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Sears Says It’s Likely to Close Many More Stores as Sales Slide Worsens…

The struggling retailer, which owns the Sears and Kmart chains, on Thursday reported a $748 million net loss in the third quarter, its worst performance in years. And comparable sales, which exclude the impact of stores closed in the preceding year, fell 4.4% at Kmart and 10% at Sears, deeper drops…

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If Trump Nominates John Allison as Bank Supervisor at the Fed, It Will Be a Triumph for Charles Koch and the Loony Ideas of Ayn Rand and Greenspan…

On December 4 the Wall Street Journal reported that President-elect Donald Trump was considering the following three individuals for Vice Chairman of the Federal Reserve for Bank Supervision: John Allison, the long serving head of BB&T bank and a Board Member of the right-wing Cato Institute which was half owned by the Koch brothers for […]

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Bombshell Dropped in Federal Court: Proof of a Silver Market “Mafia” Among Big Banks…

Lawyers representing traders who allege they were ripped off by a group of colluding global banks filed eye-popping evidence in a Manhattan Federal Court yesterday showing that even as global banks were being criminally probed for rigging currency markets, they continued to engage in rigging the silver market, with a UBS trader referring to the […]

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Veteran Can’t Work Without His Service Dog — So Lowe’s Hired Them Both…

He served our country and wanted to again. But health issues forced a return to civilian life. Clay Luthy was deployed three times out of Uzebekistan and two out of Qatar. After multiple knee surgeries, including a reconstructive surgery, he wasn’t able to reenlist. But it didn’t stop him from getting a job…

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Donald Trump Is Inheriting the Best Economy in a Generation(???) Bubbles, Worst Wage Recovery Since 1965, etc.

(Mis)Fortune magazine had a story which I actually mistook for a story from The Onion or National Lampoon. But sadly, it was a real story: “Donald Trump Is Inheriting the Best Economy in a Generation.” Let’s look carefully at the “best economy in a generation”…

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SEIU Texas Declares Bankruptcy after Losing Millions to Janitorial Company…

The Texas chapter of one of the nation’s most powerful unions filed for bankruptcy after losing a multi-million dollar lawsuit for its smear campaign against a Houston janitorial company. A jury ordered Service Employees International Union Texas, also known as SEIU District Five, to pay…

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Wells Fargo to Abused Customers: See You in Arbitration…

Only in the la-la land of financial industry justice does stuff like this happen. After suing Wells Fargo & Co. for alleged fraud, invasion of privacy and other claims related to the bank’s highly publicized unauthorized accounts scandal this autumn, a group of 80 customers who are seeking class status got this message late last […]

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UBS Hit With $18.5M in Damages, Legal Fees, in Puerto Rico Bond Case…

UBS Financial Services Inc. must pay a prominent Puerto Rican businessman and his wife $15.2 million in compensatory damages and interest related to their losses in closed-end Puerto Rico bond funds, a panel of arbitrators at the Financial Industry Regulatory Authority ruled on Friday…

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Is Wall Street Trying to Rig Trump’s Business Advisory Panel?…

President-elect Trump’s ‘Business Advisory Panel’ is ‘a disparate cacophony of voices from wildly different businesses ranging from Boeing, a commercial jet manufacturer, to the Cleveland Clinic with no representation at all from labor or consumers, the panel has an outsized representation from the financial sector with one particularly curious member…

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Saudi Arabia Surrenders To U.S. Shale…

The new OPEC deal to cut oil output – the cartel’s first since 2008 – amounts to nothing less than Saudi Arabia’s surrender to the power of American shale…Unwittingly, the Saudis have made the Americans the new global energy swing producer, the permanent ceiling for the global price of oil…

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How Russia Outsmarted OPEC…

OPEC’s historical deal to cut production has been sealed, and oil prices have jumped as a result, comfortably above the $50 per barrel mark. According to Lukoil’s vice president, Leonid Fedun, the average price of crude in 2017 could reach US$60 a barrel, thanks in no small part to that agreement…

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Deutsche Bank Pays $60 Million To Settle Gold-Manipulation Lawsuit…

2016 is shaping up as the year when countless conspiracy theories will be confirmed to be non-conspiracy fact: from central bank rigging of capital markets, to political rigging of elections, to media rigging of public sentiment, and now, commercial bank rigging of both silver and gold…

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Here’s Why Mexico’s Central Bank Chief Resigns…

Media reports of Agustin Carstens resignation as chief of Mexico’s central bank have left MSM pundits and even business analysts scratching their heads. It appears no-one has any idea why Carstens is leaving… well, almost no-one…

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