JPMorgan Chase lost more than $6 billion on a bad bet known as the “London whale” trades and then tried to conceal its losses from regulators, investors and the public, according to a
released last night and hearings held today by the Senate Permanent Subcommittee on Investigations.
surfaced in April of last year that a JPMorgan Chase trader had “amassed positions so large that he’s driving price moves in the $10 trillion market,” JPMorgan Chase executives quickly responded by holding a call with investors and analysts.
Since 2010, right-wing governors and legislators have attacked workers’ rights across the Midwest. These attacks have come in different forms: from stripping public workers’ collective bargaining rights in Wisconsin to an all-out ban on fair share contracts in Michigan and Indiana.
In Missouri, extremist legislators and their corporate backers are taking a different tactic. They are pushing
paycheck deception bills
, which limit how union workers can make their voices heard in the political process.
, the Mine Workers (
) union has been saying that Patriot Coal was specifically designed to fail so that former parent company Peabody Energy Corp. could eliminate health care costs associated with former workers in their mines. Patriot was originally spun off of Peabody and was started with much of Peabody's obligations to its retired workers, but very little of Peabody's assets. UMWA argued that Patriot was using bankruptcy to get out of living up to those obligations. Now Patriot filed a motion with the bankruptcy court to create a Voluntary Employee Beneficiary Association (VEBA) to replace the existing retiree health care system. According to UMWA, the VEBA would cover only a fraction of the obligations owed to retired workers and their families.
In an op-ed column in The
, William and Mary professor Cindy Hahamovitch traces the history of landowners exploiting temporary agricultural workers in the United States for personal gain. These farm employers are currently calling for more temporary workers to be allowed into the country, and they want fewer regulations on those workers. Hahamovitch points out the irony of the landowners condemning the current system, which is one they helped create and has allowed them to exploit foreign-born workers for decades.
Just minutes after yesterday's protest in New York by striking workers, McDonald's announced that the franchise owner accused of exploiting temporary workers in the country on J-1 visas will be
selling his three stores
and will no longer be associated with the company, the Nation's Josh Eidelson reports. The workers from Latin America and Asia who worked at the Pennsylvania fast-food restaurants
allege that store owner Andy Cheung
provided them with sub-standard employer-owned housing to live in, forced them to work shifts of up to 25 consecutive hours and threatened them with retaliation if they complained or refused to work.
What better way to spend your Friday night than watching your union brothers and sisters—members of Laborers (
) Local 79 and Local 66—as they deliver the Top 10 List on the "Late Show with David Letterman." Yeah, that David Letterman. This Friday, March 15, at 11:35 p.m. on your CBS station.
I’ll tell you the truth, I watched the PBS documentary, MAKERS: The Women Who Make America, because one of our top staffers at the AFL-CIO and Working America—Karen Nussbaum—was in it. I’m so glad I did. I had forgotten what a steep climb it has been for women in this country. It wasn’t that long ago women had little or no place in sports, culture, public life, or the workplace.
In the largest minimum wage jump in the United States, the city of San Jose will increase the income for the lowest-wage workers to
$10 per hour starting Monday
. The increase passed with 59% of the vote in November. Ben Field, executive officer of the South Bay AFL-CIO Labor Council, and Scott Knies, executive director of the San Jose Downtown Association,
wrote for the Mercury News
that economic analysis shows the increase will add $70 million to the city's economy, as consumers will have more money to spend on local businesses.
Washington Post reported
yesterday that key senators in the "
Gang of Eight
" negotiations over creating a commonsense immigration process are developing plans to reduce family visas, a decidedly anti-family stance.
The united labor movement’s
are straight-forwardly pro-family: “Family reunification is an important goal of immigration policy and it is in the national interest for it to remain that way.”
If you think a tip for a server at your favorite restaurant is a gesture of recognition for good service, you're mistaken.
“People think a tip is extra, to show gratitude for really good service, but it’s really not,” said Daisy Chung, executive director of the
Restaurant Opportunities Center of New York
, an advocacy group for restaurant workers. “Consumers should really know that they’re subsidizing workers’ wages, it’s not on top of it. You’re making up the difference for the fact that someone doesn’t make minimum wage.”