Where is the Money Going?
Largest County in Alabama Files for Bankruptcy
After three years of trying to restructure and avoid the worst, Jefferson County has filed for bankruptcy protection from its Wall Street-concocted scheme for sewer financing that nearly ruined Alabama’s largest county.
The Chapter 9 petition ... read more
Retired Military Officers Flee “Mentor” Program When Forced to File Financial Disclosures
Forced to reveal who’s been paying them and how much, virtually all of the retired military commanders in a Department of Defense mentoring program have quit.
The mentors worked as part-time government advisors who were paid as much as $330 an... read more
Audit Criticizes Poorly-Planned Border Security Surveillance Program
After wasting $1 billion trying to build a virtual border fence and giving up, the Department of Homeland Security wants to spend another $1.5 billion on a replacement program that hasn’t been well thought out, according to critics.
Customs an... read more
Bankruptcies Drop for First Time in 6 Years
Good news for the U.S. economy has surfaced in the nation’s bankruptcy courts, where filings are down for the first time since 2005.
Individuals and businesses collectively filed 1,467,221 bankruptcy cases in fiscal year 2011, down 8% from 201... read more
Energy Dept. Spent $89 Billion without Checking Contractors’ Past Records
Nearly $90 billion in contracts were awarded by the U.S. Department of Energy over a two-year period without officials bothering to review the performance of the companies that were hired.
Included in this spending were federal stimulus monies... read more
The Next Investment Bubble…Used-Car Loans
Big-money investors have found a hot new business to get behind: so-called “Buy Here Pay Here” used-car dealerships.
Such dealerships feed off desperate consumers who can’t get financing for cars, selling them older, high-mileage vehicles at i... read more
Military Spends $36 Million a Year on Weight Loss Surgeries for Dependents
While soldiers rely on diet and exercise to stay fit for service, their wives have been receiving weight-loss surgeries, compliments of the Department of Defense.
Using the Freedom of Information Act, local news station KIRO 7 in Seattle disco... read more
Extreme Poverty Neighborhoods Make a Comeback in U.S.
The number of Americans living in extremely poor neighborhoods increased in recent years, following a period in the 1990s when this problem was declining. Such areas are defined as having 40% of individuals living below the poverty line.
From ... read more
U.S. Taxpayers Paid $1 Trillion for Weapons over Last 10 Years
The Department of Defense has not shortchanged itself since 9/11. Over the last 10 years, the military spent about $1 trillion on new weapons and war-fighting equipment, according to a think tank’s report. Of the total spent, 22% came not from the... read more
Members of Congress Increased Personal Wealth 25% in Two Years
The rich in Congress have continued to get richer, according to a new analysis of lawmakers’ net worth by Roll Call.
Three years ago, the collective net worth all representatives and senators was $1.65 billion. By 2010, this amount had increas... read more
Half of American Workers Make Less Than $27,000 a Year…Worst in 12 Years
Here’s another economic marker that helps explain the desperation so many Americans feel these days: half of all wage earners in 2010 made less than $26,364.
This comes out to $507 a week, the lowest level (after adjusting for inflation) since... read more
In Midst of Hard Times, Banks Have More Money than They Can Handle
Banks these days are practically turning away customers who have money to deposit, due to the fact they’re already sitting on top of too much cash.
Financial leaders claim the weak economy has left them with limited investment options, while w... read more
Defense Dept. Gave $431 Billion to Contractors After They were Convicted of Fraud
In the nation’s capital, crime does pay for defense contractors.
The Department of Defense has admitted that it has rewarded hundreds of companies convicted of fraud with new deals that totaled more than $1.1 trillion.
Senator Bernie Sande... read more
Student Loan Debt Reaches $1 Trillion
On top of the enormous national debt and crippling mortgages burdening the United States, college graduates have become saddled with student loans that now total more than $1 trillion. This includes $555 billion in federal education loans.
Wit... read more
Inspectors General Saved U.S. $87 Billion Last Year
Federal inspectors general found numerous ways last year for the government to save as much as $87.2 billion, according to the Council of the Inspectors General on Integrity and Efficiency.
At a recent banquet honoring the work of IGs, awards ... read more
Alabama Government Tries to Fund Schools by Taking Millions Meant to Help Deaf and Blind
Advocates for the deaf and hearing-impaired are suing Alabama officials for trying to divert millions of dollars away from a special fund and into the budget for public schools.
The legal fight is over $30 million in the Alabama Dual Party Rel... read more