It looks like Black Friday isn't the only shopping day expanding its reach earlier this year. Cyber Monday, generally the largest shopping day for Web retailers, with sales targeting those who don’t wish to brave the crowds and lines following Thanksgiving, is spanning several days … [Read more...]
Wal-Mart Takes Legal Actions to Stop Black Friday Protests
Known for squelching past employee unionization efforts, Wal-Mart is striking back against organizations that back current strike and picketing actions at its stores. Wal-Mart Stores Inc. filed an unfair labor practice charge against the United Food and Commercial Workers … [Read more...]
Obama, Congressional Leaders Meet for Tax Talks
President Obama stressed urgency Friday morning when meeting with congressional leaders in the White House Roosevelt Room to discuss strategy to avoid the looming “fiscal cliff” of spending cuts and tax hikes set to occur Jan. 1 without legislative action. … [Read more...]
Bernanke: Banks Tough Credit Standards Hurt Economic Recovery
Federal Reserve Chairman Ben Bernanke said “overly tight” mortgage standards are “slowing the revival in housing and impeding the economic recovery,” in a Nov. 15 speech in Atlanta. Bernanke acknowledged the tightening of credit standards was appropriate following the lax lending … [Read more...]
Supreme Court Says Plaintiff Can’t ‘Mix and Match’ Laws to Sue Government
In its first opinion of the new term, the Supreme Court said two laws cannot be combined in order to sue the federal government for monetary damages. The unanimous decision may have sunk lawyer James Bormes’ efforts to seek financial damages from the United States for failing to … [Read more...]
Card Issuers Spending Less Time, Money Marketing on College Campuses
There was a time, not long ago, when college students were bombarded with offers of credit. Students walking to class might be offered free T-shirts, coupons for free meals, school logo items such as stickers, magnets, balls and binders, or even entry into drawings for free spring … [Read more...]
Preliminary Approval Granted for $7.2 Billion Credit Card Fee Settlement
In spite of dozens of objectors, representing literally thousands of retailers nationwide, U.S. District Court Judge John Gleeson of Brooklyn, New York granted preliminary approval of what will become a landmark settlement agreement between retailers, payment networks and nine major … [Read more...]
Online Card Comparisons Accept Kickbacks for Recommending Credit
New studies provide evidence that credit card comparison Web sites may not be completely legitimate. The sites allow consumers to describe their financial situation and credit needs, then—supposedly—a personalized list of cards that best suit the customer’s needs is provided—usually … [Read more...]
Obama Invites Lawmakers to White House Tax Talks
Has an olive branch been extended in Washington? In a Nov. 9 press conference President Obama told Republican lawmakers he was “open to compromise” in order to solve the nation’s approaching fiscal cliff debacle—when massive spending cuts and expiring tax cuts will simultaneously … [Read more...]
Texas Philanthropist Alleged to Launder $600 Million for Mexican Drug Cartel
A former Carnegie Mellon University trustee pled not guilty Nov. 8 to charges of laundering more than $600 million on behalf of a Mexican drug cartel. Marco Antonio Delgado, who has most recently served as a Texas attorney, allegedly conspired with the Milenio cartel out of … [Read more...]
MasterCard Launches LCD Credit Card
MasterCard, in conjunction with Standard Chartered Bank’s Singapore division, is launching a new type of credit card technology, guaranteed add an extra level of security. The card features a built-in LCD display and touch screen functionality that allow the cardholder to key in a … [Read more...]
Walmart Announces Black Friday Sales to Start Earlier on Thanksgiving
Wal-Mart Stores Inc. announced it will not only move its 2012 Black Friday sales earlier into Thanksgiving evening, but guarantee some sale products to any customers waiting in line at a certain time. The first round of bargains will start for Wal-Mart shoppers who are brave enough to … [Read more...]
Dollar Weakens, Futures Drop on Eve of Obama Re-election
The U.S. dollar weakened Tuesday night when President Barack Obama’s re-election was called victorious by several television news networks. Under continued Obama leadership, economists speculate U.S. currency will continue to weaken as monetary stimulus policies continue. The … [Read more...]
Fuel Black Market Emerges in Sandy Aftermath
The immediate reports of goodwill following Hurricane Sandy have given way to a more sinister sort of post-disaster phenomena: Opportunism. Residents of the Northeast—particularly New York and New Jersey—must scramble to find fuel, the most sought-after commodity in the superstorm’s … [Read more...]
Swiss Bank Accounts May Not Be So Secret Anymore
Switzerland’s strict bank secrecy laws have made it the place the wealthy and powerful hide money for three-quarters of a century. The Swiss economy depends on its banking industry—with its ostentatious banks and their marble-lined hallways in Geneva and Zurick—although it’s unclear … [Read more...]
Labor Department Releases October Jobs Report
Friday’s announcement from the Labor Department was welcome news, as employers added an estimated 171,000 new positions in October—more jobs than estimated the past two months. In fact, economists had forecast only 125,000 jobs would be added in October. Jobs growth from the previous … [Read more...]
FTC Shuts Down Rachel from Cardholder Services
The Federal Trade Commission announced today it has shut down five companies involved in deceptive, illegal “robocalls” to credit card customers. The companies, based in Florida and Arizona, are responsible for millions of calls from “Rachel” or “Cardholder Services,” and allegedly … [Read more...]
Banks Offer Fee Waivers to Hurricane Sandy Sandy Storm Victims
America’s big banks have been criticized for accepting bailout funds and not easing strict fee policies which hurt customers. But in the wake of Hurricane Sandy, banks such as JPMorgan Chase, Bank of America, Citicorp and Wells Fargo are demonstrating a bit of compassion to customers … [Read more...]
Shoppers Plan to Spend More This Holiday Season
Holiday sales will increase by more than 4 percent this year, according to the National Retail Federation. Forecasting total holiday sales of $586.1 billion, the 2012 estimate is higher than the 10-year average holiday sales increase of 3.5 percent, although 2011 sales grew by 5.6 … [Read more...]
Experian Database Compromise Leaves Hundred of Identities Vulnerable
Carolina Governor Nikki Haley promised millions of taxpayers free credit monitoring and protection from Experian after their information was stolen from the state’s department of revenue database by an international hacker. But recent reports question the security of all Americans’ … [Read more...]
