ALBANY — Even as they investigate the state Board of Elections, nine members of Gov. Cuomo’s anti-corruption commission who are also sitting district attorneys did not pursue about 1,500 criminal referrals from the board since 2006, statistics show.
The bulk of the complaints involved candidates who did not make their required campaign finance filings. The rest were for contributions that exceeded the legal limit. Continue reading “Members of Cuomo’s anti-corruption panel failed to pursue 1,500 criminal referrals from Board of Elections”
Chicago Mayor Rahm Emanuel released the city’s second Annual Financial Forecast on Wednesday. Not only does the report predict a $369 million financial shortfall for the city’s operating “budget” in 2014, but it also predicts a shortfall of more than $1 billion by the year 2015.
In his press release regarding the city’s financial woes, Emanuel bragged, “By making the tough but necessary choices in 2012, we were able to cut our budget gap in half in one year without using one-time fixes… But this will not be done in one year and while a $369 million budget shortfall is a substantial gap, we are continuing to make the difficult but necessary choices as we right the city’s financial ship and stabilize its fiscal future.” Continue reading “Rahm’s Chicago: $1 Billion Financial Shortfall Forecast by 2015”
Detroit, you’re not alone.
Across the nation, cities and states are watching Detroit’s largest-ever municipal bankruptcy filing with great trepidation. Years of underfunded retirement promises to public sector workers, which helped lay Detroit low, could plunge them into a similar and terrifying financial hole.
A CNBC.com analysis of more than 120 of the nation’s largest state and local pension plans finds they face a wide range of burdens as their aging workforces near retirement. Continue reading “Pandemic of pension woes is plaguing the nation”
While it seems that just about all of the economic data coming out of Wall Street or the U.S. Government is manipulated, there is one piece of data that is not. This valuable piece of information may also give us an idea on just how much the U.S. GDP data is being falsified.
The problem today with modern economics is that it has totally divorced itself from the physical economy. Everything is based upon a financial adjustment of one figure or a recalibration of another. Nothing is as its seems in the “Wonderful World of Financialization.” Continue reading “How Falsified U.S. GDP Data will Lead to Much Higher Precious Metal Prices”
West Palm Beach could soon have a new shooting range and gun shop in a convenient location close to downtown. But Mayor Jeri Mouio was clear that she doesn’t support the idea – because she doesn’t like guns.
In a media briefing on Thursday, Mouio complimented the city’s planning department, saying it makes project recommendations based on code ordinances and standards in a partial and objective manner. Continue reading “Florida anti-gun mayor says ‘no thanks’ to gun range in her city”
However, some members of the Federal Reserve will be speaking. And all market participants will be interested to hear what they have to say about the direction of monetary policy in the wake of the latest data dump. Continue reading “3 Big Fed Speeches Are Coming Up This Week”
A member of the US Senate was caught this week trying to make a rather conspicuous edit to Edward Snowden’s Wikipedia page .
In a move sure to grind the gears of conspiracy theorists everywhere, a member of the US Senate recently edited Snowden’s Wikipedia page from describing him as a ‘dissident’ to a traitor, according to the entry’s changelog. The user’s IP address was quickly traced back to the US Senate. Continue reading “Someone within the US Senate edited Edward Snowden’s Wikipedia page to change his description from ‘dissident’ to ‘traitor’”
The SPD and other police agencies in the state say using cameras to instantly check license plates is an efficient way to find stolen cars and chronic parking offenders. But skeptics complain it’s another way Big Brother is watching.
Cregan Newhouse patrols the streets of Seattle, chasing license plates. Continue reading “Seattle Police cameras busy snapping license plates”
AFP – Syrian President Bashar al-Assad issued a decree Sunday banning the use of foreign currency in commercial transactions, state news agency SANA said.
“It is prohibited to make payments, reimbursements, commercial transactions and any other commercial operation in foreign currency or in precious stones,” SANA quoted the decree as saying. Continue reading “Syria’s Assad bans foreign currency transactions”
The yield on 10-year U.S. Treasuries (^TNX) has surged 66% over the past three months. And bond investors, especially those with jumbo-sized positions, are getting hammered. How much money has the Federal Reserve lost?
At the end of July, the Federal Reserve held $1.98 trillion in U.S. Treasuries. (See chart below) That figure represents just over half of the Fed’s $3.6 trillion balance sheet. Continue reading “Bond Losses at Federal Reserve Top $192 Billion”
A bank failure regularly occurs when a bank’s assets become less valuable than its liabilities. The value of an institution’s assets can diminish for a number of reasons, including an increase of noncurrent loans, a decrease in deposits, or a decrease in the loan loss allowance amount on its books. Some banks are able to recover before the FDIC (Federal Deposit Insurance Corporation) boards up the windows, but on many occasions the government regulatory agency quickly steps in and closes down operations in an attempt to minimize economic damages. The FDIC has closed 16 banks down so far this year, and so as not to waste an opportunity to learn from these failures, here are 25 lessons you, as a consumer, should take in stride: Continue reading “Bank Failures: 25 Things Everyone with a Bank Account Needs to Know”
The US Federal Reserve has launched a blistering attack on the European Central Bank, calling for quantitative easing across the board to lift the eurozone fully out of its slump.
In a rare breach of central bank etiquette, a paper by the Richmond Fed said the ECB is hamstrung by institutional problems and acts on the mistaken premise that excess debt is the cause of the eurozone crisis when the real cause is the collapse of growth, which has, in turn, spawned a debt crisis that could have been avoided. Continue reading “Federal Reserve Launches Blistering Attack On The ECB In New Paper”
NEWS ANALYSIS: A remedy proposal submitted by the Justice Department would force Apple to end publisher agreements, puts new limits on book, music and video sales and appoint a court monitor.
The U.S. Department of Justice is proposing to come down hard on Apple after the company was found guilty of price fixing charges in July after a trial in U.S. District Court for the Southern District of New York. Continue reading “DOJ Wants to Slam Apple With Antitrust Restrictions After Trial Verdict”
WASHINGTON (CBSDC) — A record number of young adults are living with their parents.
A new study from Pew Research finds that 36 percent of Millennials – young adults ages 18 to 31 – are living at their parents’ homes, the highest number in four decades. A record 21.6 million young adults were still living at home last year. Continue reading “Study: Record Number 21 Million Young Adults Living With Parents”
A top Republican lawmaker on Friday subpoenaed the Treasury Department for documents pertaining to the IRS targeting scandal, after accusing the head of the tax-collection agency of obstructing congressional investigations.
During a tense hearing on Capitol Hill held shortly before lawmakers headed out for summer recess, acting IRS chief Danny Werfel weathered tough questioning from Republicans including Rep. Darrell Issa, R-Calif., chairman of the House Oversight and Government Reform Committee. Continue reading “Issa subpoenas Treasury for IRS documents, accuses agency of obstructing probe”
After purchasing the Boston Globe in 1993 for a then-record $1.1 billion, the financially troubled New York Times just announced it sold the 141 year-old paper to Boston Red Sox owner John Henry for a mere $70 million. That’s a straight 93% loss. Figuring in two decades of inflation would only make it worse — as does the fact the Times retains the Globe’s pension liabilities, estimated at over $100 million.
The Times announced in February that it was putting the Globe up for sale. News reports claimed that bids had been as high as $100 million. What might have sweetened the lower offer for the Times is that Henry offered a straight cash deal, which is expected to close sometime in September or October. Continue reading “New York Times Sells Boston Globe at 93% Loss”
New Orleans, La. – Two F-15 fighter jets intercepted a helicopter off the coast of Louisiana Thursday morning. The Joint Reserve Base New Orleans Defense Command responded to an AW-139 helicopter that was out of communication as it entered U.S. airspace from the Gulf of Mexico. Continue reading “Fighter jets intercept helicopter off LA coast”