Category Archives: Banking & Lending Issues

Bombings Kill Dozens in Pakistan on Eve of Contentious Elections

As Pakistanis prepare to head to the polls with the country’s most popular politician behind bars on dubious charges, human rights groups sounded the alarm on a wide range of election-related repression.

By Brett Wilkins. Published 2-7-2024 by Common Dreams

Screenshot: YouTube

Dozens of Pakistanis were killed Wednesday in two bombings targeting political offices on the eve of highly contentious parliamentary elections from which the country’s most popular leader—who is jailed on what critics say are politically motivated charges—is banned.

The blasts both occurred in the southwestern province of Balochistan, homeland of the nomadic Baloch people, who also inhabit a large swath of southeastern Iran and southern Afghanistan. Government officials said the first bombing, which targeted independent candidate Asfandyar Khan’s office in the Pashin district, killed 18 people. A second blast approximately 80 miles away then killed at least 12 people at the Qilla Saifullah office of the Sunni fundamentalist Jamiat Ulema Islam party, which has close ties to the Taliban in Afghanistan.

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20+ NGOs Condemn ‘Reckless’ Decision to Cut Off UNRWA Aid

“Countries must reverse these funding suspensions, uphold their duties towards the Palestinian people, and scale up humanitarian assistance for civilians in dire need in Gaza and the region.”

By Brett Wilkins. Published 1-29-2024 by Common Dreams

UNRWA school in Rafah, Gaza in 2009. Photo: ISM Palestine/flickr/CC

More than 20 humanitarian aid organizations on Monday condemned the decision by the United States and a growing list of nations to suspend funding for the United Nations agency that provides vital services to Palestinians suffering through a genocidal Israeli assault on the Gaza Strip.

Following Israeli claims—reportedly extracted from Palestinian prisoners in an interrogation regime rife with torture and abuse—that 12 of the more than 13,000 United Nations Relief and Works Agency for Palestine Refugees in the Near East (UNRWA) workers in Gaza were involved in the October 7 Hamas-led attacks on southern Israel, the United States and nine other nations cut off funding to the largest humanitarian aid organization operating in the besieged coastal enclave.

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With Overdraft Fee Crackdown, ‘CFPB Is Doing What It Was Designed to Do’

“The CFPB is proposing clear, enforceable rules that will reduce overdraft fees and save Americans billions, closing another lucrative regulatory loophole banks use to prey on consumers,” said one advocate.

By Brett Wilkins. Published 1-17-2024 by Common Dreams

Consumer Financial Protection Bureau Director Rohit Chopra testified on a semi-annual report of his agency before the House Financial Services Committee on Nov 29, 2023. Screenshot: C-SPAN

In a move cheered by progressive advocates, the U.S. Consumer Financial Protection Bureau on Wednesday proposed a new rule limiting how the nation’s biggest banks can charge overdraft fees.

The CFPB said its proposal “would close an outdated loophole that exempts overdraft lending services from long-standing provisions of the Truth in Lending Act and other consumer financial protection laws.”

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$8.5 Trillion in Untaxed Assets: Data Shows Why ‘We Need a Billionaire Income Tax’

“While most Americans predominantly live off the income they earn from a job—income that is taxed all year, every year—the very richest households live lavishly off capital gains that may never be taxed.”

By Jake Johnson. Published 1-4-2024 by Common Dreams

Elon Musk, CEO of SpaceX and Tesla. Photo: Daniel Oberhaus/flickr//CC

An analysis released Wednesday shows that in 2022, the wealthiest people in the United States collectively held a “staggering” $8.5 trillion in wealth that is not—and might never be—subject to taxation.

Examining recently released data Federal Reserve data for 2022, Americans for Tax Fairness (ATF) found that the roughly 64,000 U.S. households with at least $100 million in wealth—less than 0.05% of the population—controlled more than one in every six dollars of the country’s “unrealized gains,” profits that aren’t taxable until the underlying asset, such as a stock position, is sold.

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Business of War Is Booming as Orders Surge at Top Global Arms Firms

“The order books of the world’s biggest defense companies are near record highs,” a new Financial Times analysis reveals.

By Brett Wilkins. Published 12-28-2023 by Common Dreams

The event, which is held at the ExCeL London exhibition center, is the world’s largest defense and security event. Screenshot: YouTube

Orders at many of the world’s biggest arms companies are “near record highs” due to rising geopolitical tensions in recent years, an analysis published Wednesday by Financial Times revealed.

The London-based newspaper analyzed the order books of the world’s 15 top arms makers and found their combined backlogs were $777.6 billion at the end of 2022—a 10% increase from 2020.

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Jeff Bezos Donates $120 Million to Fight Homelessness, Then Invests $500 Million to Make It Worse

“The last thing Americans need is a Bezos-backed investment company further consolidating single-family homes and putting homeownership out of reach for more and more people. Housing should be a right, not a speculative commodity.”

By Jon Queally. Published 12-3-2023 by Common Dreams

Jeff Bezos. Photo: Dan Farber/flickr/CC

Among the three richest people on the planet, mega-billionaire Amazon founder Jeff Bezos received some praise last week for announcing approximately $120 million in donations to a number of groups fighting the scourge of homelessness in the United States.

“It’s a privilege to support these orgs in their inspiring mission to help families regain stability,” Bezos wrote in an Instagram post touting the multiple grants to 38 individual nonprofits in 22 states.

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Gulf Oil Spill Shows ‘Danger of Banks Owning Energy Companies’

“The Federal Reserve must enforce the Bank Holding Company Act and disallow Wall Street banks from controlling energy infrastructure, as it poses systemic risks,” said a Public Citizen campaigner.

By Jessica Corbett. Published 11-23-2023 by Common Dreams

An aircrew detected oil in the Gulf of Mexico on November 16, 2023. (Photo: USCG Heartland/X)

Banking giant JPMorgan Chase has financial ties to a company that owns the pipeline suspected of leaking up to 1.1 million gallons of oil into the Gulf of Mexico—a situation that watchdogs say demonstrates the danger of such business relationships.

“JPMorgan’s control over a company involved in a massive oil spill in the Gulf of Mexico clearly illustrates the danger of banks owning energy companies,” Tyson Slocum, director of consumer watchdog Public Citizen’s Energy Program, declared Wednesday.

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‘Baby Steps’ Will Not Avert Climate Catastrophe, UN Warns

The United Nations assessment coincided with the release of “the world’s most comprehensive roadmap of how to close the global gap in climate action across sectors.”

By Jessica Corbett. Published 11-14-2023 by Common Dreams

A resident holds a sign asking passing drivers to slow down to reduce wakes that exacerbate flooding in a suburb of Houston, Texas, in the aftermath of Hurricane Harvey in 2017. (U.S. Customs and Border Protection photo by Glenn Fawcett)

“The world is failing to get a grip on the climate crisis.”

That’s how United Nations Secretary-General António Guterres began his Tuesday remarks about a new U.N. Framework Convention on Climate Change (UNFCCC) report on nationally determined contributions (NDCs), or countries’ plans to meet the goals of the Paris agreement, including its 1.5°C temperature target.

The UNFCCC analysis “provides yet more evidence that the world remains massively off track to limiting global warming to 1.5°C and avoiding the worst of climate catastrophe,” said Guterres. “As the report shows, global ambition stagnated over the past year and national climate plans are strikingly misaligned with the science.”

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If this is Israel’s 9/11, we should remember what happened next

The US achieved nothing in the Middle East, but millions of civilians paid the price – the same will be true now

By Paul Rogers. Published 10-9-2023 by openDemocracy

Gaza Photo: @Yasssha00/X

After the devastating failure of the Israeli intelligence to foresee the sudden Hamas assault at the weekend, many Israelis are describing the huge loss of lives as ‘Israel’s 9/11’.

Although the two events cannot be fairly compared, given the attack on Israel came from a country it has occupied and inflicted a deadly and brutal regime of apartheid on for many decades, the assault by Hamas has had a similarly visceral impact.

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Ethics Group Asks SEC to Probe Musk Claims About ‘Gruesome’ Neuralink Monkey Trials

“It seems obvious to everyone but Elon Musk that Neuralink’s device is unsafe,” said one critic. “Now he is deliberately misleading investors and the public by outright lying about the company’s monkey experiments.”

By Brett Wilkins. Published 9-21-2023 by Common Dreams

Animal 15. Photo: PCRM

After obtaining records showing a dozen monkeys were euthanized in “gruesome” trials, a national physicians group on Wednesday asked the U.S. Securities and Exchange Commission to investigate claims made by Elon Musk, owner of the biotech firm Neuralink, about the company’s experimental brain implants.

Physicians Committee for Responsible Medicine (PCRM) requested an SEC probe into possible securities fraud committed by Musk when he claimed that “no monkey has died as a result of a Neuralink implant” during testing of the company’s implantable brain-computer interfaces (BCI), and that the animals who died were all already terminally ill when chosen for experiments.

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