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Articles filed under Finance

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  • Obama tax changes reduced income gap Jul 27, 2014 7:39 AM
    If you’ve wondered whether Obama has made any headway at reducing income inequality, here’s evidence that he has. Based on tax policy alone, he has slightly increased the income of the poor and more significantly reduced the income of the rich. That’s according to a new, exclusive analysis by the nonpartisan Tax Policy Center that compared today’s income distribution with what it would look like if President George W. Bush’s tax policies were still in place.

     
  • States with higher minimum wages gain more jobs Jul 19, 2014 4:01 PM
    Nine of the 13 states increased their minimum wages automatically in line with inflation: Arizona, Colorado, Florida, Missouri, Montana, Ohio, Oregon, Vermont and Washington. Four more states — Connecticut, New Jersey, New York and Rhode Island — approved legislation mandating the increases.

     
  • IRS says hard drive that lost emails destroyed Jul 18, 2014 4:59 PM
    The IRS said Friday that Lois Lerner’s computer hard drive was destroyed three years ago, ending any chance of retrieving her lost emails.

     
  • Ex-chief of huge pension guilty of taking bribes Jul 11, 2014 4:38 PM
    Federico Buenrostro Jr., the former chief executive of CalPERS, entered his plea in San Francisco federal court, and acknowledged receiving paper bags and a shoe box stuffed with $200,000 in cash along with casino chips and other benefits from Alfred Villalobos, a Lake Tahoe, California, investment manager who also served on the CalPERS board in the mid-90s.

     
  • Budget gap shrinks to narrowest since 2008 Jul 11, 2014 1:41 PM
    The $365.9 billion shortfall from October through June compared with a $509.8 billion gap in the same period a year earlier, the Treasury Department said in a report today in Washington. Last month, the government posted a $70.5 billion surplus compared with a $116.5 billion excess a year earlier, the report also showed.

     
  • First Midwest acquires Great Lakes Bank Jul 8, 2014 9:08 AM
    First Midwest Bancorp, the parent company of First Midwest Bank, said it would acquire Great Lakes Financial Resources, the holding company for Great Lakes Bank, in a stock and cash transaction valued at around $58 million.

     
  • Yes you can: 5 tips to beef up your savings Jul 6, 2014 6:37 AM
    Just over one in four Americans don’t have any emergency savings. “People are woefully under-saved for both emergencies and retirement,” said Greg McBride, senior financial analyst at Bankrate.com. “You can raise your income or you can cut your expenses, but either way, emergency savings doesn’t happen without discipline.” Here are five steps to help boost your savings.

     
  • 5 reasons U.S. economy outpacing rest of world Jul 5, 2014 2:48 PM
    Five full years after a devastating recession officially ended, the economy is finally showing the vigor that Americans have long awaited.

     
  • Billionaire Richard Mellon Scaife dies at 82 Jul 4, 2014 5:41 PM
    Richard Mellon Scaife died early Friday at his home, his newspaper, the Pittsburgh Tribune-Review, reported. Scaife’s death comes less than two months after he announced in a first-person, front-page story in his Pittsburgh Tribune-Review that he had an untreatable form of cancer.

     
  • Des Plaines aldermen move ahead with plans to restructure TIF Jul 8, 2014 4:58 PM
    Des Plaines’ city council has started the process of restructuring an existing special taxing district plagued by a growing deficit. The city’s sixth Tax Increment Financing district, encompassing a triangle-shaped piece of land roughly bounded by Higgins and Mannheim roads and Greco Avenue, is in an estimated $6.8 million in the hole this year, and on track to be $20 million in the red by 2024.

     
  • Des Plaines plans to restructure special tax district Jul 2, 2014 4:11 PM
    Des Plaines officials want to restructure a special taxing district that’s long operated in the red, with an eye toward making the area more enticing for developers. City officials want to take out three properties from TIF 6 and put them in a new TIF 7 that would set up lower baseline property values. “Those properties have been bringing this whole thing down,” said City Manager Mike Bartholomew. “Now we’ll reset the base value, and essentially start from scratch.”

     
  • Judge: Argentina bond payment would be contempt of court Jun 27, 2014 1:28 PM
    A lawyer for the Bank of New York Mellon said it had received $539 million from Argentina for distribution to the bondholders who had exchanged their bonds for lesser value ones. Judge Thomas Griesa ordered the bank to return the money to Argentina.

     
  • Court sides with employees in retirement fund case Jun 25, 2014 10:10 AM
    The Supreme Court says a lawsuit can proceed against Fifth Third Bancorp that accused management of irresponsibly investing employee retirement money in the bank’s then-failing stock.

     
  • Zurich to get $20.35 million from state; set to break ground Tuesday Jun 23, 2014 7:53 PM
    Zurich Insurance is set to break ground in Schaumburg on Tuesday and the state of Illinois has a tax incentive package for the company valued at $20.35 million. The state been working with Zurich executives after the company received an offer to move its North American headquarters to Kansas.

     
  • How foreign is your foreign stock fund, really? Jun 22, 2014 6:13 AM
    Is Nestle a Swiss stock? Of course it is, if you look at the traditional measures. The company is based in Switzerland, and its stock trades in Swiss francs. But Nestle candy, baby food and other products are on grocery-store shelves throughout the world, from Algeria to Zambia. Switzerland provides just a sliver of Nestle’s revenue: More came last year from the Americas or from Asia than from Europe overall.

     
  • Judge off Jordan case, denies calling him ‘hog’ Jun 20, 2014 5:08 PM
    Jordan’s lawyers this week succeeded in getting Judge Milton I. Shadur to remove himself from the case after they alleged he described the six-time NBA champion as “greedy,” comparing him to a “hog” and to “Dr. Frankenstein.”

     
  • Argentina plans debt swap that analysts say is doomed Jun 18, 2014 4:42 PM
    Argentina has until June 30 to pay a group of U.S. hedge funds an initial down-payment of $907 million on the $1.5 billion judgment. If it fails to comply, it will be unable to use the U.S. financial system to pay an equal amount to a much larger group of bondholders, provoking a disorderly default on their bonds, collectively worth $24 billion.

     
  • Fed says economy rebounding, trims bond buying Jun 18, 2014 4:47 PM
    The personal consumption expenditures index, the Fed’s preferred inflation gauge, rose 1.6 percent from a year earlier in April, the most since November 2012. The consumer price index, a separate inflation measure, rose 2.1 percent in May.

     
  • Senators propose 12-cent gas tax increase Jun 18, 2014 1:22 PM
    Revenue from gas taxes and other transportation user fees that for decades hasn’t kept pace with promised federal transportation aid promised to states. People are driving less per capita and cars are more fuel efficient, keeping revenues fairly flat. At the same time, the cost of construction has increased, and nation’s infrastructure is aging, creating greater demand for new and rebuilt roads and bridges.

     
  • Michael Jordan joins billionaire club Jun 13, 2014 4:21 PM
    Like Tiger Woods, Michael Jordan’s fortune isn’t derived from his earnings on the court. During his 13-season playing career, Jordan pulled in just over $90 million in salary (including the $4 million the Bulls paid him to play minor league baseball in 1993). Of course, that’s indicative of the era in which he played, when salaries were much lower than they are now.

     
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