DOJ stands up to corporate greed
In back to back announcements the Department of Justice signaled it was standing up to unrestricted corporate business practices on Wall Street. Yesterday, the DOJ said it would bring criminal…
Despite huge losses banks continue subprime mortgage securities fraud
There is an interesting article in today’s New York Times business blog about the reverberation of subprime mortgage securities that are still being peddled by banks and financial institutions. Below…
BART strike postponement nears end, Governor considers extension
BART and its unions are at the negotiating table today in an effort to settle the ongoing labor dispute that has caused transportation disruptions in the Bay Area since last…
Rethinking home loans without regulation means a repeat of crisis
Update: Thursday, August 9. Today Fannie Mae announced a quarterly profit of $10 billion and projected profits for the foreseeable future. When this dividend is paid, Fannie will have repaid…
Economists worry financial lessons from last recession are ignored
There is an interesting article in today’s New York Times by Adam Davidson of NPR’s “Planet Money” that explores both sides of the economic spectrum about whether more or less…
Hidden tax on expensive health care coverage may hurt public workers
Under the Affordable Care Act (ACA) many states that see the wisdom of compliance are setting up health insurances exchanges, but under a little known provision called the “Cadillac Tax,”…
Update: Congress passes Bipartisan Student Loan Certainty Act of 2013
In a fairly novel turnaround Congress passed a major piece of legislation Wednesday with significant bipartisan support that changes the way interest rates for student loans will be calculated. The…
S&P profits get bounce from inflating the ratings of bank investments
Here is an example of why American democracy and, by extension, the economy is irrational in real terms. Banks and financial institutions such as investment ratings agencies like Standard and…
Obama proposes lower corporate tax rates, but tax reform remains elusive
There is a concerted bipartisan effort to pass tax reform legislation among centrist Democrats and Republicans alike. However, the deep animosity between the radicalized House Republicans and the Obama Administration…
Fast food workers walk off jobs and demand living wage, fair treatment
Today fast food workers at several of the nation’s largest chains including McDonald’s and KFC are walking out to draw attention to low-wage jobs, demand better pay for their hard…