Where is the Money Going?
New Military Helmets to be Fitted Based on Laser Scan of Pilot’s Head
Pilots of the United States’ most advanced fighter aircraft, the F-35, will wear not just any ordinary helmet. Those climbing into the cockpit will strap on their own custom-made helmet created from a laser scan of the pilot’s skull. The technolog... read more
It Pays Well to Join the Military
Serving in the U.S. armed forces really isn’t so bad from a financial standpoint, according to Carlton Meyer, a former officer in the U.S. Marine Corps. Contrary to popular myth about low wages in the military, soldiers today can easily out-earn t... read more
Average Wall Street Bonus Jumps 25%
Somehow, in spite of a fumbling economy and high unemployment, Wall Street bonuses are on the rise again.
Five years ago securities and investment firms paid out a record total of $25.6 billion in compensation. The 2009 mark is lower, but with... read more
Remittances Also Benefit the U.S. Economy, Report Shows
Immigrants in the U.S. who send money to their home countries not only help foreign economies but American businesses as well. The Immigration Policy Center has produced a new study that refutes the notion that remittances are bad for the U.S. eco... read more
Banks Move Aggressively to Increase Credit Card Profits
Banks are determined not to lose billions of dollars from overdraft fees despite the financial industry reforms adopted last year by Congress. Even though lawmakers have restricted the imposition of such fees on consumers who exceed their account ... read more
Judge Reluctantly Agrees to SEC-Bank of America Deal
The saga of SEC v. Bank of America is finally over, but not before Judge Jed Rakoff got in one more sharp jab.
The Securities and Exchange of Commission (SEC) has tried since last August to get Rakoff to sign off on a settlement with BofA over... read more
Limiting Private Lawsuits by Defrauded Shareholders Contributed to Financial Collapse
Government deregulation of the financial industry wasn’t the only mistake made by lawmakers that brought about the economic collapse of 2008. According to the Center for Justice and Democracy, federal legislation adopted in the 1990s to limit laws... read more
Lobbying Firm Prepares to Help Corporations Take Advantage of Supreme Court Election Ruling
Corporations wondering how to take advantage of their newfound power following the Citizens United ruling by the U.S. Supreme Court can turn to K&L Gates, one of Washington, DC’s biggest lobbying firms. In the wake of the high court’s decision to ... read more
A New Source of Energy…Inserting Biofuel Cells into Plants
Researchers in France may have discovered a potential new source of energy from plants. By inserting a specially designed biofuel cell into a cactus, experts at the Centre de Recherche Paul Pascal were able to power the cell from the glucose and o... read more
10,000 Census Workers were Paid to do Nothing
In an ominous sign for the upcoming census, the federal government last year wasted millions of dollars training temporary employees who never did any work for the U.S. Census Bureau. The agency in charge of carrying out the nation’s decennial hea... read more
Air Force Claims its Laser Weapon Finally Hit a Missile
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Most Americans Don't Know Their Taxes Were Cut
No wonder so many Americans are fed up with Washington and losing faith in President Barack Obama’s domestic policies. Despite numerous reminders in President Obama’s speeches that he and his fellow Democrats did cut taxes during his first year in... read more
California Lawmaker Pushes Use of Food Stamps at Farmers’ Markets
Reliance on food stamps in California has soared in recent years, prompting a state lawmaker from the state’s agriculture-rich Central Valley to get farmers markets to accept the federal food subsidy program.
Assemblyman Juan Arambula, an inde... read more
Is it Time for a “Robin Hood” Tax on Large Financial Transactions?
A movement calling itself the “Robin Hood Tax” wants world leaders to tax banks and other financial institutions that gamble with speculative investments, the kind helped bring about the 2008 economic crisis. Supporters of the tax claim it could r... read more
New Charges in Largest Hedge Fund Insider Trading Case in History
The potential prison time continues to grow for those accused of being involved in the biggest insider trading scandal ever involving hedge funds. Federal prosecutors this week submitted a revised indictment against Raj Rajaratnam, a former portfo... read more
TARP Watchdog to Audit Overcharging in Bailout Contracts
Doling out $700 billion to bail out banks required a lot of manpower, according to the Department of the Treasury, which turned to private accounting and legal firms to help run the Troubled Asset Relief Program (TARP). But there are concerns that... read more