JakeHolman

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https://www.rt.com/usa/429529-att-time-warner-merger-approved/

 

Court approves $85bn AT&T purchase of Time Warner

 

If you have AT&T cell phone or cable service, you’re about to start subsidizing CNN and HBO, under the terms of a $85 billion landmark merger approved by a federal judge over the Trump administration’s objections.

The merger was announced in late 2016, but has been challenged in by the Department of Justice last November. On Tuesday, US District Court Judge Richard Leon ruled against the government, allowing the deal worth an estimated $85 billion to go ahead.

AT&T argued the acquisition would enable the company to reinvent itself in the age of streaming media, delivering television content to cell phones and other mobile devices. With the data it gathers from the devices, including computers and smart TVs, AT&T also plans to build a targeted advertising empire, according to the Washington Post.

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https://www.truthdig.com/articles/after-att-time-warner-win-is-comcast-fox-a-done-deal/

After AT&T-Time Warner Win, Is Comcast-Fox a Done Deal?

NEW YORK — Comcast will likely bid for Fox’s entertainment business as early as Wednesday now that a federal judge has cleared AT&T’s $85 billion takeover of Time Warner.

If Comcast succeeds in outbidding Disney for Fox, a major cable distributor would control even more channels on its lineup and those of its rivals. There are fears that it could lead to higher cable bills or hinder online alternatives.

But U.S. District Judge Richard Leon cleared the AT&T deal Tuesday despite similar concerns. The ruling signaled that federal regulators might have a hard time stopping companies from getting bigger by gobbling up rivals and the content they own.

Comcast isn’t likely the only mega-media bid in the works. There will probably be a rush to consolidate.

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http://fortune.com/2018/06/16/citibank-fined-libor-settlement/

Citibank Fined $100 Million for Manipulating Key Global Interest Rate

Citibank on Friday reached a settlement with 42 U.S. states to pay a $100 million fine for manipulation of LIBOR, a key measure of global interest rates that impacts trillions of dollars worth of loans worldwide, including consumer products.

The settlement contains details of instant messages and emails exchanged between Citibank employees as they concealed or misreported what they were paying for interbank loans, mostly in 2008 and 2009. Citi wanted to avoid the appearance of weakness that might have come from being charged high interest rates. The settlement also claims that Citi made millions of dollars in “unjust gains” in deals with governmental and non-profit entities by fixing the rate. New York Attorney General Barbara Underwood described Citi’s actions as “fraudulent conduct” that undermined financial markets.

LIBOR, or the London Interbank Offered Rate, has been described as the most important interest rate in the world. It is based on a basket of major currencies, and sets the price banks pay one another for loans. It has a major direct impact on everyday borrowers, with rates on loans such as mortgages pegged to LIBOR.

But manipulation of LIBOR has been disturbingly widespread among major banks, particularly before the 2008 financial crisis. U.K. bank Barclays reached a $453 million settlement over rate-fixing in 2012. The same year, UBS agreed to pay a staggering $1.5 billion in fines for fraud and bribery linked to LIBOR manipulation. Such manipulation may have contributed to the U.S. mortgage crisis by driving up home loan rates.

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On 6/16/2018 at 5:25 PM, jakeem said:

 

On 6/16/2018 at 5:26 PM, jakeem said:

Rick Wilson Retweeted Des Moines Register

But I was told trade wars are easy, and easily winnable.

 

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http://bilbo.economicoutlook.net/blog/?p=39644

The ‘truth sandwich’ and the impacts of neoliberalism

Posted on Tuesday, June 19, 2018 by bill

On June 15, 2018, the OECD released their report – A Broken Social Elevator? How to Promote Social Mobility – which provided “new evidence on social mobility in the context of increased inequalities of income and opportunities in OECD and selected emerging economies”. If you are still wondering why the mainstream progressive political parties have lost ground in recent years, or why the Italian political landscape has shifted from a struggle between ‘progressive’ and conservative to one between anti-establishment and establishment (the latter including both the traditional progressive and conservative forces which are now virtually indistinguishable) then this evidence will help. It shows categorically that neoliberalism has failed to deliver prosperity for all. While the full employment era unambiguously created a dynamic environment where upward social mobility and declining inequalities in income, wealth, opportunity were the norm, the more recent neoliberal era has deliberately stifled those processes. It is no longer true that ‘all boats rise on a high tide’. The point is that this is a situation that our governments have allowed to arise and which they can alter if they so choose. We should be forcing them to restore the processes that deliver upward mobility. And that is where the “truth sandwich” comes in. Progressive politicians that bang on about ‘taxing the rich to deliver services to the poor’ or who ask ‘where is the money going to come from’ or who claim the ‘bond markets will rebel’ and all the rest of the neoliberal lying drivel should familiarise themselves with the way the sandwich works. It is a very tasty treat if you assemble it properly.

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https://www.bbc.com/news/world-latin-america-44553932

Panama Papers: Mossack Fonseca was unable to identify company owners

A new leak of documents from the offshore service provider at the centre of the Panama Papers scandal reveals the company could not identify the owners of up to three quarters of companies it administered.

Two months after becoming aware of the data breach, Mossack Fonseca was unable to identify the beneficial owners of more than 70% of 28,500 active companies in the British Virgin Islands (BVI) as well as 75% of companies in Panama, according to new documents seen by BBC Panorama.

At the time, BVI law permitted corporate service providers to rely upon intermediaries, banks, legal firms and other offshore service providers overseas to check the identities of the owners, although they were required to provide information if requested by the authorities.

The firm was fined $440,000 (£333,000) by the BVI Financial Services Commission in November 2016 for regulatory and legal infringements of anti-money laundering and other laws.

The new leak contains 1.2 million documents dating from before the Panama Papers went public in April 2016 to December 2017. The data was obtained by Suddeutsche Zeitung which shared it with the International Consortium of Investigative Journalists (ICIJ).

Email correspondence from clients and intermediaries reveal the reaction to the leak, Mossack Fonseca's desperate attempts to close gaps in their record keeping, and their difficulties doing so. Responding to questions from the firm, one Swiss wealth manager said: "THE CLIENT HAS DISAPPEARED! I CANT FIND HIM ANYMORE!!!!!!"

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https://www.fool.com.au/2018/06/23/crypto-meltdown-bitcoin-ethereum-ripple-bitcoin-cash-eos-and-litecoin-smashed/

Crypto meltdown: Bitcoin, Ethereum, Ripple, Bitcoin Cash, EOS, and Litecoin smashed

Much to the dismay of traders, it has been a terrible 24 hours of trade for the cryptocurrency market with heavy declines being seen across the board.

This has led to the entire value of the crypto market falling a massive 11.5% since this time yesterday to US$252.3 billion according to Coin Market Cap.

The market tumbled after it emerged that Japan’s financial regulator had ordered several cryptocurrency exchanges to do more to prevent money laundering.

According to CNBC, Japan’s leading crypto exchange, bitFlyer, has been forced to suspend new sign ups until it has made appropriate improvements to its practices to stop money laundering and terrorist financing.

In addition to bitFlyer, five other crypto exchanges were hit with the same measures after regulators found weaknesses in their money laundering controls.

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On 6/21/2018 at 9:06 PM, JakeHolman said:

 

Actually, paying state sales tax is on the consumer, but most of them either don't know they owe it or don't pay it even when the state makes it clear they need to declare it on their state income tax forms. Amazon already charges this tax when you buy directly from them. Not so for third party sellers, and I'm not sure it is practical to go after every third party seller on Amazon as they come and go. This won't help brick and mortar stores. Amazon has convenience going for them. You can buy almost anything from them and not have to get into a car and dodge texting drivers only to confront a disinterested texting salesperson.

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https://conversableeconomist.blogspot.com/2018/06/the-dramatic-expansion-of-corporate.html

The Dramatic Expansion of Corporate Bonds

 
Overall world debt in the last year or two is at its all-time high as a share of world GDP. But there is common pattern that as countries grow and their financial markets develop, their level of debt also tends to rise. Perhaps even more interesting is that the importance of the components of that debt have been shifting. During and after the Great Recession, government borrowing was the main driver of rising global debt. But corporate borrowing has become more important

Moreover, this corporate borrowing has two new traits. One is that as bank regulators all over the globe have tightened up, this rise in corporate borrowing tends to take the form of bonds rather than bank loans. The other interesting trait is that this rise in corporate borrowing around the world can be traced back to developing economies--and especially to China.
 

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just what pres. trump said would happen...

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THE DEATH OF AN AMERICAN ICONIC COMPANY...

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