Where is the Money Going?
Energy Department Awards Grants for Exotic Research
Spurring development of the next generation of energy technologies is the goal of a new Department of Energy program that announced on Monday the awarding of more than $150 million in grants to small businesses and universities for “high-risk, hig... read more
Bank Failures for Year Pass 100 Mark
Macro economic indicators may say the country is no longer in a recession, but the bank industry is still wallowing in failures. On Friday, the number of banks that have failed shot past the 100 mark in 2009, and is expected to climb not only the ... read more
Audit of First-Time Homebuyer Program Finds $636 Million in False Claims
The First-Time Homebuyer Credit program has been declared a success by its supporters, who want Congress to extend it past its December 1 expiration. But its “success” was due in part to thousands of Americans who exploited the $8,000 tax credit e... read more
Senior Unemployment Highest Since Great Depression
At no other time in U.S. history have more seniors been a part of the workforce than now. More than 6.5 million people aged 65 and older are working, compared to 4.1 million in 2001. But there are another half a million seniors who want to work bu... read more
The End of Car Brand Loyalty
Once upon a time Americans knew exactly where they wanted to go to buy a new car—to the same dealer that sold them their last automobile. But the storied days of brand loyalty have disappeared, thanks to the implosion of the Big Three in Detroit a... read more
Boom Times for Coal and Oil Despite Recession
Coal, oil and natural gas have proven themselves to be recession-proof. The worldwide economic downturn has not caused a reduction in fossil fuel production, according to the environmental group Worldwatch Institute. In fact, overall sales went up... read more
Half of Stimulus Dollars Awarded without Competition or Fixed Price
The Obama White House insists it is still committed to awarding stimulus contracts on a fixed-price, competitive basis—even though much of the money spent so far has not been distributed in this manner.
According to a review by Government Exec... read more
IRS Handed Out $20 Million in Wrong Refunds in 6 Months
The Internal Revenue Service has a problem handling bounced checks from taxpayers. According to an audit report of the IRS’ “dishonored” check system, the agency gave out approximately $20 million in refunds during the first six months of 2008 to ... read more
Recession Brings Increased Business for Corporate Lawyers
The Great Recession has done nothing to dampen the workloads of corporate attorneys. According to Fulbright’s 6th Annual Litigation Trends Survey Report, 42% of lawyers representing corporations are expecting an increase in lawsuits over the next ... read more
U.S. Deficit at Highest Rate Since 1945
Friday’s news about the U.S. budget deficit was bad no matter how it was sliced. The final number for fiscal year 2009—$1.4 trillion—represented a 212% increase over the FY 2008 deficit of $455 billion. In comparison to the previous year, spending... read more
U.S. Pays $400 a Gallon for Gas in Afghanistan
Being a logistical nightmare has made Afghanistan a costly place to wage war. In the course of debating General Stanley McChrystal’s request for 40,000 additional troops, lawmakers uncovered the fact that it costs $400 a gallon to fuel the vehicle... read more
How Much Does the Pentagon Spend on Overseas Propaganda? Who Knows?
When the Defense Department first submitted its budget request to fund American military propaganda campaigns, it asked Congress for $988 million. After the House chopped the budget in half, Pentagon officials begged lawmakers to reconsider—and ad... read more
House Financial Committee Works on Bill to Regulate Their Own Campaign Contributors
President Barack Obama has said he wants to create a new consumer protection agency that will regulate the financial industry when it comes to credit cards, insurance and mortgages. But this new government body can only be created with help from C... read more
Goldman Sachs Bonuses Expected to Double
Lloyd Blankfein, head of Goldman Sachs, said recently he understands why people get so upset over the amount of bonuses awarded to those on Wall Street. Time will tell if Blankfein is still as understanding after Thursday, when news of his firm’s ... read more
Does the Government Owe You Money from Unclaimed Bonds?
To help finance the U.S. military effort during World War II, the federal government sold war bonds to millions of Americans, many of whom never bothered to cash them in once the conflict ended. More often than not, this was because of the 40-year... read more
Banks Gain $24 Billion a Year in Overdraft Fees
Last year may have been a bad one for many areas of the financial sector, but not for banks when it came to overdraft fees. A report by the Center for Responsible Lending (CRL) says banks and credit unions collected nearly $24 billion in overdraft... read more