Archive for the ‘WALL STREET’ Category

Apr
2012
24

Australian Union Mounts “Move Your Money” Campaign Following Big Bank Interest Rate Hike

Australian Union Mounts “Move Your Money” Campaign Following Big Bank Interest Rate Hike
In Australia, a major union is urging its members to leave the big banks in response to a controversial raise of interest rates that seeks to protect bank profits. The Construction, Forestry, Mining and Energy Union (CFMEU) has asked its members to move their money from ANZ, Commonwealth Bank, National Australia Bank and Westpac: The …
Apr
2012
23

VIDEO: Reich Explains Romney’s Fortunes

In a video called, “How Did Mitt Romney Get So Extremely Rich?,” Robert Reich explains how private equity partnerships like Mitt Romney’s Bain Capital work. It is a quick and easy primer on how loopholes in the tax system allow private equity partnership managers to use other people’s money to buy up companies with much …
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Apr
2012
20

U.S. PIRG: Nearly $100 Billion In Tax Revenue Is Lost Annually to Offshore Tax Havens

U.S. PIRG: Nearly $100 Billion In Tax Revenue Is Lost Annually to Offshore Tax Havens
U.S. PIRG, the federation of state Public Interest Research Groups, used Tax Day this week to release a new study showing the average American taxpayer will have to pay an extra $426, while small businesses will pay an extra $2,116, to make up for tax losses caused by corporations hiding money in offshore tax havens: …
Apr
2012
20

Corps Aren’t the Only Political Agents Abandoning ALEC. Some GA Politicans Have Joined the Fun, Too.

Corps Aren’t the Only Political Agents Abandoning ALEC.  Some GA Politicans Have Joined the Fun, Too.
KFC, Pizza Hut and Taco Bell owners Yum! joined the ALEC rejection jubilee yesterday, but monolith companies aren’t the only political agents fleeing the American Legislative Exchange Council post haste. Their unpopular and aggressive platform is now being roundly rejected by some legislators who are making pledges to never join or opting to…
Apr
2012
13

ALEC: American Legislative Exchange Cancer

ALEC: American Legislative Exchange Cancer
The hits keep coming for transparency activists praying for the demise of the American Legislative Exchange Council (ALEC), the über-conservative front group responsible for anti-union, pro-privatization and voter suppression legislation, among other ills. After massive members Coke, Pepsi and Kraft pulled out of the group, spokespeople for…
Apr
2012
10

Judge Calls Wells Fargo’s Courtroom Behavior “Clandestine” and “Reprehensible”

Judge Calls Wells Fargo’s Courtroom Behavior “Clandestine” and “Reprehensible”
The always excellent bank watchdog blog, Naked Capitalism, recently looked into the systemic accounting abuses of Wells Fargo as court proceedings continue to reveal just how severely victims of the mortgage crisis have been affected. But Wells Fargo’s legal team has done quite a job of hindering the legal process. Common cases in which…
Mar
2012
30

“Sweetheart” Foreclosure Deal Enables Banks to Knock Over Houses Instead of Keeping People In Them

“Sweetheart” Foreclosure Deal Enables Banks to Knock Over Houses Instead of Keeping People In Them
The sweetheart foreclosure deal that is drawing the ire of onlookers is now being understood to give banks credit for things they already do, further deepening the worry that the deal will in no way prevent another foreclosure crisis or sufficiently reprimand those responsible for the last one. The $25 billion foreclosure abuse settlement between …
Mar
2012
22

U.S. Treasury Plans to Collect 28% Less in Corporate Taxes Than Originally Thought

U.S. Treasury Plans to Collect 28% Less in Corporate Taxes Than Originally Thought
The Center for Tax Justice notes that the Treasury Department’s monthly statement shows the U.S. will collect $96 billion less in corporate taxes than originally thought: The latest monthly statement by the Treasury Department contains a startling revelation: the amount that Treasury expects to collect in corporate taxes in 2012 has been…
Mar
2012
20

TAIBBI: Bank of America “is like the world’s worst-behaved teenager…”

TAIBBI: Bank of America “is like the world’s worst-behaved teenager…”
Matt Taibbi’s artcile, “Bank of America:Too Crooked to Fail,” has been opening people’s eyes to the troubling relationship between Bank of America and the U.S. Government. Taibbi’s well-written and informative article takes a sarcastic tone at points as he points out the absurdity that of a nation allowing such an institution to exist as…
Mar
2012
19

In Rhode Island, a Tale of Two Taxes

News came recently of a push by labor and other organizations to drum up support for a tax hike on Rhode Island’s wealthiest two percent: A coalition of organized labor and advocates for the disabled and the homeless in Rhode Island rallied at the State House on Tuesday, asking state lawmakers to raise taxes on …
Mar
2012
7

GE, Apple, Pfizer Among Corps. Hoarding $187 Billion in Non-Taxable Offshore Accounts

GE, Apple, Pfizer Among Corps. Hoarding $187 Billion in Non-Taxable Offshore Accounts
Perhaps one of the most important issues facing our economy today is the corporate tax rate and the way in which companies can scheme and loophole their way to paying far less than their fair share. It is an issue that is unlikely to undergo a sea change from either party in November, though, as …
Mar
2012
7

Far Right vs. Far Righter: Cato Institute Rebukes Charles Koch’s One-Sided Demands

Far Right vs. Far Righter: Cato Institute Rebukes Charles Koch’s One-Sided Demands
There is a rift in Washington between the Libertarian research center the Cato Institute and the far-Right Koch Brothers that shows just how deep a divide politics can cause. The issue is that Charles Koch, a shareholder in Cato Institute, wants the research center to provide ammunition for his various political interests, such as Americans …