Economic Glance
"There's been class warfare going on for the last 20 years, and my class has won."
Billionaire investor Warren Buffett made that remark more than three years ago and it still holds true today — only the gap between the richest and the poorest has gotten even wider.
Here's how bad it is: Oxfam now calculates that the 85 richest billionaires on the planet, including the likes of Carlos Slim, Bill Gates and Mark Zuckerberg, have as much money as the 3.5 billion poorest people.
85 richest now have as much money as poorest 3.5B
JPMorgan to cut 3,000 more retail banking jobs
JPMorgan Chase & Co (JPM.N), the largest U.S. bank by assets, said it would cut 3,000 more jobs than previously expected in its retail banking division.
The bank said it would reduce 4,000 jobs in its card, merchant services and auto unit, up from the 2,000 previously announced. The bank is also cutting 7,000 jobs in its mortgage banking unit, up from 6,000.
JPMorgan will have eliminated 27,000 jobs by the year-end from its consumer bank unit over two years, even after additions for more risk controls and regulatory compliance.
Trump Plaza closes its doors, becomes 4th Atlantic City casino to close this year
The supervisor drew his finger in a slashing motion moments after the final hand of blackjack had been dealt at Trump Plaza Hotel & Casino.
And with that, gambling was done.
The 30-year-old casino at the heart of the Boardwalk shut its doors at 6 a.m. Tuesday, becoming the fourth Atlantic City casino to close this year. Beset by crushing debt, fleeing customers and run-down facilities, Trump Plaza had been the town's worst-performing casino for years. This year, it has won about the same amount from gamblers that the Borgata takes in every two weeks. And at pennies on the dollar, no one wanted to buy it.
Judge Orders Bank Of America To Pay $1.3 Billion Fine
A federal judge has ordered Bank of America to pay a $1.27 billion fine for fraud perpetrated by Countrywide Financial Corp., a mortgage company the bank acquired in 2008.
, a jury held Bank of America liable for bad loans Countrywide sold to Fannie Mae and Freddie Mac as part of its "Hustle" mortgage-lending program as the housing market soured in 2007 and 2008.
In his ruling Wednesday, Federal District Judge Jed Rakoff did not mince words.
How to Win Billions in Federal Contracts on a Permanent Tax Holiday
American manufacturer Ingersoll-Rand Co. (IR) forged the tools that carved the Panama Canal and shaped Mount Rushmore. When it shifted its legal address to Bermuda in 2001 to reduce taxes, the maneuver sparked bipartisan outrage in Congress.
“These corporations have turned their back on their country,” Nevada Democrat Harry Reid fumed from the Senate floor, adding that his father, a hard-rock miner, had wielded an Ingersoll-Rand jackhammer. “There is no reason the U.S. government should reward tax runaways with lucrative government contracts.”
U.S. Obama signs executive order on equal pay for women
Keeping with his promise to champion women’s rights in the workplace, President Barack Obama signed an executive order Tuesday that addresses the issue of unequal pay among federal contractors. While equal-pay advocates hail the move as a victory, many also say it doesn’t go far enough.
The executive order addresses the federal government’s gender wage gap by mandating that contractors publish wage data — by gender and race — to ensure compliance with equal-pay laws. The order also prohibits contractors from retaliating against employees who compare salaries.
Forget about the "1%." Top "0.1% pulling ahead more
The "top 1%" might be the primary target of the masses' ire and envy, but it's actually the top 0.1% who are grabbing a bigger slice of wealth.
The average household in the top 1% pulled in earnings of $1,264,065 in 2012, according to a just-released analysis by investment firm Sadoff Investment Research. That's 41 times greater than the $30,997 average income of Americans.
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