Archive for November, 2009

Robin Beale, Convicted Felon, Paid Millions In AIDS Contract

Washington Post : In 2005, Robin Beale was convicted in federal court for taking part in a local mortgage fraud scheme that bilked lenders out of hundreds of thousands of dollars. One year later, she landed a million-dollar consulting contract — from the District’s AIDS program.

USA Tops International Tax Haven List, Thanks To Delaware

The Government Accountability Office likes to point its finger at Luxembourg and the Cayman Islands for sheltering tax cheats. But according to the U.K.-based Tax Justice Network , the United States is the biggest tax shelter of ‘em all, thanks to the great state of Delaware. Delaware, says the Tax Justice Network, is “the most secretive financial jurisdiction in the world.” That’s based on an analysis of 60 financial jurisdictions according to level of secrecy and cooperation with foreign tax authorities

Geithner On Meet The Press: Worried Banks May Be Too Timid

WASHINGTON — Treasury Secretary Timothy Geithner acknowledges the federal budget deficit is too high, but that the priorities now are economic growth and job creation. Asked repeatedly on NBC’s “Meet the Press” whether this means taxes will rise, Geithner avoided giving specifics. He did say President Barack Obama is committed to dealing with deficit in a way that will not add to the tax burden of people making less than $250,000 a year.

Can Citigroup Carry Its Own Weight?

New York Times : OVER the past 80 years, the United States government has engineered not one, not two, not three, but at least four rescues of the institution now known as Citigroup. In previous instances, the bank came back from the crisis and prospered. Will Citigroup rise again from its recent near-death experience

The Secrets To Goldman Sachs’ Success: Contrary Bets, Predatory Lending, Government Connections, Offshore Tax Havens

McClatchy : WASHINGTON — In 2006 and 2007, Goldman Sachs Group peddled more than $40 billion in securities backed by at least 200,000 risky home mortgages, but never told the buyers it was secretly betting that a sharp drop in U.S. housing prices would send the value of those securities plummeting. Read the whole story: McClatchy

Report: More Americans Gaining Weight, Eating Poorly During Recession

Wall Street Journal : In an online survey this summer of 1,200 people about food affordability, conducted by food-industry research firm Technomic, 70% of respondents said healthier foods are increasingly difficult to afford. Read the whole story: Wall Street Journal

Supreme Court To Hear Case About Excessive Pay; Parallels Seen In Executive Compensation

Washington Post : The Supreme Court this week will hear a case that raises bedrock questions about the ability of the market to set “reasonable” corporate compensation, and experts say its outcome could hold important clues about the judiciary’s view of extraordinary interventions in the economy by the executive branch and Congress. Read the whole story: Washington Post

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