News reports that prosecutors have dropped their case against Bruno Iksil, the former JPMorgan (NYSE:JPM) trader many know as the “London Whale,” comes as no surprise to readers of The IRA. Iksil, who resurfaced earlier this year, has been living in relative seclusion in France for the past few years. In previous comments posted on […]
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Fred Hickey Warns “It’s Only Question of When the Tech Time Bomb Goes Off”…
Wall Street is in a champagne mood. Last week, thanks to a rally in Apple, the Dow Jones surpassed 22,000 for the first time ever. Nevertheless, Fred Hickey doesn’t share the bubbly vein. The renowned contrarian cautions investors of an unpleasant surprise because central banks like the Federal Reserve are pulling back from their super […]
153,513,000: Record Number of Americans Employed in July…
The number of employed Americans hit a record high of 153,513,000 in July, according to the latest numbers released by the Bureau of Labor Statistics. There were 345,000 more Americans who gained employment over the month, and more individuals joined the labor force as well. There were 349,000 more Americans who joined the labor force […]
U.S. Created 209,000 Jobs in July, vs 183,000 Jobs Expected…
The U.S. economy continued a strong summer, adding 209,000 jobs in July while the unemployment rate fell to 4.3 percent, the lowest since March 2001, according to a government report Friday. Economists surveyed by Reuters had expected the report to show growth of 183,000; the unemployment rate met expectations. A more encompassing rate that…
Martin Shkreli Convicted Of Securities Fraud…
Moments ago, the Martin Shkreli jury announced its verdict, and while the ex-pharma exec was found not guilty on 5 of 8 counts, he was also found guilty on 3 of 8 counts, namely count 3: Securities Fraud, count 6: Securities Fraud, and count 8: Conspiracy to Commit Securities Fraud. As a result, as Bloomberg […]
Soon U.S. Will Deal with a Shortage of 90k Doc’s…
America will soon face a shortage of as many as 90,000 doctors. CBS2’s Dr. Max Gomez reports a combination of retiring doctors and increasing demand will lead to a significant need for primary care physicians. But some medical schools are working to ease the problem. Dr. Katelyn Norman just started her internal medicine residency at […]
Ben and Jerry’s Faces Boycott Threats…
Ben & Jerry’s — a brand famous for its quality and eco-friendly practices — is under fire after a test uncovered a controversial ingredient in its ice cream. The Organic Consumers Association (OCA) found glyphosate, the main ingredient in weedkillers like Roundup, in 10 out of 11 samples of the company’s ice cream flavors, the […]
Unfriggibelievable!!!: Health Insurers in Idaho Request Premium Rate Hikes as High as 81 Percent!!!
Health care insurers in Idaho have requested premium rate hikes as high as 81 percent for next year, according to the state’s Department of Insurance. The five insurers serving the individual market in Idaho are Blue Cross of Idaho Health Service, Mountain Health Co-Op, PacificSource Health Plans, Regence BlueShield of Idaho, and SelectHealth…
Mega-Banks Blow 100% of Earnings on Share-Buybacks & Dividends, Crimp Lending, Constrain Economy…
When tighter regulations were imposed on the banks after the Financial Crisis, the largest among them, the very ones that threatened to bring down the financial system, began squealing. Those voices are now being heard by Congress, which is considering deregulating the banks again. In particular, they claim that current capital requirements force banks…
More Than 6,300 Retail Stores Are Shutting Down-the Full List…
Retailers are closing thousands of stores following years of declines in sales and customer traffic. We compiled a list of the 6,375 closures that have been announced so far in 2017. Some retailers have released lists of which of their locations will be closing. To find out if a store near you is shutting down, […]
Dow Cracks 22,000, Apple Rally Leaves Other Tech Behind…
The Dow peaked above the 22,000 mark for the first time on Wednesday, powered by Apple’s healthy quarterly iPhone sales, while weakness in other tech stocks pulled the Nasdaq and S&P 500 lower. Apple jumped 4.90 percent to a record high after the world’s largest publicly listed company reported strong results. It is up about […]
Bitcoin Forks…
Bitcoin, a digital currency worth $43 billion USD, is in uncharted and potentially risky territory after a split created two versions on Tuesday: the original bitcoin that’s existed since 2008, and the new Bitcoin Cash, which aims to be a more populist alternative. The split in the network was triggered on Tuesday afternoon (all times […]
Trump, GOP Senators Champion Bill to Cut Legal Immigration Levels…
President Trump joined two Republican senators on Wednesday to champion legislation overhauling legal immigration in America, calling for a merit-based system that would significantly cut admissions over the next decade. Speaking at the White House, the president called it “the most significant reform to our immigration system in a half century”…
H-1B: It is NOT a Matter of Degree…
As any reader should know, I consider the biggest obstacle — indeed a danger — to genuine reform of the H-1B work visa program (other than lack of political will) is what I call the Intels Good, Infosyses Bad (IGIB) myth. The presumption there is that the Indian firms such as Infosys who hire H-1Bs […]
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New Rule Makes it Easier to Get a Mortgage with Student Loan Debt…
For millions of Americans drowning in student loan debt, the prospect of getting a mortgage might seem out of reach. Last week, Fannie Mae changed underwriting rules that could make it much easier for people with student loan debt to qualify for a mortgage. Here are the details. The new rule impacts people with federal […]
A Quarter Trillion Dollars in U.S. Savings Was Just “Wiped Away…
As part of its historical revision to GDP, the BEA also had to adjust personal income and spending, with the full results released in today’s July report. What it revealed was striking: over the revised period, disposable personal income for US household was slashed cumulatively by over $120 billion to just under $14.4 trillion, while […]
U.S. Government Ordered to Solve ‘Case of the Incredible Shrinking Airline Seat’…
U.S. aviation authorities were ordered back to the drawing board on Friday to solve what a federal appeals judge called “The Case of the Incredible Shrinking Airline Seat.” Judge Patricia Millett told the Federal Aviation Administration to take another look at an advocacy group’s assertion that shrinking airline seats are imperiling passenger safety…
“This Is A Full-Blown Scandal: It’s Unbelievable, Outrageous” – Comptroller Demands Heads Roll at Wells…
Wells Fargo is in boiling hot water. Again. One day after the NYT reported the latest major scandal involving Warren Buffett’s favorite bank, in which the bank was busted less than a year after its miss-selling fraud cost the former CEO his job, revealing that the bank charged some 800,000 customers for auto insurance they […]
Global Stocks Hit New All Time High as Dollar Rebounds; Europe Volatile on Earnings Deluge…
The levitation continues with S&P futures pointing to – what else – another higher open while European stocks swung between gains and losses on the busiest earnings days of the year (85 of the Stoxx 600 report) which has seen European pharma giant AstraZeneca plunge 15%, the most on record, after its flagship lung cancer […]
Why Illinois Is In Trouble – 63,000 Public Employees With $100,000+ Salaries Cost Taxpayers $10B…
Illinois is broke and continues to flirt with junk bond status. But the state’s financial woes aren’t stopping 63,000 government employees from bringing home six-figure salaries and higher. Whenever we open the books, Illinois is consistently one of the worst offenders. Recently, we found auto pound supervisors in Chicago making $144,453; nurses at state corrections […]
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