Middle Class Dismissed

Conference Board Fears Front Running Ahead of Its Economic Data; 250 Millisecond Edge

"The Conference Board will no longer provide its economic reports in advance to news organizations because it suspects the data is being diverted early to computer-driven trading systems, reports AP. The private research group has provided its monthly data to reporters 30 minutes before the information is publicly released. The early access to the data has allowed journalists to prepare news reports ahead of the information's public release at 10 a.m. Eastern time. Starting Tuesday, the Conference Board's data will be released to everyone simultaneously." Continue reading →

Continue ReadingConference Board Fears Front Running Ahead of Its Economic Data; 250 Millisecond Edge

Internet Archive Federal Credit Union Backed by Internet Pioneer Brewster Kahle

"Jordan Modell has experience working with Citibank, American Express and the Bank of New York. Brewster Kahle is an Internet pioneer who helped develop precursors to the World Wide Web and Amazon.com and sold them for millions of dollars that he has used to form a foundation that supports the Internet Archive, an effort to digitally record everything that has been on the Internet since 1996. The pair decided to found a credit union after coming to the conviction that the existing financial services industry has largely stopped working for low-income and middle-class people and that a bank was not the best vehicle to meet the needs of those populations." Continue reading →

Continue ReadingInternet Archive Federal Credit Union Backed by Internet Pioneer Brewster Kahle

‘We were told to lie’ – Bank of America employees open up about foreclosure practices

"Employees of Bank of America say they were encouraged to lie to customers and were even rewarded for foreclosing on homes, staffers of the financial giant claim in new court documents. According to testimonies obtained by journalists at ProPublica, supervisors at various Bank of America branches across the United States encouraged employees to regularly deny loan modification applications with no reason. At times, they were told to make up excuses to customers who risked losing their homes. In one of the sworn statements, an ex-bank staffer said he would be directed to deny upwards of 1,500 loan modification applications at a single time with no apparent reason." Continue reading →

Continue Reading‘We were told to lie’ – Bank of America employees open up about foreclosure practices

India: Emerging from Poverty or Stuck in the Past?

"India's problems are a result of the country's collectivist system, which detaches people from the consequences of their actions. Economic feedback in India is warped – costs are socialized, while benefits are not. Trickery and heavy-handedness are the norm in India, and they work. Real wealth creation feels unnecessary. From an individual's point of view, time and capital are better spent making political connections and offering bribes, both of which are more lucrative and efficient than making an honest living. India has been like this for forever. There has been nothing to shake India from its philosophical slumber and force its citizens to re-evaluate outdated precepts." Continue reading →

Continue ReadingIndia: Emerging from Poverty or Stuck in the Past?

DoJ Files Action to Collect Multiple 50 Percent Civil FBAR Penalties in U.S.A. vs. Zwerner

"On June 11, 2013, the U.S. government filed a Complaint to collect multiple civil FBAR penalties in the amount of $3,488,609.33 against Carl R. Zwerner of Coral Gables, Florida for his alleged failure to timely report his financial interest in a foreign bank account. According to the Complaint, from 2004 through 2007, Mr. Zwerner, a U.S. citizen, had a financial interest in an account at ABN AMRO Bank in Switzerland (hereinafter, 'the Swiss bank account') and that the balance of the Swiss bank account from 2004-2007 was at all times greater than $10,000 and that, as such, on or before June 30, 2005, 2006, 2007, and 2008, Mr. Zwerner was required to file an FBAR." Continue reading →

Continue ReadingDoJ Files Action to Collect Multiple 50 Percent Civil FBAR Penalties in U.S.A. vs. Zwerner

Massive Protests Break Out in Brazil

"Going completely unreported in the US mainstream media are the massive nationwide protests occurring right now in Brazil. In all the major population centers, including Rio de Janeiro, Sao Paulo, the capital of Brasilia, and 8 other cities, 10s of thousands, possibly 100s of thousands of people are marching in the streets and taking over government buildings. The reasons given for the protests vary, but from what I’ve heard from my contacts the most significant reasons are economic malaise, high inflation, and a culture of corruption." Continue reading →

Continue ReadingMassive Protests Break Out in Brazil

Xerxes Is On The Move

"At a cost of 'between $60 million to $100 million,' 'President Obama goes to sub-Saharan Africa this month,' reports the usually adoring Washington Post. A good part of the comitatus—'the sprawling apparatus that encompasses … the emperor’s household and its personnel'—is going along for the ride. Military cargo planes will airlift in 56 support vehicles, including 14 limousines and three trucks loaded with sheets of bulletproof glass to cover the windows of the hotels where the first family will stay. Fighter jets will fly in shifts, giving 24-hour coverage over the president’s airspace, so they can intervene quickly if an errant plane gets too close." Continue reading →

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Freeloaders

"The president's family descended on Northern Ireland to enjoy a lavish holiday in a five-star hotel, where just their room (one of 30 they have commandeered) goes for a cool $3,300 dollars per night. The first family's two-day vacation to Northern Ireland is estimated to cost our families some $5.2 million. Not many working American families can afford a vacation at all, but they have no choice but chip in for the Obama family's fun and games. The first class holiday for the first family is said to be the 'biggest security operation ever mounted in Northern Ireland' -- and in a region that not long ago was mired in brutal warfare and terrorism that is saying quite a bit!" Continue reading →

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Responding to Scandals and Corruption, the IRS Rewards Itself with Giant Bonuses

"What do you do if you’re part of a government bureaucracy that has been caught red-handed engaged in sleazy, corrupt, and (almost surely) illegal targeting of Americans for their political beliefs? But before you answer, keep in mind that your bureaucracy also has been exposed for wasting huge amounts of money at lavish conferences. What’s the ideal way of dealing with the fallout from that scandal as well? The answer is simple. Even though you and your pals already are paid more than the peasants in the private sector, give yourself and your cronies giant bonuses!" Continue reading →

Continue ReadingResponding to Scandals and Corruption, the IRS Rewards Itself with Giant Bonuses

America Falls Behind in Creating Rich Entrepreneurs

"The creation myth of American wealth is almost always rooted in the entrepreneur. It's the two kids who start a computer company in their garage or dorm room. Or the former standup comic who creates form-shaping undergarments, or the South African immigrant who creates a new electric car and private space program. But despite the high-profile examples, America may actually be falling behind the rest of the world when it comes to creating entrepreneurial wealth. A new study from Barclays, 'Origins and Legacy: the Changing Order of Wealth Creation,' finds developing countries now lead the U.S. when comes to wealth creation by entrepreneurs." Continue reading →

Continue ReadingAmerica Falls Behind in Creating Rich Entrepreneurs