Economy and Business
Wake Me Up When It’s June
After investigating the matter over the weekend officials now think it was a systemic glitch, which, under certain circumstances, can torpedo the market. But they’re going to fix it, probably. Great. Do you ever get the feeling that we’re shooting craps with the other guys’ dice and the dice don’t have spots on them?
Tough Budget Choices
As in recent years, military spending accounts for over half of the 2011 discretionary request: 58 percent. In January, President Barack Obama announced plans to freeze spending for many discretionary programs for three years to control the government’s spiraling debt. However, he exempted from this freeze “security-related” programs including the Pentagon, foreign aid, veterans’ programs, and homeland security.
Banks Put on Notice
The Senate has passed an amendment to the Wall Street reform bill to prevent lenders from earning money by deliberately steering homeowners to risky loans and mortgages they can’t afford.
CEOs Tip the Pay Scale
The CEO of TJ Max more than doubled his compensation to $14.8 million.
Exploiting the Unemployment Market
Yes, jobs are hard to come by these days, but don’t despair, for here’s a company that’s hiring–if you can stomach the work.
I Coulda Been a Hedge Fund Manager
When I was in high school, I had a guidance counselor named Mrs. Cameron. She was a sweet woman, gentle of manner, soft of voice. She ruined my life.
Now Foreign Corporations are Citizens Too
Having decreed that corporations have a free speech “right ” to spend unlimited sums from their massive corporate treasuries to elect or defeat candidates in our elections, the Supreme Court’s five-man corporatist majority has opened a colossal can of worms. One of those worrisome squigglies is this question: Does the Court’s newly fabricated political right extend to foreign corporations?
Greed in the Suites Gets a New Yardstick
During the Great Depression, a pay package for the top executive at National City Bank–the Wall Street giant we know today as Citigroup–scandalized the nation. It clocked in at more than $1 million, sparking an angry Congress to make corporations disclose their top executive salaries. Today, CEOs regularly rake in more than $20 million a year. But another landmark leap on executive pay disclosure could be around the corner. Congress may shortly shine the brightest light yet on executive pay excess, thanks to a simple little amendment introduced by Senator Bob Menendez (D-NJ).
Tax Policy: Maybe It’s Time to Start Over
Some serious and high-minded rich people calling themselves “Wealth for the Common Good” think they might ought to pay higher taxes. Not only themselves of course, but all upper-income Americans as well. Got bucks? Pony up! As you might expect, this feeling is not rampant among the prosperous set, so it is good for their personal safety that the “Wealthers” cannot be readily identified by hair color, tattoos, or other insignia.
Which Mitch Do You Believe?
Mitch-the-the-prairie-populist is publicly pretending to be fighting Wall Street, while Mitch-the-bankers’-buddy is privately shaking them down for campaign cash in exchange for being on their team. Who could be cynical about that?
