Category Archives: Banking & Lending Issues

Bolstering Call to Expand Social Security, New Reporting Reveals How Corporations Are Offloading Pensions

Not only are pensions being offered less, existing pensions are being transferred to insurers, with employees suffering consequences

By Andrea Germanos, staff writer for Common Dreams. Published 8-7-2019

Economists “warn that rarely, if ever, can people replicate the security of a pension,” said Karen Friedman, executive vice president and policy director of the Pension Rights Center. (Photo: 401kcalculator.org)

New reporting showing companies’ scrapping of pension plans has gone into overdrive means that Social Security must be expanded, an advocacy group said Wednesday.

“Expanding Social Security is important for today’s retirees,” Social Security Works said in a tweet, “but even more important for tomorrow’s.

The shift from traditional pensions to 401(k) or similar retirement plans—a change panned as an inequality-fueling disaster—isn’t new. “But lately,” reported Axios, “those changes are happening even faster.” Continue reading

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The US Just Seized a Ship Owned by JP Morgan That Had $1.3 Billion in Cocaine on It

A container ship owned by JP Morgan has been seized after authorities discovered over $1 billion dollars worth of cocaine on the vessel.

By S.M. Gibson. Published 7-10-2019 by The Mind Unleashed

A container ship owned by JP Morgan has been seized by U.S. Customs and Border Protection (CBP) in Philadelphia weeks after authorities discovered over $1 billion dollars worth of cocaine on the vessel.

On June 17, U.S. Customs and Homeland Security led a multi-agency effort which detected inconsistencies in seven shipping containers and confiscated 39,525 pounds of cocaine. The cocaine has a street value of approximately $1.3 billion. Continue reading

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‘A Burning Indictment of Our Higher Ed System’: Commencement Speaker Pays Off $40 Million in Student Debt

Billionaire’s gift to nearly 400 graduating seniors of Morehouse College earned him praise—but also sparked criticism of the cost of education

By Jessica Corbett, staff writer for Common Dreams. Published 5-19-2019

Morehouse College commencement speaker and billionaire Robert F. Smith announced Sunday he is wiping out an estimated $40 million in student debt for nearly 400 graduates. (Photo: Morehouse College/Twitter)

Commencement speaker Robert F. Smith garnered widespread praise Sunday when the billionaire investor announced he will wipe out an estimated $40 million in student debt for Morehouse College’s nearly 400 graduating seniors—but the move also sparked intense criticism of the cost of higher education in the United States.

“Two things are simultaneously true about this story: 1. This is a very cool thing to do,” tweeted Current Affairs editor Sparky Abraham. “2. That this is so cool and necessary and has such a huge impact on the students’ lives is a burning indictment of our higher ed system.” Continue reading

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‘Like Nominating Dr. Phil to Run CDC’: Alarm Bells as Trump Nominates Right-Wing Sycophant Stephen Moore to Federal Reserve

Concerned economic and political commentators decried Moore as “a famous idiot” who “has proved deeply impervious to facts.”

By Jessica Corbett, staff writer for Common Dreams. Published 3-22-2019

President Donald Trump said Friday he will nominate right-wing commentator Stephen Moore to the Federal Reserve board. (Photo: CBN)

Economists and progressive experts responded with exasperation and unease on Friday after President Donald Trump said he will nominate right-wing commentator Stephen Moore to the Federal Reserve, the gatekeeper of the nation’s economy.

“I will be nominating Mr. Moore for the Fed. You know who I’m talking about,” Trump told reporters while arriving in Florida for the weekend. “He’s going to be great on the Fed.” Continue reading

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Mitch ‘Nuclear Option’ McConnell Poised to Turn Steady Stream of Trump’s Right-Wing Judges Into a Flood

Critics warn that even if Democrats regain control of White House and Senate, the flood of judges could mean there will be no more vacancies to fill post-2020

By Jessica Corbett, staff writer for Common Dreams. Published 3-6-2019

Senate Majority Leader Mitch McConnell (R-Ky.) is reportedly planning to change the chamber’s rules to make it easier to confirm right-wing judicial nominees to lifetime appointments. (Photo: Gage Skidmore/cc/flickr)

Senate Majority Leader Mitch McConnell (R-Ky.) is reportedly pursuing a “nuclear option” rule change to make it easier to push through a flood of President Donald Trump’s right-wing judges.

Under the new rules, nominees for lifetime appointments on lower courts would only require a simple majority of votes rather than the current 67. Critics condemned the move as “hijacking” the federal judiciary and pointed out that even if Democrats regain control of the Senate and White House in the next election, they may not have any more spots to fill post-2020. Continue reading

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Siding With ‘Loan Sharks’ Over Consumers, Trump CFPB Moves to Gut Payday Lender Regulations

“This administration has moved the CFPB away from protecting consumers to protecting the very companies abusing them.”

By Jake Johnson, staff writer for Common Dreams. Published 2-6-2019

Consumer Financial Protection Bureau director Kathy Kraninger testifies during a confirmation hearing before the Senate Committee on Banking, Housing, and Urban Affairs. Photo: C-SPAN screenshot

In what progressive lawmakers and advocacy groups decried as the Trump administration’s latest “shameful” attack on vulnerable families, the Consumer Financial Protection Bureau (CFPB) unveiled a plan on Wednesday that would gut regulations protecting consumers from predatory payday lenders.

Vanita Gupta, president and CEO of the Leadership Conference on Civil and Human Rights, denounced the CFPB’s plan as “a slap in the face to consumers—especially people of color—who have been victims of predatory business practices and abusive lenders.” Continue reading

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With Trump Seen as ‘Symptom Not a Cause,’ US Rank Plummets on Global Corruption Index

“The U.S. is experiencing threats to its system of checks and balances, as well as an erosion of ethical norms at the highest levels of power.”

By Jessica Corbett, staff writer for Common Dreams. Published 1-29-2019

People gathered in the streets of London to protest U.S. President Donald Trump’s visit to the United Kingdom in July of 2018. (Photo: Alisdare Hickson/Flickr/cc)

An analysis out Tuesday from Transparency International “reveals the United States as a key country to watch in a global pattern of stagnating anti-corruption efforts and a worldwide crisis of democracy,” according to the group, with the U.S. rank on a global index plummeting by four points in just the past year under President Donald Trump.

The United States earned a score of 71 out of 100 on the watchdog’s 2018 Corruption Perceptions Index (CPI), knocking it out of the top 20 countries for the first time since 2011. Continue reading

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‘Good First Step’ as DeVos Forced to Cancel $150M in Student Loan Debt for Thousands Scammed by For-Profit Schools


“It’s disappointing that it took a court order to get Secretary DeVos to begin providing debt relief to students left in the lurch by predatory for-profit colleges.”

By Jake Johnson, staff writer for Common Dreams. Published 12-14-2018

Photo: CNN screenshot

After a federal judge struck down billionaire Education Secretary Betsy DeVos’ attempt to gut protections for students scammed by for-profit colleges, the Department of Education announced on Thursday that—because of the court mandate—it is canceling $150 million in student loan debt for around 15,000 defrauded borrowers.

“The Department of Education illegally delayed implementation of the 2016 borrower defense rule, but because our clients in Bauer v. DeVos were willing to fight back, 15,000 students are finally getting the relief they are owed,” said Toby Merrill, director of the Project on Predatory Student Lending, which represented the students leading the legal fight against DeVos. Continue reading

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Trump Reportedly Wants to Cut Off Federal Relief Funds to Puerto Rico Despite Post-Maria Devastation

The president claims, with no evidence, that local officials want to use recovery money to pay down the U.S. territory’s sizeable debt

By Jessica Corbett, staff writer for Common Dreams. Published 11-12-2018

President Donald Trump reportedly wants to cut off federal relief funding to Puerto Rico even though much of the island is still devastated by Hurricane Maria, which hit the isalnd in September of 2017. (Chris Grogan/Air Force Magazine/Flickr)

Although it has been more than a year since Hurricane Maria ravaged Puerto Rico, in parts of the U.S. territory, “it’s like the hurricane hit yesterday“—yet President Donald Trump wants to cut off recovery money, according to Axios, “because he claims, without evidence, that the island’s government is using federal disaster relief money to pay off debt.”

The unfounded claims about federal funds being misappropriated come from Trump’s misreading of an October Wall Street Journal article, multiple unnamed sources told Axios‘ Jonathan Swan. Continue reading

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5 Stories Nobody Is Talking About as the Brett Kavanaugh Hearing Unfolds

By Carey Wedler. Published 9-27-2018 by The AntiMedia

Then-President George W. Bush looks on as Justice Anthony Kennedy swears in Brett Kavanaugh to the U.S. Court of Appeals for the District of Columbia on June 1, 2006. (Photo: Eric Draper/White House)

 

The media, Congress, and the American people continue to fix to their attention on Brett Kavanaugh and today’s hearings regarding allegations of sexual assault and harassment against him. While these are serious issues and should not be taken lightly, there are numerous other developments that are falling by the wayside as the national conversation remains preoccupied with the Supreme Court nominee. Continue reading

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