FROM Heidi Moore
If Dodd-Frank disappears, what happens to the US economy? President Trump says he wants to get rid of Dodd Frank, the legislation reining in big banks. We talk about what that would do to the economy and consumers.
Why Hasn’t the Carried Interest Tax Loophole Been Eliminated The average hedge fund lost money for investors last year, but top 25 American hedge fund managers raked in $13 billion. That’s more than the entire economies of many countries. One reason for all this wealth is the carried interest tax loophole, which allows incentive fees earned by investment managers to be treated as capital gains, which are taxed at a rate about 20 percent less than income. The so-called loophole is something all three presidential candidates want to eliminate, and yet President Obama hasn’t done so. Why not?
When $182 Billion Just Isn’t Enough One of the biggest financial bailouts of all time is going on trial today. The former CEO of A.I.G., Maurice “Hank” Greenberg, is suing the government, claiming that the $182 billion bailout was illegal... because it was too low. We look at what the trial could reveal about big decisions made during and after the financial crisis.
Herbalife Troubles The Federal Trade Commission opened an investigation yesterday into whether Herbalife operates as a pyramid scheme. The L.A.-based company sells vitamins, protein shakes and other health supplements. It relies on about three million independent distributors worldwide to move its products. We talk about the latest issues the company faces, and we hear how one billionaire hedge fund manager pushed for the government investigation.
Are America's Financial Institutions Still 'Too Big to Fail?' Five years ago this week, the bankruptcy of Lehman Brothers led to America's worst financial crisis since the Great Depression. The Bush and Obama Administrations used billions of taxpayer dollars to bail out banks that were so big their failure would have hurt the economy even more. Now some of those banks are bigger than ever. Will that lead to another round of excessive risk-taking by executives and investors confident of another government bailout? JP Morgan Chase is America's biggest bank. Today, JP Morgan Chase made a rare admission that it did wrong — to the tune of $920 million in fines to four regulatory agencies. The Dodd-Frank bill was supposed to prevent a repeat of the Great Recession. We talk to former Congressman Barney Frank and others. Should Main Street be worried about the future of Wall Street?
What's at stake if Hollywood writers strike? Writers in Hollywood just finished voting yay or nay to go on strike. The vote is expected to be in favor, but that doesn’t necessarily mean they’ll walk off the job. We get the details and look at the effects of the last strike.
Lead poisoning hits LA County It’s been three years since the lead crisis in Flint, Michigan began. Flint residents are still drinking bottled water. In LA County, there are areas with even higher rates of lead contamination, and in places you wouldn’t expect, like wealthy San Marino.
North Korea tests more missiles, Turkey's president gains more power Early Tuesday morning, North Korea tested another intercontinental ballistic missile. It blew up shortly after take-off. But North Korea keeps working on a nuclear missile that could reach the U.S. Also in Turkey, a close vote has given sweeping new powers to President Recep Tayyip Erdoğan. Turkey is an important Western ally in the region, but its leader is becoming increasingly authoritarian.