Goldman Sachs is cutting jobs in the United States so it can expand in Singapore. The company, which received $10 billion in preferred stock purchases from the Federal government under the Troubled Asset Relief Program, alerted Washington to the move first, in order to avoid controversy.
Bank of America Corp. may soon agree to pay an $8.5 billion settlement to investors who lost money in the housing collapse, which would be the largest such settlement by a financial-services firm to date. “A settlement would end a nine-month fight with a group of 22 investors who hold mortgage-backed securities originally valued at $105 billion, including the giant money manager BlackRock Inc., the insurer MetLife Inc. and the Federal Reserve Bank of New York,” The Wall Street Journal reported.
On Wednesday, President Barack Obama gave his first press conference since March, speaking from the East Room of the White House. Lasting just over an hour, the press conference’s question-and-answer session covered a wide range of topics, but seemed to focus on criticizing Congress. Speaking initially about the economy, the President discussed currently stalled bills that he believes Congress should pass, including bills on patent reform, funding for construction jobs, trade agreement reform and extending payroll tax cuts.
On Wednesday, the 6th Circuit Court of Appeals upheld the Affordable Care Act’s mandate that nearly all individuals must buy health insurance. The three-Judge panel, which included two Republican nominees, ruled 2-1 in favor of the law’s Constitutionality.
Citing the 1st Amendment, the United States Supreme Court struck down a California law that prohibited the sale of violent video games to children.
Utah’s Orrin Hatch has served six terms in the U.S. Senate, making him the current longest-serving Republican Senator. Now, some Tea Party activists are saying six terms is enough. About 20 Utah residents staged a protest in front of the National Republican Senatorial Committee headquarters on Monday
With the economy continuing to struggle, Americans have been looking for additional ways to supplement their income. Many farmers have been opening up their properties to tourists in order to protect their incomes and increase their self-sufficiency.
A brief was recently filed by the Second Amendment Foundation asking for a summary judgement to strike down a fee for owning a handgun in New York City. The organization says that the $340 fee that the city requires for a handgun license is “inherently prohibitive.”
On Tuesday, former Minnesota Governor Tim Pawlenty gave a speech at the Council on Foreign Relations. In it, the 2012 Presidential candidate expressed his concerns about President Barack Obama’s Middle East policies.
In a memo issued earlier this month, President Barack Obama’s immigration chief, Director of Immigration and Customs Enforcement (ICE) John Morton, advised ICE officials to use “prosecutorial discretion” when considering whether to deport illegal aliens. The leaking of the memo has led some to suggest ICE is enacting some of the principles of the controversial DREAM Act, which has not been passed despite multiple attempts by Democratic leaders.