Economic Glance
The gulf between the richest 1 percent and the rest of America is the widest it's been since the Roaring '20s.
The very wealthiest Americans earned more than 19 percent of the country's household income last year — their biggest share since 1928, the year before the stock market crash. And the top 10 percent captured a record 48.2 percent of total earnings last year.
Richest 1 percent earn biggest share since '20s
Bank of America Said to Cut 2,100 Jobs in Mortgage Slump
Bank of America Corp., the second-largest U.S. lender, will eliminate about 2,100 jobs and shutter 16 mortgage offices as rising interest rates weaken loan demand, said two people with direct knowledge of the plans.
About 1,500 of the workers helped process home loans, said one of the people, who asked for anonymity because while affected employees were notified on Aug. 29, the scope of the plans hadn’t been publicly announced. About 400 worked in a suburban Cleveland call center, and 200 dealt with overdue mortgages, the person said. The reductions are scheduled to be completed by Oct. 31, the people said.
Head Start eliminated services to 57,000 children because of sequester
Head Start programs erased services for 57,000 U.S. children in the coming school year to balance sequester-starved budgets, federal data indicated.
The latest numbers, based on results of "reduction plans" Head Start grantees submitted to the Department of Health and Human Services, will affect tens of thousands of poor families across the country who rely on Head Start for early learning programs, day care, and social services and medical care for their children.
Aluminum shuffle: Goldman profits as consumers pay billions
Hundreds of millions of times a day, thirsty Americans open a can of soda, beer or juice. And every time they do it, they pay a fraction of a penny more because of a shrewd maneuver by Goldman Sachs and other financial players that ultimately costs consumers billions of dollars.
The story of how this works begins in 27 industrial warehouses in the Detroit area where a Goldman subsidiary stores customers’ aluminum. Each day, a fleet of trucks shuffles 1,500-pound bars of the metal among the warehouses. Two or three times a day, sometimes more, the drivers make the same circuits. They load in one warehouse. They unload in another. And then they do it again.
SEC seeking to ban SAC's Cohen from financial industry
U.S. securities regulators took their boldest step yet in a long-running insider trading probe against Steven A. Cohen, declaring Friday they would try to bar the hedge fund mogul from managing other people's money.
Legal experts said the charges represented a strategic calculation by the SEC that some action had to be taken, but that the agency could end up struggling to prove its case.
US blocks crackdown on tax avoidance by net firms like Google and Amazon
France has failed to secure backing for tough new international tax rules specifically targeting digital companies, such as Google and Amazon, after opposition from the US forced the watering down of proposals that will be presented at this week's G20 summit.
Senior officials in Washington have made it known they will not stand for rule changes that narrowly target the activities of some of the nation's fastest growing multinationals, according to sources with knowledge of the situation.
HSBC wins approval of record $1.92 billion money-laundering settlement
A federal judge has approved HSBC Holdings Plc's (HSBA.L)(HBC.N) record $1.92 billion settlement with federal and state investigators of charges that it flouted rules designed to stop money laundering and thwart transactions with countries under U.S. sanctions.
While noting "heavy public criticism" of the settlement, which enabled HSBC to escape criminal prosecution, U.S. District Judge John Gleeson in Brooklyn, New York, called the decision to approve the accord "easy, for it accomplishes a great deal."
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