Archive for March 26th, 2012

tax-hike scare goes up in thin air

A recent study released by an economist from the University of Massachusetts found that one of the scare tactics used by both federal and state lawmakers for not raising taxes and instead cutting back funding of public works and social services is based on a false impression. A review of recent research performed by economist Jeffrey Thompson found that there is no evidence to support the often-employed claim that the wealthy will flee states that raise taxes to pay for public services. The study actually found that the most wealthy tax payers were less effected by tax increases in general […]

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DOJ probes banker’s interest in rate manipulation

DOJ probes banker’s interest in rate manipulation

The Justice Department has announced that it is investigating another in the seemingly unending stream of Banking frauds. Investigators revealed a wide ranging investigation into large private banks that are alleged to have conspired with traders to manipulate LIBOR interest rates. LIBOR rates (London Interbank Offered Rate) are the interest rates banks charge other banks for loans. The value of the LIBOR market itself is estimated to exceed $60 trillion and LIBOR interest rates effect $350 trillion in the retail installment sales market worldwide. The Justice Department alleges that several large banks allowed traders to set fabricated LIBOR rates using […]

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