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Gingrich Gave Push to Clients, Not Just Ideas

Wed, 30 Nov 2011 00:00:00 -0800

New York Times - By MIKE McINTIRE, JIM RUTENBERG - Nov. 30 (News Report) - Newt Gingrich is adamant that he is not a lobbyist, but in the eight years since he started his health care consultancy, he has made millions of dollars while helping companies promote their services.

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Congress: Trading stock on inside information?

Wed, 16 Nov 2011 00:00:00 -0800

CBS News - By Steve Kroft, Ira Rosen, Gabrielle Schonde - Nov. 16 (Special Report) - Washington, D.C. is a town that runs on inside information - but should our elected officials be able to use that information to pad their own pockets? As Steve Kroft reports, members of Congress and their aides have regular access to powerful political intelligence, and many have made well-timed stock market trades in the very industries they regulate. For now, the practice is perfectly legal, but some say it's time for the law to change.

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Revealed - the capitalist network that runs the world

Wed, 19 Oct 2011 00:00:00 -0700

New Scientist - Oct. 19 (Special Report) - An analysis of the relationships between 43,000 transnational corporations has identified a relatively small group of companies, mainly banks, with disproportionate power over the global economy. The study's assumptions have attracted some criticism, but complex systems analysts contacted by New Scientist say it is a unique effort to untangle control in the global economy. Pushing the analysis further, they say, could help to identify ways of making global capitalism more stable.

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Wall Street Aristocracy Secretly Got $1.2 Trillion From Fed

Mon, 22 Aug 2011 00:00:00 -0700

Bloomberg - By Bradley Keoun, Phil Kuntz - Aug. 22 (Special Report) - Citigroup Inc. and Bank of America Corp. were the reigning champions of finance in 2006 as home prices peaked, leading the 10 biggest US banks and brokerage firms to their best year ever with $104 billion of profits. By 2008, the housing market's collapse forced those companies to take more than six times as much, $669 billion, in emergency loans from the US Federal Reserve. The loans dwarfed the $160 billion in public bailouts the top 10 got from the US Treasury, yet until now the full amounts have remained secret

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Is the SEC Covering Up Wall Street Crimes?

Wed, 17 Aug 2011 00:00:00 -0700

Rolling Stone - By Matt Taibbi - Aug. 17 (Investigative Report) - Imagine a world in which a man who is repeatedly investigated for a string of serious crimes, but never prosecuted, has his slate wiped clean every time the cops fail to make a case. No more Lifetime channel specials where the murderer is unveiled after

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U.S. Stocks Drop Sharply Amid Fears About Europe

Wed, 10 Aug 2011 00:00:00 -0700

New York Times - By Christine Hauser - Aug. 10 (News Report) - Stocks on Wall Street finished steeply lower on Wednesday as the financial sector dragged down the broader market, in a sharp reversal from the rally of the previous day. Financial stocks were down by more than 7 percent at about 4 p.m., in part because of fears about their exposure to French banks as shares in those institutions dropped during European trading. The broad stock market was affected because big countries like France in the heart of Europe might now be called upon to bail out their own banks as well as economies like Spain and Italy. "Today it’s fears about French banks and France," Michael Gapen, United States economist at Barclays Capital in New York, said, singling out the French bank Société Générale, whose shares fell about 18 percent. "SocGen is the name that is really driving trading."

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It's the Economy, Dummkopf!

Wed, 10 Aug 2011 00:00:00 -0700

Vanity Fair - By Michael Lewis - Aug. 10 (Special Report) - With Greece and Ireland in economic shreds, while Portugal, Spain, and perhaps even Italy head south, only one nation can save Europe from financial Armageddon: a highly reluctant Germany. The ironies—like the fact that bankers from Düsseldorf were the ultimate patsies in Wall Street’s con game—pile up quickly as Michael Lewis investigates German attitudes toward money, excrement, and the country’s Nazi past, all of which help explain its peculiar new status.

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Fed tells worried stock market it will keep interest rate near zero for 2 years

Tue, 09 Aug 2011 00:00:00 -0700

Associated Press - Aug. 09 (News Report) - The Federal Reserve guaranteed super-low interest rates for two more years Tuesday - an unprecedented step to arrest the alarming decline of the stock market and the economy. Wall Street roared its approval and finished a wild day with a 429-point gain. The rally was remarkably fast - the Dow Jones industrial average was still down for the day with less than an hour of trading to go - and enough to erase two-thirds of its decline the day before. The Fed set its target for interest rates near zero in 2008 as a response to the financial crisis that fall. Since then, it had said only that rates would stay low for an "extended period." On Tuesday, it guaranteed them until mid-2013.

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S&P downgrades U.S. credit rating

Fri, 05 Aug 2011 00:00:00 -0700

CNN - By Charles Riley - Aug. 05 (Breaking News) - Credit rating agency Standard & Poor's on Friday downgraded the credit rating of the United States, stripping the world's largest economy of its prized AAA status. In July, S&P placed the United States' rating on "CreditWatch with negative implications" as the debt ceiling debate devolved into partisan bickering.

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How USA Today Slips $82 Million a Year Onto Your Hotel Bill

Tue, 02 Aug 2011 00:00:00 -0700

Forbes - By Jeff Bercovici - Aug. 02 (News) - Gannett Co., the publisher of USA Today, has been profiting to the tune of tens of millions of dollars a year from these small charges.

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Dems suggest compromise on debt

Fri, 29 Jul 2011 00:00:00 -0700

The Politico - By Carrie Budoff Brown - Jul. 29 (Breaking News) - Politico - The president would be able to lift the debt ceiling unless two-thirds of both chambers override his veto.

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Doubt creeps in to tech valuations at Sun Valley

Tue, 12 Jul 2011 00:00:00 -0700

Reuters - By Sarah McBride, Yinka Adegoke - Jul. 12 (News) - Trouble is, not every company headed to market this year or next -- Groupon, Zynga, Facebook among them -- may become a Google. And recent high-profile debuts have spooked investors by dipping below their IPO prices.

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A little house of secrets on the Great Plains

Tue, 28 Jun 2011 00:00:00 -0700

Reuters - By Kelly Carr, Brian Grow - Jun. 28 (Investigative Report) - A Reuters investigation has found the house at 2710 Thomes Avenue serves as a little Cayman Island on the Great Plains. It is the headquarters for Wyoming Corporate Services, a business-incorporation specialist that establishes firms which can be used as "shell" companies, paper entities able to hide assets.

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Euro Pares Drop Against Dollar as EU Officials Work on Greece Debt Crisis

Thu, 16 Jun 2011 00:00:00 -0700

Bloomberg - By Catarina Saraiva, Garth Theunissen - Jun. 16 (News) - The euro pared its decline against the dollar after reaching a three-week low amid speculation an agreement between the European Union and the International Monetary Fund may allow Greece to avoid a debt default.

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Missing Iraq money may have been stolen, auditors say

Mon, 13 Jun 2011 00:00:00 -0700

Los Angeles Times - By Paul Richter - Jun. 13 (News) - U.S. Defense officials still cannot say what happened to $6.6 billion, sent by the planeload in cash and intended for Iraq's reconstruction after the start of the war.

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The checkered past of Groupon's chairman

Fri, 10 Jun 2011 00:00:00 -0700

Fortune - By Kevin Kelleher - Jun. 10 (News) - Groupon's IPO has brought an uncomfortable spotlight onto Lefkofsky. While some attention focuses on his ambitions as an investor in tech startups, others see a "spotty history" and draw parallels between the past and the present. Lefkofsky's track record, reflecting failures and successes, bears certain hallmarks: rapid revenue growth accompanied by big losses, a penchant to sell stock early on, and lawsuits filed by investors, lenders or customers who feel they have been wronged.

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Citi says hackers access bank card data

Thu, 09 Jun 2011 00:00:00 -0700

Reuters - By Maria Aspan, Narayanan Somasundaram - Jun. 09 (News) - Citigroup Inc said computer hackers breached the bank's network and accessed the data of about 200,000 bank card holders in North America, the latest of a string of cyber attacks on high-profile companies.

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Stocks Rise on Greek Aid Optimism

Tue, 31 May 2011 00:00:00 -0700

Bloomberg - By Stephen Kirkland, Nikolaj Gammeltoft - May. 31 (News) - Stocks rose worldwide, paring the biggest monthly decline since August, and the euro gained amid speculation nations will pledge more aid to Greece. Commodities advanced, while Treasuries erased losses after U.S. economic reports missed forecasts.

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G-8 Finds $40 Billion for Arab Spring From Development Banks, Direct Aid

Fri, 27 May 2011 00:00:00 -0700

Bloomberg - By Gregory Viscusi, Tony Czuczka - May. 27 (News) - Group of Eight leaders pledged to support pro-democracy movements in North Africa, announcing a mix of loans from international development banks and direct aid totaling at least $40 billion.

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Doomsday church: Still open for business

Thu, 19 May 2011 00:00:00 -0700

CNN - By Annalyn Censky - May. 19 (News) - Harold Camping and his devoted followers claim a massive earthquake will mark the second coming of Jesus, or so-called Judgment Day on Saturday, May 21, ushering in a five month period of catastrophes before the world comes to a complete end in October.

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E.U. Presses Ahead With Bailout Talks Despite I.M.F. Chief's Absence

Mon, 16 May 2011 00:00:00 -0700

New York Times - By Stephen Castle - May. 16 (News) - Despite the absence of Dominique Strauss-Kahn, the managing director of the International Monetary Fund, European finance ministers pressed ahead Monday with talks expected to approve a bailout for Portugal and debate new aid to debt-strapped Greece.

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Washington state suspends 2012 presidential primary

Fri, 13 May 2011 00:00:00 -0700

Reuters - By Laura L. Myersoe - May. 13 (News) - Washington became the first U.S. state to suspend its 2012 presidential primary election on Thursday, a move signed into law by Governor Christine Gregoire to save some $10 million from the state budget.

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J.P. Morgan's hunt for Afghan gold

Thu, 12 May 2011 00:00:00 -0700

Fortune - By James Bandler - May. 12 (Special Report) - To Hannam, chairman of J.P. Morgan Capital Markets, Afghanistan represents a gigantic, untapped opportunity -- one of the last great natural-resource frontiers. Landlocked and pinioned by imperial invaders, Afghanistan has been cursed by its geography for thousands of years. Now, for the first time, Hannam believes, that geography could be an asset.

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Obama administration fights to save healthcare law

Wed, 11 May 2011 00:00:00 -0700

Reuters - By Jeremy Pelofsky, Lisa Lambert - May. 11 (Special Report) - An appeals court on Tuesday sharply questioned whether the state of Virginia could challenge President Barack Obama's signature healthcare law, which requires Americans to buy insurance in a bid to slow healthcare costs. The Obama administration is trying to save the individual mandate after a Virginia federal judge agreed with the state it was unconstitutional and struck down that part of the law. The Obama administration has vigorously defended the measure, set to go into effect in 2014

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Analysis: Effort aside, Europe fails to staunch debt crisis

Mon, 09 May 2011 08:51:57 -0700

Reuters - By Luke Baker - May. 09 (News Analysis) - No matter how hard Europe tries, it just can't get a grip on its sovereign debt crisis.

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