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Monday, February 18, 2019

Banks Got $21 Billion Tax Break — And Then Cut Thousands Of Jobs

Reprinted with permission from Shareblue.

 

Well, we found one industry that benefitted from the Republican tax scam: U.S. banks.

According to Bloomberg News, major U.S. banks saw a $21 billion tax cut in 2018, beating the tax cut estimates the banks themselves projected they’d receive from the new law, all thanks to the Republican-passed tax bill.

And what did the banks do with that massive windfall?

They cut an estimated 4,300 jobs — with plans to cut even more — and spent some of the tax savings on stock buybacks and boosting dividends, further lining their own pockets, according to Bloomberg’s report.…

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Why Economists Blame Trump For Volatile Financial Markets

Reprinted with permission from AlterNet.

 

Republicans’ massive tax reform bill — largely a giveaway to corporations and the super wealthy — was supposedly justified by a massive boom in the American economy that would make everyone, not just the most direct beneficiaries of the cut, richer.

It hasn’t happened.

In fact, we’re not just missing out on a massive economic uptick. The stock market appears to be in absolutely dire straits, boomeranging wildly and hanging on by a thread, since the tax bill was passed.

“All the four major U.S. stock indexes declined at least 4.6% for the year through Friday — and they’re poised to all finish with negative annual returns for the first time since 2008.…

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Will Congress Crack Down After 2018 Corruption Scandals?

Reprinted with permission from AlterNet.

 

The headlines for white-collar crime this year have largely been grabbed by special counsel Robert Mueller, who has uncovered a huge array of financial crimes in President Donald Trump’s inner circle. But though Mueller’s revelations have shocked the American public consciousness, they were probably not the biggest financial scandals of the year.

On Monday, David P. Weber, a law professor and certified fraud examiner who reviewed the Panama Papers and blew the whistle on investigative misconduct as an assistant inspector general for the Securities and Exchange Commission, wrote an op-ed for The Hill outlining some of the most significant corporate scandals of 2018 — and how they prove Congress needs to ensure greater oversight of the financial system.…

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