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Fmr. Comptroller David Walker: To help end budget gimmicks, pass this bill

“This bill, also championed by the youth-led ‘The Can Kicks Back’ campaign, would make it more difficult for Washington politicians to kick the can down the road by providing information about the long-term impact of today’s unsustainable fiscal policy. Specifically, the INFORM Act would expose two important but often ignored realities. First, with an aging population, rising healthcare costs and mounting interest expense, federal spending is set to automatically and dramatically increase the ‘mandatory’ part of our budget. Second, young people and future generations will disproportionately shoulder the burden of our fiscal imbalance.” Continue reading →

Justice Department sues to block US Airways-American merger

“In a surprise move Tuesday, the U.S. Justice Department sued to block the $11 billion merger of American Airlines and US Airways, which would create the world’s largest airline. The Justice Department said it would harm competition and U.S. consumers, as just four airlines would control more than 80 percent of the U.S. commercial air travel market. The department took action against this merger, yet recently let go other combinations between major airlines. Industry experts said the move was out of step with past practices and would potentially leave US Air and American, which is emerging from bankruptcy, at a competitive disadvantage.” Continue reading →

‘London Whale’ Bruno Iksil Won’t Be Prosecuted By Justice Department

“Former JPMorgan Chase employee Bruno Iksil will not be prosecuted by the Justice Department, the Wall Street Journal reports, citing a person close to the situation. Iksil is the so-called ‘London Whale’ at the center of the trading scandal that lost JPMorgan, the country’s biggest bank by assets, some $6.2 billion in 2012. The New York Times reported Friday that U.S. authorities planned to arrest two former JPMorgan employees for their roles in the scandal, and Iksil will need to play a role in any arrests related to the trades, Reuters reported Thursday.” Continue reading →

Fed links leveraged ETFs to 1987 crash

“Federal Reserve economist Tugkan Tuzun has warned leveraged exchange-traded funds could be the next problem for the stock market and could trigger a crash similar to that in 1987. Leveraged ETFs set out to generate multiples of daily index returns by gearing their portfolios twice or three times over. Turzun points to portfolio insurance, generally blamed for triggering the 1987 crash. Thanks to their trades, and their gearing, leveraged ETFs can have an outsized impact on the market. Tuzun argues that a 1% move in broadly-based market indices can produced rebalancing flows totaling $1 billion.” Continue reading →

5 Myths Used to Justify Death By Drone and America’s Assassination Policy

“America’s never-ending war on terrorism is almost always depicted in the mainstream media as a military and intelligence agency fight on a global battlefield. But it is also a propaganda war where the public is fed inaccuracies from Washington, especially when it comes to overseas killings by U.S. military drones. Here are five myths perpetuated by the military and its weapons makers that seek to make Americans feel good about drones and the White House’s policy of targeted assassinations.” Continue reading →

5 Myths Used to Justify Death By Drone and America’s Assassination Policy

Muslim Brotherhood supporters to intensify protests against ‘military tyranny’

“Egypt’s government says 525 people were killed and thousands wounded in the worst day of civil violence in the modern history of the most populous Arab state. International condemnation rained down on Cairo’s military-backed rulers for ordering the storming of protest camps, six weeks after the army overthrew the country’s first freely elected leader. U.S. President Barack Obama canceled plans for upcoming military exercises with the Egyptian army, which Washington funds with $1.3 billion in annual aid. Senior U.S. and European officials were in contact with Egypt’s rulers until the final hour, pleading with them not to order a military crackdown.” Continue reading →

Bitcoin gets the FBI, Homeland Security treatment

“‘The Committee directs the FBI, in consultation with the Department and other Federal partners, to provide a briefing no later 120 days after the enactment of this Act on the nature and scale of the risk posed by such ersatz currency, both in financing illegal enterprises and in undermining financial institutions,’ said the bill, which was posted on the Committee’s website, and reported Tuesday by several industry blogs. Jon Matonis, executive director of the Bitcoin Foundation, told CNBC that the wording of the bill is the type that encourages innovative startups to seek out more acceptable international jurisdictions.” Continue reading →