Business

Federal Reserve: 18 Largest U.S. Banks Strongest Since Financial Crisis Began in 2008

March 7, 2013

“Under the stress tests’ most severe scenario, the United States would undergo a recession in which unemployment would reach nearly 12 percent, stocks would lose half their value and home prices would plunge 20 percent.”

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Federal Reserve’s Stress Tests: Ally Financial Only Bank That Would Have Losses

March 7, 2013

“Government-owned Ally Financial was the only bank that fell below a generally accepted regulatory capital standard based on initial Federal Reserve stress test results released Thursday seeking to find out if 18 of the largest financial institutions can withstand a deep recession.”

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New York Governor Cuomo (D) Asks Banks to Offer Hurricane Sandy Victims Relaxed Mortgage Repayment Schedules

March 7, 2013

‘”A homeowner who could come up with three months in mortgage payments all at once probably didn’t need forbearance in the first place,” he said. “Everyone else needs more time to repay.”"

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Senator Elizabeth Warren (D-MA): Prosecute Banks That Launder Drug Money

March 7, 2013

“Regulators fined the company $1.9 billion over the laundering, but Warren questioned why no criminal prosecutions were aimed at the company or its employees.”

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Danish Treasury: Microsoft Corp. Owes Denmark $1 Billion in Unpaid Taxes

March 5, 2013

“The tricky part, according to Denmark, is that Microsoft then transferred its rights in what used to be Navision – the money-making assets — to an Irish subsidiary.”

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White House Responds to Petition Expressing Support For Cellphone Unlocking

March 5, 2013

“Responding to a petition on WhiteHouse.gov, the executive branch stated, “The White House agrees with the 114,000+ of you who believe that consumers should be able to unlock their cell phones without risking criminal or other penalties.””

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Student Loans: The Next Great Big Bubble to Pop

March 4, 2013

“But while investors are piling into student loans, borrowers are falling behind on their payments at a faster clip. According to a Thursday report by the Federal Reserve Bank of New York, 31% of people paying back student loans were at least 90 days late at the end of the fourth quarter, up from 24% in the fourth quarter of 2008.”

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JP Morgan Chase Intends to Cut 17,000 Jobs Over the Next 2 Years

February 27, 2013

“Increases in the uses of technologies like banking deposits made via ATMs and smart phones have reduced the need for manpower especially in branch offices.”

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U.S. Internet Service Providers Launch Controversial “Six Strikes” Anti-Piracy Program

February 26, 2013

“The “Copyright Alert System,” or CAS, will allow content owners to monitor peer-to-peer networks for illegal downloading or uploading.”

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Oxfam: World’s Largest Food Companies Failing to Meet Ethical Standards

February 25, 2013

“Oxfam has launched a Behind the Brand campaign in 12 countries calling on the public to use social media to put pressure on the companies to improve their policies.”

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House Intelligence Committee Chairman Mike Rogers (R-MI) Dismisses China’s Hacking Denials

February 24, 2013

“He said the attacks were illegal and unprecedented in scope, and that the United States was not currently able to protect American companies from them.”

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Retailers Preparing for Lower Consumption Due to the High Gas Prices, Payroll Tax Increase, and Stagnant Income

February 24, 2013

“In a survey released Thursday, the National Retail Federation (NRF) said some 46 percent of consumers plan to spend less as a result of the payroll tax increase”

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Politico: Defense Industry Has Lost Most of Its Key Allies in Congress

February 24, 2013

“Of the 30 largest House recipients of defense industry campaign donations since the 1990 election cycle, only 11 are still serving in Congress, according to a POLITICO analysis of federal data compiled by the Center for Responsive Politics.”

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Major Banks Facilitating Rip-Off (and Sometimes Illegal) Internet-Based “Payday” Lenders

February 24, 2013

“While the banks, which include giants like JPMorgan Chase, Bank of America and Wells Fargo, do not make the loans, they are a critical link for the lenders, enabling the lenders to withdraw payments automatically from borrowers’ bank accounts, even in states where the loans are banned entirely.”

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Stranded Cruise Passengers Sue Carnival Cruise Lines in Class Action Lawsuit

February 21, 2013

“In addition, “motivated solely by financial gain” Carnival negligently brought the Triumph to Mobile, where it would be repaired, rather than a closer Mexican port. That decision extended the trip by 350 miles.”

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