Archive for the ‘WALL STREET’ Category

May
2012
23

Romney Praises Hewlett-Packard CEO as She Prepares to Eliminate 30,000 Jobs

Romney Praises Hewlett-Packard CEO as She Prepares to Eliminate 30,000 Jobs
Ahhh, the lengths one must go to receive praise from the Republican Party. Here’s GOP Presidential hopeful Mitt Romney waxing nostalgic about last year’s California race for Governor: I wish Californians had elected Meg Whitman. She would have been more successful and explained to Californians the need to cut back on spending and…
May
2012
22

“Perhaps Overreach or Overlook would be a more fitting committee for Issa to chair.”

U.S. Rep. Darrell Issa (R-CA) is an identifiable example of the hostage-based politics that has marred Congress since the 2010 mid-term elections. As Chairman of the U.S. House Oversight Committee, Issa holds an important role in keeping Congress accountable. Yet, despite the seriousness of his title, Issa has used much of his time to coordinate …
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May
2012
21

$600 Billion of U.S. Cash Balances Being Held Overseas by Large Companies

In a review of disclosures, the bank’s analysts found that out of the $974 billion in cash on the balance sheets of 602 U.S. multinationals, at least $588 billion, or 60%, is sitting in foreign accounts. According to a study by JP Morgan (yes, that JP Morgan), at least 60% of the cash balances of …
May
2012
14

DEJA-EWW: Chase Bank VP Discovers Fraud, Blows Whistle, Gets Fired

DEJA-EWW: Chase Bank VP Discovers Fraud, Blows Whistle, Gets Fired
Laws protecting “whistleblowers” have been shot down more frequently than we’re comfortable with of late, so it is important to hear the stories of those who have done the whistleblowing and the neglect they experienced as result. The Huffington Post recently told the story of Linda Almonte, a former division Vice-President at…
May
2012
9

DNC Returns $50,000 of Wal-Mart Gift Cards to Maintain Convention’s Anti-Corporate Donation Pledge

Organizers of the Democratic National Convention, to be held this September in Charlotte, North Carolina, decided in advance not to accept cash donations from corporations. This has led to funding difficulties. To skirt the imposed regulations, Wal-Mart made an “in-kind” donation of $50,000 in gift cards to help with convention costs….
May
2012
4

“So far this year, shareholders at five companies have voted against CEO pay packages.”

After Citigroup shareholders gave a vote of no confidence to the $15 million pay package of CEO Vikram Pandit, AFL-CIO President Richard Trumka and Pennsylvania AFL-CIO President Richard W. Bloomingdale pointed out that the public is quickly tiring of the runaway pay of CEOs in an opinion piece for the Allentown Morning-Call. Trumka and…
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 …
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…