Archive for the ‘WALL STREET’ Category

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...
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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...
Jun
2014
3

City of L.A. Sues JPMorgan for Systematically Steering Minorities Into Foreclosure

City of L.A. Sues JPMorgan for Systematically Steering Minorities Into Foreclosure
  The City of Los Angeles has filed a lawsuit against JPMorgan Chase alleging the financial titan steered minority borrowers into homes they could not afford, triggering a foreclosure wave whose effects can still be felt in the city today.  The lawsuit cites a report conducted by a low-income advocacy group that claims the mortgage [&hellip...
May
2014
15

Senate Panel Finds Caterpillar Has Avoided $2.4B in Taxes by Offshoring Profits

Senate Panel Finds Caterpillar Has Avoided $2.4B in Taxes by Offshoring Profits
  A newly released report from the Senate Permanent Subcommittee on Investigations shows that machinery giant and anti-union stalwart Caterpillar, Inc. avoided paying $2.4 billion in taxes by reorganizing its company to house the most profitable parts of its business in Switzerland.  The move is legal under current tax law but puts the...
Apr
2014
2

Sen. Rand Paul Says Caterpillar “Deserves an Award” for Dodging $2.4B in Taxes

Sen. Rand Paul Says Caterpillar
  Testifying before the Senate Permanent Subcommittee on Investigations, representatives of Caterpillar, Inc. answered questions pertaining to a report that suggests the industrial giant has dodged $2.4 billion in taxes over the past decade.  Amazingly, the investigation’s discoveries split the subcommittee along partisan lines....
Mar
2014
18

Top Dems: Holder, DOJ Already Losing Sight of Mortgage Fraud Enforcement

Top Dems: Holder, DOJ Already Losing Sight of Mortgage Fraud Enforcement
  Three Democratic lawmakers have requested to meet with U.S. Attorney General Eric Holder to discuss why the Department of Justice views mortgage fraud as a low-priority according to a new Inspector General report.  Sen. Elizabeth Warren and Reps. Maxine Waters and Elijah Cummings sent a letter to Holder on Monday questioning the lack of...
Mar
2014
11

REPORT: Of Discouraging $110B in Corporate Welfare, $88M Goes to Koch Industries

REPORT: Of Discouraging $110B in Corporate Welfare, $88M Goes to Koch Industries
  A new report from Good Jobs First, “Subsidizing the Corporate One Percent,” provides detail on our ‘corporate welfare state’ and the way large corporations benefit from programs being sold to the public as beneficial to American citizens.  In total, state and local governments have handed out $110 billion in corporate...
Feb
2014
28

Uncle Scam: Since 2008, At Least 22% of Fortune 500 Companies Have Had Tax-Free Years

Uncle Scam: Since 2008, At Least 22% of Fortune 500 Companies Have Had Tax-Free Years
  A recent study from Citizens for Tax Justice (CTJ) looked into the corporate taxes paid (or not paid) by Fortune 500 companies over the past five years. The results show a clear trend of tax avoidance that hinders the growth of the U.S. economy.   Looking at 288 profitable Fortune 500 companies, the study [&hellip...