Never mind. Two days into its public courtship of Unilever, Kraft Heinz is walking away, scuttling what would have been one of the biggest brand mash-ups ever. The food conglomerate, which is backed by investor Warren Buffett, withdrew its $140 billion-plus takeover bid for European consumer products giant Unilever (UL). “Kraft Heinz has amicably agreed […]
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Scheme Tied to UnitedHealth Overbilled Medicare for Years, Suit Says…
UnitedHealth Group, one of the nation’s largest health insurers, is accused in a scheme that allowed its subsidiaries and other insurers to improperly overcharge Medicare by “hundreds of millions — and likely billions — of dollars,” according to a lawsuit made public on Thursday at the Justice Department’s request. The accusations center on Medicare Advantage, […]
Rand Paul: Repeal Now, Replace Now!…
Weak-kneed Republicans are starting to stammer, talk of delay and say we can’t repeal all of Obamacare. One GOP plan even keeps the Obamacare taxes. Another GOP plan says to blue states: “If you like Obamacare, you can keep it!” and red states will pay for it. Other GOP plans want to keep Obamacare subsidies […]
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Monopolies Are Worse Than We Thought…
Economists are increasingly turning their attention to the problem of monopoly. This doesn’t mean literal monopoly, like when one utility company provides all the power in a city. It refers to market concentration in general — when an industry goes from having 20 players to having only 10, or when the four biggest companies in […]
Mary Jo White Seriously Misled the U.S. Senate to Become SEC Chair…
Less than two weeks after Mary Jo White was nominated to become Chair of the Securities and Exchange Commission by President Barack Obama on January 24, 2013, White filed an ethics disclosure letter advising that she would “retire” from her position representing Wall Street banks at the law firm Debevoise & Plimpton. White wrote on […]
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Judge Rules Health Insurance Companies Matter More Than Taxpayers…
Largely overlooked last week in the wake of President Donald Trump’s court battle was another controversial judicial ruling. On Thursday the US Court of Claims rewarding Moda Health, an Oregon-based health insurer, $214 million for losses it took participating in the high risk insurance pools established under the Affordable Care Act. The dispute came after […]
“Something Snapped” – Stocks Decouple As VIX Call Volume Explodes…
As one veteran trader noted “something snapped” two days ago as VIX and US equities decoupled notably for the first time since the election. This morning VIX is surging once again (near 12) at the same time as US stocks are soaring…
Wall Street Banks Are Trading in Their Own Company’s Stock: How Is This Legal?…
The week that Donald Trump shocked markets around the globe by getting himself elected President of the United States, Wall Street banks like Citigroup, JPMorgan Chase, Bank of America and others traded millions of shares of each other’s stocks – as well as trading millions of shares of their own publicly traded stock…
Dow Hits 20,500 – Hawkish Yellen Sparks (Another) Buying Panic In Banks, Batters Bonds…
86 days in a row without a 1% drop… Buy The No Dip…
$1.08 Trillion: Gov’t Collects Record-High Taxes in First Four Months of Fiscal 2017…
The federal government collected a record $1.08 trillion in taxes in the first four months of fiscal year 2017, but the federal government still ran a $157 billion deficit during that time, according to the latest monthly Treasury Department statement. Treasury receipts include tax revenue from individual income taxes, corporate income taxes, social insurance and […]
Wall Street Journal Goes With “Alternative Facts” in Hank Greenberg Saga…
In 2005 and 2006, Wall Street Journal reporters distinguished themselves in covering the charges of fraud being hurled at the giant insurer AIG and its CEO, Maurice (Hank) Greenberg. At that point, the Bancroft family had owned the Wall Street Journal for more than a century. But in 2007, Rupert Murdoch and his corporate entity, […]
How to Close a Gender Gap: Let Employees Control Their Schedules…
The main reason for the gender gaps at work — why women are paid less, why they’re less likely to reach the top levels of companies, and why they’re more likely to stop working after having children — is employers’ expectation that people spend long hours at their desks, research has shown. It’s especially difficult […]
Time for Tesla to Listen by Jose Moran…
I’m proud to be part of a team that is bringing green cars to the masses. As a production worker at Tesla’s plant in Fremont for the past four years, I believe Tesla is one of the most innovative companies in the world. We are working hard to build the world’s #1 car — not just electric, […]
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A Rash of Invisible, Fileless Malware Is Infecting Banks Around the Globe…
Two years ago, researchers at Moscow-based Kaspersky Lab discovered their corporate network was infected with malware that was unlike anything they had ever seen. Virtually all of the malware resided solely in the memory of the compromised computers, a feat that had allowed the infection to remain undetected for six months or more. Kaspersky eventually […]
Judge Blocks $48 Billion Anthem-Cigna Merger…
A federal judge on Wednesday ruled against U.S. health insurer Anthem Inc’s proposed $54 billion merger with smaller rival Cigna Corp, derailing an unprecedented effort to consolidate the country’s health insurance industry. The U.S. Justice Department sued in July to stop Anthem’s purchase of Cigna, a deal that would have created the largest U.S. health […]
San Francisco to Offer Free College for All…
“Even the children of the founders of Facebook” will now receive free community college education in San Francisco, Supervisor Jane Kim proudly commented as city leaders agreed to become the first city in the nation to offer its citizenry this ‘basic human right’…
Former Federal Reserve Staffer Says Economists at Central Bank Don’t Know How Economy Works…
A former staffer at the Federal Reserve Bank of Dallas has criticized the central bank, saying economists employed there don’t know how finance and the economy works, the Wall Street Journal reported. Danielle DiMartino Booth was hired as an adviser to Richard Fisher, a former president of the Dallas Fed who also criticized quantitative easing—the […]
SoCal Gas to Pay $8.5N to Settle Lawsuit over Aliso Canyon Leak…
Southern California Gas Co. will pay $8.5 million to settle a lawsuit filed by air quality regulators over the nearly four-month Aliso Canyon gas leak and will fund a study of potential community health impacts. Under a settlement signed Wednesday with the South Coast Air Quality Management District, the utility will pay $5.65 million in […]
Intel Investing $7B in Arizona Facility, Creating 3k High-Wage Jobs…
Intel Corp. announced plans today to invest more than $7 billion to complete the most advanced semiconductor factory in the world in Chandler. The completion of the high-volume factory, known as Fab 42, will take three to four years and create 3,000 high-tech, high-wage Intel jobs for process engineers, equipment technicians and facilities support engineers […]
More Unbelievable Facts From The US Government’s Own Financial Reports…
Yesterday I told you that the US government had recently released its annual financial report to the public. And the numbers are pretty gruesome. For example, the government’s “net loss” in fiscal year 2016 more than doubled, from MINUS $467 billion to MINUS $1 trillion. It’s astonishing that anyone could manage to lose so much […]
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