Days after Goldman Sachs agreed to fork over nearly $4 billion to the Malaysian government as penance for aiding and abetting the criminals who looted more than $4 billion from 1MDB (a sovereign wealth fund financed by several bond issues underwritten by Goldman Sachs), former Malaysian Prime Minister Najib Razak has been found guilty on […]
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Goldman’s 1MDB Fiasco Nears End with $3.9 Billion Malaysia Pact…
Goldman Sachs Group Inc. has reached a $3.9 billion pact with Malaysia, marking a big step in the Wall Street giant’s efforts to resolve its worst scandal since the financial crisis. The settlement includes a payment of $2.5 billion to Malaysia to resolve probes into the U.S. bank’s role in a scheme to plunder the […]
China Floods Causing U.S. Agricultural Export Boom…
Despite U.S. agricultural exports to China falling one-third through May due to trade war retaliation, exports have surged above forecast due to the flooding of 433 rivers across China. The U.S. Department of Agriculture reported that pork, corn, wheat, cotton, rice, sorghum, and soybean exports to China from July 10 to 16 are trending above […]
Florida Man who Used COVID-Relief Funds to Purchase Lamborghini Sports Car Charged in Miami Federal Court..
A Florida man was arrested and charged with fraudulently obtaining $3.9 million in Paycheck Protection Program (PPP) loans and using those funds, in part, to purchase a sports car for himself. Authorities seized a $318,000 sports car and $3.4 million from bank accounts at the time of arrest. Acting Assistant Attorney General Brian C. Rabbitt […]
McConnell Unveils GOP HEALS Act Proposal with Targeted Round of Wuhan Virus Aid…
Senate Majority Leader Mitch McConnell announced Republicans will introduce a bill to provide a new round of coronavirus aid that would reduce an expansion of unemployment benefits and provide a new batch of stimulus checks, but to a smaller group than a prior round of help. “Senate Republicans have authored another bold framework to help […]
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Trump Signs 4 Executive Orders to Cut Cost of Drug Prices in U.S….
President Donald Trump signed four separate executive orders aimed at cutting the cost of prescription drugs in the U.S. on Friday, saying Americans aren’t getting a fair deal. The first order requires that community health centers pass on the “massive” discounts they have traditionally received on purchases of insulin and epipens to their customers. The […]
Dodd-Frank Is 10 Years Old Today and the Fed Is Back to Bailing Out Wall Street…
Today marks the 10th Anniversary of the enactment of the Dodd-Frank Wall Street Reform and Consumer Protection Act, named after its two sponsors, former Senator Christopher Dodd (D-CT) and former Congressman Barney Frank (D-MA). The massive piece of legislation was signed into law on July 21, 2010 by President Barack Obama at a time when […]
Mnuchin Confirms GOP Stimulus Plan to Include $1,200 Stimulus Checks…
A forthcoming Senate Republican stimulus proposal will mirror CARES Act that included a one-time $1,200 economic impact payment to some Americans, said a top White House official on Thursday. Treasury Secretary Steven Mnuchin was asked about the nature of the payments, saying it would be the same as the bill passed in March. “We’re talking […]
Appeals Court Upholds Groundskeeper’s Roundup Cancer Trial Win over Monsanto…
The Court of Appeal for the First Appellate District of California said Monday that Monsanto’s arguments were unpersuasive and Dewayne “Lee” Johnson was entitled to collect $10.25 million in compensatory damages and another $10.25 million in punitive damages. “In our view, Johnson presented abundant—and certainly substantial— evidence that glyphosate, together with the other ingredients in […]
Wall Street Firms Are Considering A Mass Exodus from New York…
Wall Street is about to see a mass exodus. Firms in New York’s financial district are facing an onslaught of headwinds amounting to great reasons to simply pick up and leave: employees working from home, unused office space, a mayor who has squelched law and order in the city and a state legislature obsessed with […]
Faulty Treasury Software Cost Labor Department $92M in Owed Debts…
This week, our award is going to the U.S. Department of Treasury for employing faulty software that led to $92 million in uncollected debts owed to the Department of Labor, as well as an undetermined amount owed to 12 other federal agencies. The debts owed to the Labor Department are comprised of close to 11,000 […]
The Fed Rides to the Rescue of JPMorgan and Citi Again – This Time It’s Their Commercial Real Estate Mortgages…
Quietly, on July 13, the New York Fed published a list of asset-backed loans that it had approved for eligibility in one of its emergency lending programs, the Term Asset-Backed Securities Loan Facility, otherwise known as TALF. The New York Fed stuck a smattering of small business loans and one student loan product on the […]
Bayer Investors Investigate Company’s Directors for Possible Securities Fraud over Roundup Cancer Cases…
The legal announcement on Monday from Pomerantz LLP called on investors to join a class action case that will investigate Bayer’s officers and/or directors. Hagens Berman has also urged investors in Bayer who suffered $1 million or more in losses to submit their losses now for evaluation by their legal team. They stated that a […]
Why Are U.S. Taxpayers Providing Public Pensions to Millionaire Members of Congress?…
Membership in the U.S. Congress is an exclusive club that comes with lucrative, taxpayer-funded privileges. Retirement perks include a lifetime pension and a taxpayer-matched savings plan with taxpayer-paid contributions of up to five percent of salary. As the longest-serving member of Congress, Sen. Patrick Leahy (D-VT) would qualify for a yearly pension of $167,040 if […]
(Shhh! Don’t Tell Wall Street that the Fed is Tightening.) Repo Loans Hit Zero; Fed Balance Sheet Shrinks by $248 Billion in a Month…
Beginning on September 17 of last year, months before the first COVID-19 case had been discovered anywhere in the world, the Federal Reserve – for the first time since the financial crisis of 2008 – jumped into the repo loan market, where financial firms borrow from each other overnight, and began making tens of billions […]
Millions in Wuhan Virus Relief Loans Went to Chinese Real Estate Company at Center of FBI Bribery Probe…
The Trump administration loaned between $4 million and $10 million in coronavirus relief funds to a real estate company whose chairman allegedly bribed a Los Angeles city councilman with nearly $260,000 in poker chips, escort services and $600,000 in payments to settle a sexual harassment lawsuit. Jose Huizar, the city councilman, was arrested on June […]
Tracking PPP Loans…
As part of the Paycheck Protection Program, the federal government provided up to $659 billion in financial support to banks to make low-interest loans to companies and nonprofit organizations in response to the economic devastation caused by the coronavirus pandemic. Search the loans approved by lenders and disclosed by the Small Business Administration (SBA)…
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Bed Bath & Beyond Says It Will Close 200 Stores Over the Next Two Years…
Bed Bath & Beyond announced Wednesday that it plans to close about 200 stores over the next two years. The announcement came as the firm unveiled its quarterly earnings report on Wednesday. But the firm did not say what stores would be closing. Like many retailers across the United States, Bed Bath & Beyond was […]
New York’s Deutsche Bank Settlement of $150M Shines Spotlight On Epstein’s Murky Finances…
After decades of secrecy, Jeffrey Epstein’s finances are coming into clearer view with the arrest of his onetime girlfriend and longtime associate, Ghislaine Maxwell, and Tuesday’s announcement that Deutsche Bank will pay $150 million in penalties in part because of its relationship with the disgraced financier. The New York Department of Financial Services announced Tuesday […]
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Top Attorney Joins Walt Disney Heir’s Suit Against His Former Lawyer: ‘This Is the Beginning of a Much Bigger Story’…
The grandson of animator Walt Disney is suing his former lawyer for allegedly conspiring against him and simultaneously billing him for it. Now, Bill Clinton‘s former special counsel is getting involved. Attorney Lanny Davis announced he was joining the ongoing litigation in the State of Arizona on Wednesday, describing the circumstances surrounding the case as […]
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