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 […]
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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 […]
USMCA: President Trump and President Lopez-Obrador Sign Joint Statement…
PRESIDENT TRUMP: Well, thank you very much, everyone. It’s a nice hot day, to put it mildly — (laughter) — so we’ll make this quick. But it’s all very positive — that, I can say. And it’s my tremendous pleasure to welcome everyone to the White House with my good friend, President López Obrador of […]
Treasury and SBA Release Detailed Paycheck Protection Data…
Together with the Treasury Department, the U.S. Small Business Administration (SBA) revealed detailed information Monday regarding the 4.9 million loans made to businesses across the United States during the CCP virus crisis as part of the Paycheck Protection Program (PPP). As of June 30, the PPP has seen over $521 billion lent through almost 4.9 […]
Developers Cancel Long-Delayed, $8 Billion Atlantic Coast Pipeline…
The developers of the long-delayed, $8 billion Atlantic Coast Pipeline announced the cancellation of the multi-state natural gas project on July 5, citing uncertainties about costs, permitting, and litigation. Despite a victory last month at the U.S. Supreme Court over a critical permit, Dominion Energy and Duke Energy said in a news release that “recent […]
Federal Judge Orders Dakota Access Pipeline to Be Shut Down…
A federal judge on July 6 ordered the Dakota Access Pipeline to be shut down and emptied while the U.S. government conducts an in-depth environmental impact review. U.S. District Court Judge James Boasberg ordered the underground oil pipeline to be emptied by Aug. 5, delivering a victory to Native American tribes after a years-long legal […]
Democratic Law Firm Behind Harvey Weinstein’s Defense Takes Million in PPP Stimulus Aid…
An elite law firm known for representing disgraced Hollywood executive Harvey Weinstein and Al Gore’s presidential campaign accepted up to $10 million in federal coronavirus aid, data released by the Small Business Administration show. Boies Schiller Flexner, a white-shoe firm founded by former Al Gore lawyer David Boies, applied for and obtained between $5 and […]
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Walmart Transforming 160 Parking Lots Into Drive-In Movie Theaters…
In May, readers may recall we said social distancing would revive drive-in movie theaters in a post-corona world. And boy, were we right. A press release via Walmart on Wednesday (July 1) said, “Walmart is transforming 160 of its store parking lots into contact-free drive-in movie theaters where customers can safely gather to watch movies […]
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