With "OK boomer," millennials are killing intergenerational resentment

"OK boomer" is an all-purpose rejoinder for millennials and Gen Y/Zers who are accused by their elders of eating too much avocado toast, wanting a participation trophy, or of miscellaneous snowflaking. Read the rest

Davos in the Desert is back, and banks and hedge fund managers are flocking to Mister Bone-Saw's side

"Davos in the Desert" is Saudi Arabia's charm offensive aimed at global financial elites, but its launch last year was marred by its close proximity to the gruesome murder and dismemberment of Saudi journalist Jamal Khashoggi, carried out at the personal behest of Crown Prince Mohammed bin Salman, who styles himself a progressive reformer. Read the rest

When the HR department is a robotic phrenologist: "face-scanning algorithm" gains popularity as a job-applicant screener

Hirevue is an "AI" company that companies contract with to screen job applicants: it conducts an hour-long videoconference session with applicants, analyzing their facial expressions, word-choices and other factors (the company does not actually explain what these are, nor have they ever subjected their system to independent scrutiny) and makes recommendations about who should get the job. Read the rest

NJ school district bans indebted students from prom and field trips, refuses offer to pay off lunch debt

America has a food insecurity problem, and poor, hungry kids who can't pay their school cafeteria lunch debt are performatively ridiculed and humiliated by their schools. Despite this shaming, these kids parents refuse to stop being poor, and so schools are turning to desperate measures to provide the right incentives to these parents (meanwhile, kids from wealthy families are being offered front-of-the-line privileges in exchange for their parents' "donations"). Read the rest

Burbank! Come to an emergency City Hall meeting on 10/29 to deal with the city's eviction crisis!

On Jan 1, 2020, AB1482 comes into effect, capping rents at their rates as of March 15, 2019 plus an above-inflation; in response, the state's greediest landlords are evicting their tenants, either by raising their rents to levels they can't afford to pay between now and Jan 1, forcing them out, or by staging "no cause" evictions in cities that permit them. If those tenants are gone on Jan 1, the landlords can set a new rent floor that ignores the rates as of last March. Read the rest

Relatives and cronies of Cambodia's dictator have bought "golden passports" from Cyprus and exfiltrated millions

Cambodia's long-serving dictator Hun Sen nearly lost power in 2013 when an opposition party mobilized over Facebook (Hun Sen recovered by mastering Facebook and using it to crush the opposition, whose leaders are now exiled. Read the rest

For the first time ever, taxes on the 400 richest Americans were lower than taxes on everyone else

In 2018, for the first time in recorded US history, the 400 richest American households paid a lower rate of tax than any other group of American taxpayers: 23%, down from 70% in 1950 and 47% in 1980. Read the rest

How the "Varsity Blues" admissions scam punished deserving, hard working kids so that mediocre kids of the super-rich could prosper

Propublica's latest longread is ostensibly a profile of two kids who attended Orange County's Sage Hill School, where tuition runs $40,000/year and where an estimated 25% of students get into elite colleges thanks to their parents shelling out for "independent counsellors" who run the gamut from people who help with admissions essays and strategic donations to the schools of their choice all the way up to William "Rick" Singer, who pleaded guilty to collecting millions to grease the path for mediocre rich kids to attend elite colleges by bribing coaches. Read the rest

The weak spots that let journalists expose the finances of looters, organized criminals and oligarchs

The trillions that the global looter class has stashed in offshore financial secrecy jurisdictions are protected by the joint tactics of absurd complexity and stultifying dullness, which have been created by a separate group of global looter-enablers, working for big accounting and audit firms, banks, law firms, even private schools. Read the rest

US prosecutors say the "bankrupt" Sacklers still have billions hidden away

The Sackler family (previously) made more money than the Rockefellers when their family business, Purdue Pharma, misled the public about the addictiveness of its flagship opioid, Oxycontin, and induced doctors to overprescribe it, kicking off an epidemic that has killed more Americans than the Vietnam war, with the body count at 400,000 and still climbing. Read the rest

"I just love to solve problems": how people who work at predatory lenders avoid thinking about the pain they inflict

Elena Botella worked at Capital One -- one of the US's leading issuers of subprime credit-cards -- for three years; in a fascinating first-person account, she describes how Capital One's youthful, smart, principled and caring staff created a culture in which the lives they were ruining were replaced by obfuscating jargon and interesting mathematics puzzles. Read the rest

IRS admits it audits poor people because auditing rich people is too expensive

Nine years ago, Republican lawmakers gutted the IRS's budget, but didn't relax its requirement to conduct random audits: in response, the IRS has shifted its focus from auditing rich people (who can afford fancy accountants to use dirty tricks to avoid paying taxes) to auditing poor people (who can't afford professional help and might make minor mistakes filling in the highly technical and complex tax forms), until today, an IRS audit is just as likely to target low-income earner whose meager pay entitles them to a tax credit is as it is to target a filer from the top one percent of US earners. Read the rest

Stock buybacks: how Wall Street has created "profits without prosperity"

For years, the Harvard Business School fellow William Lazonick has been writing about the rise of the "shareholder value" doctrine in capital markets, and how that has driven financial engineering tactics like stock buybacks, which allow shareholders (including top executives) to prosper at the expense of the companies they have invested in, siphoning value out of profitable businesses until they collapse. Read the rest

The DoJ's corporate "diversion" program is supposed to change bad corporate culture, but really, it enables repeat offenders

When a corporation is investigated for malfeasance -- cheating or hurting customers or workers, say -- the DoJ sometimes allows it to enter in a deferred prosecution agreement (DPAs) or a non-prosecution agreement (NPAs): the company admits wrongdoing, pays a fine, and promises not to do it again; after 2-3 years of good conduct, the charges are dropped. Read the rest

Sleuths discover the source of $28m in dark money lobbying in favor of emergency room "surprise bills": private equity firms that own doctors' practices

Even if you're insured and even if you assiduously verify that the emergency rooms you visit when undergoing a medical crisis are "in network" for your insurer, you can still end up with thousands of dollars in "surprise bills" from ER docs and anesthetists who don't work for the hospital -- instead, they work for private "physician staffing firms" who can and do charge whatever they want for your care. Read the rest

Thomas Cook travel collapsed and stranded 150,000 passengers, but still had millions for the execs who tanked it

Thomas Cook is one of the oldest travel agencies in the world, operating their own flights, ships, hotels, etc, whose founders effectively invented modern tourism (listen to this excellent Stuff You Missed in History Class episode for the fascinating and fraught tale of how that happened) but a consolidation in the travel industry combined with private equity chicanery that loaded the company up with $2.1b in debt in order to pay out investors drove the company to its knees, and, last week, it finally died. Read the rest

Dynasties: in-depth reporting on the wealthy, influential political and corporate families that not-so-secretly rule Canada

The latest podcast from the Canadaland network (previously) is Dynasties, wherein host Arshy Mann delves into the scandals, backroom deals, and secret string-pulling employed by the "great families" of Canada, where wealth and political power have been gathered into just a few hands, all clinging tight to that power. Read the rest

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