Economic Glance
How would you like to invest $10,000 and watch it grow over 20 years into $1,461,920? Well that's what happened at the giant hedge fund, SAC Capital Advisors, which made a 30% return for 20 years in a row.
How is it possible to make such profitable investments again and again and again? The U.S. Attorney for Manhattan, Preet Bharara, believes he has the answer: SAC is cheating ... again and again and again. In fact, Bharara suggests that hedge funds that engage in insider trading may be rotten to the core:
How Did Major Hedge Fund Earn 30% Returns for 20 Years Straight? Lots of Cheating
New York AG claims more proof of bank mortgage abuses
New York Attorney General Eric Schneiderman said there is mounting evidence that Bank of America Corp, Wells Fargo and Co and other banks violated the terms of a settlement designed to end mortgage servicing abuses.
Schneiderman - who has said he plans to sue Bank of America and Wells Fargo for failing to live up to their obligations under the deal - said other states had found similar problems.
8 companies that most owe workers a raise
While CEOs of companies with the strongest financial results are usually paid hundreds of millions of dollars, rank-and-file employees at these corporations are often less fortunate. Only a small number of the best performing companies give raises or bonuses to most employees that are tied to earnings. Why shouldn't these companies spread the wealth?
Several of the American most successful companies have large numbers of low-paid employees. These people work in retail stores and call centers or clean hotel rooms. Some do not make a great deal more than the minimum wage.
CEO Pay 1,795-to-1 Multiple of Wages Skirts U.S. Law
Former fashion jewelry saleswoman Rebecca Gonzales and former Chief Executive Officer Ron Johnson have one thing in common: J.C. Penney Co. (JCP) no longer employs either.
The similarity ends there. Johnson, 54, got a compensation package worth 1,795 times the average wage and benefits of a U.S. department store worker when he was hired in November 2011, according to data compiled by Bloomberg. Gonzales’s hourly wage was $8.30 that year.
What It Costs the Worst Bank to Be Truly Evil
More than half of that amount, $8.5 billion, was paid out in fines and settlements as the result of illegal actions taken by bank executives.
$8.5 billion is almost 12 percent of the net income the mega-bank brought in during the same period.
OECD Enables Companies to Avoid $100 Billion in Taxes
Headquartered in a former Rothschild chateau in an affluent Parisian neighborhood, the Organization for Economic Cooperation and Development is best known for earnest conferences on economic and social policy.
With little outside attention, it also plays a pivotal role enabling global corporations such as Google Inc. (GOOG), Hewlett- Packard Co. and Amazon.com Inc (AMZN). to dodge taxes by shifting profits into offshore subsidiaries, costing the U.S. and Europe more than $100 billion a year.
Puerto Rico Beyond IRS Reach Woos Billionaire Fortunes
Puerto Rico occupies a space between foreign and domestic status with U.S. citizenship for residents, its own Olympic team and a tax system that allows individuals and companies the chance to elude the IRS.
The U.S. territory’s leaders are seeking to lure mainland residents such as hedge-fund billionaire John Paulson. Moving to Puerto Rico could allow Paulson and other top-earning taxpayers to shield future income from the Internal Revenue Service without giving up their passports.
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