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Barclays will pay $450M for manipulating interest rates

Barclays BankBarclays and its subsidiaries will pay more than $450 million to settle charges that they tried to manipulate interest rates that can affect how much people pay for loans to attend college or buy a house.

Barclays is one of several major banks reportedly under investigation for such violations.

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Wells Fargo May Send Some Jobs to India, Philippines

Wells FargoWells Fargo & Co.the lender looking to trim more than $1.7 billion in quarterly expenses by the end of this year, may move some jobs overseas.

Roles in technology, the retirement division and other business lines could shift to India and the Philippines as part of a companywide review, Bridget Braxton, a spokeswoman for the San Francisco-based bank, said yesterday. News 14 Carolina reported a review for the retirement business earlier, citing an internal memo from a Wells Fargo executive it didn’t name.

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JPMorgan Chase Gets $14 Billion Per Year In Government Subsidy

JPMorgan CEO Jamie DimonAt least some of the billions of dollars that JPMorgan Chase lost gambling on credit derivatives once belonged to you.

Outraged by Merkley’s impunity, Dimon roared that his bank only took the government’s lousy bailout money and only borrowed at rock-bottom interest rates from the Federal Reserve because the government insisted that it do so, for the sake of appearances and the good of the country. And JPMorgan is the country’s greatest hero, so it had no choice but to accept all of this free money the government was handing out. It certainly did not need it.

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Nokia Slashes 10,000 Jobs

Nokia cuts jobsNokia plans to cut one in five jobs at its global cellphone business as it loses market share to rivals Apple and Samsung and burns through cash, raising new fears over its future.

In a second profit warning in nine weeks, Nokia said on Thursday that its phone business would post a deeper-than-expected loss in the second quarter due to tougher competition.

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Ex-loan officer claims Wells Fargo targeted black communities for shoddy loans

Wells Fargo targeted minoritiesFor nearly a decade, Beth Jacobson lived inside the vast machinery of subprime mortgages that shook the nation’s economy.

In sworn court testimony, she describes watching loan officers comb through heavily black areas such as Baltimore and Prince George’s County, forging relationships with churches and community groups to sell them shoddy loans. She says she processed homeowners with sterling credit ratings for higher interest rates than they needed to pay. And she says she pumped out millions of dollars in mortgages to people with no paperwork and low incomes to become Wells Fargo’s top-producing loan officer.

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These 10 Corporations Control Almost Everything You Buy

Despite a wide array of brands to choose from, it all comes back to the big guys.

Click on the picture to see a larger version.

Crime 'one of the world's top 20 economies', says UN official

Crime one of world's top economiesCrime generates an estimated $2.1 trillion in global annual proceeds - or 3.6pc of the world's gross domestic product - and the problem may be growing, a senior United Nations official has said.

"It makes the criminal business one of the largest economies in the world, one of the top 20 economies," said Yury Fedotov, head of the UN Office on Drugs and Crime (UNODC), describing it as a threat to security and economic development.

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