BMW Financial Services N.A. has agreed to pay $2 million to settle claims it illegally refused to refund payments made in advance by military personnel who terminated their vehicle leases because they were called to duty.
Banking & Finance
The latest coverage of the banking and financial sectors.
By L. Todd Wood
If you ignore the corruption and misallocation of capital in the Russian economy, you could make the case that Moscow has been more financially responsible than Washington over the last several decades. Published February 22, 2018
President Trump may have a bear market, but he has a Goldilocks economy. While it is too early to definitively know about the former, each passing day shows the latter growing more certain. His critics who are seizing on recent stock market volatility are missing the bigger picture of the economy underlying it.
The Trump administration said Tuesday it wants to let insurers sell "short-term" insurance policies that last up to year, expanding the range of cheaper options for people left behind by Obamacare while dealing a potential blow to the 2010 law's markets.
The stronger economy we're enjoying now is no accident. Lower taxes, more jobs and fewer regulations are creating a much-needed boost. So why do we still have one foot on the brake?
When Mark Janus got his first paycheck working as a child support specialist for the state of Illinois in 2007, he was stunned to see a nearly $50 deduction for union dues.
On February 5, the Senate confirmed Andre Iancu as director of the Patent and Trademark Office.
"If something cannot go on forever, it will stop," said Herbert Stein, President Nixon's chairman of the Council of Economic Advisors. America's national debt has grown from 32 percent of GDP in 1981 to 68 percent in 2008 and 108 percent in 2017. The national debt is high, and some components are growing on autopilot. Still, Washington keeps adding to it.
Imagine you open the faucet of your kitchen sink expecting water and instead out comes cash. Now imagine that it comes out at the rate of $1 million a minute. You call your plumber, who thinks you're crazy. To get you off the phone, he opines that it is your sink and therefore must be your money. So you spend it wildly. Then you realize that the money wasn't yours and you owe it back.
As President Trump remarked in his recent State of the Union speech, the United States will no longer surrender to its trading partners, "[we] expect our trading relationships to be fair and reciprocal." In his speech, Mr. Trump highlighted the administration's spectacular achievements in its first year. From tax reform to judicial nominations, a strong economy to a stock market at record highs, no president has completed more in their first year in office than President Donald Trump.
Should one democracy have the right to impose its tax laws on another? With which countries, if any, should the U.S. government share your tax and other financial information?
In "Hamlet," Shakespeare pens one of the most familiar lines — and best advice — ever written. Before Laertes leaves for Paris, his father, Polonius, tells him: "Neither a borrower nor a lender be "
President Trump in the campaign of 2016 and now as president has set forth the priority to build, repair and maintain America's crumbling infrastructure to the tune of $1 trillion.
When public employee union members challenged state laws requiring them to pay dues in 2016, the Justice Department backed the unions, arguing to the Supreme Court that the fees were an important part of the operations of government.
The defense contractor General Dynamics is buying CSRA for almost $7 billion with the latest Senate proposals pushing defense spending aggressively higher.
According to The Washington Post, which should know, Democrats are moving even farther left in an effort to appeal to more Americans.
Of all the economic policies President Trump has marked for attention this year — merit-based immigration, infrastructure and vocational training — fixing the trade deficit offers the biggest bang for the buck.
Whatever happened to the New Normal? First, Obama Democrats told us that what looked like long-term stagnation under President Obama's economic policies, with growth stuck at 2 percent on average for his whole eight years in office, was the New Normal that the American people were going to have to get used to, the best we could do now.
U.S. stocks moved sharply higher in early trading Friday, recouping some of the ground lost a day earlier when indexes plummeted, deepening a weeklong sell-off that knocked the market into a "correction" for the first time in two years.
Seeking to avoid another unpopular government shutdown, Senate leaders have hammered out a long-term, big spending budget deal that will give President Trump the defense spending hikes he wants, along with much higher domestic spending sought by Democrats.
Remington Outdoor Company Inc. reportedly has "reached out to banks and credit investment funds in search of financing that will allow it to file for bankruptcy."
Dozens of Democrats have demanded answers from the director of President Trump's Office of Management and Budget over reports that he recently halted the Consumer Financial Protection Bureau's investigation into last year's massive Equifax breach.
Stocks are sinking again Thursday, extending a streak of losses that has yanked the market away from record highs. The Dow Jones industrial average slumped 600 points. The tumult started last Friday as investors worried about signs of rising inflation.
Former Attorney General Eric H. Holder Jr. said the Trump administration was wrong to have apologized to tea party groups snared in the IRS's targeting scandal, saying it was another example of the new team undercutting career people at the Justice Department who'd initially cleared the IRS of wrongdoing.
White House Legislative Director Marc Short said Wednesday that the volatility in the stock market is likely a correction from the historic highs of the past year, but added the "fundamentals" of the economy are strong.
A new audit about a Pentagon agency losing hundreds of millions of dollars is reported by Politico as an "exclusive." While that's technically correct, a government agency losing or wasting or misplacing millions, billions and even trillions of dollars (this is not hyperbole, folks) is nothing new.
What triggered the 2,000-point Dow Jones Industrials index sell-off on Friday and Monday was the positive jobs report. That's correct. Positive. Not only did employers hire 200,000 more workers during January, but the pay of the average worker rose by 3 percent after inflation. This was the biggest gain in wages in a decade. The labor market tightens.
The stock market came roaring back Tuesday in busy trading, reversing deep losses from the previous two trading days and raising hopes of halting a global sell-off as the White House affirmed the underlying strength of the U.S. economy.
Like truth, the best test of a cryptocurrency should be its ability to get itself accepted in the competition of the marketplace.
U.S. stocks are reversing course Tuesday morning after sharp losses in the first few minutes of trading, raising hopes of a halt to a global sell-off in the stock market.
Vice President Mike Pence said Tuesday that the steep drop in the stock market is probably just part of routine fluctuations on Wall Street.
Good news: For the first time in a while, the United States isn't just economically stronger. It's economically freer.
The stock market tumbled more than 1,000 points Monday, accelerating a rout that some analysts have dubbed the Trump correction, with investors fearing the economy could be overheating and that recent U.S. and international market bubbles were about to pop.
Well, it's not breaking news, but it's worth noting as President Trump and Congress spar over spending that the national federal debt exceeds $20,000,000,000,000 — and is rising by the minute.
The civic shakedown of the oil and gas producers continues, and the frenzy has spread to California. Mayor Bill de Blasio of New York started it in January when he said he would seek billions of dollars in reparations from five major companies, including Exxon, BP and Chevron.
U.S. stocks slumped Friday, pulling down the Dow Jones industrial average by more than 600 points and placing the market on track for its worst week in two years.
President Trump's announcement last Thursday of a new slate of nominees to the Federal Trade Commission signifies much more than a simple overhaul of the commission itself. In a much broader sense, he is signaling how serious he is about reversing the regulatory overreach that accelerated during the Obama administration.
I had an argument recently with a woman in Moscow over American energy production. She simply did not believe that the United States has become the largest energy producer in the world -- which marks a real shock to the ordinary Russian's self-image.
The Consumer Financial Protection Bureau -- the controversial Wall Street cop Congress set up in the wake of the 2008 collapse -- is constitutional, a federal appeals court ruled Wednesday, delivering a major win to liberals who had pushed for the independent watchdog.
AFL-CIO President Richard Trumka said Wednesday that working people aren't seeing the America that President Trump described in his State of the Union address.
Treasury Secretary Steven Mnuchin signaled Tuesday that President Trump is open to an across-the-board internet sales tax -- an issue that has bedeviled lawmakers for years and one that's tied to a key case to be heard soon by the U.S. Supreme Court.
Recently, two major things happened that will alter the direction of the country and one of its largest welfare programs, while cementing a signature achievement of President Trump's first term.
Sen. Heidi Heitkamp said Tuesday that the issue of pensions should be in the final spending bill lawmakers need to pass by Feb. 8 to keep the government funded.
Anyone, even a Democrat reluctant to say so, can see that the economic state of the Union is pretty good. Unemployment is down in key sectors, including among blacks, where the U.S. Bureau of Labor Statistics says the number is as low as it has been since the racial number was broken out in 1972. Businesses have committed to expansion, paying bonuses and raising wages because of — and they are specific about this — the Trump tax cuts.
President Trump's first State of the Union address Tuesday will emphasize that his policies have helped minorities, even as liberal Democrats and black leaders intensify their opposition to him.
President Trump is delivering a powerful message to global elites like the World Economic Forum. America First is about unmasking the cynical con the most privileged have played on ordinary working folk.
President Trump told global business leaders Friday that he had better success with the media as a businessman than he has as a politician.
President Trump told the world's top business leaders Friday that the U.S. is "open for business" on the strength of his corporate tax cuts and deregulation, and vowed that he will vigorously enforce fair trade laws.
President Trump said he's not worried about the strength of the dollar and said no one should be talking about currency since it easily fluctuates, in an interview that aired Friday.
President Trump took a major European economic conference by storm Thursday, wooing corporate titans to invest more in the new American prosperity and smoothing over tensions with Great Britain as global elites gave him a celebrity welcome.
President Trump tried to dispel "rumors" of a strained relationship with Great Britain Thursday as he arrived at the World Economic Forum in Davos, Switzerland, to a rock-star reception.
Treasury Secretary Steve Mnuchin said Thursday that he's surprised how much attention his comments on the dollar generated, arguing its a consistent point he's made since taking on his role.
Commerce Secretary Wilbur Ross said Thursday that more businesses are acknowledging the need to change world trade systems.
Without much fanfare, an interest group staged a recent press conference in Sacramento, California, to announce its intention to form its own state called New California, composed mostly of rural areas with a population of about 15 million.
With Congress back in session, what's one of the more controversial items potentially on 2018's legislative docket? Speaker of the House Paul Ryan says welfare reform is in the cards.
Billionaire investor Carl Icahn is calling for the removal of Xerox CEO Jeffrey Jacobson as the copier company reportedly seeks a deal with camera company Fujifilm.
A staggering 13 billion dollars. More than the value of the entire "Star Wars" franchise. That's the minimum amount taxpayers will save under the recently-passed Tax Cuts and Jobs Act now that lawmakers have made compliance with the U.S. tax code less of a chore. Taxpayers will now also save an estimated 210 million hours of time they used to squander on the clumsy 1040 "long form." Lighter paperwork burdens like these will begin showing up in other portions of the tax code for businesses and individuals as the new law is implemented.
The government this week will auction bitcoins seized by authorities from a Russian hacker, a young Mormon accused of being an opioid kingpin and other high-profile cases.
For Republicans, it's dangerous to focus on the moment — accusations that President Trump is a racist, DACA and avoiding government shutdowns — but the more enduring threat to the GOP's grip on power are charges of insensitivity about inequality.
Nearly a year after President Trump was sworn into office on a campaign pledge to "drain the swamp," he now wants Congress to reopen the spending spigots again.
Republican leaders on Capitol Hill have made two related, and stunning, announcements. First, that they are considering foregoing a budget this year, and second, that they may reintroduce earmarks
Recent Opinion Columns
Kinder and gentler governments use market-based price incentives and less coercion. But all too many government officials forget about the superiority of the price system, and resort to the threat of or actual violence to get the people to do what they want. Business people use the price system to attract customers with lower prices and good employees by offering higher wages (the price of work) rather than coercion.
The Federal Reserve released data earlier this month showing that Americans owe more than $1 trillion in debt on their credit cards, up 6.2 percent from a year ago. Note to consumers: Quit signing up for slavery.
The Islamic State (ISIS) has lost significant territory, but its genocide continues. How can it be ended? How can it be reversed?
The Federal Reserve appears intent on raising interest rates at a quicker pace over the next two years.
The U.S. economy is underperforming, and the Federal Reserve's low interest rate policies won't reinvigorate it.
It was — and always is — enlightening to be outside the D.C. Beltway, where manufacturers grapple not only with increasing and sustaining sales, but with the real-world implications of Washington's latest action or inaction.
From The Vault
The Obama administration issued a record number of new regulations on its way out the door in 2016, leaving an administrative state that saps the economy of nearly $2 trillion a year, according to a new report being released Wednesday.
A New York artist expressed his views on Wall Street's hotly debated "Fearless Girl" statue by temporarily adding Monday his own sculpture: a pug peeing on the girl's leg.
U.S. employers added just 98,000 jobs last month, the fewest in a year, though the unemployment rate fell to a nearly seven-year low of 4.5 percent.
The U.S. economy lost momentum in the final three months of 2016, closing out a year in which growth turned in the weakest performance in five years.
The president of the U.S. Chamber of Commerce called on President-elect Donald Trump and the Republican-majority Congress on Wednesday to roll back Obama-era regulations on clean power plants and health care while pursuing new trade deals and immigration reform.
President-elect Donald Trump announced Wednesday the nomination of Wall Street lawyer Jay Clayton as chairman of the Securities and Exchange Commission.
The Federal Reserve is raising a key interest rate for the first time in a year, reflecting a resilient U.S. economy and expectations of higher inflation. The move will mean modestly higher rates on some loans.
Roughly 6.5 million people with active Social Security numbers are age 112 and older, according to an audit by the Social Security Administration's inspector general.
Leading Wall Street regulator Ben Lawsky, who heads up the New York Department of Financial Services, warned that the United States should be preparing for a massive cyberattack on banks -- that it's inevitable, and looming.