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Treasury, UAW health care trust will sell 50 million shares of GM stock The U.S. Treasury said Wednesday it plans to sell 30 million additional shares of General Motors stock in a new public offering in conjunction with GM’s return to the S&P 500 index on Thursday. The United Auto Workers Retiree Medical Benefits Trust — which holds about 14 percent of GM — will also participate by selling 20 million shares, making [...] Jonathan Weisman The Internal Revenue Service spent $4.1 million on a single conference in Southern California in 2010, paying top dollar for luxury suites, $27,500 for a keynote speaker and tens of thousands of dollars for gifts to the 2,600 people who attended, according to a newly released Treasury Department audit. But the audit also shows that such expenditures fell dramatically when the Obama White House clamped down [...] Bank lobbyists are not leaving it to lawmakers to draft legislation that softens financial regulations. Instead, the lobbyists are helping to write it themselves. One bill that sailed through the House Financial Services Committee this month — over the objections of the Treasury Department — was essentially Citigroup’s, according to e-mails reviewed by The New York Times. The bill would exempt broad swathes of trades from new regulation. In a sign of [...] by Chris Powell, GATA: Dear Friend of GATA and Gold: In his market letter for May, commodities fund manager John Butler of Amphora Capital in London describes the rationales and mechanisms of surreptitious currency market intervention by central banks, rationales and mechanisms that will be familiar to anyone who follows the gold market with even the slightest skepticism. Drawing on a long conversation he had years ago with his professor of international economics in [...] The United States bumped up against its borrowing limit Sunday, forcing the Treasury Department to employ “extraordinary measures” to make sure the government keeps paying its bills. After a brief hiatus, the nation’s debt limit has returned as a major hurdle for Washington to overcome, and one that will play a central role in fiscal fights heading into the fall. Congress agreed to suspend the nation’s $16.4 trillion borrowing limit the last [...] In no uncertain terms and with no hedging, The New York Times reports that the Obama administration was aware of the fact that the IRS was targeting Tea Party groups as far back as June of 2012. The Treasury Department’s Inspector General confirmed that he told senior Treasury officials in June of 2012, a full five months before Election Day: The Treasury Department’s inspector general told senior Treasury officials in June 2012 he was [...] politico.com The Internal Revenue Service asked tea party groups to see donor rolls. It asked for printouts of Facebook posts. And it asked what books people were reading. A POLITICO review of documents from 11 tea party and conservative groups that the IRS scrutinized in 2012 shows the agency wanted to know everything — in some cases, it even seemed curious what members were thinking. The review included interviews with groups or [...] From Washington’s Blog: The IRS started targeting Tea Party members, “Patriots” and similar conservatives starting in 2010. But the IRS’ harassment of conservatives expanded way beyond those groups. As United Press International reports: U.S. Internal Revenue Service inquiry of conservative groups included those lobbying to “make America a better place to live,” new details emerging about the IRS investigation indicated.
That lever goes beyond what the IRS admitted Friday, which was that it targeted groups [...] by Michael Do you actually believe that the central banks of the world are going to sit back and do nothing while their monopoly over money creation is being threatened? Do you actually believe that the governments of the world are going to allow a digital currency that they have no control over to become “the future of money”? If so, then you are incredibly naive. Wars have been started over much [...] The “Most Overpriced, Oversupplied, Over-owned Market in History”
Michael Pento, president of Pento Portfolio Strategies, believes the U.S. Treasury market is a massive bubble destined to pop with devastating consequences. Unlike most, Pento is willing to put a timeline on when he believes the bond bubble will burst, which is the theme of his not-so subtly titled new book: The Coming Bond Market Collapse. Sometime in 2015-16, foreigners creditors will conclude with a [...] The Internal Revenue Service issued more than $11 billion in improper payments through its Earned Income Tax Credit program last year, according to an inspector general’s reportreleased this week. Treasury Department deputy inspector general Michael McKenney found that the IRS has failed to comply for two consecutive years with the Improper Payments Elimination Act, which President Obama signed in 2010. The law requires federal agencies to reduce erroneous payments to a rate of [...] Josh Hicks The Internal Revenue Service issued more than $11 billion in improper payments through its Earned Income Tax Credit program last year, according to an inspector general’s reportreleased this week. Treasury Department deputy inspector general Michael McKenney found that the IRS has failed to comply for two consecutive years with the Improper Payments Elimination Act, which President Obama signed in 2010. The law requires federal agencies to reduce erroneous payments [...] allgov.com Even as the economy struggles to recover from the bursting of the sub-prime mortgage debt bubble in 2008 a new debt crisis over student loans looms on the horizon, and this time the federal government is actually profiting off of debtors. If a coming interest rate increase is not averted by Congress, millions of student borrowers could be thrown into default, with devastating consequences not only for themselves [...] The US government has published the names of the people on the ‘Magnitsky List,’ despite warnings of counter-measures from Moscow and the risk of straining ties between the two countries. The SDN list published on the US Treasury Department website includes the names 18 people from Russia and the CIS countries, who are blacklisted under the Sergei Magnitsky Rule of Law Accountability Act of 2012. The law commonly known as the Magnitsky [...] In his first TV interview since the company reported record profits, Fannie Mae CEO Tim Mayopoulos told Bloomberg TV’s Peter Cook today that U.S. taxpayers could see a net gain from their bailout as the housing market rebounds. Mayopoulos said, “I do think, given the strength of our future profitability, that it is possible that we will be able to pay dividends that would be equal to or greater than [...] In an attempt to pursue terrorists across the globe, the Obama administration has proposed legislation that will give spy agencies access to citizens’ finances. Currently, the FBI is the only agency that has access to these databases, but the plan will give the CIA and NSA the same access. So does this proposition take the war on terror too far? Private investigator Kenneth Cummins explains the legality of the legislation.
Is [...] The Obama administration is drawing up plans to give all U.S. spy agencies full access to a massive database that contains financial data on American citizens and others who bank in the country, according to a Treasury Department document seen by Reuters… (Excerpt) Read more at chicagotribune.com … From Bruce Krasting: The Treasury Department came out with some proposals today on how to fund infrastructure investments. Nothing new; an infrastructure bank that would borrow money outside of the government using government guarantees, and a newfangled debt instrument called: I love the name. AFFs will be the Street name. AFFs will be structured like BABs (Build America Bonds). This is a hybrid security that will be issued by a [...] The IRS is doing a better job at getting new employees on board quickly, a new federal audit has found. The Treasury Department’s inspector general for tax administration found that the IRS has almost met the goal, set by the Office of Personnel Management, to bring on new hires in 80 days or less. By contrast, the agency said in 2009 that it was taking an average of 157 days – or roughly [...]
A recent government report criticizes the US Treasury Department for approving salary raises for executives at the companies the taxpayers had to bail out. AIG, General Motors and Ally Financial – all of these corporate giants benefited from the taxpayer bailout and all of them g… http://www.youtube.com/watch?v=6TntqOzkJTg&feature=em-uploademail Washington - A government auditor harshly criticized the Treasury Department for approving “excessive” pay packages for top executives at three companies that received large government bailouts. Christy Romero, the special inspector general overseeing the $700 billion Troubled Asset Relief Program, criticized the Treasury for approving pay raises at General Motors Co., Ally Financial Inc. and American International Group Inc. The report released Monday was critical of the Treasury’s special master overseeing executive pay [...] 2012 saw $2.5 billion fraudulently claimed by nation’s inmates
Tax fraud appears to be a popular billion-dollar pastime in the nation’s prisons, but the Internal Revenue Service is catching on. The U.S. Treasury Department has revealed that more than 173,000 fraudulent tax returns were filed [...] Treasury Department spokesman Anthony Coley said Saturday that neither his department nor the Federal Reserve believes the law can or should be used to produce such a coin to avoid a coming battle with Congress over government borrowing. (Excerpt) Read more at boston.com …
The Internal Revenue Service warned employers in a new regulatory proposal not to come up with clever schemes to avoid Obamacare’s employer health insurance mandate. The IRS said it would soon issue “anti-abuse rules” to discourage employers from taking advantage of any regulatory loopholes. “The Treasury Department and the IRS are aware of various structures being considered under which employers might use temporary staffing agencies (or other staffing agencies)… to evade application of section [...] One of the most common reactions to my claim that the $1 trillion dollar platinum coin solution to debt ceiling is an unconstitutional delegation of legislative power to the Treasury Department is to argue out that if I were right then the entire Federal Reserve would be illegal too.
It certainly would demonstrate that my interpretation is far out of line with anything likely to be adopted by the federal courts if my [...] On June 4, 1963, a virtually unknown Presidential decree, Executive Order 11110, was signed with the authority to basically strip the Bank of its power to loan money to the United States Federal Government at interest. With the stroke of a pen, President Kennedy declared that the privately owned Federal Reserve Bank would soon be out of business. The Christian Law Fellowship has exhaustively researched this matter through the Federal [...] Economy of the United States The economy of the United States is the world’s largest national economy and the world’s second largest overall economy, the GDP of the EU being approximately $2 trillion larger. Its nominal GDP was estimated to be $15.8 trillion in 2012 [1], approximately a quarter of nominal global GDP.[2] Its GDP at purchasing power parity is the largest in the world, approximately a fifth of global GDP at purchasing power parity.[2] The U.S. is [...] The Treasury Department is telling its staff not to worry about the “fiscal cliff,” an internal memorandum sent to all employees reveals. The memo, which is signed by the deputy secretary of the treasury, Neal S. Wolin, states that “there is no reason why both sides should not be able to come together” to reach a deal.
“As you are likely aware, the Administration and Congress are continuing to work to resolve a series [...] |
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