Grabfest

JPMorgan chief Jamie Dimon negotiates fine amount with U.S.

"JPMorgan Chase chief Jamie Dimon held talks with the Department of Justice Thursday on a possible $11 billion deal to settle alleged violations, a source close to the matter said. Dimon and US Attorney General Eric Holder met in Washington amid intense negotiations to wrap up a slew of misbehavior allegations against JPMorgan, the biggest US bank by assets. Earlier this week reports said JPMorgan had offered $3 billion to the Justice Department to settle some or all of the charges it faces, against reported demands for $20 billion from the department. The talks focused on a number in the range of $11 billion, but the Justice Department has also reportedly insisted on the company admitting guilt." Continue reading →

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Grid Down Acapulco: “There’s Nothing to Eat”

“Though the government would like us to believe there is rarely looting or panic in the aftermath of a disaster, the fact of the matter is that within 72 hours of any serious crisis people will lose it.  Case in point: Acapulco, Mexico.  … Continue reading →

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Kevin Trudeau jailed for not paying $38 million to feds over natural remedies

"The Federal Trade Commission (FTC) has been after 50-year-old Trudeau, originally from Massachusetts, for several years after he made millions flogging what he claims are natural cures for serious and potentially fatal illnesses. The ruling at the end of last month was the latest round in more than a decade of legal battles that began with a suit filed by the Federal Trade Commission. Trudeau was slapped with a $38 million fine in 2011 after allegedly scamming customers for decades. FTC put the value at $37.6million as to how much consumers were defrauded by 'deceptive infomercials' that Trudeau filmed in order to plug his book - The Weight Loss Cure 'They' Don't Want You to Know About." Continue reading →

Continue ReadingKevin Trudeau jailed for not paying $38 million to feds over natural remedies

South African gold miners strike over ‘slave wages in white man’s economy’

"About 80,000 gold miners in South Africa walked out on strike on Tuesday night, raising fears of renewed violence in the crisis-hit industry and underlining the government’s dwindling authority. The dispute over pay comes a year after 46 people died during unrest in the platinum belt and amid signs that the century-old mining industry model is broken. For years South Africa was the world’s top gold producer, accounting for more than two-thirds of output in 1970, but it has slipped to fifth place with just 6% of global production. The NUM is demanding rises of up to 60% after talks broke down." Continue reading →

Continue ReadingSouth African gold miners strike over ‘slave wages in white man’s economy’

China’s beverage billionaire Zong Qinghou victim of knife attack

"Multi-billionaire Zong Qinghou, China’s second richest man, was attacked and injured by a would-be job applicant wielding a knife, official media said Wednesday. Zong, China’s richest man until he was dethroned last week, is chairman of the country’s leading beverage producer Wahaha Group. Forbes magazine estimates his personal wealth at $11 billion, second only to Wang Jianlin, head of conglomerate Wanda Group, on $14 billion. Zong started his business in 1987 on a tricycle selling soft drinks and ice cream and built Wahaha into one of the top 500 private firms in China, according to the company’s website." Continue reading →

Continue ReadingChina’s beverage billionaire Zong Qinghou victim of knife attack

The Attack on U.S. Property Rights Continues

"If Mayor McLaughlin delivers on her threat, banks will view mortgage lending in Richmond as a riskier investment. As a result, banks will make it harder to get loans in Richmond by requiring higher down payments to minimize the risk of the mortgage going underwater. They will also likely demand higher interest rates to compensate for the increased risk of lending in that market. According to Wells Fargo, Newark (NJ), North Las Vegas, El Monte (CA), and Seattle are all considering similar plans. Taken together, they will further contribute to the decline in the security of property rights in the United States and further jeopardize our economic prosperity." Continue reading →

Continue ReadingThe Attack on U.S. Property Rights Continues

‘A tide of squatters’ spreads in Spain in wake of foreclosures

"If the organization known as Okupatutambien, or 'Become a Squatter Too' has its way, the country will see a mass expropriation of abandoned or repossessed property to resolve the housing crisis. According to a 117-page “Squatters’ Guide” published on the Internet by the group, there are 3 million empty homes in Spain, or about 100 for each of the 30,000 homeless. The guide advises would-be squatters on how to stake out, enter and remain inside properties, leaving the rightful owner and authorities powerless to evict them. It also offers free counseling from an office in downtown Madrid on how to siphon water and electricity from municipal supplies and how to deal with law-enforcement officers." Continue reading →

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Jeffrey Tucker: How to Fake a Fast Food Strike

"There’s every indication that people outside the restaurants protesting didn’t actually work for the place they were protesting. It was a classic 'rent-a-mob' situation, and the rent was being paid by political activists whose agenda has nothing to do with helping the average burger flipper. These were mostly media stunts cooked up by the Service Employees International Union, which bused in these so-called workers as a fulfillment of a little charade and subsequent media blitz. The SEIU coordinates these protests with various professional worker groups and in conjunction with the press to make the biggest possible splash." Continue reading →

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Can We Pay a Minimum Wage That Makes Everyone Rich?

"More people -- an increase in the supply of labor -- want to work at McDonald’s at a rate of $15 an hour than $7.25. That leads to an influx of workers into the labor force and higher unemployment as new entrants fail to find a job. The road to a higher-paying job goes through education, training for the jobs of tomorrow, and incentives such as the earned income tax credit, not through the imposition of a floor on wages. So the next time someone tells you that the U.S. needs to raise the minimum wage to $15 an hour, ask him what’s so special about $15. Why not raise it to $50, or $100, and make everyone rich?" Continue reading →

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Lawyers’ Heaven: Big Banks’ Legal Bills Total $100 Billion.

"The six biggest U.S. banks, led by JPMorgan Chase & Co. (JPM) and Bank of America Corp., have piled up $103 billion in legal costs since the financial crisis, more than all dividends paid to shareholders in the past five years. Bank of America, led by Chief Executive Officer Brian T. Moynihan increased its legal costs by $3.3 billion in the first half to a total of $19.1 billion. That’s the amount allotted to lawyers and litigation, as well as for settling claims about shoddy mortgages and foreclosures, according to data compiled by Bloomberg. The sum, equivalent to spending $51 million a day, is enough to erase everything the banks earned for 2012." Continue reading →

Continue ReadingLawyers’ Heaven: Big Banks’ Legal Bills Total $100 Billion.