A series of strange and unsettling fires in the Mission District have people wondering: Are the city’s landlords using arson to drive out low-income tenants? And is this the deadly endgame of gentrification and tech-boom greed? Jon Ronson investigates the mystery. I’m sitting by the fireplace, as I told him I would be. This is […]
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Qatar Lifts Development Moratorium on World’s Biggest Gas Field…
Qatar has lifted a self-imposed moratorium on development of the world’s biggest natural gasfield after more than a decade, the chief executive of state energy company Qatar Petroleum said yesterday. The giant Gulf gasfield, which Doha calls the North Field and Iran calls South Pars, accounts for nearly all of Qatar’s gas production and about […]
REPORT: How the Federal Reserve Serves U.S. Foreign Intelligence…
The Federal Reserve’s little-known role housing the assets of other central banks comes with a unique benefit to the United States: It serves as a source of foreign intelligence for Washington. Senior officials from the U.S. Treasury and other government departments have turned to these otherwise confidential accounts several times a year to analyze the […]
‘Free Wage’ Recipients in Finland Report Less Stress & Greater Incentive to Work…
Participants in Finland’s universal basic income program say they are less stressed and more inspired to find a job than when they were receiving welfare. Under the pilot program aimed at tackling unemployment, 2,000 people have been given €560 every month for two years. The participants are not obliged to start looking for a job […]
U.S. Issues Arrest Warrants for Former VW Execs over Emissions Cheating…
The United States government has issued international arrest warrants for five former Volkswagen (VW) managers in connection with the dieselgate scandal. According to the Suddeutsche Zeitung newspaper, the five are accused of conspiring to commit fraud and violating US environmental regulations. At least two were reportedly confidants of former VW CEO Martin Winterkorn. The German […]
Bitcoin Is Money…
Up 158 percent against the U.S. dollar this year, bitcoin is now the best-performing currency. Many are confused as to how this mathematical protocol can be worth more than $2,600, and why it keeps going up. The short answer: Bitcoin is money, just a little better and cheaper than the alternatives. If you don’t understand […]
Uber Founder Travis Kalanick Resigns as C.E.O….
Travis Kalanick stepped down Tuesday as chief executive of Uber, the ride-hailing service that he helped found in 2009 and built into a transportation colossus, after a shareholder revolt made it untenable for him to stay on at the company. Mr. Kalanick’s exit came under pressure after hours of drama involving Uber’s investors, according to […]
Illinois Comptroller: “The State Can No Longer Function”…
With just 10 days to go until Illinois enters its third year without a budget, resulting in the state’s imminent downgrade to junk status and potentially culminating in a default for the state whose unpaid bills now surpass $15 billion, Democratic Illinois Comptroller Susana Mendoza issued a warning to Illinois Gov. Rauner and other elected […]
Barclays, Former CEO Criminally Charged Over Qatar Fundraising…
Two familiar names are in the news this morning, after the UK’s Serious Fraud Office filed criminal charges against Barclays Plc and four former executives, including former CEO John Varley, for conspiracy to commit fraud regarding the bank’s 2008 capital raising from Qatar. The SFO said Tuesday that former Chief Executive Officer John Varley, former […]
Amazon Eats Up Whole Foods as the New Masters of the Universe Plunder America…
“We must make our choice. We may have democracy, or we may have wealth concentrated in the hands of a few, but we can’t have both.” —Justice Louis Brandeis With his $13.7 billion acquisition of Whole Foods, Amazon’s Jeff Bezos has made clear his determination to dominate every facet of mass retailing, likely at the […]
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Deloitte Audited the Fed for Eight Straight Years of the Financial Crash…
In 2006 the Federal Reserve’s books were audited by PricewaterhouseCoopers. But beginning in 2007 and for every year thereafter through 2014, the Fed’s books were audited by Deloitte & Touche. That’s a very long eight years that just happen to coincide with the greatest economic upheaval in the U.S. since the Great Depression. (Since 2015, […]
Outlook for Oil Looks Bleak, Prices Hit 7-Month Low…
Crude oil started the week with a loss, which may be extended today as U.S. shale drillers continue to add rigs, and Libya and Nigeria ramp up production, undermining their fellow OPEC members’ efforts to reduce output and support prices. Oil prices are now at a 7-month low. Oil prices were pressured when last Friday, […]
David Rubenstein Named Chairman of the Board of the Council on Foreign Relations…
David M. Rubenstein, co-founder and managing director of the private equity firm the Carlyle Group, has been named chairman of the board of the Council on Foreign Relations effective July 1. He succeeds both former U.S. Trade Representative Carla A. Hills, chairman and CEO of Hills & Company, and former U.S. Treasury Secretary Robert E. […]
How Trump Can Make Apprenticeships a Hit…
The former host of “The Apprentice” may have finally found a government program suitable to his talents. As part of “workforce development week,” President Donald Trump and his daughter Ivanka are touting the administration’s commitment to increasing the number of Americans doing apprenticeships. A well-designed apprenticeship system — one that combines classroom instruction with paid, […]
DOJ Moves to Seize DiCaprio’s Picasso, Rights to “Dumb and Dumber to” As Part of 1MDB Case…
As part of the ongoing money-laundering probe of Malaysia’s sovereign wealth fund, 1MDB, which is perhaps best known for Goldman’s enabling and participation in what may end up being one of the world’s biggest, multi-billion, cross-border embezzlement schemes, on Thursday the DOJ moved to seize a Picasso and Basquiat paintings given to Leonardo DiCaprio, as […]
Auto Dealership Stocks Plunge on Bank of America Warning of ‘Looming Tsunami’…
BofA/Merrill analyst John Murphy downgraded Lithia Motors to Underperform from Neutral and cut its price target to $92 from $106. The analyst lowered US sales and North American production forecasts saying year-to-date sales tracking down 2%, following a likely peak in 2016, and there is a “looming tsunami” of off-lease volumes that will hit the […]
U.S. Treasury Unveils Financial Reforms, Critics Attack…
The U.S. Treasury Department unveiled a sweeping plan on Monday to upend the country’s financial regulatory framework, which, if successful, would grant many items on Wall Street’s wishlist. The nearly 150-page report suggested more than 100 changes, most of which would be made through regulators rather than Congress, Treasury Secretary Steven Mnuchin said in an […]
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Dollar Dipsy-Doodle – A Brief Ray of Light…
There are three ledgers that are kept for us in God’s economy: kindness, compassion, and love. Janet made hawkish noises to go along with the 25 bp interest rate increase today. I don’t think they will be raising rates much more this year, if the economy is doing as badly as the data and the […]
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Wells Fargo Is Now Accused of Making Improper Changes to Mortgages…
Even as Wells Fargo was reeling from a major scandal in its consumer bank last year, officials in the company’s mortgage business were putting through unauthorized changes to home loans held by customers in bankruptcy, a new class action and other lawsuits contend. The changes, which surprised the customers, typically lowered their monthly loan payments, […]
Court Finds Approval of Dakota Access Pipeline Violated the Law…
The Standing Rock Sioux Tribe won a significant victory today in its fight to protect the Tribe’s drinking water and ancestral lands from the Dakota Access pipeline. A federal judge ruled that the federal permits authorizing the pipeline to cross the Missouri River just upstream of the Standing Rock reservation, which were hastily issued by […]
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