TV News LIES

The chairman and chief executive of JP Morgan, Jamie Dimon, will be paid $20m (£12.1m) for the past year's work.

Mr Dimon's pay was cut to $11.5m in 2012 following huge trading losses. This was half the $23m he received in 2011.

JP Morgan's profits fell 16% last year, after costs resulting from legal issues dented the bank's figures. For 2013, Mr Dimon was paid $1.5m as a basic salary, and an additional $18.5m in shares, the company said. Over the past year, JP Morgan has paid around $20bn to regulators for various violations relating to the US financial crisis.

Research conducted by the British charity Oxfam has concluded that the combined wealth of the world's 85 richest people is equivalent to that owned by the bottom half of the world's population.

Separately, the report, titled "Working for the Few," claims that the richest 1% on the planet — more than the 85 people whose bounty is comparable to the collective wealth of the poorest half — are rich to the tune of $110 trillion. "The top 1% have 65 times the total wealth of the bottom half of the world's population," the study says.

Intel Corp plans to reduce its global workforce of 107,000 by about 5 percent this year as the chipmaker, struggling with falling personal-computer sales, shifts focus to faster-growing areas, a company spokesman said on Friday.

The announcement, equivalent to over 5,000 positions, comes a day after Intel posted a fourth-quarter earnings report that did little to dispel concerns about a slowing PC industry.

"This is part of aligning our human resources to meet business needs," spokesman Chris Kraeuter said.

These post-recession years have not been gentle on young college grads, and by now, you've heard plenty of stories about students matriculating from campus to life as a barista. But how many B.A.'s are really out there toiling in dead-end jobs? A new report from the Federal Reserve Bank of New York offers us an answer this week, which I think can be summed up as: Fewer than you probably think, but definitely more we're used to.

Using Census data, the bank's researchers found that, through 2012, roughly 44 percent of working, young college graduates were "underemployed," meaning they were in a job that did not require their degree. While the number sounds pretty daunting, it's not actually without precedent. It's about the same rate as in 1994.

J.C. Penney Co Inc said on Wednesday it will close 33 stores and cut 2,000 jobs as part of the struggling retailer's efforts to return to profit.

The 33 stores set for closure include 2 in Illinois and one in Greater Chicago. The J.C. Penney in Bloomingdale at Stratford Square Mall and the location in Forsyth, at Hickory Point Mall, are on the list.

Chief Executive Myron Ullman in a statement called the move an important step that “addresses a strategic priority to improve the profitability of our stores.”

The Federal Reserve is the most powerful and influential financial institution in the world and it is also one hell of a business.

The Fed, like Newt Gingrich, was hatched in secret one hundred years ago, on a small island off the coast of Georgia.  It was created to bring order to a chaotic banking system in the wake of a string of financial crises around the turn of the century. What's gotten the mainstream media buzzing about the bank of late is the fact that, for the first time in it's century-long history, a woman will be running the show. As many have pointed out, incoming chairperson Janet Yellen may in fact become the most powerful woman in the world upon her ascension on February 1st.