Back in September, I wrote a seven-part series at The Intercept chronicling how former Wall Street trader Chris DiIorio, determined to figure out how he lost a small fortune on a penny stock, came to the conclusion that gigantic market-making firm Knight Capital, now known as KCG, repeatedly violated federal regulations meant to…
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Restoring American Competitiveness
As the United States strives to recover from the current economic crisis, it’s going to discover an unpleasant fact: The competitiveness problem of the 1980s and early 1990s didn’t really go away. It was just hidden during the bubble years behind a mirage of prosperity, and all the while the country’s industrial base continued to […]
UPDATE: Man Who Stole $1.6 Million Bucket Full Of Gold In Midtown Manhattan Has Been Identified…
Three weeks ago we reported that in what may have been one of the most brazen thefts in Manhattan’s jewelry district, a man brazenly swiped an 86-pound bucket full of gold worth $1.6 million from the back of an unattended Loomis armored truck…
The Obama ‘Recovery’: Number Of Millennials Living At Home With Mom Reaches 75-Year High…
Millennials finally get to claim a trophy for an achievement they actually earned (no participation medals here)…that’s right, Millennials have officially set a 75-year record for highest percentage of young adults living at home with mom…
Why the Massive Expansion of “Money” Hasn’t Trickled Down to “The Rest of Us”…
If anyone wonders why this monumental expansion of “money” hasn’t sparked generalized wage inflation maybe one factor is that very little of this new money has trickled down to the bottom 95%. This is why I contend that If We Don’t Change the Way Money Is Created and Distributed, We Change Nothing (December 24, 2015)…
How Did a Nation Crippled by Wall Street Billionaires End Up With Them Running the Country?…
Donald Trump is increasingly looking like Wall Street’s back up plan in the event that the Wall Street Democrats didn’t triumph in the 2016 election. Trump has appointed two Goldman Sachs alumni and the current President of Goldman Sachs to top posts in his administration. On Monday, Trump announced…
China Tycoon Moves Jobs to Ohio, Citing High Taxes & Labor Costs at Home…
A Chinese auto glass tycoon has caused a stir by shifting part of his empire to the United States and setting up a factory in Ohio, citing high taxes and soaring labour costs at home. Cao Dewang’s $600-million investment comes after Donald Trump threatened to declare Beijing a currency manipulator and slap 45 percent punitive […]
STUDY: America Created 10 Million New Jobs in Last Decade. Almost All Are Temp or Contract Gigs…
Ninety-four percent of the 10 million net new jobs created between 2005 and 2015 were either temporary or contract-based, not conventional 9-to-5 positions, according to a study by Princeton and Harvard economists. In that time period, the proportion of American workers engaged in some type of alternative employment…
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EPA Refuses to Explain Why It Let Pollution Sit for Decades…
Environmental Protection Agency (EPA) officials refuse to explain why they let pollution fester at up to 302 highly-contaminated sites under their authority for years or even decades. They also won’t explain what they’re doing to protect people’s health…
Soaring Sales Forecasts for Colorado, Massachusetts Marijuana Markets…
The first state to legalize recreational marijuana use is on track to see total sales top $2 billion by 2020. Colorado’s medical marijuana sales for this year are projected at $438 million, and recreational sales are forecast to reach $739 million. By 2020, medical cannabis sales are forecast to reach…
IMF Doubles Down on Lagarde as Trump Aims to Upend World Order…
The International Monetary Fund’s executive board caught a glimpse this week of what life might be like in the wilderness of a rapidly shifting world order. It didn’t take them long to slam the door…
Uber’s Loss Exceeds $800 Million in Third Quarter on $1.7 Billion in Net Revenue…
Even as Uber Technologies Inc. exited China, the company’s financial loss has remained eye-popping. In the first nine months of this year, the ride-hailing company lost significantly more than $2.2 billion…
Even After Being Found Guilty, IMF Board Expresses “Full Support” In Christine Lagarde…
Despite Christine Lagarde’s conviction earlier on Monday for failing to overturn a 285-million euro payout to a businessman in an arbitration case while she was France’s finance minister nearly a decade ago…the Executive Board of the IMF decided that her transgression was not too extensive, and reaffirmed its full confidence…
French Court Convicts IMF Chief Christine Lagarde…Leaves France Before Trial Verdict…
IMF chief Christine Lagarde has been found guilty of negligence by a French court, but she was not handed a sentence. She was on trial over a payout to a tycoon made by the French Finance Ministry…
Of Economic Interest – Anthony Scaramucci and Stephen Miller Interviews…
Anthony Scaramucci and Stephen Miller, executive members of President-elect Donald Trump’s Transition Team, appeared on Fox News for interviews…For those who are interested in the dynamics of a Trump modern economic rebuild, the ‘outside-the-box‘ federal infrastructure financing vehicle (specifically budget neutral), we have termed “MAGA Bonds“, is also alluded to…
Obama’s Healthcare Reforms Will Cost Taxpayers an Extra $10B in 2017…
Iranian Millionaire on Food Stamps Indicted for Welfare Fraud…
An Ohio millionaire descended from Iranian royalty was indicted for welfare fraud Tuesday, after prosecutors allege he bilked Medicare for $45,000 and received $8,400 in food stamps benefits. The 65-year-old Ali Pascal Mahvi insists he is innocent of fraud, but prosecutors say that if convicted, he could spend more than four years in prison…
Here’s How the Fed Will Implement The Rate Hike…
As expected, in addition to raising the Fed Funds rate by 25 bps, the Fed similarly noted that it would revise the mechanics behind its reverse repo operations, raising the rate it charges on reverse repos by 25 bps to 0.5%, the actual means by which the Fed will hike rates…
IBM Announces Intent To Hire 25,000 U.S. Workers…
IBM Chief Executive Officer Ginni Rometty said she plans to hire about 25,000 people in the U.S. and invest $1 billion over the next four years, laying out her vision for filling technology jobs in America on the eve of a meeting of industry leaders with President-elect Donald Trump…
Two New Jersey Traders Arrested For Manipulating $10 Billion Worth Of Stocks, Making $26 Million In Profit…
The SEC continued its crackdown against “market-manipulating masterminds” today, when it charged two New Jersey-based traders, 37-year-old Joseph Taub, of Clifton, and 21-year-old Elazar Shmalo of Passaic, with manipulating more than 2,000 NYSE and NASDAQ-traded stocks reaping more than $26 million…
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