An offshore law firm representing wealthy clientele suffered a data breach earlier this year that reportedly is preparing for its sensitive financial information to be publicly leaked, in an incident similar to the 2015 Panama Papers case. According to a report in the The Telegraph, the exposed information could place a high amount of scrutiny […]
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How Iowa Became An Obamacare Horror Story..
Nick Podhajsky plans to get married this year for an unusual reason: health insurance coverage. The 44-year-old farmer had expected to tie the knot next year. But because Iowa’s individual health insurance market is in chaos—with competition disappearing and prices skyrocketing—his fiancee was potentially going to be left with no affordable coverage options for next […]
Make the Foreign Exchange Report Great (Again)…
The Trump Administration wants to bring down the U.S. trade deficit. A number of manufacturing-heavy Asian economies run sizable current account surpluses. Over the course of the summer, some of them were clearly intervening to keep their currencies from rising against the dollar. But, somewhat surprisingly, this hasn’t caught the attention of the Trump Administration…
Judge Rules Trump Does Not Have to Pay ‘Unconstitutional’ Obamacare Subsidies…
U.S. District Judge Vince Chhabria of California preliminary rejected a lawsuit Wednesday from states challenging the Trump administration’s decision to stop paying out Obamacare subsidies. “Although the case is at an early stage, and although it’s a close question, it appears initially that the Trump Administration has a stronger legal argument. Second, and more importantly, […]
Premiums for Most Popular ObamaCare Plans to Rise 34 Percent…
Premiums for the most popular ObamaCare plans are rising by an average of 34 percent in 2018 in states that use Healthcare.gov, according to a new independent analysis. The study released Wednesday by consulting firm Avalere Health said the premium increases in “silver” plans are being driven primarily by marketplace instability amid uncertainty over the […]
House, Senate Committee Leaders Reach Deal on Obamacare Fixes…
The leaders of two major congressional committees reached a deal to fund Obamacare insurer payments in exchange for delaying enforcement of the law’s individual and employer mandates. The chairmen of the Senate Finance and House Ways and Means committees released the framework of the deal Tuesday. The deal would fund cost-sharing reduction payments to Obamacare […]
Regulatory Scheme Killed by EPA’s Scott Pruitt Cost Taxpayers $68B…
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 […]
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 […]
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