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BlackRock And Wall Street Banks Profit From Israel’s Crimes In Gaza

Top UN human rights experts have called on Western weapons corporations to stop sending arms to Israel, arguing they could be complicit in war crimes. UN experts also warned that asset managers like BlackRock and Wall Street banks may be profiting from Israel’s brutal war on Gaza. This was stated in a press release published by the Office of the United Nations High Commissioner for Human Rights (OHCHR). “The transfer of weapons and ammunition to Israel may constitute serious violations of human rights and international humanitarian laws and risk State complicity in international crimes, possibly including genocide, UN experts said today, reiterating their demand to stop transfers immediately”, the press release said.

Is The Reign Of The Dollar Coming To An End?

In early June, a rumour began to circulate – which was widely reported in the Indian press as true – that the government of Saudi Arabia had allowed its petrodollar agreement with the United States to lapse. This agreement, made in 1974, is quite straight-forward and fulfils various needs of the US government: the US purchases oil from Saudi Arabia, and Saudi Arabia uses that money to buy military equipment from US arms manufacturers while holding the income from the oil sales in US Treasury Bills and in the Western financial system. This arrangement to recycle oil profits into the US economy and the Western banking world is known as the petrodollar system.

A Fair Tax Agenda For Wall Street

Financial institutions still extract too much wealth from working families and funnel too much of that wealth into massive executive bonuses that encourage excessive risk-taking – and even financial fraud.[2] And, as we saw with the spate of regional bank failures in 2023, reckless executives can still drive their firms into the ground and walk away with grand fortunes while relying on taxpayer money to contain the damage.[3] Much more needs to be done to ensure our financial system contributes to a healthy economy and focuses on long-term value creation instead of short-term speculation that might pump up CEO pay but does little for the rest of us. Today’s hearing will examine one important tool for guiding Wall Street in this direction: tax policy. Next year, the scheduled expiration of several provisions in the 2017 Tax Cuts and Jobs Act will force a major tax debate in Congress.

‘Orca’ Activists Arrested In Front Of Wall Street Bank Over Fossil Fuels

New York police arrested dozens of climate activists dressed as orcas Tuesday morning in front of the Citigroup headquarters as they protested the bank’s ongoing investment in fossil fuel expansion, according to group Climate Defenders. “Arrests continue at [Citibank] because wanting corporations to put planet over profit is a crime,” activists wrote Tuesday morning on the social platform X. That caption went out above a video of orca-clad protesters, their fins cuffed behind their backs, being escorted from in front of the bank’s glass-walled Manhattan office building. “Banks like Citi set the planet (and oceans to boil),” the group added in another post. “Now we’re bringing the heat to Wall Street.”

Cities Are Taking On Uber’s Bullying

If you’ve taken an Uber ride recently, you’ve probably noticed it cost a lot more than a few years ago. Why is that? We conducted the largest-ever study of rideshare fares to find out, and discovered a story of gaslighting and corporate greed that squeezes rideshare drivers and riders alike, while funneling our money to banks and billionaires. This month, Minneapolis passed an ordinance requiring rideshare corporations to pay drivers at least $1.40 per mile and 51 cents per minute. In a desperate attempt to block the pay floor, Uber and Lyft are threatening to leave the city, claiming that such a requirement would make rides too expensive for residents.

Fighting Wall Street’s War On Workers

One of the occupational hazards of being a labor activist is over-exposure to “corporate bullshit”—on the job, in the community, and in politics. When workers try to win collective bargaining rights, employers conduct propaganda campaigns to spread every imaginable falsehood about the union. Once forced into negotiations, management shows up at the bargaining table with a new line of BS about not being able to afford union wage demands or agree to a grievance procedure. And in the legislative-political arena, corporate interests have long used disinformation to thwart labor campaigns.

We Deserve Medicare For All; What We Get Is Medicare For Wall Street

The United States health care system—more costly than any on earth—will become ever more so as Wall Street increasingly extracts money from it. Private equity funds own approximately 9% of all private hospitals and 30% of all proprietary for-profit hospitals, including 34% that serve rural populations. They’ve also bought up nursing homes and doctors’ practices and are investing more year by year. The net impact? Medical costs to the government and to patients have gone up while patients have suffered more adverse medical results, according to two current studies. The Journal of the American Medical Association (JAMA) recently published a paper which found: Private equity acquisition was associated with increased hospital-acquired adverse events.

New Yorkers Shut Down Wall Street For Palestine

New York, NY – Hundreds of people descended into Wall Street on October 27 for Palestine. The NYPD attempted to close off the entrances by barricading each access point, but that didn't deter those standing with the Palestinian resistance. The protest was organized by Within Our Lifetime and endorsed by many other organizations. Chants in front of the New York Stock Exchange included “Not another nickel, not another dime, no more money for Israel's crimes” and “Biden, Biden, you can't hide, we charge you with genocide!” Protesters began marching and completely took over NYC's Financial District.

Labor Organizers Launch New Model For The Fight Against Private Equity

On May Day, a small group of labor advocates and workers weaved through midtown Manhattan, stopping at the shiny corporate headquarters of several firms with names like KKR, Sycamore Partners, Apollo Global Management, BC Partners and Roark Capital Group. Most people don’t recognize these names, or if they do, know very little about them. But these are some of the wealthiest and most influential firms on Wall Street, behemoths within the ultra-powerful but opaque financial sector known as private equity — the arm of Wall Street that oversees trillions in assets and specializes in buying out, restructuring and selling off privately owned businesses to turn a big profit.

Private Equity Is Out Of Control And Looting America

One of my favorite NYC restaurants had become understaffed and dirty – a shadow of its former self. I learned an interesting fact: a couple of years ago, a private equity firm had bought the local chain. The same type of firm that had already ruined my beloved neighborhood grocer. The kind that was rapidly taking over vet clinics, dental offices, and gyms on every block – though you wouldn’t know it unless you did some sleuthing. Price hikes, deteriorating conditions, and poor service — along with a certain slickness of marketing — could be signs that ownership of a business you count on has transferred to one or more firms in a rapidly-expanding Wall Street industry.

Leading ‘Sustainable’ Investment Funds Backing Fossil Fuels, Research Finds

Major investment funds available to UK consumers are marketing themselves as “sustainable” and “ethical” while financing fossil fuel companies, research has found. Numerous asset managers are using “green” terms in their branding despite investing in oil giants, with the worst performer being a fund managed by BlackRock, a report by the Ethical Consumer magazine shows. The news comes amid growing scrutiny of “greenwashing” in the investment world, with the Financial Conduct Authority currently consulting on new rules to tackle the issue and HSBC recently having a series of adverts banned for misleading customers about the bank’s environmental efforts. Edward Lander, the report’s lead author, said: “We are in an absurd situation in which asset managers can label funds as “sustainable” while still investing in the world’s largest fossil fuel companies."

Wall Street Readies An Avalanche Of Lies

Public pension funds benefiting nearly 26 million Americans have invested $1.3 trillion in high-risk, high-fee “alternative” investments like private equity, hedge funds, and private real estate that have been wracked with corruption scandals and financial misconduct. Those pension funds could soon face a reckoning, as the downturn in the stock market spreads to these alternative investments, resulting in costly reductions of their estimated value and in turn, increased contributions from state and local governments to meet those losses. But most public pension members and beneficiaries have no way of knowing the extent of distress facing their investments. That’s because public pension funds rely on valuations provided by the managers themselves.

US Mega-Banks Behind 1/3 Of Climate-Destroying Oil And Gas Expansion

Wednesday is Finance Day at COP27, the United Nations climate summit in Sharm El-Sheikh, Egypt, and the advocacy group Rainforest Action Network published a report exposing how major U.S. banks are financing hundreds of billions of dollars worth of fossil fuel projects—even as they tout their purported commitment to a low-carbon future. "The world's climate and energy scientists have set forth a clear mandate: In order to maintain a livable planet and prevent the global average temperature from increasing more than 1.5°C, we must rapidly and dramatically decrease greenhouse gas emissions," the RAN report—entitled Wall Street's Dirtiest Secret: How Fossil Fuel Expansion Depends on Big Bank Finance—states.

Wall Street Is Behind The Jackson, Mississippi, Water Crisis

Jackson, Mississippi - In August, clean water stopped flowing from residents’ taps in Jackson, Mississippi. The crisis lasted more than six weeks, leaving 150,000 people without a consistent source of safe water. The catastrophe can be traced back to a decision by a credit ratings agency four years ago that massively inflated the city’s borrowing costs for infrastructure improvements, most notably for its water and sewer system. In 2018, ratings analysts at Moody’s Investor Service — a credit rating agency with a legacy of misconduct — downgraded Jackson’s bond rating to a junk status, citing in part the “low wealth and income indicators of residents.” The decision happened even though Jackson has never defaulted on its debt.

Quiet Quitting’ Is Rocking Corporate America

Burned out employees are allegedly ‘quiet quitting’ their jobs by doing the bare minimum at work and Corporate America wants you to know that this is a bad thing. They don’t want you to notice that quiet quitting isn’t quitting at all. It’s still collecting the checks so that you can afford your rent, and your dinners out at that Indian food place, and your new shoes you like and – if there’s a little left over – an education for your children. Collect the check, show up on time, and just do enough that your dumb boss can’t justify firing you.
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