Category: Corporate Greed

FinCen Files Shine Spotlight on Suspicious Bank Transfers | The Smirking Chimp

In September 20th, the International Consortium of Investigative Journalists (ICIJ) –the reporters who brought us the “Panama Papers” and the “Paradise Papers” — released the “FinCEN Files,” in collaboration with Buzzfeed News. The FinCEN Files are the result of a U.S. leak of 2,100 “Suspicious Activity Reports” (SARs) – covering over 18,000 transactions — filed by banks when they believe a transaction may involve fraud, corruption, or other criminal activity. SAR reports are not public. A former U.S. Treasury official leaked the documents to expose corruption.

FinCen Files Shine Spotlight on Suspicious Bank Transfers | The Smirking Chimp

Corporations Like Amazon Hire Union-Busting Labor Spies All the Time

Amazon was recently busted hiring intelligence experts to spy on Amazon workers. The practice is unfortunately common — most major multinational corporations have surveillance divisions which overlap with government intelligence agencies, creating a single, powerful security apparatus at the disposal of both the federal government and private corporations to use against workers.

Corporations Like Amazon Hire Union-Busting Labor Spies All the Time

ATO data reveals one third of large companies pay no tax – Politics – ABC News (Australian Broadcasting Corporation)

A tax magnet collects dollars from a map of Australia.

Key points:

The ATO’s corporate tax transparency data again shows that hundreds of companies have been able to reduce their tax bills to zero
ATO deputy commissioner Rebecca Saint said the agency was still seeing some companies avoid tax by shifting profits offshore
Company financial accounts do not always give the full picture of tax positions and the ATO wants companies to be more transparent

via ATO data reveals one third of large companies pay no tax – Politics – ABC News (Australian Broadcasting Corporation)

Wall Street billionaires join forces to create $670b powerhouse

Brookfield chief Bruce Flatt.

Isn’t this against all investment principles that the greater the diversity of shares the lesser the risk? That there’s safety in numbers. Doesn’t this principle apply to management of investments? It wasn’t that long ago the people of America had to bail out the Chase Manhattan Bank the worlds biggest bank. Has 2008 been forgotten? (ODT)

More deals ahead

Billionaire bond trader Jeffrey Gundlach is also an indirect part of this universe. Oaktree owns 20 per cent of his DoubleLine Capital LP after spending about $US20 million for its stake in 2009.

Such constellations of billionaires are likely to become more common as the world of finance consolidates. Marks expects plenty more deals.

“The industry is continuing to drive toward concentration of greater amounts of money in fewer groups,” he said. “Strategic partnerships are going to be a theme for the future.”

Wall Street billionaires join forces to create $670b powerhouse

Universities increase profits at low-paid workers’ expense

Universities have become institutions whose primary aim is to make money, in particular by attracting more high paying overseas students than their competitors and cutting back on labor costs of both academic staff and support services.

Source: Universities increase profits at low-paid workers’ expense

Unclaimed wages likely to top one billion dollars

 

A landmark study has found a silent underclass of vulnerable Australian workers is owed an estimated billion dollars with almost a third paid $12 per hour or less – almost half of their legal entitlements.

The University of NSW (UNSW) and Univerity of Technology Sydney (UTS) research found that fewer than one in ten migrant workers has taken action to recover unpaid wages, even though they know they are being underpaid. The remaining nine in ten suffered wage theft in silence.

via Unclaimed wages likely to top one billion dollars

It’s raining bonuses at RFG after horror for investors, franchisees

Retail Food Group paid some of its top brass lavish pay packets over the past 12 months even as its market value decimated from a high of $897 million to just $77 million during that time.

The revelations of hefty salaries and additional bonuses at RFG came as the embattled franchise chain which owns the Gloria Jeans and Donut King brands among other businesses announced on Friday it had appointed restructuring expert Peter George as its new chairman.

via It’s raining bonuses at RFG after horror for investors, franchisees

It is greed that has led Australian banks to steal from dead people | Richard Denniss | Opinion | The Guardian

Greed is good. Or so said Michael Douglas’ character Gordon Gekko in the 1980s hit film Wall Street. Gekko went further, stating “Greed, in all of its forms; greed for life, for money, for love, knowledge has marked the upward surge of mankind”.’

But greed also leads Australian banks to steal from dead people.

via It is greed that has led Australian banks to steal from dead people | Richard Denniss | Opinion | The Guardian

Research Exposes $16 Billion Bottled Water Industry’s Predatory Marketing Practices

Fake News this is Fake

The industry spends billions of dollars per year convincing Americans that bottled water is safer than tap—even though more than two-thirds of the product comes from municipal water sources

via Research Exposes $16 Billion Bottled Water Industry’s Predatory Marketing Practices

Property sellers pay mortgage brokers, financial planners and accountants for client referrals – Business – ABC News (Australian Broadcasting Corporation)

Apartments recently built and under construction in Sydney

via Property sellers pay mortgage brokers, financial planners and accountants for client referrals – Business – ABC News (Australian Broadcasting Corporation)

Puerto Rico Electric Power Authority Cancels Whitefish Energy Deal | HuffPost

There were other concerning details in the contract, like the high rates Whitefish was charging for labor. The company was paying $240 an hour for a general foreman and $227 for a lineman. For some context, the U.S. Bureau of Labor Statistics says first-line supervisors of construction sites make about $43 an hour and construction laborers make about $23 an hour.

Source: Puerto Rico Electric Power Authority Cancels Whitefish Energy Deal | HuffPost

The East India Company: The original corporate raiders | William Dalrymple | World news | The Guardian

The long read: For a century, the East India Company conquered, subjugated and plundered vast tracts of south Asia. The lessons of its brutal reign have never been more relevant

Source: The East India Company: The original corporate raiders | William Dalrymple | World news | The Guardian

EpiPen CEO hiked prices on two dozen products and got a 671% pay raise | Business | The Guardian

Heather Bresch, Mylan executive who came under public scrutiny this week for raising EpiPen prices, reportedly raised prices more than 20% on 24 products

Source: EpiPen CEO hiked prices on two dozen products and got a 671% pay raise | Business | The Guardian