It’s no fun being America’s former favorite bank JPMorgan Chase. Yesterday, September 19th, saw more eye-popping fines for the beleaguered megabank.
Back in May, we tallied up J.P. Morgan Chase’s impressive, depressing, and expensive list of legal and regulatory worries. The company has been eager to draw a line under its legal woes. But the charges, settlements, and investigations keep coming. On Thursday alone, JP Morgan Chase was hit with about $1.3 billion in new costs. While individual charges are generally drops in the bucket for big banks, the cumulative effect of JPMorgan’s woes even have members of its board asking when it will end.
Notorious for funding Solyndra.
Cue the outrage! Despite congressional furor over high-profile failures like Solyndra, the Obama administration announced yesterday that it is reviving the Energy Department’s loan-guarantee program. The program would have a broader scope this time, say officials. Rather than subsidize risky startups in renewable energy, like solar-panel and electric-car manufacturers, it will backstop investments that could work to move the coal and oil industries toward cleaner solutions. In other words, these are partial subsidies aimed at fossil-fuel companies. News of the revival coincides with an announcement of tough environmental rules regarding air pollution at new coal plants.
Apparently the annoying ads clogging the news feed is not why people leave Facebook, it's privacy concerns.
By Holly EllyatConcerns over online privacy are leading Facebook users to commit "virtual identity suicide" by deleting their Facebook accounts, according to new scientific research.A survey of around 300 Facebook users and 300 quitters of the social networking site by Austrian psychologists at the University of Vienna assessing what motivated them to use or abandon Facebook revealed an emerging counter-movement against social networking.
First since the end of 2008.
Those worried about the financial status of the multiple generations of the Sulzberger family should fret no more. The New York Times Co. says it will start paying a dividend of 4 cents per share on October 24. Back in 2009, the company had eliminated the dividend in the wake of a sharp decline in advertising revenue. While the last few years haven't been kind to the newspaper business, the Times is in much better shape. The parent company has raised cash by selling off properties like the Boston Globe and About.com, and the paywall and circulation rate increases have solidified the paper's operations. The Ochs-Sulzberger family, which controls the company, historically gleaned up to $20 million on corporate dividends. Given a 13 percent stake in the company, the 4 cents a share dividend would pay the family $3.1 million annually.
Over the next 10 years.
The House voted 217-210 for a bill that aims to cut food stamps by $40 billion over the next decade. Not a single Democrat voted for the measure. “This bill makes getting Americans back to work a priority again for our nation’s welfare programs,” House Speaker John Boehner said. “It’s a sad day in the people’s House when the leadership brings to the floor one of the most heartless bills I have ever seen,” said Rep. James McGovern (D-Mass). The bill, which also allows drug testing of food-stamp recipients, is expected to stall in the Senate.
Provided background checks for both.
A government contractor that provided a background check for NSA leaker Edward Snowden also provided one for alleged Navy Yard shooter Aaron Alexis, the company said. USIS had previously denied any involvement with Alexis, but a spokesman said new information has revealed it had indeed vetted the former Navy reservist for his secret-level clearance in 2007. USIS, which handles about half of the clearance checks for the Office of Personnel Management, is currently the subject of a criminal investigation over allegations it misled the government about its thoroughness.
One-piece, one-material, printable design could change the way shoes are made all over the world. Nina Strochlic meets the designers.
A new 2-D concept for footwear could bring affordable, environmentally friendly shoes to your mailbox.One day, you’ll open a flat package delivered from a nearby production factory, take out a piece of pliable biodegradable material, cut along the pattern lines, fold it into a shoe, and slip it on your foot. That’s if all goes according to the plan of 23-year-old designer Horatio Yuxin Han.The concept is simple: it’s a one-piece, one-material, printable shoe design, which, when cut out from a pliable material, folds like origami into a sturdy-looking sandal or closed-toe flat.
The Environmental Protection Agency is putting forth tough new standards for newly built electricity plants. Is this the next battle in the war on coal?
Making good on President Obama’s promise this summer to tackle climate change, on Friday the Environmental Protection Agency announced strict new limits on greenhouse-gas emissions from newly constructed power plants. Speaking at the National Press Club, EPA Administrator Gina McCarthy said newly built coal-fired power plants will have to keep carbon emissions below 1,100 pounds per megawatt hour—a level that will force the industry to develop potentially expensive new methods of capturing and storing CO2 before it is released into the atmosphere.
On new coal-powered plants.
See ya, carbon. On Friday, the Obama administration is set to announce the first-ever carbon limits on new coal-fired power plants, which have been blamed for global warming and pollution. The carbon dioxide would be caught in expensive technology and buried underground, and would be an incentive to focus on cleaner energy sources. Plants already in operation won’t be affected yet, but likely would be in the future, as they produce a third of the country’s greenhouse-gas emissions. The regulations will be proposed by the Environmental Protection Agency by next summer.
The SEC has issued a rule that forces companies to reveal how much their CEOs make compared to their employees. That’ll be fun to see, writes Daniel Gross, but it won’t change anything.
Who says class warfare is dead? Or that the Obama administration consistently sells out the left?On Wednesday, the Securities and Exchange Commission announced a new rule that had long been sought by labor activists, do-gooders, and progressives. Publicly traded companies are already required to disclose, in exquisite detail, the compensation of their CEOs and other top executives in annual reports and proxy statements. Now, however, they’ll be forced to disclose more information about the compensation of rank-and-file employees—and then express the relationship between the two as a mathematical ratio.
With an Ohio Walmart hosting a holiday food drive for its own workers, The Daily Beast's Michael Tomasky criticizes the notoriously stingy company for not paying them more.
Netanyahu's rhetoric about Iran echoes neoconservative rhetoric about Iraq.