Tag Archive: JPMorgan Chase


Local Government And Banks Collude In Property Theft

 

 

 

” Big banks and hedge funds are buying billions of dollars worth of tax liens from local governments all over the nation, and they are ruthlessly foreclosing on homeowners when they can’t pay the absolutely ridiculous penalties and legal fees that are tacked on to the original tax bill.

As you will see below, one 76-year-old man lost his $197,000 home that he fully owned over a $134 tax billA 95-year-old woman lost her $300,000 home over a $44.79 tax bill.  This is a very, very dirty way to make money, and the predatory financial institutions that are involved in this business definitely do not want to talk about it.

Of course much of the blame should also be shouldered by the local governments that are coldly selling these tax liens to these ruthless predators.  If local governments want to collect their tax bills, they should do it themselves.  They should not be auctioning off their tax liens to cold-hearted financial institutions that are very eager to commit a legal version of highway robbery.”

 

 

 

 

 

The 25 U.S. Corporations That Pay The Highest Taxes

 

” Did you freak out over what you owed the taxman this year? Imagine being Apple. When the company tallied up its 2012 income tax bill the total came to $14.2 billion. After accounting for taxes paid overseas, Apple says it forked over $6 billion in cash to the United States Treasury. That constitutes $1 out of every $40 that Uncle Sam collected from corporations last year — or enough to buy about 10 million iPhones.

Thanks to all its iPhone and iPad sales, Apple jumped this year to third place on our ranking of the 25 Biggest Corporate Taxpayers. It was ninth last year.”

 

Full List

 

 

 

 

 

 

Everything Is Rigged: The Biggest Price-Fixing Scandal Ever

Conspiracy theorists of the world, believers in the hidden hands of the Rothschilds and the Masons and the Illuminati, we skeptics owe you an apology. You were right. The players may be a little different, but your basic premise is correct: The world is a rigged game. We found this out in recent months, when a series of related corruption stories spilled out of the financial sector, suggesting the world’s largest banks may be fixing the prices of, well, just about everything.

You may have heard of the Libor scandal, in which at least three – and perhaps as many as 16 – of the name-brand too-big-to-fail banks have been manipulating global interest rates, in the process messing around with the prices of upward of $500 trillion (that’s trillion, with a “t”) worth of financial instruments. When that sprawling con burst into public view last year, it was easily the biggest financial scandal in history – MIT professor Andrew Lo even said it “dwarfs by orders of magnitude any financial scam in the history of markets.”

That was bad enough, but now Libor may have a twin brother. Word has leaked out that the London-based firm ICAP, the world’s largest broker of interest-rate swaps, is being investigated by American authorities for behavior that sounds eerily reminiscent of the Libor mess. Regulators are looking into whether or not a small group of brokers at ICAP may have worked with up to 15 of the world’s largest banks to manipulate ISDAfix, a benchmark number used around the world to calculate the prices of interest-rate swaps.” 

Mary Jo White Could Face Conflicts Of Interest As SEC Chairwoman

 

 

 

 

 

 ” As a lawyer in private practice, Mary Jo White worked for Wall Street all-stars: banking giant JPMorgan Chase & Co., auditor Deloitte & Touche, former Bank of America Corp. chief Ken Lewis.

White, President Obama‘s pick to lead the U.S. Securities and Exchange Commission, even did legal work for former Goldman Sachs Group Inc. director Rajat Gupta, the highest-profile catch in the federal government’s crackdown on insider trading, according to disclosures White filed ahead of her U.S. Senate confirmation hearing.

If she wins approval to lead the country’s top financial watchdog, government ethics rules could force White to sit out of some SEC decisions. Potential conflicts of interest — or the appearances of conflicts — could arise from her work at the high-powered New York law firm Debevoise & Plimpton, and that of her husband John White, a partner at the prestigious firm Cravath, Swaine & Moore.

Obama’s appointment of White, a former U.S. attorney in Manhattan known for high-profile prosecutions of mobsters and terrorists, was seen as a signal the administration was getting tougher on Wall Street. Her confirmation hearing in the Senate has not yet been scheduled but is expected in the next several weeks.”

GOP Abandons Good Policy in Fiscal Cliff Deal

 

 

 

 

 

” You know, Republicans, if you spent half as much time marketing good policy as you do bending over backwards to please your ideological opponents, we might actually have a deal worth talking about.

In addition to the basics, there are some other interesting facts to note about this deal.

ABC News reports:

But it also includes these:

  • $430 million for Hollywood through “special expensing rules” to encourage TV and film production in the United States.  Producers can expense up to $15 million of costs for their projects.
  • $331 million for railroads by allowing short-line and regional operators to claim a tax credit up to 50 percent of the cost to maintain tracks that they own or lease.
  • $222 million for Puerto Rico and the Virgin Islands through returned excise taxes collected by the federal government on rum produced in the islands and imported to the mainland.
  • $70 million for NASCAR by extending a “7-year cost recovery period for certain motorsports racing track facilities.”
  • $59 million for algae growers through tax credits to encourage production of “cellulosic biofuel” at up to $1.01 per gallon.
  • $4 million for electric motorcycle makers by expanding an existing green-energy tax credit for buyers of plug-in vehicles to include electric motorbikes.

*Note the price tags above reflect estimated forgone tax revenue if current credits – which have been due to expire – are extended for one year as included in the Senate bill, per Joint Committee on Taxation.

Jim Pethokoukis writes:

What will Americans pay in taxes this year vs. last year in light of the fiscal cliff deal? Well, let’s run the numbers (with some help from JPMorgan):

– Payroll tax hike: $125 billion

– Income tax hike and the phaseout of exemptions: $35-50 billion

– Investment tax hike: $5 billion

– PPACA healthcare taxes: $38 billion

So that works out to roughly $220 billion, or 1.2% of GDP. It’s a deal that, as The Washington Post puts it, ”takes money out of the hands of many Americans, sucking it out of the economy and slowing economic activity.”

Obama made it clear last night that he has no interest in negotiating when it comes to the debt ceiling. He has also made it clear that this is the start of his tax-hike demands, not the end. ”

 

 

 

 

Illustration By Steve Sack