The late 1920s and the early 2000s had two things in common. There was an unprecedented level of wealth and income inequality in the United States and there was no federal legislation to prevent giant Wall Street trading houses from owning deposit-taking banks filled with the savings of moms and pops across America. In both […]
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Luxury Hotel Group Ashford Inc Is Biggest Beneficiary of PPP with $59M After Exploiting Loophole While Laying Off 95% of its Staff…
The luxury hotel group that owns Marriott Beverly Hills and the Ritz Carlton in Atlanta and is ran by a major Donald Trump donor has been named as the biggest beneficiary of the coronavirus loan program receiving a staggering $59million intended for small firms, while its boss has pocketed millions in dividends during the pandemic. […]
U.S. Ban on Saudi Oil Could Force Riyadh to Reroute 40 Million Barrels…
Saudi Arabia may be forced to reroute tankers carrying some 40 million barrels of crude oil to the United States if President Trump goes through with a threat to ban imports, Reuters has reported, citing shipping data and unnamed sources. There have been reports that Washington is discussing a ban on Saudi imports of crude […]
Americans Are Paying a Tragic Price for Allowing Five Banks to Control the U.S. Economy…
According to the Federal Deposit Insurance Corporation, as of yesterday there were 5,117 federally-insured banks and savings associations in the United States. But in terms of risk to the U.S. economy and financial system, according to the U.S. Treasury’s Office of Financial Research, only five of those banks matter. And as you can see from […]
U.S. Probes Insider Trading Tied to OPEC+ Oil Deal…
The U.S. Commodity Futures Trading Commission (CFTC) is investigating whether non-American traders had obtained insider information about Russia’s position in the OPEC+ negotiations last month, which they may have later illegally used to bet on crude oil futures, Bloomberg reported, citing two people with direct knowledge of the issue. Under the Dodd-Frank Act of 2010, […]
Here Are the Contracts Showing How $4.5 Trillion in Stimulus Was Outsourced to Wall Street…
Bloomberg News has an article up today with the headline: “The Fed Loves Main Street as much as Wall Street This Time.” The article is accompanied with a graphic of Fed Chair Jerome Powell shooting equal amounts of money at Main Street and Wall Street. Nothing could be further from the truth. Despite the headline, […]
The Malaysian Job: How Wall Street Enabled a Global Financial Scandal…
This past January, Goldman Sachs CEO and chairman David Solomon strode onto a stage at the bank’s lower Manhattan headquarters to launch the first “Investor Day” in the famously secretive institution’s one-hundred-and-fifty-year history. The celebration was promoted as an inspiring review of Goldman’s “strategic road map and goals,” and the presentations were replete with pledges […]
GO FIGURE: Democrat in Charge of Coronavirus Bailout Oversight Broke Federal Law About Stock Disclosures…
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 […]
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; […]
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