Michael Schaus Retired city workers in the Liberal Utopia of Detroit are being asked whether or not they want the city to exit bankruptcy, by slashing retirement pensions and cost of living adjustments. Officials are urging retirees to agree to a 4.5 percent cut in pension payouts, and an end to COLA. Unsurprisingly, some former
A simple letter from Indiana University led its students to reduce borrowing by far more than the national average. Amid the furor over the $1.2 trillion in U.S. student debt, the seven-campus system decided to tell students annually before they take out loans for the next year what their monthly payment would be after graduation.
The attack on a U.S. hedge fund’s network, which a cybersecurity contractor said last week disrupted the firm’s high-speed trading and stole its data, is but one among many. That is the assessment of more than a half-dozen computer security experts, who in recent interviews characterized the hedge-fund industry as the target of multiple attacks,
The senior executives who played leading roles in the 2008 financial crisis can breathe a sigh of relief: If any committed crimes, the statute of limitations will run out for most of them this year. It’s safe to say nobody will go to jail. One doesn’t have to presume guilt to feel that the lack
Michael Schaus Hank Paulson (ya know: the guy that “managed” the financial crises in 2008) had a recent op-ed in the New York Times warning America of the next great crises. According to George W Bush’s former Treasury Secretary, climate change is the next sub-prime mortgage disaster. Or something. Writing in the New York Times,
With its announcement of a new smartphone this week, Amazon unveiled advanced camera technology that could arguably be called “point and shoot yourself in the foot.” Amazon’s foray into smartphones includes image-recognition technology that lets consumers point the phone at a product to buy it from its online store. The phone’s Firefly button recognizes more
Obama determined to stop banks from doing business with firearms retailers Senator Rand Paul is attempting to prevent the Obama administration from making an end run around the Constitution. On Thursday Paul introduced legislation to amend the Commerce, Justice, Science, and Related Agencies Appropriations Act for the 2015 budget. The amendment would prohibit the federal
Four senators have called on the Defense Department to end a practice that involves deliberately inserting false numbers into the Pentagon’s accounting ledgers and financial reports. The senators sent a letter to Defense Department Comptroller Robert Hale urging the Pentagon to stop an accounting practice widely known as “plugging.” The letter, dated June 12, 2014,