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…
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Iranian Millionaire on Food Stamps Indicted for Welfare Fraud…
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…
$422 Billion: Government Collects Record Taxes in First Two Months of FY 2017…
Vandals Destroy 400,000 Bottles of Italian Sparkling Wine…
Vandals broke into the centuries-old grounds of the Conte Vistarino winery in the middle of the night and drained refrigerated steel tanks where Riesling, Pinot Grigio, Chardonnay and other white varieties from the 2016 harvest were maturing…
Trump Makes America Goldman’s Again! #MAGA…
It’s now time for us, as a nation, to come together and congratulate the winner of the 2016 presidential election: Goldman Sachs. Many Donald Trump voters likely believed his victory would be a loss for Goldman…
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…
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 […]
IRS Data: American Dream Evaporates, Amid Mass Immigration, Automation…
The probability of American children earning as much as their parents has plunged from 92 percent down to 50 percent during the last seven decades, according to a new study of tax data and the shrinking American Dream of upward mobility…
U.S. Steel Wants to Accelerate Investments, Hire Back 10,000…
[…] “There was a point in time in the past couple years that I was having to hire more lawyers to try to interpret these new regulations than I was hiring … engineers. That doesn’t make any sense”…
“We’ll Look at Everything”: More Thoughts on Trump’s $1 Trillion Infrastructure Plan…
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…
New Zealand’s Outgoing PM Ideal Candidate to Head International Monetary Fund…
Outgoing Prime Minister John Key has been tipped as a potential candidate to head the International Monetary Fund, an appointment signed off by US President Barack Obama…Lagarde, current IMF Dir, has been ordered to stand trial in France over what became known as the Tapie Affair…
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…
A Lesson for George Mason Economics Chair, Boudreaux As He Attempts to School Dilbert Creator, Scott Adams…
Today Donald J. Boudreaux, who is Professor of Economics and Martha and Nelson Getchell Chair for the Study of Free Market Capitalism at the Mercatus Center at George Mason University, wrote an open letter to Dilbert creator Scott Adams. The letter was a rebuttal to Scott disagreeing with Michigan Rep Justin Amash about Trump’s trade […]
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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