Monthly Archives: November 2015

Coal CEO Thanks Rep. Lamar Smith, Asks Him to Expand Probe of Climate Scientists

In recent remarks Robert E. Murray, the chief executive officer of Murray Energy, the largest privately-held coal mining company in America, enthusiastically praised Rep. Lamar Smith, R-Tex., the chairman of the House Committee on Science, Space and Technology, for leading an investigation into prominent climate scientists and environmental officials.

Murray, speaking at a gathering in Austin last week for global warming deniers organized by the Texas Public Policy Foundation, said he wanted to “congratulate” Smith on his subpoena of Kathryn Sullivan, head of the National Oceanic and Atmospheric Administration.

Murray then declared that the American Meteorology Association and Union of Concerned Scientists, two private nonprofits that serve the scientific community, also “need to be investigated.”

Read on.

Ex-BofA employee: My firing was ‘act of violence”

Former Bank of America chief of global wealth management Sallie Krawcheck isn’t over her firing by boss Brian Moynihan.

One of Wall Street’s toughest cookies revealed her darkest career moments earlier this month in an interview — from being dropped from 96 percent of colleagues’ Christmas-card lists after exiting BofA and also receiving photocopies of male workers’ private parts to getting booted from BofA.

Krawcheck reveals all in a new podcast interview series called “Radiate” with Bloomberg journalist Betty Liu.

“The Bank of America [firing] felt like a random act of violence, because the business that I had responsibility for was doing well, it was growing, it might have been the only business there that was growing. Our noses were clean. There were no scandals,” she says, adding, “Then I got reorganized out.”

Read on.

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Burger King manager testified before a federal grand jury, accused Chicago police of erasing surveillance video of Laquan McDonald

CHICAGO — A Burger King manager who accuses Chicago police of erasing surveillance video in the case of a black teenager shot last year by a white officer says he has testified before a federal grand jury investigating the shooting.

Jay Darshane tells the Chicago Tribune that the FBI also took the restaurant video recorder containing all of its surveillance images.

Read on.

Click here to view video.

Microsoft’s Bill Gates to start multi-billion-dollar clean tech initiative

Microsoft co-founder Gates will launch a multi-billion-dollar clean energy research and development initiative with heads of state on Monday, the opening day of the U.N. climate change summit in Paris, the French government said Friday.

Gates and a group of developing and developed countries will launch the Clean Tech Initiative, in which countries will commit to doubling their clean energy technology research and development budgets by 2020 and private investors will boost their own investments in the sector.

Access to clean energy technology will play a key role in a global agreement to combat climate change. More than 190 countries will negotiate a new pact in Paris from Nov. 30 to Dec. 11 at the 21st U.N. Conference of the Parties summit.

France, the United States, India, South Korea, Indonesia, Saudi Arabia, Australia, Canada and Norway have said they will join, a source close to the conference presidency told Reuters.

Read on.

Deutsche Bank Stops Taking On Some Clients During Regulatory Review

Deutsche Bank AG said the management board will review its procedures for bringing on new customers as co-Chief Executive Officer John Cryan seeks to tighten controls and avoid a repeat of regulatory investigations of the lender.

While the review is under way, the bank will “suspend the on-boarding of new clients and the introduction of new products to existing clients in certain locations that have higher risk weightings,” Cryan said in a staff memo posted on the bank’s website late Friday. The Frankfurt-based lender said it won’t begin to work with new customers until it has completed all procedures requiring the bank to know its clients.

Read on.

NYSE Is Delisting National Bank of Greece After 91% Plunge

Wow!

The New York Stock Exchange is delisting American depositary receipts of National Bank of Greece SA after they lost 91 percent of their value this year.

The ADRs were suspended on Friday, when their value slumped to 16 cents from as much as $1.96 in February. NYSE cited an “abnormally low” price in a statement.

Losses spiraled to a record this month, after the Greek lender sold new shares at a more than 90 percent discount to market prices. The nation’s four largest banks have been raising capital to help fill a 14.4 billion-euro ($15.3 billion) hole in their accounts identified by the European Central Bank.

Read on.

The U.S. May Be the World’s Richest Country, But It Ranks 14th in Financial Literacy

By many measures, the U.S. is the world’s wealthiest country—but it’s not because Americans are the best with their finances.

In fact, a sprawling global survey of financial literacy around the world finds that the U.S. ranks 14th, behind Singapore and the Czech Republic.

This new measure of financial literacy comes from a survey of 150,000 adults in 148 countries. To conduct a survey of this scope, Standard & Poor’s Ratings Servicespartnered with the Gallup World Poll, the World Bank and the Global Financial Literacy Excellence Center at George Washington University. On Wednesday, they released a vast treasure trove of new data that, for the first time, make internationally comparable global rankings of financial literacy.

To gauge financial literacy, and capture whether adults know how to make sound decisions, the researchers asked questions on four basic personal finance topics: inflation, interest, compounding and financial diversification. Anyone providing correct answers to three of the four topics was rated as financially literate.

Only 57% of Americans notched a passing grade, compared with over 70% in Norway, Denmark and Sweden, and over 60% in Israel, Canada, the U.K., the Netherlands, Germany, Australia, Finland and New Zealand.

Read on.