WASHINGTON – Massive sums of allegedly dirty money have flowed for years through some of the world’s largest banking institutions, said an international journalism investigation published Sunday, which denounced shortcomings in sector regulations.
“Profits from deadly drug wars, fortunes embezzled from developing countries, and hard-earned savings stolen in a Ponzi scheme were all allowed to flow into and out of these financial institutions, despite warnings from the banks’ own employees,” according to the probe from Buzzfeed News and the International Consortium of Investigative Journalists (ICIJ).
The investigation, which was led by 108 international media outlets from 88 different countries, is based on thousands of suspicious activity reports (SARs) submitted to the US Treasury Department’s financial law enforcement agency, FinCEN, by banks from around the world.
“These documents, compiled by banks, shared with the government, but kept from public view, expose the hollowness of banking safeguards, and the ease with which
money
Money: The stock market is NOT the economy | Business News
The Internal Revenue Service concurs with Swonk. In a recent forecast, it predicted that there will be about 229.4 million employee-classified jobs in 2021 – more than 37 million fewer than it had estimated last year.
With poor economic results and dire predictions, why has the stock market soared since the March lows? The answer is investors are not worried about the past or even the near term; rather they are looking ahead to the future, and betting that on corporate “winners” of COVID-19 (think Facebook, Apple, Amazon, Tesla, Microsoft, Google, Netflix), and their ability to make a lot of money.
Additionally, with the Federal Reserve committed to keeping interest rates at zero for the foreseeable future, the notion of TINA is important. Who is Tina, you ask? TINA stands for “There is No Alternative,” and it is applied to the investment world as follows: “With zero percent interest rates,
How Event Performers Are Pivoting and Making Money with New Platforms
At the start of the pandemic, as event cancellations and venue shutdowns became commonplace, musicians and DJs were quick to embrace (if they hadn’t already) the virtual world, hosting listening parties via platforms such as Instagram and Twitch. But there was a sense that it was all just a band-aid solution until in-person events started up again. Fast forward several months later and the need for more dedicated platforms and virtual spaces is still very real.
Also, livestreamed events, especially those centered around music, involve certain challenges like royalties and monetization. Plus, just like in-person events, there’s the paperwork such as booking and scheduling, payment, and marketing.
Skrachy, which is currently in beta, provides DJs with tools to monetize their business.Photo: Courtesy of SkrachyTo help DJs navigate the digital realm more easily, Kevan Cooper founded Skrachy, a new app platform for live listening experiences. But as opposed
CRUZ: Time to get past throwing money at pandemic, economy | Coronavirus / COVID-19
This summer, we face two simultaneous crises: a public health crisis caused by the coronavirus — a novel virus that has killed hundreds of thousands of people worldwide and more than 10,000 people in Texas — and an economic crisis that has resulted in millions of Americans losing their jobs.
That’s a lot to deal with. There’s not a person in this country who hasn’t been affected by what’s going on. While we’re slowly re-opening, which is good news, the reality is that we still have a long way to go in terms of recovery.
This is unprecedented in our lifetimes. You have to go back to the Great Depression to find a comparable economic catastrophe that has struck the American economy. We have millions of small businesses that have either gone out of business or are on the verge of bankruptcy. So the task going forward is enormous.
In
On The Money: Business world braces for blue sweep | Federal Reserve chief to outline plans for inflation, economy
Happy Wednesday and welcome back to On The Money. I’m Sylvan Lane, and here’s your nightly guide to everything affecting your bills, bank account and bottom line.
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On The Money: Business world braces for blue sweep | Federal Reserve chief to outline plans for inflation, economy | Meadows ‘not optimistic’ about stalemate on coronavirus deal
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THE BIG DEAL-Business world braces for blue sweep: Wall Street and business groups are bracing for the possibility of a blue sweep in Washington that would leave Democrats in charge of the White House and both chambers of Congress.
- Democratic
Omaha expects $30M for police, fire costs as state updates rules on COVID relief money | Politics & Government
“I don’t think it is a given that we have to accept these expenses, and certainly it’s not a given that we have to reimburse them,” Duda said.
The board’s next meeting is next Tuesday.
Duda said the new state guidance has implications beyond Omaha. The county must also consider public safety expenses from cities like Ralston, Bennington, Valley and Waterloo, as well as the Douglas County Sheriff’s Office.
The updated guidelines from the state define a public safety employee as an employee of a city, county, municipality or village “whose principal duties include services requiring specialized training in the area of police protection, firefighting services, or emergency medical services for any area within the jurisdiction of the identified eligible applicants.”
Examples of eligible full-time employees include sheriffs and deputy sheriffs; police chiefs, captains, lieutenants, sergeants and officers; fire chiefs, engineers, captains and firefighters; and emergency medical service personnel.
Most
Columbus utility giant American Electric Power funded dark money spending in HB 6 campaign
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American Electric Power maintains its headquarters in Downtown Columbus. (Photo: Fred Squillante/Columbus Dispatch)
A dark money group wholly funded by House Bill 6 beneficiary and Columbus utility giant American Electric Power contributed $350,000 toward the campaigns now at the center of a racketeering and bribery case that ensnared House Speaker Larry Householder, an investigation by The Dispatch finds.
Empowering Ohio’s Economy Inc., a nonprofit operated solely with AEP funds, gave $150,000 to Generation Now, another dark money group that received $60 million from FirstEnergy-related interests to ensure passage and survival of a $1 billion ratepayer bailout of a subsidiary’s pair of nuclear power plants.
Empowering Ohio also gave $200,000 to the Coalition for Opportunity & Growth, which is related to a similarly named political action committee that donated $1 million to the 2018 campaigns of Householder-favored Republican candidates to help ensure that he had their votes to become speaker.
Monday’s new stimulus check proposal: How much money could you receive?
Could a second stimulus check bring more relief money than the first? Less? The same amount?
Sarah Tew/CNET
We’re just two days away from learning every detail about the Senate Republicans’ plan for the next economic rescue package, which is expected to be announced on Monday. Likely to be called CARES 2, the proposed legislation will include a second stimulus check — but how much money will be in it is still up for debate.
The Senate’s proposal might use the stimulus check guidelines that the CARES Act enacted in March, which means that eligible individuals could receive up to $1,200 and up to $3,400 for a family of four ($500 for dependents under 17). But there’s no guarantee that this is what will happen, because the Senate still needs to debate the details with Democrats in the House of Representatives after the plan is presented — and it’s
Treasury to begin distributing virus relief money to tribes
FLAGSTAFF, Ariz. (AP) — The U.S. Treasury Department said Tuesday that it will begin doling out billions to help tribes respond and recover from the coronavirus more than a week after a congressional deadline and after being sued over who is eligible for the money.
The $2.2 trillion federal rescue package approved in late March set aside $8 billion for tribal governments. The money was supposed to be distributed by April 26, but the Treasury Department said it was grappling with how to do it.
Tribes sued the agency to keep the money from going to Alaska Native corporations, which own most Native lands in the state under a 1971 settlement but are not tribal governments. U.S. District Judge Amit Mehta in Washington, D.C., gave the tribes a victory last week by limiting the funding to the country’s 574 federally recognized tribes while he settles the question of eligibility.
The
4 of the Best Ways to Earn Passive Income with Limited Time and Money
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