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Another big corporation is flagrantly dodging tax. This must be outlawed

Another corporation evades taxesNo invention of modern capitalism so enrages the public as does the tax haven. When giant corporations and very rich people choose not to pay their taxes, and government turns a blind eye, faith in the state crumbles.

The decision of the American drugs giant, Pfizer, to merge with Dublin-based Allergan, thereby “relocating” its headquarters to Ireland is not because some wizard potion has been discovered in the hills of Connemara. It is to dodge tax. The same has applied to Starbucks, Amazon, Google and countless other global companies.


Inside the Money Laundering Scheme That Citi Overlooked for Years

Citi money laundering schemeWhen Antonio Peña Arguelles opened an account in 2005 at Citigroup’s Banamex USA, the know-your-customer documents said he had a small business breeding cattle and white-tailed deer, ranch-raised for their stately antlers. About $50 a month would come into the account, according to the documents.

A week later, Peña Arguelles wired in $7.09 million from an account in Mexico, allegedly drug money from Los Zetas, a violent cartel founded by former Mexican soldiers, documents in his money-laundering case in Texas say. In all, Peña Arguelles shuttled $59.4 million through the account, according to a confidential report by banking regulators that berated Banamex USA in 2013 for its failure to comply with anti-money-laundering rules.


NY's Gov. Andrew Cuomo raising minimum wage for state employees

NY Gov. CuomoNew York Gov. Andrew Cuomo on Tuesday announced plans to give all state workers a minimum wage of $15 an hour, making New York the first state in the nation to set pay for its public-sector employees that high.

Mr. Cuomo, a Democrat now in his second term, used an executive order to make the change, bypassing a potentially fraught battle in Albany with Republican lawmakers.


Top 100 US CEOs sitting on retirement nest egg of nearly $5bn

CE0 retirement in the billionsForget retirement worries: once a fat cat, always a fat cat. The top 100 chief executive are sitting on pension pots worth $4.9bn (£3.2bn) – equal to the total retirement savings of 116 million of the poorest Americans, according to a study released by the Institute of Policy Studies on Wednesday.

The average of the top 100 CEO retirement funds is $49.3m, enough to generate monthly retirement cheques of $277,686. The average monthly payment works out at 16 times the amount Barack Obama is due to receive when he leaves office.


Nobel economics winner wades into US debates

Angus DeatonAngus Deaton, who has been awarded the Nobel economics prize, is not afraid to wade into political controversy in his adopted home.

Twice a year, the Scotland-born Deaton who now has dual U.S.-British citizenship, writes a commentary on American affairs for Britain's Royal Economic Society.

He has challenged Republican attempts to replace President Barack Obama's health care laws and lamented the inability of the American political system to do much about the widening income gap between the rich and everyone else.


Oil and gas boomtown gone bust: Gonzales tries to cope

boomtown gone badOnly a year ago, with oil trading near $100 a barrel, residents of this proud and pretty South Texas boomtown had only one chief complaint: traffic.

Heavy-duty trucks bearing gas and equipment were kicking up dust and leaving rural roads pitted.  Townspeople don't have that worry anymore, with roads half-empty as the oil and gas game has slowed.


Major banks investigated for collusion in precious metals market

Banks investigated for precious metalsThe Swiss competition watchdog has launched an investigation into possible collusion in the precious metals market by several major banks, it said on Monday, the latest in a string of probes into gold, silver, platinum and palladium pricing.

Global precious metals trading has been under regulatory scrutiny since December 2013, when German banking regulator Bafin demanded documents from Deutsche Bank under an inquiry into suspected manipulation of gold and silver benchmarks by banks.


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