Where is the Money Going?
Georgia Widens Lead over Illinois as State with Most Bank Failures
As the nation heads into the final stretch of 2009, it’s Georgia in the lead, followed by Illinois, for the top (inglorious) honor of most bank failures this year. So far, 24 financial institutions have collapsed in the Peach State, compared to th... read more
Bill Proposes Tax on Financial Transactions Above $100,000
Liberal Democrats in Congress are taking aim at Wall Street with new taxes to help pay down the deficit and stimulate new jobs for the economy. Representative Peter DeFazio (D-OR) and Senator Tom Harkin (D-IA) are introducing identical measures in... read more
Post Offices Replace FBI Most Wanted Posters with Product Displays
Instead of seeing the baddest of the bad staring back, customers at a local post office are more likely to see the face of Frank Sinatra or Mickey Mouse on the wall. That’s because the U.S. Postal Service has ditched the longtime tradition of putt... read more
Aetna Plans to Lose 600,000 Customers by Raising Prices
Insurance company Aetna thinks it’s better off by scaring away customers. Company officials plan to hike premiums next year to reverse the downward trend of Aetna’s profit margin, which fell from 11.1% in 2007 to 6.9% in the third quarter of 2009.... read more
Park System to Share Profits from Research Done in National Parks
The National Park Service could soon enjoy a new revenue stream thanks to an unlikely source: bacteria. For years now scientists have been “bioprospecting” in national parks, looking for new sources of medicine or scientific capability and coming ... read more
Drop in Bank Loans Greatest in At Least 25 Years
Despite the hundreds of billions of dollars loaned by the federal government to the nation’s largest banks, the financial industry continues to be stingy with loans itself, creating a big drag on economic recovery. Lending fell by 3% ($210.4 billi... read more
Obama Puts Pressure on “Incorrect Disbursements”
The Obama administration wants to use the Internet to expose mistakes by federal agencies that result in contractors or medical providers being paid more than they should for their services or products. After realizing the amount of improper payme... read more
7 Government IT Projects That Failed…At Taxpayer Expense
For every Internet creation and Global Positioning System development the government has produced, it also has had its share of IT failures. And costly failures at that. Washington Technology has chosen seven of the biggest crashes by federal and ... read more
Taxpayers Take Over Mortgage Risks from Wall Street
In what investors are calling a win-win opportunity that benefits struggling homeowners, Wall Street is buying up mortgages from Main Street and reducing the amount Americans owe to the bank. The scheme is not born out of altruism, however.
In... read more
U.S. Sends Most Clean Energy Stimulus Funds to Other Countries
The federal stimulus plan has been great for investing in clean energy projects—as long as you’re a foreign company. Almost $850 million, out of $1.05 billion in stimulus money, has been given to overseas renewable-energy businesses, some of whi... read more
Taxing the Poor: Washington State Leads
When it comes to taxation at the state and local level, no government is being truly fair to the poor, according to the Institute on Taxation and Economic Policy (ITEP). Their assessment of all 50 state tax systems revealed varying levels of regre... read more
Rising Credit Card Rates? Congress Says “Never Mind”
Consumer outrage over rising interest rates is not translating into action by congressional Democrats or Republicans against credit card companies. Since adopting legislation earlier this year that curbed some practices by lenders, lawmakers have ... read more
Here’s Your Tax Credit; Now Give It Back
Millions of taxpayers may take a hit next spring when they file their income tax returns. Earlier this year, as part of the government’s effort to stimulate the economy, lawmakers created the Making Work Pay tax credit that gave workers some extra... read more
Government Aid to Churches Now More Popular with Democrats than Republicans
Government funding of churches operating social programs is more palatable to Democrats than Republicans, now that a Democrat is in the White House and supports the concept. Back in 2001 when George W. Bush launched his faith-based initiatives pro... read more
Geithner Accused of Using AIG Bailout to Enrich Goldman, Merrill and Foreign Banks
When insurance giant AIG teetered last fall on the brink of collapse, threatening to take with it a lot of Wall Street heavyweights, the New York branch of the Federal Reserve, led by Timothy Geithner, chose to make whole the likes of Goldman Sach... read more
Majority of U.S. Export-Import Bank Subsidies Went To One Company: Boeing
If things continue as they have in recent years, the federal government might as well slap the words “of Boeing” at the end of the U.S. Export-Import Bank’s name. The American aircraft manufacturer has been far and away the largest beneficiary of ... read more