TV News LIES

Monday, Jul 28th

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Apple Sells $12 Billion of Bonds to Keep Cash Overseas

Apple sells bonds to excape taxes in USApple, Inc. issued $12 billion of dollar-denominated bonds as the iPhone maker seeking to reward shareholders locked in a cheaper alternative than overseas cash that’s subject to repatriation taxes.

The sale included $2.5 billion of 3.45 percent, 10-year notes that pay 77 basis points more than similar-maturity Treasuries, according to data compiled by Bloomberg. The spread was less than the approximately 90 basis points that was marketed earlier today, according to a person with knowledge of the transaction.

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After foreclosure crisis, renters suffer under Wall Street landlords

wall street slumlordsThe poster child for the foreclosure crisis has been a middle-income suburban family. But low-income urban renters also saw their buildings over-mortgaged at the height of the crisis, and now faceless hedge funds and nameless investors are replacing their desperate landlords — sometimes with disastrous consequences.

Six years after the foreclosure crisis helped tank the world’s economy, investors are snatching up “distressed” properties — those that are in foreclosure or facing foreclosure — and seeking to turn a profit on them. Advocates for affordable housing worry that this profit comes at the expense of tenants.

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Judge says will accept SAC Capital guilty plea

SAC guilty pleaA federal judge agreed to accept SAC Capital Advisors' guilty plea to fraud charges in the U.S. government's insider trading case against the hedge fund firm controlled by billionaire Steven A. Cohen.

U.S. District Judge Laura Taylor Swain said she will accept the plea at a Thursday hearing in Manhattan federal court.  She is also expected to decide at the hearing whether to accept SAC Capital's agreement to pay a $900 million fine in its settlement with the U.S. Department of Justice, as part of an overall $1.8 billion payout to resolve criminal and civil litigation.

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U.S. Obama signs executive order on equal pay for women

equal pay for equal workKeeping 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.

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Forget about the "1%." Top "0.1% pulling ahead more

wealthiest americansThe "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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Bank Of America To Pay $9 Billion To Settle Mortgage Securities Suit

bank of americaHere’s a story that’s starting to sound weirdly familiar: Bank of America Corp. just agreed to pay $9.5 billion to settle U.S. claims linked to mortgages sold to Fannie Mae and Freddie Mac from 2005 to 2007. The deal, which roughly $6.3 billion in cash to end legal claims and an agreement to buy back $3.2 billion worth of mortgage-backed bonds, might seem like a landmark … if it was not so similar to multi-billion dollar agreements Bank of America signed in 2011 and 2013.

The 2013 deal, signed that January, also involved paying $3.6 billion in cash and buying back mortgages with billions of dollars in outstanding principal. At the time, Bank of America CEO Brian T. Moynihan called the 2013 agreements “a significant step in resolving our remaining legacy mortgage issues.” One analyst told Bloomberg that the deal would let Bank of America put its Fannie and Freddie issues behind it.

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Citigroup reports nearly $400m fraud in Mexico unit

Citigroup reports fraudCitigroup Inc (C.N) said on Friday that it has discovered at least $400 million in fraudulent loans in its Mexico subsidiary and said employees may have been in on the crime.

The bank wrote down bogus loans to a company whose assets Mexican law enforcement officials have now seized. Citigroup's 2013 profit fell by $235 million to $13.67 billion after the write-down. Citigroup Chief Executive Officer Michael Corbat called the incident a "despicable crime" and said the bank believes it was an isolated episode.

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