Author Archives: justiceleague00

Three Richest Americans Now Own More Wealth Than Bottom Half of US Combined

In the United States, the 400 richest individuals now own more wealth than the bottom 64 percent of the population and the three richest own more wealth than the bottom 50 percent, while pervasive poverty means one in five households have zero or negative net worth.

Those are just several of the striking findings of Billionaire Bonanza 2017, a new report (pdf) published Wednesday by the Institute for Policy Studies (IPS) that explores in detail the speed with which the US is becoming “a hereditary aristocracy of wealth and power.”

“Over recent decades, an incredibly disproportionate share of America’s income and wealth gains has flowed to the top of our economic spectrum. At the tip of that top sit the nation’s richest 400 individuals, a group that Forbes magazine has been tracking annually since 1982,” write IPS’s Chuck Collins and Josh Hoxie, the report’s authors. “Americans at the other end of our economic spectrum, meanwhile, watch their wages stagnate and savings dwindle.”

Read on.

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More Wells Fargo workers allege retaliation for whistleblowing

More former Wells Fargo employees allege they were fired after they tried to blow the whistle on shady activity at the bank.

That’s according to a new filing by Wells Fargo (WFC), which disclosed claims of “retaliation” by ex-employees.

Wells Fargo has been at the center of a number of scandals over the past year. This filing addresses two in particular — when the bank forced thousands of customers into car insurance they didn’t need, and when it wrongly charged homebuyers to lock in mortgage rates.

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JPMorgan Says Family Awarded $8 Billion Verdict Deserves Nothing

JPMorgan Chase & Co. urged a judge to throw out a stunning $8 billion jury verdict over a mismanaged inheritance, saying the family deserves nothing.

“The law and evidence do not support any claim against JPMorgan, much less the unprecedented multi-billion-dollar punitive damage award, which the heirs have already admitted is unconstitutionally excessive,” the bank said in a filing in Dallas probate court.

Two children of Max Hopper, a former American Airlines executive who died in 2010, have already asked that the damages for them and their father’s estate be reduced to about $74 million, while his widow has yet to weigh in with any adjustment to the ninth-largest verdict in U.S. history.

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DOJ suing Northwest Trustee Services for illegally foreclosing on veterans

WTH?

The DOJ announced Friday that it is suing Northwest Trustee Services for violating the Servicemembers Civil Relief Act, which prohibits lenders and mortgage servicers from foreclosing on a servicemember’s home while they are on active military service and for the next year without a court order, if the mortgage was originated before the servicemember’s military service.

According to the DOJ, in the last six years, Northwest foreclosed on at least 28 homes owned by servicemembers without the necessary court orders.

The lawsuit comes after the DOJ launched an investigation into Northwest’s foreclosure practices at the urging of United States Marine veteran Jacob McGreevey of Vancouver, Washington, who submitted a complaint to the DOJ’s Servicemembers and Veterans Initiative in May 2016.

Portland’s The Oregonian has been all over McGreevy’s story, previously chronicling his fight against Northwest and PHH Mortgage, his mortgage servicer, for foreclosing on his home shortly after he returned from active duty.

According to the DOJ, Northwest foreclosed on McGreevey’s home in August 2010, less than two months after he was released from active duty in Operation Iraqi Freedom.

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Workers at shuttered Wells Fargo call center in Bethlehem accuse bank of sending their jobs overseas

Workers whose jobs are among 460 to be eliminated at a Bethlehem Wells Fargocall center are alleging in federal documents that the company is shipping their work overseas.

Three call center employees, Lou Falcone, Morgan Weinhold and Karrissa Arevalo, this week filed a petition for Trade Adjustment Assistance with the U.S. Labor Department, seeking additional job training and re-employment assistance through the federal program that is designed to help workers who lose their jobs due to the impact of foreign trade.

The workers’ petition is listed online as under investigation until the Labor Department makes a determination to certify or deny the request.

In the filing, the workers base their request on “CEO affirmation on various media outlets” of jobs being shipped overseas, as well as foreign job postings in their call center. The workers do not have listed telephone numbers and could not be reached for comment.

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TRUMP’S INFLUENCERS Commerce Secretary Wilbur Ross Benefits From Business Ties To Putin’s Inner Circle

KEY FINDINGS

  • Owns a stake through offshore entities in Navigator Holdings, a shipping firm that receives millions of dollars from a company owned by Vladimir Putin’s close allies.
  • Relationship poses potential conflicts of interest for Ross, who plays a major role in U.S. economic relationships with other countries, including Russia.
  • Ross’ continuing Navigator investment was so indirectly disclosed that Senators who voted on his confirmation didn’t know about it.

U.S. Commerce Secretary Wilbur L. Ross Jr. has a stake in a shipping firm that receives millions of dollars a year in revenue from a company whose key owners include Russian President Vladimir Putin’s son-in-law and a Russian tycoon sanctioned by the U.S. Treasury Department as a member of Putin’s inner circle.

Ross, a billionaire private equity investor, divested most of his business assets before joining President Donald Trump’s Cabinet in February, but he kept a stake in the shipping firm, Navigator Holdings Ltd., which is incorporated in the Marshall Islands in the South Pacific. Offshore entities in which Ross and other investors hold a financial stake controlled 31.5 percent of the company in 2016, according to Navigator’s latest annual report.

Among Navigator’s largest customers, contributing more than $68 million in revenue since 2014, is the Moscow-based gas and petrochemicals company Sibur. Two of its key owners are Kirill Shamalov, who is married to Putin’s youngest daughter, and Gennady Timchenko, the sanctioned oligarch whose activities in the energy sector, the Treasury Department said, were “directly linked to Putin.”

Another powerful owner is Sibur’s largest shareholder, Leonid Mikhelson, who controls an energy company that was also sanctioned by the Treasury Department for propping up Putin’s rule.

As commerce secretary, Ross has direct authority over trade and manufacturing policy and is an influential voice in the government on virtually any aspect of the U.S. economic relationship with other countries, including Russia. In recent years, tensions between the United States and Russia have escalated, with the United States imposing sanctions against Russia after its 2014 invasion of Crimea and its interference in the 2016 presidential election.

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Explore The Influencers: Donald Trump’s allies in the Paradise Papers

https://projects.icij.org/paradise-papers/the-influencers/#/

Source: ICIJ