Line Up to Protect Tax Inversion Laws While Huge Corporations Pay Zilch

Lobbyists Line Up to Protect Tax Inversion Laws While Huge Corporations Pay Zilch
  Minnesota-based Medtronic, Inc. has hired a lobbying firm headed by former U.S. Senators Trent Lott and John Breaux in an attempt to defeat legislation that would undermine the company’s interest in relocating its corporate headquarters overseas, a move that would save the company billions in taxes.   The primary bill in question is...
Aug
2014
1

A Billion Here, a Billion There: Bank of America Will Challenge Latest Mortgage Crisis Settlement

A Billion Here, a Billion There: Bank of America Will Challenge Latest Mortgage Crisis Settlement
  The Justice Department has ordered Bank of America to pay $1.27 billion for fraud that occurred at Countrywide Financial Corp., which sold bad loans to Freddie and Fannie Mac as part of a program it had named “Hustle.”  The program was designed to move mortgage products quickly with little regard for quality. It played [&hellip...
Jul
2014
15

Massive Backpay Settlement for Pair of New York Insulators Who Worked School Projects

  New York based National Insulation will have to cough up $435,000 to two employees who performed work contracted through the Department of Education after several wage and hour fines were discovered. Francisco Ayala and Angel Ribadeneira performed insulation work on various projects in New York City schools between December of 2006 and...