A practice known as “sue and settle” used by the Environmental Protection Agency to enact controversial regulations cost taxpayers $68 billion since 2005 and has an annual cost of $26 billion, according to a new report. The American Action Forum found that “sue and settle,” killed this month by EPA Administrator Scott Pruitt, also dumped […]
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U.S. Jury Finds Former HSBC Executive Guilty of Fraud in $3.5B Currency Trade…
A U.S. jury on Monday found a former HSBC Holdings Plc(HSBA.L) executive guilty of defrauding Cairn Energy Plc (CNE.L) in a $3.5 billion currency trade in 2011. U.S. prosecutors have said that Mark Johnson, formerly head of HSBC’s global foreign exchange cash trading desk, schemed to ramp up the price of British pounds before executing […]
The Natural Gas Market Is Set to Boom…
Lower-for-longer oil prices and the advance of renewable energy and electric vehicles have made Big Oil plan for a gradual shift toward natural gas in their production portfolios. All current projections point to natural gas as the fastest-growing fossil fuel in the energy mix for decades to come. Pitched as the cleanest burning hydrocarbon (compared […]
Bank Downgrades Chipotle, Complaining It Pays Workers Too Much. Chipotle Says That’s Bunk…
Bank of America Merrill Lynch downgraded Chipotle and warned investors that the stock will “underperform,” complaining that the restaurant chain is paying its workers too much, and that cutting labor costs further will be difficult for the chain. “We are downgrading Chipotle to Underperform from Neutral as we believe, assuming no significant tax reform, that […]
GOP Senators Hold Up Disaster Aid Over Puerto Rico Concerns…
At least two Senate Republicans are delaying swift passage of a disaster aid package — demanding that Puerto Rico be made permanently exempt from a 1920 law that has complicated efforts to send supplies to the hurricane-ravaged territory. Sens. Jeff Flake of Arizona and Mike Lee of Utah are holding up the legislation, according to […]
Raids on Pot Grow Houses Finding More Chinese Nationals, Mysterious Financing…
Police are arresting large numbers of Chinese nationals in raids on illegal marijuana operations in California, Colorado and other states, raising questions about who is financing these grow houses and recruiting the immigrants to tend them. In one recent indictment obtained by McClatchy, money from a southern China bank account was transferred to California to […]
Jobless Claims Fall to Lowest Level Since March 31, 1973…
The Labor Department said first-time jobless claims fell far more than expected for the week ending October 14, an indication of strong labor demand. The advance figure for seasonally adjusted initial claims was 222,000, a decrease of 22,000 from the previous week’s revised level and much lower than the 240,000 forecast. The four-week moving average […]
The Tax Break for the Rich the Democrats Are Fighting to Keep…
For a progressive, few tax breaks should offer a juicer target than the write-off taxpayers can take on the state and local income, sales, and property taxes that they pay. The tax break costs the federal government a massive amount of money — a projected $1.3 trillion over the next 10 years, according to the […]
8 Crazy Ways Social Media Could Be Raising Your Insurance Rates…
We all love social media. The constant “Which F.R.I.E.N.D.S Character Are You Quizzes?”. The spirited debates about whether quinoa is actually worth eating. The quotes by Mother Theresa that are actually by Britney Spears. The videos of elderly people wiping out while riding scooters. It’s all good fun ….until it causes your insurance rates to […]
Fraud, Exploitation, & Collusion: America’s Pharmaceutical Industry…
The rot within manifested by the pharmaceutical industry almost defies description. The theme this week is The Rot Within. America’s Pharmaceutical industry takes pride of place in this week’s theme of The Rot Within, as the industry has raised fraud, exploitation and collusion to systemic perfection. What other industry can routinely kill hundreds of thousands […]
Globalization = Poverty…
Daimler to Recall Over 1M Cars…
German automaker Daimler, maker of Mercedes-Benz cars, is recalling more than a million vehicles worldwide over a wiring defect that could unexpectedly trigger the air bag. Germany’s dpa news agency reported Monday that 400,000 of the vehicles were registered in Britain and several hundred thousand in Germany, with other countries to follow. Affected models include […]
How to Wipe Out Puerto Rico’s Debt Without Hurting Bondholders by Ellen Brown…
During his visit to hurricane-stricken Puerto Rico, President Donald Trump shocked the bond market when he told Geraldo Rivera of Fox News that he was going to wipe out the island’s bond debt. He said on October 3rd: You know they owe a lot of money to your friends on Wall Street. We’re gonna have […]
Poland Says No Thanks to $9.2B Credit Line from IMF…
Warsaw will withdraw from the International Monetary Fund’s precautionary Flexible Credit Line (FCL) worth billions of dollars, according to the country’s finance ministry. “We are resigning from a $9.2 billion credit line from the IMF. The Polish economy is in such a good situation that we can do it,” the ministry quoted Finance Minister Mateusz […]
Bill Blain: “This Time it Really Is Different! The Machines Have Taken Over and They Will Never Sell”…
Forget the Known Unknows, its the shocking surprises that are going to get us – “Bubbles don’t grow out of thin air, they have a solid basis in reality. But, reality is distorted by misconception..” And it’s a bad start to the week as my Bloomberg obliquely gave the finger by refusing to log me […]
TREND: 16.7 Million Cut the Cord to Television and DirectTV…
A day after DirecTV parent AT&T said it would lose subscribers because people are ditching their satellite and cable television services — a phenomenon known as cord-cutting — shares of companies heavily invested in the TV industry tumbled. Shares of AT&T, the culprit in Thursday’s sell-off, dropped 6 percent, dragging shares of its presumed merger […]
Yummy, Yummy Glyphosate!…
Now it’s in ice cream too: The controversial weed killer glyphosate has repeatedly been detected in goods we regularly consume. The doses may be small, but the fact is, however, worrying. Glyphosate has been found in Ben & Jerry’s ice cream samples from France, Germany, the Netherlands and the UK, according to a report by […]
Sears Canada Liquidates: 12,000 Canadians to Lose Their Jobs…
12,000 jobs may not sound like much but that’s roughly how many jobs Canada adds to its economy each month. Only in this case, that’s how many workers are about to find themselves without a job because overnight Sears Canada announced plans to liquidate its remaining 150 stores instead of restructuring, the latest admission of […]
American Cartel: Billionaire Family Behind OxyContin Apparently Spends ZILCH Rehabbing Addicts by Ethan Barton…
The Sackler family has amassed a multi-billion dollar fortune through Purdue Pharma – the drug manufacturer widely accused of helping launch the opioid epidemic – but a Daily Caller News Foundation investigation found no evidence the family is using their vast personal wealth to help victims fight their addiction. Generous donations have allowed the family […]
U.S. Chamber of Commerce President Tom Donohue Rages: President Trump is Existential Threat to NAFTA…
Here we go… buckle up, and grab the popcorn. This is the part where the “trillions at stake” comes into play… U.S. Chamber of Commerce President Tom Donohue is now engaged in a direct fight with U.S. President Donald Trump. As would be expected, and as we specifically predicted, Tom Donohue is now specifically aligning […]
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