Economic Glance
The following is a statement by the American Small Business League:
Since 2003, over a dozen federal investigations have found billions of dollars in government small business contracts have been diverted to many of the largest companies in the United States and Europe. (http://www.asbl.com/documentlibrary.html)
Report 5-15 from the Small Business Administration (SBA) Office of Inspector General stated, "One of the most important challenges facing the Small Business Administration and the entire Federal government today is that large businesses are receiving small business procurement awards and agencies are receiving credit for these awards." (http://www.sba.gov/IG/05-15.pdf)
Nationalization: Code Word for Banker Takeover
It is now a mantra in the corporate media — the only way to fix the banking system is to “nationalize” the banks. “A touchy word has entered the public debate about the future of America’s economy.
“Simply put: Nationalizing ailing banks means the government would tell bank execs to take a hike, and then oversee taxpayer dollars as they course through the banking sector’s veins,” writes Kelley. “When all is well, perhaps after selling assets and operations to new private investors, the government then steps back and lets a newly regulated bank sector float on its way.”
Interactive map: Where are the bailout's billions?
As the government's authority in the banking industry continues to grow, the hottest debate is over how banks are spending federal funds.
But even more fundamental is the issue of which banks will receive Uncle Sam's money.
UBS admits helping tax evaders
"UBS admitted to conspiring to defraud the United States by impeding the IRS," the Justice Department announced late Wednesday.
The statement says that UBS, "in an unprecedented move" based on an order by Swiss authorities, has agreed "to immediately provide the U.S. government with the identities of, and account information for, certain U.S. customers of UBS's cross-border business."
TVNL Comment: This story broke in June of 2008, when a 'disgruntled employee' blew the whistle on UBS. At that time Sen. Leahy 'demanded' that the bank be closed down until the 'cleaned up their act.' Yeah, right.
Does the United States make anything anymore?
It may seem like the country that used to make everything is on the brink of making nothing.
In January, 207,000 U.S. manufacturing jobs vanished in the largest one-month drop since October 1982. Factory activity is hovering at a 28-year low. Even before the recession, plants were hemorrhaging work to foreign competitors with cheap labor. And some companies were moving production overseas.
Fed indictments tell how H-1B visas were used to undercut wages
Federal agents on Thursday said they arrested 11 people in six states in a crackdown on H-1B visa fraud and unsealed documents that detail how the visa process was used to undercut the salaries of U.S. workers.
Federal authorities allege that in some cases, H-1B workers were paid the prevailing wages of low-cost regions and not necessarily the higher salaries paid in the locations where they worked. By doing this, the companies were "displacing qualified American workers and violating prevailing wage laws," said federal authorities in a statement announcing the indictments.
Vince Cable: 'Bring back the guillotine...for bankers'
The crass behaviour of Britain’s financial aristocracy rivals the last of the Bourbons. Marie Antoinette famously patronised the Parisian mob with her ‘let them eat cake’, while dining in luxury in the Tuileries.
The City bankers who ruined their banks but have been kept in employment by the taxpayer now demand we pay them their bonuses to maintain the aristocratic lifestyle to which they have become accustomed. They know no shame and take no blame. They are lucky the British have no guillotines in stock.
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