News for today's 2018

India To Head BRICS' $100 Billion New Development Bank

7:16 PM Anonymous 0

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<a href="http://www.ndtv.com/news/images/story_page/BRICS_summit_AP_360.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img alt="India To Head BRICS' $100 Billion New Development Bank" border="0" id="story_image_main" src="http://www.ndtv.com/news/images/story_page/BRICS_summit_AP_360.jpg" style="width: 360px;" title="India To Head BRICS' $100 Billion New Development Bank" /></a>ortaleza, Brazil::  <a href="http://www.fortodays.com/2014/07/india-to-head-brics-100-billion-new.html">Leaders of the BRICS</a> emerging market nations launched a $100 billion development bank and a currency reserve pool on Tuesday in their first concrete step toward reshaping the Western-dominated international financial system. The bank, aimed at funding infrastructure projects in developing nations, will be based in Shanghai, China, and India will preside over its operations for the first six years, followed by five-year terms for Brazil and then Russia, leaders of the five-country group announced at the 6th BRICS -  Brazil, Russia, India, China and South Africa - summit. The member countries will also set up a $100 billion currency reserves pool to help countries forestall short-term liquidity pressures. For India, it was a moment of success after hard bargaining to settle where the bank would be located and the share-holding in it. The bank will be called the New Development Bank, a name suggested by Prime Minster Narendra Modi.  Also, the bank will begin with a subscribed capital of $50 billion divided equally between its five founders; China, the world's number 2 economy, had argued that the economic strength of a member nation should be the criteria for contribution to the bank - a higher contribution would automatically mean greater control. But in intense negotiations that delayed the bank for two years, India and Brazil fought China's attempts to get a bigger share in the lender than the others.  "The agreement towards setting up the BRICS New Development Bank is a significant step. I am happy the initiative announced in 2012 in Delhi has become a reality," PM Modi said. The summit is Mr Modi's first multilateral engagement since he took over as Prime Minister in May this year.  (BRICS: PM Pitches for 'Zero Tolerance' Towards Terror) The long-awaited bank is the first major achievement of the BRICS countries since they got together in 2009 to press for a bigger say in the global financial order created by Western powers after World War Two and centered on the International Monetary Fund and the World Bank. The BRICS were prompted to seek coordinated action following an exodus of capital from emerging markets last year, triggered by the scaling back of US monetary stimulus. The new bank reflects the growing influence of the BRICS, which account for almost half the world's population and about one-fifth of global economic output.

ortaleza, Brazil:: Leaders of the BRICS emerging market nations launched a $100 billion development bank and a currency reserve pool o...

Today's Teamster News 11.10.13

7:32 AM Tukiyooo 0

<a href="http://www.huffingtonpost.com/2013/11/07/economic-growth-q3-2013_n_4232329.html" rel="nofollow">U.S. Economy Expanded At Surprising Rate Ahead Of The Government Shutdown</a>  Associated Press   ...The U.S. economy expanded at a 2.8 percent annual rate from July through September, a surprising sign of strength ahead of the 16-day partial government shutdown. Exports rose, businesses stocked up, home construction increased and state and local governments spent at the fastest pace in four years…Analysts expect the shutdown will slow growth in the October-December quarter… <a href="http://truth-out.org/buzzflash/commentary/item/18302-koch-brothers-organized-federal-shutdown" rel="nofollow">How the Koch Brothers Organized the Federal Shutdown</a>  Buzzflash   ...The two chief contributors to Cruz's political career donated over a million dollars to it (and no other entity donated as much as $100,000 to it). These two top sources of contributions to Mr. Cruz's political career were Club For Growth, and Senate Conservatives Fund, which together donated over a million dollars to it... <a href="http://thinkprogress.org/economy/2013/11/08/2919341/switzerland-executive-compensation-limits/" rel="nofollow">Switzerland Weighs Radical Approach To Runaway Executive Compensation</a>  ThinkProgress   ...A referendum is set for November 24 on a law called the “1:12 Initiative” that would impose a flexible cap on top employee compensation at Swiss companies. If approved, the highest-paid employee of any given Swiss firm could not earn more in a month than its lowest-paid employee makes in a year... <a href="http://www.globalresearch.ca/the-origins-and-evolution-of-the-trans-pacific-partnership-tpp/5357495?utm_source=rss&utm_medium=rss&utm_campaign=the-origins-and-evolution-of-the-trans-pacific-partnership-tpp" rel="nofollow">The Origins and Evolution of the Trans-Pacific Partnership (TPP)</a>  Global Research   ...THE free trade agreement being negotiated by the regional bloc known as the Trans-Pacific Partnership (TPP) has provoked widespread opposition in the countries involved in its negotiation... <a href="http://www.nakedcapitalism.com/2013/11/the-tpp-if-passed-spells-the-end-of-popular-sovereignty-for-the-united-states.html" rel="nofollow">The TPP, If Passed, Spells the End of Popular Sovereignty for the United States</a>  naked capitalism   ...TPP replaces popular sovereignty with transnational investor rule, in two ways... <a href="http://www.theguardian.com/business/2013/nov/09/bank-of-america-us-864m-mortgage-verdict" rel="nofollow">US seeks $864m from Bank of America after mortgage fraud verdict</a>  The Guardian   ...Countrywide's program emphasized and rewarded employees for the quantity rather than the quality of loans produced, and eliminated checkpoints designed to ensure that loans were sound... <a href="http://m.theatlantic.com/technology/archive/2013/11/a-fraying-of-the-public-private-surveillance-partnership/281289/" rel="nofollow">A Fraying of the Public/Private Surveillance Partnership</a>  The Atlantic   ...The publicity resulting from the Snowden documents has made companies think twice before allowing the NSA access to their users' and customers' data... <a href="http://www.dailykos.com/story/2013/11/05/1253318/-Wage-theft-outstrips-bank-gas-station-and-convenience-store-robberies?detail=email#" rel="nofollow">Wage theft outstrips bank, gas station and convenience store robberies</a>  DailyKos   ...Fully 64 percent of low-wage workers have some amount of pay stolen out of their paychecks by their employers every week, including 26 percent who are effectively paid less than minimum wage... <a href="http://www.thenation.com/blog/177043/scott-walker-effect-helping-democrats-win-and-republicans-lose#" rel="nofollow">The Scott Walker Effect: Helping Democrats Win and Republicans Lose</a>  The Nation   ...Virginia Republican gubernatorial candidate Ken Cuccinelli counted on Wisconsin Governor Scott Walker to provide the conservative candidate with some of the “star power” he needed to get him elected November 5. It didn’t work...

bank criminality economy government shutdown Koch brothers mortgage fraud scott walker spying TPP wage theft Today's Teamster News 11.10.13

U.S. Economy Expanded At Surprising Rate Ahead Of The Government Shutdown Associated Press ...The U.S. economy expanded at a 2.8 percent...

Today's Teamster News 10.28.13

4:19 AM Tukiyooo 0

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bank criminality China food safety Hurricane Sandy inequality innovation Koch brothers scott walker TPP unemployment WI Today's Teamster News 10.28.13

America’s Wealthy Are Even Wealthier And Have A New Name: Point-Seveners Alternet ...America has 45,000 citizens worth more than $50 mil...

Today's Teamster News 09.22.13

4:46 AM Tukiyooo 0

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bank criminality corporate tax avoidance funeral directors Jobs JPMorgan negotiations TPP Today's Teamster News 09.22.13

Local Teamsters No. 2, St. James Healthcare settle; Strike averted Montana Standard ...Local Teamsters No. 2 and St. James Healthcare ha...

'Let's keep the gamblers out of banks'

9:55 AM Tukiyooo 0

<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgw4Om_c568L7zvC4_m0xHaY3r4K3pkzhwuhgODDVF7xFRV0UEAurV6T1u-jjnJ4fs1RHeCs3RHP9rumD1Nyx_RBRahSC9ji4lufO_MljA_rW9Y1Jgh1jVaLT2a_PfzJ3ZxBABVH2YaNriV/s1600/elizabeth+warren.JPG" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" height="212" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgw4Om_c568L7zvC4_m0xHaY3r4K3pkzhwuhgODDVF7xFRV0UEAurV6T1u-jjnJ4fs1RHeCs3RHP9rumD1Nyx_RBRahSC9ji4lufO_MljA_rW9Y1Jgh1jVaLT2a_PfzJ3ZxBABVH2YaNriV/s320/elizabeth+warren.JPG" width="320" /></a></div>Massachusetts Sen. Elizabeth Warren dropped a bombshell -- actually two -- on federal bank regulators yesterday. <a href="http://wallstreetonparade.com/2013/07/senator-warren-drops-a-bombshell-in-senate-hearing-bipartisan-bill-to-restore-glass-steagall-being-introduced/">Wall Street on Parade</a> reports they were probably expecting a pat on the back because they're requiring banks to keep more money on hand in case they get into trouble (as they did in 2008 when they crashed the economy). Instead, Warren scolded them for failing to put bankers in prison. <a href="http://thehill.com/blogs/regwatch/finance/310479-warren-hammers-regulators-on-trials-for-firms-who-skirt-financial-rules">The Hill</a> reports Warren asked why they chose to fine banks accused of wrongdoing instead of prosecuting them for crimes. She asked for more information about bank violations and the agreements reached with the banks.: <blockquote class="tr_bq">Then the public could evaluate for themselves if you’re really out there fighting on their behalf.</blockquote>(We have an idea...) Warren also announced she and three other senators, including Arizona's John McCain, were introducing a bill to restore <a href="https://en.wikipedia.org/wiki/Glass%E2%80%93Steagall_Act">Glass-Steagall</a>. That's a Depression-era law that separated risky gambling on Wall Street with traditional banking. It worked to keep the financial system stable for decades, until the banks managed to get it repealed. <a href="http://wallstreetonparade.com/2013/07/senator-warren-drops-a-bombshell-in-senate-hearing-bipartisan-bill-to-restore-glass-steagall-being-introduced/">Wall Street on Parade</a> reported the regulators stared in silence as Warren described why she was sponsoring the legislation. (They represented Treasury, FDIC, Federal Reserve and Office of the Comptroller of the Currency.) She told them: <blockquote class="tr_bq">“…the four largest banks are now 30 percent larger than they were just five years ago and they have continued to engage in dangerous, high-risk practices. So, later today Mr. Chairman, Senators McCain, Cantwell, King and I will introduce a 21st Century Glass-Steagall Act. For half a century after the Great Depression, Glass-Steagall kept this country safe by separating the risky activities of investment banks from the basic checking and savings accounts that consumers rely on every day.  </blockquote><blockquote class="tr_bq">“The banks lobbied for weaker regulations and eventually the regulators started unraveling Glass-Steagall and finally in 1999 Congress repealed what was left of it. So now we propose a 21st Century Glass-Steagall so that we can return to the basics and try to keep the gamblers out of our banks.  </blockquote><blockquote class="tr_bq">“Now, based on what the regulators did to Glass-Steagall over the past 30 years, I don’t expect that anyone on this panel will jump up and endorse the new Glass-Steagall bill; even so, we’re going to keep pushing for it.”    </blockquote>Stay tuned...