Archive for the 'Economy' Category
And Now… JPMorgan “Loss” $7 Billion
July 14th, 2012Via: New York Times: JPMorgan Chase disclosed on Friday that losses on its botched credit bet could climb to more than $7 billion and that the bank’s traders may have intentionally tried to obscure the full extent of the red ink on the disastrous trades. Mounting concerns about valuing the trades led the company to […]
U.S. Declares Drought-Stricken States Largest Natural Disaster Area Ever
July 14th, 2012Via: The Lookout: The United States Department of Agriculture has declared natural disaster areas in more than 1,000 counties and 26 drought-stricken states, making it the largest natural disaster in America ever. The declaration—which covers roughly half of the country—gives farmers and ranchers devastated by drought access to federal aid, including low-interest emergency loans. “Agriculture […]
G4S Cocks Up Security for Olympics
July 13th, 2012Via: Guardian: The depth of the crisis over G4S’s Olympic security preparations became increasingly clear on Thursday as recruits revealed details of a “totally chaotic” selection process and police joined the military in bracing themselves to fill the void left by the private security contractor. Guards told how, with 14 days to go until the […]
Team USA To Be Decked Out In Uniforms Made In China
July 13th, 2012Via: ABC News: They are the pride of America – Team U.S.A. – and for the opening ceremonies of the Summer Olympics in London, they’ll be proudly wearing red, white and blue, from beret to blazer. The classic American style – shown in an image above – was crafted by designer Ralph Lauren. But just […]
What Happened When States Forced Amazon to Pay Taxes… Same Day Delivery
July 12th, 2012Disclosure: Cryptogon is an Amazon affiliate. Local retailers (including Walmart), make your time. Via: Slate: Why would Amazon give up its precious tax advantage? This week, as part of an excellent investigative series on the firm, the Financial Times’ Barney Jopson reports that Amazon’s tax capitulation is part of a major shift in the company’s […]
Google Settles with U.S. Government on Privacy Violations
July 12th, 2012Where does $22.5 million show up on Google’s list of expenses? Hmm… In other words, for Google and other companies: Do more of this. The penalty for getting caught is trivial. Via: New York Times: Google and the Federal Trade Commission are near a $22.5 million settlement agreement related to charges that Google bypassed privacy […]
Canada: Family Farm Expropriated for Gold Mine
July 11th, 2012Via: Chronicle Herald: Last week, Natural Resources Minister Charlie Parker made a clear choice about the kind of business Nova Scotia really supports. Rather than defend the rights and interests of a Nova Scotian family business, he sided instead with DDV Gold, a subsidiary of Australian company Atlantic Gold, granting the mining company vesting orders […]
San Bernardino Votes to File for Bankruptcy Protection
July 11th, 2012Via: Los Angeles Times: The San Bernardino City Council votes to file for bankruptcy. Facing a $45-million budget shortfall and the prospect of not being able to pay city workers, the panel Tuesday voted to file municipal bankruptcy, the third California city to do so in recent weeks.
Rules of American Justice
July 10th, 2012Via: Salon: The next time an American political official is tempted to torture people or spy on Americans in violation of the law or destroy court-ordered evidence of wrongdoing — or the next time Wall Street executives are tempted to commit institutional fraud for personal enrichment — what incentives does anyone think will exist for […]
Bring Back the 40 Hour Work Week
July 10th, 2012Via: Tech Republic: This infographic examines some of the lesser-known statistics regarding overtime work and its effects…
