The stock market plunged 970 points Thursday, or 3.58%, as fears of the economic impact of the global coronavirus outbreak—and President Donald Trump’s mishandling of the crisis—continued to roil the world’s financial markets after last week’s panic sent markets into freefall.
“It’s kind of like an earthquake—there’s the earthquake, which is last week, and then there’s the aftershocks, which is this week,” MUFG Union Bank chief financial economist Chris Rupkey told the New York Post. Continue reading →
The Bank Policy Institute, a lobbying group for big banks, drew criticism for a policy memo suggesting financial deregulation as a response to the coronavirus outbreak. (Photo: Phillipp/Flickr/cc)
A lobbying group for big banks in the United States came under fire Tuesday from financial industry experts for pressuring federal officials to push through long-sought regulatory rollbacks in response to the worldwide economic concerns sparked by the global coronavirus outbreak.
The Georgetown University board of directors announced Thursday it would divest from fossil fuels. (Photo: Ehpien/Flickr/cc)
Student-led anti-fossil fuel campaigns at universities across the country pointed to Georgetown University Friday as the school’s board of directors announced it would divest from fossil fuels and redouble its efforts to invest in renewable energy instead.
The university’s decision came after a sustained pressure campaign from Georgetown University Fossil Free (GUFF), a student group which submitted multiple proposals to the Georgetown Committee on Investments and Social Responsibility before the panel recommended the divestment this week. The school community also voted on a referendum regarding divestment on Thursday, with more than 90% voting in favor. Continue reading →
Hundreds of thousands of documents from inside Formations House, a posh British finance firm located in central London, have been released online tonight. Formations House created thousands of companies for ultra-wealthy business-people for offshore banking and international transactions. The transparency collective ‘Distributed Denial of Secrets‘ obtained these documents from a source dubbed “Babylon” and is publishing them online. More than 100,000 recorded phone calls between Formations House, its customers, and related figures, are included. Full archives of the phone calls are expected to be released in coming days.
This new data release is named ‘#29Leaks’ after 29 Harley Street, the original location in London of Formations House (it moved to a new address after 2016 – the records in this release were generated out of that original location); it’s a prestigious address about a thirty-minute walk from Parliament. Continue reading →
Vice President Mike Pence presiding over the Senate on Capitol Hill in Washington, Tuesday, Feb. 7, 2017, during the Senate’s vote on Education Secretary-designate Betsy DeVos. On Tuesday night, Pence returned to the chamber again to a break another tie. This time it was to make sure it’s easier in the future for financial service companies and other Wall Street darlies to make it easier to rip-off consumers. (Photo: Senate Television)
Last November, a top Trump appointee at the U.S. Agency for International Development wrote a candid email to colleagues about pressure from the White House to reroute Middle East aid to religious minorities, particularly Christian groups.
“Sometimes this decision will be made for us by the White House (see… Iraq! And, increasingly, Syria),” said Hallam Ferguson, a senior official in USAID’s Middle East bureau, in an email seen by ProPublica. “We need to stay ahead of this curve everywhere lest our interventions be dictated to us.” Continue reading →
Is the Fed reacting to market volatility or preparing for recession? (Public domain)
A number of financial experts and investors are sounding the alarm over the Federal Reserve’s recent infusion of cash into the market and warning that the actions by the central bank could be the precursor to economic crisis.
On October 22, the Fed pumped $99.9 billion in temporary liquidity into the market to ease stresses brought on by a tightening credit market. Two days later, on October 24, the bank upped that to $134 billion. Continue reading →
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,” reportedAxios, “those changes are happening even faster.” Continue reading →
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 →
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 →