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Friday, Nov 28th

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How Executive Ended Up With $196 Million in an IRA

IRA investmentCorporate and private-equity executives can accumulate millions of dollars in tax-favored retirement accounts, taking advantage of gaps in the law and IRS enforcement, said a Government Accountability Office study.

The Internal Revenue Service has trouble fighting back because legal disputes over asset values in individual retirement accounts are complex and time-consuming, the report said. Also, the IRS has a three-year deadline for challenging an individual’s tax return.

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Seven big US corps pay CEOs more than they hand Uncle Sam in taxes

CiticorpSeven of the 30 largest American corporations paid more money to their chief executive officers last year than they paid in U.S. federal income taxes, according to a study released Tuesday that was disputed by at least one of the companies.

The study, put out by the Institute for Policy Studies and the Center for Effective Government, two think tanks in Washington, D.C., said the seven companies, which in 2013 reported more than $74 billion in combined U.S. pre-tax profits, came out ahead on their taxes, gaining $1.9 billion more than they owed.

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JPMorgan Settles Claims It Cheated Shale-Rights Owners

JP MOrgan ChaseJPMorgan Chase & Co. (JPM) settled a lawsuit by mineral-rights owners who accused the bank of cheating them out of $681 million in compensation for drilling rights in Texas.

Deal talks stalled and forced the start of a trial Nov. 12 in state court in San Antonio while negotiations continued. The settlement was reached yesterday as jurors heard a third day of testimony, according to lawyers for both the bank and beneficiaries of the South Texas Syndicate Trust.

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Regulators fine global banks in currency probe

Global banks finedU.S., British and Swiss regulators fined five global banks more than $3 billion for attempting to manipulate foreign exchange markets — the latest penalties for an industry previously criticized for rigging interest rates and for their role in triggering the global financial crisis.

The U.S. Commodity Futures Trading Commission, the U.K. Financial Conduct Authority and the Swiss Financial Market Supervisory Authority said Wednesday that Citibank, JPMorgan Chase Bank, Royal Bank of Scotland, HSBC Bank and UBS had agreed to settlements totaling almost $3.4 billion. The FCA said it is continuing to investigate Barclays Bank.

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The $9 Billion Witness: Meet JPMorgan Chase's Worst Nightmare

Alayne FleischmannShe tried to stay quiet, she really did. But after eight years of keeping a heavy secret, the day came when Alayne Fleischmann couldn't take it anymore.

"It was like watching an old lady get mugged on the street," she says. "I thought, 'I can't sit by any longer.'"

Fleischmann is a tall, thin, quick-witted securities lawyer in her late thirties, with long blond hair, pale-blue eyes and an infectious sense of humor that has survived some very tough times. She's had to struggle to find work despite some striking skills and qualifications, a common symptom of a not-so-common condition called being a whistle-blower.

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85 richest now have as much money as poorest 3.5B

Warren Buffet"There's been class warfare going on for the last 20 years, and my class has won."

Billionaire investor Warren Buffett made that remark more than three years ago and it still holds true today — only the gap between the richest and the poorest has gotten even wider.

Here's how bad it is: Oxfam now calculates that the 85 richest billionaires on the planet, including the likes of Carlos Slim, Bill Gates and Mark Zuckerberg, have as much money as the 3.5 billion poorest people.

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JPMorgan to cut 3,000 more retail banking jobs

JPMorgan to cut 3,000 jobsJPMorgan Chase & Co (JPM.N), the largest U.S. bank by assets, said it would cut 3,000 more jobs than previously expected in its retail banking division.

The bank said it would reduce 4,000 jobs in its card, merchant services and auto unit, up from the 2,000 previously announced. The bank is also cutting 7,000 jobs in its mortgage banking unit, up from 6,000.

JPMorgan will have eliminated 27,000 jobs by the year-end from its consumer bank unit over two years, even after additions for more risk controls and regulatory compliance.

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