The IMF is formally adding the Chinese renminbi (aka the yuan) to their “Special Drawing Rights” basket on Saturday, October 1st. The move boosts the yuan to the status of global reserve currency alongside its basketmates, the pound, the euro, the yen and the dollar…
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Apple Is Named the Biggest U.S. Corporate Tax Avoider Booking $218 FRIGGIN BILLION Dollars of Profit in Offshore Accounts…
Apple has been named as the biggest corporate tax avoider in the United States after booking $218.55 billion (£171.6 billion) of profit offshore last year. The tech giant was able to save $65.08 billion (£51.1 billion) that it should have paid in tax thanks to its convoluted arrangements…
Germany’s Deutsche Bank, Again in Trouble, Received a U.S. Bailout Twice as Big as Lehman Brothers…
The gyrations in Deutsche Bank’s shares last week together with a June report from the International Monetary Fund indicating that the bank was “the most important net contributor to systemic risks” has cast a trading pall over all of the global banks.
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Steve Jobs Held Billions of Dollars Offshore. Was He Unpatriotic?
At the end of September 2011, just days before his passing, the company that Steve Jobs founded had a $25 billion cash hoard. Nearly half of this was stashed overseas…
The Biggest Heist in Human History by Mike Whitney…
Is the Fed confused about how the economy works? Is the Fed confused about how the financial system works? Probably not. There’s probably some other explanation altogether, after all, why would someone put gas in their radiator when the gas-tank is empty…
Stocks Soar After French Press “Confirm” Deutsche Bank Near Settlement With DOJ…
Seemingly confirming the rumor, Agence France Press reports that Deutsche Bank is nearing a $5.4 billion settlement with the US Justice Department…
Big Data Exposes How Politically Connected Traders Cashed In During the Financial Crisis by David Sirota…
Big Data — those sprawling algorithms that can track and predict patterns in human behavior — often conjures up fears of a big-brother police state. But those same data-sets could be harnessed to uncover and expose Wall Street excesses…
Strange Deaths of JPMorgan Workers Continue…
Last Thursday, September 22, 2016, the body of Ann Korkki, a Senior Administrative Assistant in the Wealth Management division of JPMorgan Chase in Denver, Colorado was found with the body of her sister, Robin Korkki, inside their luxury vacation villa at the Maia Resort on Seychelles…
The Run Begins: Deutsche Bank Hedge Fund Clients Withdraw Excess Cash…
Deutsche Bank concerns just went to ’11’ as Bloomberg reports a number of funds that clear derivatives trades with Deutsche Bank AG have withdrawn some excess cash and positions held at the lender…
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If Elizabeth Warren Wants to Probe Worker Abuse on Wall Street, Start With the Unprecedented Rash of Deaths and Suicides…
If Senators Warren, Sanders, Merkley and Brown genuinely want to change their party’s jaded image as Wall Street Democrats, they will use this timely opportunity to demand that the OCC turn over its records on the profits flowing to Wall Street from these untimely deaths of young people…
US Bonds, Stocks Rally As Most Systemically Dangerous Bank In The World Collapses…
Don’t think Deutsche Bank matters? Think again…
House Passes Bill Preventing IRS from Wrongfully Seizing Your Assets…
The House unanimously passed a bill Thursday aimed at preventing the Internal Revenue Service from wrongfully seizing assets of innocent Americans under current civil forfeiture laws…
The Penny Stock Chronicles: The Money Is Gone by David Dayen…
After a stock analyst lost $1 million on one penny stock, he set off to find out how — and soon discovered signs of a far bigger scheme than he had ever imagined…
U.S. Taxpayers Subsidized Wells Fargo Executive Pay…Bonuses…Amid Bank’s Fraud…
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US-EU Trade Talks “De Facto Dead”…
This week the German Economy Minister stated the US-EU TTIP talks were “de facto dead”. The US-Asia TPP talks have been dead as a doornob for some time… TTP, TTIP, Obama, Obama White House, TTP dead, TTIP dead, EU, European Union, Reinhold Mitterlehner, wants trade agreements re named, free trade, laughable
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Volkswagen Investors Seek $9.2B in Compensation Over Diesel Emissions Scandal…
Volkswagen faces €8.2 billion in damage claims from investors over their losses following the emissions scandal. The company has admitted equipping about 11 million diesel vehicles with…
The Biggest Washington Whopper Yet…
You can’t find lazier people than in the mainstream financial press, but their exuberant cheerleading about the purported 5.2% gain in the real median household income in 2015 surely was a new high in mendacity…
Central Bank Digital Currencies: A Revolution in Banking? by Ellen Brown…
Several central banks, including the Bank of England, the People’s Bank of China, the Bank of Canada and the Federal Reserve, are exploring the concept of issuing their own digital currencies…
Three Cheers for Poop Power!: Toyota Using Human Waste Based Fuel to Power Its New Electric Car…
Toyota has gone to the toilet, literally, scooping up human poop to create renewable hydrogen fuel to power its new electric car. The use of human waste is expected to solve the motor giant’s ‘chicken or the egg’ problem…
Thousands March on Brussels, Urge Their Leaders to Take Down TTIP…
About 15,000 people participated in Brussels protests against TAFTA, a proposed Transatlantic Free Trade Area between the EU and the US, also known as the US-EU Transatlantic Trade and Investment Partnership…