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Over 3,500 UK-based bankers are paid over €1 million, according to figures from the European Banking Authority (EBA) released this week. That’s three times the rest of Europe put together – in Europe outside Britain, only 1,200 individuals are paid such sums. It’s a remarkable statistic and indicative of the UK’s vast financial services industry, […]

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In the aftermath of the greatest financial calamity since the Great Depression, then–chief of staff for the Obama administration Rahm Emanuel made the call for aggressive action to prevent a recurrence of the meltdown of 2008. Although the U.S. government’s system of checks and balances typically produces incremental reform, Emanuel suggested that during times of […]

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Wall Street Mini-Tax Could Raise Maxi Revenue

March 7, 2019           |                                       

With great fanfare, politicians on the left are thinking big on tax reform: a 70 percent rate on incomes over $10 million, a wealth tax on the super-rich, estate taxes as high as 77 percent. With no fanfare at all, the nonpartisan Congressional Budget Office (CBO) has made the case for thinking small. According to […]

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This January, over sixty-five exhibitors participated in the twenty-seventh annual Outsider Art Fair in Chelsea, Manhattan. The artists on view included Maccarone gallery’s Jim Carrey, who, as a celebrity and straight white man, seems outside of very little. Technically, to be an outsider artist is to be self-taught (I guess “Self-Taught Art Fair” doesn’t have […]

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Democrats on Tuesday proposed a tax on Wall Street transactions which could stop another financial crash and bring in $777 billion over the next decade. “The Wall Street Tax Act would tax the sale of stocks, bonds, and derivatives at 0.1 percent,” said Sen. Brian Schatz (D-Hi.), who introduced the bill (pdf) with U.S. Senator […]

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Financial Transactions Tax Bill Will Spur Significant Gains in Efficiency and Revenue, CEPR Economist Says

March 5, 2019           |                                       

WASHINGTON – The Center for Economic and Policy Research (CEPR)’s Senior Economist, Dean Baker, issued the following statement regarding financial transaction tax bills introduced to the House and Senate today: “The Wall Street Tax Act, introduced today in the Senate by Sen. Brian Schatz (D-HI) and it’s companion bill, the Putting Main Street First Act, […]

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Internet bots immediately snapped up Beyonce’s presale tickets last year. And when the resale price rose above $1,000, the Beyhive was mighty peeved. Ticket scalpers are indeed frustrating. But their Wall Street cousins — what UMass-Amherst professor Douglas Cliggott calls the “stock scalpers” — are far more dangerous. Like online ticket scalpers, these financial predators […]

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To Reduce Inequality, Let’s Downsize the Financial Sector

March 4, 2019           |                                       

Trump May Want to Be President Forever. Take the Threat Seriously. Brazil Dam Collapse Is a Human Rights Disaster and Crime When It Comes to Climate Change, Centrism Is Not the Answer Sanders Says Paycheck-to-Paycheck Youth Prepped Him for Revolution Lobbyists Behind Trump-Saudi Arabia Nuclear Deal Under House Investigation Strike Wave Wins Raises for Mexican […]

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Tax justice groups on Friday called on Democrats to make use of the most illuminating parts of Michael Cohen’s testimony at a House Oversight Committee hearing earlier this week—arguing that his detailing of President Donald Trump’s long history of alleged tax fraud gives lawmakers ample reason to subpoena the president’s tax returns. Thanks largely to […]

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Butina Set To Appear In U.S. Court After Foreign Agent Guilty Plea

February 25, 2019           |                                       

Maria Butina was set to make her first appearance in U.S. federal court since pleading guilty last year to charges of being an unregistered foreign agent. The February 26 hearing in U.S. District Court for Washington, D.C., comes ahead of a final decision on whether the Russian native will serve time in a U.S. prison […]

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Alexandria Ocasio-Cortez’s War on Credit Scores Is a Big Deal

February 16, 2019           |                                       

Can Trump’s Wall Survive His Fake Emergency? Aggressive U.S. Foreign Policy Is Back — in Venezuela Trump’s Broken Promises to the Land of “American Carnage” Capitol Police Slammed for Physical Attacks on Reporters Amazon HQ2: Why New Yorkers Were Right to Be Skeptical The U.S. Military Is Poisoning Germany Credit scores: Everyone’s got one, even […]

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A former Goldman Sachs lobbyist who now works as the top lawyer for Senate Minority Leader Chuck Schumer, D-N.Y., declined to name 19 of his 20 former clients in his financial disclosure last year. Mark Patterson, who also served as former Treasury Secretary Tim Geithner’s chief of staff during the Obama administration, joined Schumer’s office […]

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WASHINGTON — The House intelligence committee will launch a broad new investigation looking at Russian interference in the 2016 election and President Donald Trump’s foreign financial interests, Chairman Adam Schiff announced Wednesday, moving ahead with the aggressive oversight that Democrats have promised now that they are in the majority. Schiff said the investigation will include […]

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Far more households in the US are at risk of joining the ranks of the poor, should they lose their job or face a financial emergency, showing that millions are vulnerable and this number is increasing, says Kasey Wiedrich of Prosperity Now The post Over 40% of US Households Are One Paycheck Away From Poverty […]

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The ruling elites are painfully aware that the foundations of American power are rotting. The outsourcing of manufacturing in the United States and the plunging of over half the population into poverty will, they know, not be reversed. The self-destructive government shutdown has been only one of numerous assaults on the efficiency of the administrative […]

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