An analysis by Morgan Stanley finds that Wall Street stands to be hit with at least $22 billion in penalties over its involvement in rigging key interest rates that underlie trillions of dollars of investments around the world. But that’s a low number – as hundreds of thousands of litigants – from individuals, to cities, to businesses – might have cases against the banks as this investigation continues – and it’s learned just how much mo
Our public transportation system is failing low-income workers. According to a new study by the Brookings Institute – only a quarter of Americans can get to their job within 90 minutes using public transportation. For a lot of Americans who can’t afford a car – or the gas to commute the average 13 miles it takes for the typical American to get to work – then public transportation is their only option. But that means long, exh
While small businesses have certainly taken a hit following the Bush Great Recession, the evidence shows that American entrepreneurs have been getting pummeled for more than thirty years. According to a new study released today by the New American Foundation, the number of entrepreneurs per capita has dropped by 53% since 1977. And since 1991, the number of Americans who are self-employed has dropped by more than 20%. In othe
After heads rolled last week at Barclays Bank following admission that the bank rigged key interest rates that underlie millions of consumer loans from home mortgages to credit cards, there are new allegations that other banks may be involved, and that this massive rip-off has been going on for decades. As one financial insider admitted to The Economist, “fifteen years ago, the word was that LIBOR was being rigged.” The insider wen
So-called Emergency Financial Managers in Michigan are selling off public schools to private charter school corporations – and laying off hundreds of public school teachers in the process. The “mini-dictators” who – appointed by Republican Governors – have unprecedented power to fire local elected officials, break union contracts, and sell off our commons to corporate interests have decided to eat alive the public school system in West M
Despite promising to renegotiate the bailout deal, to soften austerity measures coming down the pike, the new Conservative coalition government in Greece is moving forward with harsh new spending cuts. Even though the New Democracy party supported the bailout and austerity program during the campaign, the Party did promise to soften the austerity blow and have the spending cuts spread out over two years rather than inflicted immediately.
With the Socialists now in control of France – the wealthy are again - after a long pause of tax cuts for the rich under Sarkozy - being asked to sacrifice their fair share. President Francois Hollande introduced a new budget on Wednesday – restoring pre-Sarkozy tax rates on the rich.
One giant pharmaceutical company just got busted for putting profits ahead of peoples’ lives. In the largest healthcare fraud settlement in U.S. history, British drug maker GlaxoSmithKline was slapped with $3 billion in fines after pleading guilty to a number of criminal and civil violations related to 10 drugs the company produces that are taken by millions of Americans.
Hundreds of thousands of people are still without power around the nation’s capital – and left to deal with a record breaking heat wave alone. Fueled by all-time temperature highs on Friday, a massive freak storm ripped across the Mid-Atlantic Friday night – killing at least 15 people and knocking out power to more than three million.
The Supreme Court’s health care ruling on Thursday protected hundreds of millions of Americans from being denied health insurance for pre-existing conditions, kept millions of young people insured under their parents healthcare plans, and will eventually lead to coverage of more than 30 million Americans who previously did not have access to health insurance.