tagged w/ economic recession
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Financial institutions on Wall Street are preparing to pay a record 144 billion dollars in compensation and benefits, according to a study published in the Wall Street Journal. The payout, covering bonuses, premiums and stock options for the firm's executives and employees, is a four-percent raise over the previous record 139 billion dollars that was handed over in 2009.Financial institutions on Wall Street are preparing to pay a record 144 billion... more
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Tens of thousands protested against austerity cuts in Spain and Denmark last week as Germany's powerful unions warned of mass action and Hungary became the latest debt-ridden nation to slash spending.Tens of thousands protested against austerity cuts in Spain and Denmark last week as... more
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Several thousand demonstrators marched through the New York financial district this past week in a protest led by labor unions. They said Wall Street's biggest banks must account for record profits while average Americans still suffer financially.Several thousand demonstrators marched through the New York financial district this... more
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The Associated Press reports that President Obama's latest effort to reel in big banks may have more bark than bite. Obama has proposed a tax on banks to get back billions in bailout money that was handed out at the height of the financial crisis in 2008.
But analysts say that Obama's plan to limit banks' size and risky trading would have only a marginal effect on institutions like JPMorgan Chase, Bank of America and Citigroup — and would be hard to enforce. And it's not clear the rules would reduce taxpayers' risk of having to bail out another big bank.The Associated Press reports that President Obama's latest effort to reel in big... more
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A brutal study issued last week by a government watchdog holds Timothy Geithner -- then the head of the Federal Reserve Bank of New York and now the nation's Treasury Secretary -- responsible for over-payments that put billions of extra tax dollars in the coffers of major Wall Street firms, most notably Goldman Sachs.A brutal study issued last week by a government watchdog holds Timothy Geithner --... more
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The U.S. Department of Agriculture has revealed that nearly one in six U.S. households -- or some 49 million people -- went hungry at some time during 2008.The U.S. Department of Agriculture has revealed that nearly one in six U.S. households... more
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Nearly half of all U.S. children and 90 percent of African-American kids will be on food stamps at some point during childhood, and researchers say fallout from the current recession could push those numbers even higher.Nearly half of all U.S. children and 90 percent of African-American kids will be on... more
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