Dead Being Billed for Life Insurance ABC News ... the nation's leading insurance companies continued billing customers for life insurance long after they were dead. The companies--including such household names as AIG, Hartford, John Hancock, Met Life, Prudential, Transamerica and TIAA-CREF-- have agreed to a multi-state settlement under which they will repay some $763 million owed the heirs of the deceased...
The other hacking scandal: Suppressed report reveals that law firms, telecoms giants and insurance companies routinely hire criminals to steal rivals' information The Independent ...Some of Britain’s most respected industries routinely employ criminals to hack, blag and steal personal information on business rivals and members of the public, according to a secret report leaked to The Independent...
Firing of 5 Walmart Strikers Condemned by Rep. Ellison: 'Completely Unjust and Illegal' The Nation ...Of the roughly one hundred Walmart workers who this month went on strike and traveled to Arkansas this month, OUR Walmart alleges that five have been fired, ten have received disciplinary “coachings,” and one has been suspended...
House GOP ratchets up battle with Senate over student loan rates The Hill ...Without congressional action, rates for subsidized Stafford loans will jump from 3.4 percent to 6.8 percent on July 1...
Brazil: 250K protest against government corruption USA Today ...A quarter-million Brazilians took to the streets in the latest a wave of sometimes-violent protests that are increasingly focusing on corruption and reforming a government system in which people have lost faith. A new poll shows that 75 percent of citizens support the demonstrations...
How Currency Wars End in Violence as Brazil Erupts (opinion) The Market Oracle ...Hot money is fleeing, the Real is sinking, inflation is soaring, and Brazil has no idea how to stem the tide (or the protests)...
Food Network Drops Paula Deen New York Times ...Paula Deen, the self-proclaimed queen of Southern cooking and a sugary mainstay of the Food Network, was dropped by the network on Friday, after a bewildering day in which she failed to show up for an interview on the “Today” show and then in two online videos begged her family and audience to forgive her for using racist language...
Woot! NY lawmakers vote to crack down on trucking co. cheats TeamsterNation ...Here's a real Teamster victory: Both chambers of the New York state Legislatures passed a bill today that cracks down on trucking companies that misclassify their employers. Bad actors like FedEx Ground would pay stiff fines for treating their employees as contractors...
Report Shows Majority Of Proposed Tax Cuts Benefits Those Earning $100K-Plus Wisconsin Public Radio ...63.4 percent of the overall tax cut would be paid to people earning more than $100,000...
Panera Bread uses Natl. Labor Relations Review Board dysfunction to exploit bakers trying to unionize eclectablog ...Over a year ago, Panera Bread bakers along the I-94 corridor Michigan voted to form a union. The parent company refused to recognize the union, forcing the workers to file a complaint with the National Labor Relations Board (NLRB) demanding that the company recognize and bargain with their union, the Bakery, Confectionery, Tobacco Workers, and Grain Millers International Union (BCTGM). The NLRB ruled for the workers. However, due to a decision in Noel Canning v. NLRB overturning President Obama’s recess appointments to the NLRB, Panera Bread has refused to comply...
Showing posts with label fraud. Show all posts
Showing posts with label fraud. Show all posts
Sunday, June 23, 2013
Wednesday, June 12, 2013
Today's Teamster News 06.12.13
NSA Leaker's Six-Figure Pay Should Spark Debate: Why Are Federal Workers Being Replaced With Pricier Contractors? Forbes ...Why is a 29-year-old high school drop-out making more as a low-level contractor than any senior manager in the federal government short of the President himself, and a very few other special category employees?...
Edward Snowden: Exhibit A for How Washington Blows Money on Contractors The Atlantic ...the government has outsourced huge chunks of its operations wholesale to private contractors like Booz Allen, particularly in the realm of intelligence gathering. And it's costing Washington untold billions every year...
Obama Hosts Peru’s Humala in Push for Pacific Trade Deal Bloomberg ...President Barack Obama called Peru one of the most reliable partners of the U.S. in the Western Hemisphere and said a Pacific region trade pact being negotiated will enhance the economic relationship...
Overdrafts accounted for 61% of bank fees in 2011, report finds New York Times ...Overdrafts accounted for 61 percent of the fees banking customers paid in 2011, according to a report from the Consumer Financial Protection Bureau. The bureau conservatively estimates that the banking industry made $12.6 billion in such fees...
Banks Seen as Aid in Fraud Against Older Consumers New York Times ...The pitch arrived, as so many do, with a friendly cold call. Bruno Koch, 83, told the telemarketer on the line that, yes, of course he would like to update his health insurance card. Then Mr. Koch, of Newport News, Va., slipped up: he divulged his bank account information. What happened next is all too familiar...
Federal agencies turning to UPS, Fed Ex instead of USPS for delivery needs Washington Free Beacon ...The U.S. Postal Service’s bottom line has been hit as the federal government has increased its contracts with publicly traded companies, and spends hundreds of millions of dollars each year for these services. The lion’s share of contracts has gone to the United Parcel Service (UPS)...
Employers: Pay your interns. Labor Department: Bust them if they don’t! Economic Policy Institute ...At a time when the real value of the minimum wage is well below the levels of the 1960’s (making entry-level workers quite affordable), when the weak labor market is forcing college graduates in record numbers to take jobs that don’t require a college degree and entry level wages for college grads are already substantially below the levels of 10 years ago, the exploitation involved in not paying employees anything at all is shameful and economically dangerous...
When it comes to open records, ALEC needs to be put in its place Cap Times ...Communications with Wisconsin legislators are open records under the state's long-standing openness laws and for good reason. Citizens have a right to know who is influencing the conduct and actions of their elected representatives...
Walmart CEO Mike Duke, Other Execs Face Dissent In Shareholder Vote Huffington Post ...Wal-Mart's final shareholder vote for its board of directors showed another year of dissent against key executives and directors, including its CEO Mike Duke, as the company deals with the fallout from overseas bribery allegations...
Residents shut out of packed Detroit emergency manager meeting; Reporters tossed out Michigan Live ...(Emergency Manager Kevyn) Orr ... spoke in the meeting about making full use of either his broad powers under the state emergency manager law or Chapter 9 bankruptcy to address the city’s finances...
Bill would give Michigan college grads tax credits for student loans Central Michigan Life ...A new bill working its way through the state Legislature in Lansing would give college graduates an income tax credit if they continue to live in Michigan...
OSHA targets industrial truck safety FleetOwner ...OSHA is launching a new program in Idaho that will emphasize safety when working with industrial trucks like forklifts and lift trucks. Investigations will begin this month identifying and evaluating hazards associated with using these trucks...
Foreclosure abuse victims in Virginia to get checks Associated Press ...Checks are going out this week to more than 22,500 Virginians participating in the national mortgage foreclosure settlement, said Attorney General Kenneth Cuccinelli...
Davidson County judge blocks Tennessee Gov. Bill Haslam's plan to lay off state workers Chattanooga Times Free Press ...Gov. Bill Haslam's plan to lay off more than 200 state workers this month struck a pothole late Monday afternoon when a Davidson County judge issued a temporary restraining order after state employees filed suit...
Record Temperatures Bring Reminders of Heat-Related Illness from Cal/OSHA EHS Today ...With parts of California experiencing record-breaking temperatures, with some highs in in the triple digits, California’s Occupational Safety and Health Administration (OSHA) is reminding employers and employees of ways to beat the heat...
Teamsters Lead The Charge On Behalf Of Women Teamsters Canada ...The Teamsters Union has decided to lead the charge on behalf of pregnant women whose jobs are governed by the Canada Labour Code. The union wants to ensure that these women continue to be paid if they have to take a preventive withdrawal...
Edward Snowden: Exhibit A for How Washington Blows Money on Contractors The Atlantic ...the government has outsourced huge chunks of its operations wholesale to private contractors like Booz Allen, particularly in the realm of intelligence gathering. And it's costing Washington untold billions every year...
Obama Hosts Peru’s Humala in Push for Pacific Trade Deal Bloomberg ...President Barack Obama called Peru one of the most reliable partners of the U.S. in the Western Hemisphere and said a Pacific region trade pact being negotiated will enhance the economic relationship...
Overdrafts accounted for 61% of bank fees in 2011, report finds New York Times ...Overdrafts accounted for 61 percent of the fees banking customers paid in 2011, according to a report from the Consumer Financial Protection Bureau. The bureau conservatively estimates that the banking industry made $12.6 billion in such fees...
Banks Seen as Aid in Fraud Against Older Consumers New York Times ...The pitch arrived, as so many do, with a friendly cold call. Bruno Koch, 83, told the telemarketer on the line that, yes, of course he would like to update his health insurance card. Then Mr. Koch, of Newport News, Va., slipped up: he divulged his bank account information. What happened next is all too familiar...
Federal agencies turning to UPS, Fed Ex instead of USPS for delivery needs Washington Free Beacon ...The U.S. Postal Service’s bottom line has been hit as the federal government has increased its contracts with publicly traded companies, and spends hundreds of millions of dollars each year for these services. The lion’s share of contracts has gone to the United Parcel Service (UPS)...
Employers: Pay your interns. Labor Department: Bust them if they don’t! Economic Policy Institute ...At a time when the real value of the minimum wage is well below the levels of the 1960’s (making entry-level workers quite affordable), when the weak labor market is forcing college graduates in record numbers to take jobs that don’t require a college degree and entry level wages for college grads are already substantially below the levels of 10 years ago, the exploitation involved in not paying employees anything at all is shameful and economically dangerous...
When it comes to open records, ALEC needs to be put in its place Cap Times ...Communications with Wisconsin legislators are open records under the state's long-standing openness laws and for good reason. Citizens have a right to know who is influencing the conduct and actions of their elected representatives...
Walmart CEO Mike Duke, Other Execs Face Dissent In Shareholder Vote Huffington Post ...Wal-Mart's final shareholder vote for its board of directors showed another year of dissent against key executives and directors, including its CEO Mike Duke, as the company deals with the fallout from overseas bribery allegations...
Residents shut out of packed Detroit emergency manager meeting; Reporters tossed out Michigan Live ...(Emergency Manager Kevyn) Orr ... spoke in the meeting about making full use of either his broad powers under the state emergency manager law or Chapter 9 bankruptcy to address the city’s finances...
Bill would give Michigan college grads tax credits for student loans Central Michigan Life ...A new bill working its way through the state Legislature in Lansing would give college graduates an income tax credit if they continue to live in Michigan...
OSHA targets industrial truck safety FleetOwner ...OSHA is launching a new program in Idaho that will emphasize safety when working with industrial trucks like forklifts and lift trucks. Investigations will begin this month identifying and evaluating hazards associated with using these trucks...
Foreclosure abuse victims in Virginia to get checks Associated Press ...Checks are going out this week to more than 22,500 Virginians participating in the national mortgage foreclosure settlement, said Attorney General Kenneth Cuccinelli...
Davidson County judge blocks Tennessee Gov. Bill Haslam's plan to lay off state workers Chattanooga Times Free Press ...Gov. Bill Haslam's plan to lay off more than 200 state workers this month struck a pothole late Monday afternoon when a Davidson County judge issued a temporary restraining order after state employees filed suit...
Record Temperatures Bring Reminders of Heat-Related Illness from Cal/OSHA EHS Today ...With parts of California experiencing record-breaking temperatures, with some highs in in the triple digits, California’s Occupational Safety and Health Administration (OSHA) is reminding employers and employees of ways to beat the heat...
Teamsters Lead The Charge On Behalf Of Women Teamsters Canada ...The Teamsters Union has decided to lead the charge on behalf of pregnant women whose jobs are governed by the Canada Labour Code. The union wants to ensure that these women continue to be paid if they have to take a preventive withdrawal...
Wednesday, December 8, 2010
Bank ripped off states, cities, pays $137 million
 |
| Some men rob you with a six-gun, some with a fountain pen |
Here's someone new to blame -- the banks, not public service employees -- for the financial mess that state and local governments find themselves in.
Bank of America is paying $137 million because it ripped off hundreds of U.S. counties, towns, school districts, transit systems and airport authorities. The bank rigged bids for municipal bond financings, which ultimately cost taxpayers millions.
Federal prosecutors said the Bank of America scandal is only the tip of the iceberg. Christine Varney, the head of the Justice Department's antitrust division, told reporters
Stay tuned to this channel -- I think you will see a lot more activity in the coming weeks and months. We are committed to getting restitution, full restitution, to all the municipalities that were victims of this scheme.Bank of America stole from so many different institutions that officials haven't figured out yet who all gets a piece of the $137 million. We do know that Pennsylvania schools, cities, airports and transit systems will get a share. Reports the Philadelphia Inquirer,
Besides the $2 million for Montgomery County, from the bank's role in a 2001 bond sale, it is also paying $1.1 million to Downingtown Area School District, for bond issues in 2001 and 1998; $321,000 to Chester County from a 2001 bond issue; and $34,500 to the North Penn School District from a 1999 deal, according to the $9 million settlement between the bank and the Office of the Comptroller of the Currency, BofA's main regulator.
Also, Bank of America will pay $331,000 to New Jersey Transit Corp., stemming from a 2002 bond issue, as part of its $36 million settlement with SEC.
And the bank will pay a total of $4 million to Philadelphia, the city airport and its parking authority, SEPTA, and more than 100 other Bank of America clients across Pennsylvania as part of a $67 million settlement with attorneys general in 20 states...Stay tuned.
Tuesday, May 4, 2010
Where are the prosecutions?
Economist James K. Galbraith tells the truth about the financial meltdown:
"I think it’s fair to say that so far, what we’re looking at here is a failure of the rule of law."
To be specific:
"...the crucial act of denial in the banking sector, in my view, is that it has not come to grips with the extent of fraud, abuse, and failures of documentation that underlay the crisis in the first place. We know from the evidence that we’ve seenso far that there were massively fraudulent practices in mortgage origination—that these practices were abetted by the underwriters and by the ratings agencies, which declined and even refused to look at the underlying loan documentation. And I think the failure to confront that problem—which was covered over by the “stress tests” and the revision of market-to-market accounting rules—remains an unresolved issue."
Read the whole thing here. Long, but worth it.
"I think it’s fair to say that so far, what we’re looking at here is a failure of the rule of law."
To be specific:
"...the crucial act of denial in the banking sector, in my view, is that it has not come to grips with the extent of fraud, abuse, and failures of documentation that underlay the crisis in the first place. We know from the evidence that we’ve seenso far that there were massively fraudulent practices in mortgage origination—that these practices were abetted by the underwriters and by the ratings agencies, which declined and even refused to look at the underlying loan documentation. And I think the failure to confront that problem—which was covered over by the “stress tests” and the revision of market-to-market accounting rules—remains an unresolved issue."
Read the whole thing here. Long, but worth it.
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