Reports
Federal Reserve Members Threaten More “‘Pain’” For Working Families As Top Economic Experts And Other Prominent Voices Warn Interest Rate Hikes Could Backfire
The Federal Open Markets Committee (FOMC), the Federal Reserve body which determines interest rates, was expected to continue hiking rates in November and December 2022 despite warnings that doing so would cause a recession and add as many as 3.2 million people to unemployment lines by the end of 2023.
Reports
Kroger And Albertsons Claim Merger Would Lower Prices, Contradicting Their Pandemic Price Hikes, Soaring Profits, And Shareholder Payouts
On October 14, 2022, “grocery giant” Kroger announced plans to buy Albertsons Companies for $24.6 billion, threatening to create a “corporate behemoth” second only to Walmart in grocery industry market share. If the two companies successfully combine, they would control nearly 5,000 stores reaching about 85 million households across the U.S.
Reports
Corporate America Poised To Avoid The Inflation Reduction Act’s New Stock Buyback Tax, Already Announcing $1.5 Billion In Accelerated Share Repurchase Programs To Dodge Roughly $15 Million In New Taxes
Immediately after the Inflation Reduction Act (IRA) was signed into law on August 16, 2022, corporate America was already eyeing accelerated share repurchase (ASR) programs as a way to rush their stock buybacks before the IRA’s new 1% on the transactions becomes effective after December 31, 2022.
Memos
Behind The Financial Industry’s Rhetoric That Overdraft Fees “Save Customers Money” Is A Much Costlier Reality For Consumers
In January 2022, the Consumer Financial Protection Bureau (CFPB) launched an initiative to save consumers billions of dollars in exploitative “junk fees,” including overdraft fees. In 2019 alone, large banks earned approximately $15.47 billion from overdraft and non-sufficient funds fees.
Reports
EasyPay Partnered With Auto Repair Conglomerates To Profit Off Predatory “Triple-Digit” Interest Loans
Several of the country's largest auto repair conglomerates have partnered with EasyPay Finance to issue predatory, high interest loans – including Big O Tires, Driven Brands, and FullSpeed Automotive.
Reports
Shady Multi-Level Marketing and Direct Selling Companies Received $100M in PPP Funds Despite False Claims About COVID-19 Treatments, History of Deceptive Marketing
While hundreds of thousands of small businesses have closed across the country, direct selling companies – which frequently utilize predatory multi-level marketing practices – received over $106.4 million in PPP loans.
Reports
Trump Administration Let Private Jet Industry Triple-Dip in Pandemic Aid Despite Sky-high Demand
Consumer Demand For Private Jets Is Soaring, But The Industry Has Received Over $666 Million In Federal Pandemic Aid, And 26 Companies Have Taken Money From Three Separate Relief Programs.
Reports
Insufficient Pandemic Aid for Public Colleges Could Lead to Tuition Hikes
Schools Across U.S. Face Revenue Losses Approximately 2.5x Greater Than Federal Aid Provided During Health Crisis, Watchdog Analysis Finds.
