The richest man in France has officially transferred his multi-billion pound fortune out of his homeland to Belgium. Bernard Arnault, head of luxury goods group LVMH, insists he has moved his assets for ‘family inheritance reasons’. But others are convinced that the...
In 11 of the 50 states in the US, residents dependent on the government outnumber private sector workers. “America is rapidly becoming a nation of takers,” economic blogger Michael Snyder writes. “An increasing number of Americans expect the government to take care of...
In May, 2012, the collective debt reported by the local primary taxing agencies in Cook County was more than $140 billion! To put that in context, the total debt-per-household in the City of Chicago was $87,720, and $35,774 in the suburbs. Since local governments...
The Obama administration said Wednesday it will sell 200 million shares — or 40 percent of its remaining stake in General Motors Co. — back to the automaker and announced plans to completely exit the Detroit automaker by March 2014. The Detroit automaker said it will...
[B]ut California too is now starting to hand it to bondholders. Cities in California are now testing the limits of bankruptcy law, and not paying the debt nor the payments for retirees to the state system. Thus this article describes how the state retirement system...
