Where is the Money Going?
What if the Senate was Chosen by Income Instead of by State?
Membership in the U.S. Senate has been likened to that of an exclusive club, both because of its limited number of seats (100) and the fact that most senators tend to be wealthy individuals. Income level, in fact, prompted Annie Lowery of The Wash... read more
Bank of America Settles With SEC, But Back in Court with New York Attorney General
It was good news/bad news for Bank of America last Thursday. On the same day its lawyers announced a new settlement with the Securities and Exchange Commission (SEC) over its handling of the September 2008 Merrill Lynch takeover, bank executives w... read more
Obama Budget Includes 20 Cost-Saving Ideas from Federal Workers
Nancy Fichtner isn’t the only federal employee with an idea for how the U.S. government can save money. Fichtner, winner of last year’s contest sponsored by the White House, proposed that the Department of Veterans Affairs stop throwing away unuse... read more
Delaying Generic Drugs Costs Consumers Billions
They cost consumers billions of dollars and have been ruled illegal by a federal court, and yet pay-to-delay agreements in the pharmaceutical industry are still in use. Pay-to-delay refers to deals in which one drug manufacturer with a name-brand ... read more
10 Largest Jury Awards of the Year
A $370 million award against blue jeans designer Georges Marciano has topped the list of Lawyers USA’s Top Ten Jury Verdicts of 2009. Marciano, the man who gave the world Guess Jeans and introduced acid-washed denim, has seen his wealth evaporate ... read more
Oregon Votes to Tax Corporations and the Wealthy
For the first time in more than 70 years, voters in Oregon approved a statewide tax increase, bucking arguments by conservatives that the country is trending their way since the special election in Massachusetts earlier this month. Oregonians appr... read more
Christmas Bombing Attempt Saved Counterterrorism Center from Budget Cuts
Umar Farouk Abdulmutallab is due a belated Christmas card from Michael Leiter. As the man in charge of the National Counterterrorism Center (NCTC), Leiter and his team of analysts are responsible for sifting through thousands of intelligence tips ... read more
Is It Time to Bring Back the Civilian Conservation Corps (CCC)?
Some voices on the left are calling for President Barack Obama to borrow from FDR’s legacy and reestablish the Civilian Conservation Corps (CCC) as a means to lower unemployment and help the environment. The CCC was revolutionary for its time when... read more
Canadian Poor More Likely to Rise Than U.S. Poor
American society has become more rigid than Canada’s when it comes to advancing economically. While Americans have long believed in the notion that they can rise up from poor to rich, a report by the Pew Economic Mobility Project says it’s gotten ... read more
FDIC Chief Sheila Bair Received BofA Mortgages While Working on BofA Bailout
Sheila Bair, head of the Federal Deposit Insurance Corporation, received two home loans worth more than $1 million from Bank of America last summer while helping oversee the bank’s federal bailout, raising questions of conflict of interest. The di... read more
Military Pays for Booze for Congressional Trips Abroad
When members of Congress travel overseas at the expense of the Department of Defense, they are treated to thousands of dollars worth of alcohol and other amenities. A review by The Wall Street Journal of congressional disclosure documents for 43 t... read more
Half of U.S. States Have Run Out of Money for Unemployment Insurance
Twenty-five states have run out of money to pay for unemployment insurance, forcing them to borrow at least $25 billion in order to keep sending out benefits checks. Those in the red, according to ProPublica, include the nation’s largest and most ... read more
Brad Pitt and Angelina Jolie Pledge More to Haiti than Wal-Mart Does
Wal-Mart may be able to beat competitors’ prices, but it can’t match others’ generosity. The world’s largest retail chain has pledged to donate $500,000 to the victims of the Haiti earthquake, as well as aid kits valued at $100,000. This combined ... read more
JPMorgan Chase Celebrates Solid Profits…And Bonuses
The unemployment rate may in double digits and foreclosures may be on the rise, but over at JPMorgan Chase life is good.
To hear Jamie Dimon, chairman and chief executive of JPMorgan Chase, tell it, his bank could have done better last year, a... read more
Student Financial Aid Sending More Money to Wealthy Families
Public universities are increasingly giving more financial aid to students from relatively wealthy families instead of lower income homes in order to recruit academic achievers and boost the school’s reputation. The Education Trust, a nonprofit ad... read more
Army to Spend $1.2 Billion for Special Barracks for Active Duty Wounded
With thousands of wounded troops in need of special housing after leaving the hospital, the U.S. Army has decided to spend $1.2 billion to build specialized barracks and transition centers for soldiers facing an average of seven months of recovery... read more