The financial crisis has created political and economic problems which remain unsolved. Perhaps mistakenly, President Obama decided to surround himself with advisers who came from Wall Street and whose policy views reflect the corrupting power of the money that the financial industry has provided them or potentially could provide them in the future. These advisers have helped create the perception that Obama is doing more to protect Wall Street than he is to safeguard the interests of its victims and saviors: the American taxpayers. Continue reading Obama’s Financial Reform Plans: Small Steps in the Right Direction Obama’s Financial Reform Plans: Small Steps in the Right Direction originally appeared on DailyFinance on Sun, 24 Jan 2010 12:10:00. Filed Under: Economy Permalink | Tweet this! | Comments

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Obama’s Financial Reform Plans: Small Steps in the Right Direction

Filed under: Company News , McDonald’s Wendy’s ( WEN ) will close all of its 71 restaurants in Japan by the end of the month, the chain’s Japanese franchisee, Zensho Co. Ltd., announced on Friday. The news arrived just a matter of days after rival McDonald’s ( MCD ) reported that sales in Japan were so poor in November that they offset strong results in Australia and helped weigh the entire Asian region’s performance down during the month. The unexpected Wendy’s closings come despite the franchisee’s profitable fiscal year, which ended in March 2009, and sales of 6.2 billion yen ($70 million) at its Wendy’s restaurants. Zensho, which bought the country’s franchises from supermarket chain Daiei in 2002, merely said it was making the move because it needed to focus on its other interests, chiefly the Sukiya beef bowl chain . Continue reading Wendy’s fast food chain says ’sayonara’ to Japan Wendy’s fast food chain says ’sayonara’ to Japan originally appeared on DailyFinance on Fri, 11 Dec 2009 17:00:00 EST. Please see our terms for use of feeds . Read | Permalink | Email this | Comments

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Wendy’s fast food chain says ’sayonara’ to Japan

Filed under: Economy , Investing I have to hand it to FDIC Chairwoman Sheila Bair — the former UMass economics professor gets it right on key policy issues. She is right about ending the doctrine of too-big-to-fail , and now she is proposing an idea that I’ve been pushing with no effect for years. That idea is to align the interests of the banks that bundle assets and sell them as securities — so-called asset-backed securities — with those of ABS investors. Before getting into the details of her proposal, I should disclose that I am not entirely objective in analyzing it. I worked with the FDIC back in the early 1980s to help build a system to manage the liquidation of the assets the FDIC gets when it helps find partners to absorb failed banks. And I have posted repeatedly about the idea of putting bankers’ pay in escrow as a way to align the interests of those who create investments with those who buy them. Continue reading FDIC Chair Sheila Bair has it right: It’s time to change bankers’ incentives FDIC Chair Sheila Bair has it right: It’s time to change bankers’ incentives originally appeared on DailyFinance on Sun, 22 Nov 2009 14:00:00 EST. Please see our terms for use of feeds . Permalink | Email this | Comments

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FDIC Chair Sheila Bair has it right: It’s time to change bankers’ incentives

Filed under: IBM , Microsoft International Business Machines ( IBM ) used to dominate the computer industry — especially in the 1960s when mainframe computers were the only game in town. During the 1970s, that dominance gave birth to a lengthy antitrust lawsuit, which Ronald Reagan’s justice department dismissed in 1982. Some 27 years later, Big Blue’s mainframe business is in antitrust hot water again. The antitrust laws are a uniquely American institution. They came into being in the 1890s with the Sherman Act, which prohibits the exercise of monopoly power. That’s when a company that dominates its industry uses its power to keep out competitors. Antitrust laws pit the interests of small companies against those of big ones. And somewhere in there is the desire to protect consumers by giving them competitive markets, which are supposed to push down prices and boost quality. Continue reading Back to the 1970s: IBM in mainframe antitrust suit again Back to the 1970s: IBM in mainframe antitrust suit again originally appeared on DailyFinance on Fri, 09 Oct 2009 10:00:00 EST. Please see our terms for use of feeds . Permalink | Email this | Comments

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Back to the 1970s: IBM in mainframe antitrust suit again

Oh wealthy people! How great it must be to know that while you are raking in about a quarter billion a year, you pay a lower tax rate than the average American family. And even better news — thanks to the Crazy Channel which does such a great job of making your interests popular with the angry mob, hundreds of those averagely paid Americans will defend your right to pay lower taxes than they do. Continue reading Top 400 taxpayers in the U.S. pay a 17 percent tax rate Top 400 taxpayers in the U.S. pay a 17 percent tax rate originally appeared on DailyFinance on Mon, 17 Aug 2009 18:30:00 EST. Please see our terms for use of feeds . Permalink | Email this | Comments

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Top 400 taxpayers in the U.S. pay a 17 percent tax rate