Only one Democratic member of Congress sits on the five person commission overseeing the controversial $500 corporate bailout package passed last month in response to the novel Coronavirus (COVID-19) pandemic. On Wednesday, she admitted to violating federal law related to stock disclosures. Rep. Donna Shalala (D-Florida) was handpicked by House Majority Leader Nancy Pelosi last […]
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Abigail Disney Has Some Tough Words for Disney’s Bob Iger Not Paying Disney Employees…
OK, I’ve been holding my tongue on the theory that a pandemic is no time to be calling people out on anything other than failing us in a public health sense. I thought it might be a moment for peace and reconciliation. But I feel a thread coming on….1/ WHAT THE ACTUAL F***????? Look, dividends […]
Wendy’s to Give Out Free Chicken Nuggets at Every Location on April 24…
What’s better than chicken nuggets? Free ones! Wendy’s announced it would be offering free chicken nuggets to everyone who goes through a drive-thru on Friday. The fast-food chain tweeted the announcement to say the nuggets are entirely free with no purchase necessary. Customers can ask for a crispy nugget entrée or four-piece spicy and don’t […]
Treasury Secretary Steven Mnuchin – Warns Big Business Not to Try and Take Funds from Small Business Relief…
Treasury Secretary Steven Mnuchin calls in to Stuart Varney to provide updates on congressional funding for the Paycheck Protection Program (PPP) and the Small Business Administration relief package. Sec. Mnuchin covers a range of topics from Harvard to oil. After discovering that several large companies have applied to the PPP program, Mnuchin warns them about […]
Ivy League Universities Flush with Cash Set to Receive Millions in Federal Coronavirus Funding…
The eight elite private colleges of the Ivy League are slated to receive millions in taxpayer-funded coronavirus stimulus money despite controlling endowments with a combined value in 2019 of over $140 billion. Five Ivy League schools posted operational surpluses of over $200 million in 2019, according to their financial statements from that year. Secretary of […]
Trump Pressed to Halt Federal Pension Investments in China’s ZTE, Hikvision…
Lawmakers and former officials are making a last ditch push to persuade the Trump administration to halt plans to invest billions of federal employee retirement dollars in Chinese companies that Washington suspects of human rights abuses or threatening U.S. security, according to sources and documents seen by Reuters. The campaign, which includes letters and calls […]
Harvard and Other ‘Well Endowed’ Colleges Face Backlash for Tapping Tens of Millions in Stimulus Funds…
Several US colleges with multi-billion dollar endowments have been tapping into the massive coronavirus stimulus passed by Congress and signed into law by President Trump in January. As part of the $2 trillion Coronavirus Aid, Relief and Economic Security Act (CARES), $14 billion was set aside to support higher education institutions – ostensibly those without […]
Shake Shack to Return $10 Million PPP Loan After Outrage over Large Businesses Tapping…
Shake Shack plans to return the $10 million support loan it tapped from the Paycheck Protection Program (PPP) amid brewing outrage over large businesses accessing government funds that were intended to save small businesses during the coronavirus pandemic. According to Bloomberg, over a dozen publicly traded companies with revenue topping $100 million participated in the […]
Happiest Place on Earth? Disney Stops Paying 100k Workers, Top Executives take 3 Percent Pay Cut…
The Walt Disney Company has said it will stop paying nearly half of its workforce this week. Disney theme parks and hotels have been shut in Europe and the US for almost five weeks due to worldwide Covid-19 lockdowns. Scrapping payments for more than 100,000 of the so-called ‘cast members’ will help the company save […]
Why Today’s 300% Oil Price Crash Isn’t As Bad As It Seems…
Oil price futures slipped into negative territory on Monday – a shocking oil-market first – making previous doom and gloom forecasts of OPEC’s too-little-too-late production cuts now seem like sober predictions rather than overzealous fearmongering. But are negative oil prices here to stay? WTI crude oil futures settled at -$37.63 per barrel on Monday, down […]
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Retirement Funds for Federal, Military Retirees May Soon Be Investing in China Defense Firms…
America’s top investment firms predict China is poised to overtake the United States as the world’s largest economy. U.S defense officials warn Beijing is seeking military supremacy in the Pacific rim. U.S. intelligence keeps highlighting Chinese efforts to steal U.S. trade secrets and intellectual property. And officials from President Trump on down accuse China of […]
Smithfield to Close More Pork Plants Amid Infection Fears…
Smithfield Foods, the world’s biggest pork processor, announced Wednesday it would close two U.S. plants that process bacon and ham over COVID-19 infection concerns. It comes after Smithfield, a wholly-owned subsidiary of Chinese company WH Group, closed down a hog slaughterhouse in Sioux Falls, South Dakota, after dozens of workers daily were testing positive for […]
AG Secretary Sonny Perdue Discusses Challenges Shifting Food Supply Chains…
The U.S. economy will reopen sooner rather than later specifically because of non-discussed issues in the total U.S. food supply chain. While government officials have to be very careful in public comments, AG Secretary Sonny Perdue hinted toward the issue today during his remarks at the coronavirus task force briefing. The issue is slightly complex; […]
Best Buy Furloughing 51K Workers…
Best Buy will furlough about 51,000 hourly employees in the U.S. due to the coronavirus pandemic, the retailer announced Wednesday. The electronics retailer saw a drop in sales of approximately 5 percent in the first two months of the current fiscal quarter, below the national average slide of 8.7 percent in March, Reuters reported. Some […]
Weekly Unemployment Claims Increase Another 5.245 Million…
According to the Dept of Labor [pdf HERE] another 5.245 million more Americans filed first-time claims for unemployment insurance last week (April 11), bringing the total to just over 22 million since the Wuhan Virus layoffs began. The good news is initial claims were down 1.37 million from the prior week. The largest increases in […]
IRS: Get My Payment…
This application will give you information about: Your payment status; Your payment type; Whether we need more information from you, including bank account information…
Hunter Biden Still Listed As Board Member of Chinese Company He Pledged to Resign From in October, Business Records Show…
Hunter Biden received wall-to-wall media coverage and praise from his father, former Vice President Joe Biden, in October when he announced he would resign from the board of a Chinese private equity firm by the end of the month But six months after Hunter Biden pledged to relinquish his position with BHR Partners, no evidence […]
Hedge Fund Managers Claiming Bailouts as Small Businesses…
Free money. That’s the enticing prospect hedge funds and other trading firms are pondering after realizing they too might be able to participate in a historic U.S. stimulus package to keep small businesses alive through the coronavirus pandemic. Since early April, law firms have hosted Webinars and sent out alerts, and accounting firms have reached […]
The Fed Is Killing the Two Main Functions of Wall Street: Price Discovery and Prudent Capital Allocation…
On Thursday, knowing that a three-day Easter weekend was coming and the attention of the public would be elsewhere, the Federal Reserve announced that it would allow two of its emergency lending programs to begin buying junk bonds. Those are bonds with less than an investment-grade credit rating, meaning they have a greater likelihood of […]
‘Breadlines’ Erupt Across America As Lockdowns Crush America’s “Working Poor”…
The economy has crashed into a depression, 16.78 million Americans have applied for unemployment benefits, and consumer sentiment crashed the most on record. This American horror story has taken only three weeks to play out, the fastest and most severe economic crash in the country’s history, and still, we don’t know the true extent of […]
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