Gary Cohn publicly criticizes Trump's Charlottesville response and reportedly came close to resigning over it
Gary Cohn publicly criticizes Trump's Charlottesville response and reportedly came close to resigning over it
Top White House economic advisor Gary Cohn publicly criticized President Trump’s response to the violence in Charlottesville, Va., and reportedly came close to resigning over it.
In his...
Top White House economic advisor Gary Cohn publicly criticized President Trump’s response to the violence in Charlottesville, Va., and reportedly came close to resigning over it.
In his first public comments on the matter, Cohn told the Financial Times in an interview published Friday that the Trump administration “can and must do better in consistently and unequivocally condemning” white supremacists, neo-Nazis and the Ku Klux Klan.
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Senator Warren to Join Call to Alter Sales of Distressed Loans
Senator Warren to Join Call to Alter Sales of Distressed Loans
Housing advocates have attracted a prominent ally in their push to change the federal government’s policy of selling distressed mortgages at a discount to ...
Housing advocates have attracted a prominent ally in their push to change the federal government’s policy of selling distressed mortgages at a discount to private equity firms and hedge funds.
Senator Elizabeth Warren, Democrat of Massachusetts, will join other lawmakers, advocates and community activists on Wednesday in a Washington rally to oppose the loan sale program.
The senator is expected to call on the Department of Housing and Urban Development and the federal overseer of Freddie Mac and Fannie Mae to make it easier for nonprofit organizations to bid for the bundles of distressed mortgages put up for auction, people briefed on the matter said.
The sale of distressed mortgages by HUD and the government-sponsored mortgage finance firms is drawing growing criticism from housing advocates and lawyers in recent months. The critics are concerned that the private buyers of distressed mortgages are moving to quickly to put borrowers into foreclosure as opposed to modifying the loans as housing officials had hoped.
The investors are buying loans often at a 30 percent discount.
One of the biggest buyers of distressed mortgages is Lone Star Funds, a $60 billion private equity firm based in Dallas. The firm, which is also buying soured mortgages directly from banks, has raised billions of dollars from investors, including public pensions to invest in distressed home loans.
The private equity firm’s practices in dealing with delinquent borrowers was the subject of a front-page article in The New York Times this week.
The housing advocates said that, in addition to noon rally with elected officials, they intended to protest outside of Lone Star’s offices in Washington.
Source: New York Times
Kenny Leon teams up with Marvel stars for Puerto Rico benefit
Kenny Leon teams up with Marvel stars for Puerto Rico benefit
Actress Scarlett Johansson has been in Atlanta working on Marvel’s latest “Avengers” project and keeping up with the harrowing updates out of storm-ravaged Puerto Rico. It could be Christmas...
Actress Scarlett Johansson has been in Atlanta working on Marvel’s latest “Avengers” project and keeping up with the harrowing updates out of storm-ravaged Puerto Rico. It could be Christmas before power is back on throughout the island and access to a steady supply of clean drinking water is still a challenge more than a month after Hurricane Maria hit.
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The Refugees in New York’s Hotel Rooms
The Refugees in New York’s Hotel Rooms
On Sept. 20, Hurricane Maria hit Puerto Rico, turning my life upside down. At the time, my two daughters and I were living in Carolina, a town on the northeastern side of the island. In just a day...
On Sept. 20, Hurricane Maria hit Puerto Rico, turning my life upside down. At the time, my two daughters and I were living in Carolina, a town on the northeastern side of the island. In just a day, my clothes were turned to rags, my home was destroyed, and I lost the few belongings I had.
My mother lived in the same town but her house was still standing. For two months, we slept on a couch in her living room. But we couldn’t stay there forever. In December, the Federal Emergency Management Agency moved us to New York City. Since then, we’ve been staying in hotels provided by FEMA in the Bronx and Brooklyn, like hundreds of other families who were moved to New York after the storm. Read more here.
Why the People’s Climate March matters to people of color like me
Why the People’s Climate March matters to people of color like me
Ever since taking power, the Trump administration has made clear it intends to wage war on the environment. It’s given the green light to both the Dakota Access and Keystone pipelines and geared...
Ever since taking power, the Trump administration has made clear it intends to wage war on the environment. It’s given the green light to both the Dakota Access and Keystone pipelines and geared up to wipe away long-standing protections that keep our air and water safe. Its mission is clear: Eliminate any obstacle that stands in the way of fossil fuel companies.
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Mpls. City Council members urge JPMorgan Chase to cut Trump ties
Mpls. City Council members urge JPMorgan Chase to cut Trump ties
The three council members also want the corporation to divest from private prisons and immigration detention centers.
...
The three council members also want the corporation to divest from private prisons and immigration detention centers.
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Home care workers rally in New Haven around terminated employee
Lara was joined by more than a dozen supporters Wednesday, organized by the Working Families Party, which has been advocating for a $15-an-hour wage, paid sick days and predictable schedules for...
Lara was joined by more than a dozen supporters Wednesday, organized by the Working Families Party, which has been advocating for a $15-an-hour wage, paid sick days and predictable schedules for this group of employees.
Management at Family Care VNA & Home Care at 495 Blake St., where Lara worked for more than three years in a 28-year career, called police to keep the protesters away from its office. The protesters continued to march on the sidewalk leading into the parking lot where the company is located.
After about an hour, Lindsay Farrell, state executive director for the Working Families Party, Julio Lopez of Make the Road, which is part of the Center for Popular Democracy, and Lara approached New Haven Officer Scott Durkin, who was standing outside the care agency’s office.
Durkin passed on a petition to management signed by more than 9,000 people asking that Family Care VNA & Home Care meet with Working Families to discuss workplace protections for its employees.
“I am here today because on Aug. 3 I got terminated for exercising ... freedom of speech. I was searching for a better workplace for my co-workers, for those who are afraid to speak, because this is their only source of income to maintain food on the table and a roof over their kids’ heads,” Lara said.
The longtime certified nursing assistant has been on panels with U.S. Rep. Rosa DeLaura, U.S. Sen. Chris Murphy and Thomas E. Perez, secretary of the U.S. Department of Labor, talking about the conditions that CNAs face.
Lara said she never mentioned her employer, but spoke generally about the industry and the need for a pay upgrade, benefits and schedules they can count on.
“I believe that no human being should be treated like animals, because that is what they treated us like, paying us $10 an hour. We are a big asset to the company and if not physically fit ... how can we go out there and do our jobs?” Lara asked.
“What I am searching for is justice for me and so many other workers that do the same job as I do,” she said to the crowd.
Lara said this all began when she took off two days for emergency surgery for her gallbladder on Feb. 26. Her doctor recommended she stay out of work for two to three weeks.
A message seeking comment was left with Donna Simmons, a human resource specialist at Family Care.
Lara said she ended up back in the hospital because she returned to work too early. On May 22 and June 3, she had additional surgeries for an abscess on her breast for a total of eight days missed for health problems.
Lara said she put up with the $10-an-hour pay because “I like what I do and I enjoyed working with my patients and I didn’t want to leave them hanging.”
She said after the last surgery, her hours were cut from 54 hours a week to 14 hours, putting her behind on her rent and bills.
Lara said the firing not only hurt her financially, but “has taken away what I like and what I enjoy, which is working with people.” She said she is collecting unemployment compensation.
Lara said she feels that she was being punished for taking time off “to take care of my physical health.
She said when she was terminated, management alleged that she had used profanity in front of a client, but Lara said that was not true. She said they told her at that meeting Aug. 3 that she was being fired for “bashing the company.”
Lara said Lou Mangini, who works on constituent concerns in DeLauro’s New Haven office, has been in touch with her.
The letter from Working Families to Rita Krett, who is listed as the owner of the company, said Lara’s firing was “unacceptable and immoral.”
It promised to escalate its support of Lara and other workers if the company doesn’t improve conditions.
Castro moves to stop VP fire from the left
Castro moves to stop VP fire from the left
Targeted by progressive activists hoping to kill his chances of being Hillary Clinton’s running mate, Julián Castro is set this week to announce changes to a hot-button Housing and Urban...
Targeted by progressive activists hoping to kill his chances of being Hillary Clinton’s running mate, Julián Castro is set this week to announce changes to a hot-button Housing and Urban Development program to sell bad mortgages on its books.
The changes, which HUD officials will brief stakeholders and activists on during a conference call on Monday, could be made public as early as Tuesday — depending on when department lawyers give the green light to publishing them in the Federal Register.
But they won’t take effect before the next auction of HUD mortgages, scheduled for May 18.
Castro’s actions could potentially defuse an issue that activists have been using to question his progressive credentials — and he’ll be doing it at the moment the running mate search has begun to get serious at Clinton campaign headquarters.
Among the changes, according to people with knowledge of what’s coming: The Federal Housing Authority will put out a new plan requiring investors to offer principal reduction for all occupied loans, start a new requirement that all loan modifications be fixed for at least five years and limit any subsequent increase to 1 percent per year, and create a “walk-away prohibition” to block any purchaser of single-family mortgages from abandoning lower-value properties in the hopes of preventing neighborhood blight.
HUD officials say that the timing isn’t a response to the activist pressure or the presidential campaign calendar.
“It has always been our goal to get the policy right, regardless of arbitrary deadlines, and we expect to announce those changes this week,” said HUD press secretary Cameron French.
But the changes come after two years of calls by activists — joined last September by Sen. Elizabeth Warren (D-Mass.) — for major reforms to the Distressed Asset Stabilization Program. Their calculations — numbers that HUD says are way off — allege that during Castro’s tenure, 98 percent of problematic mortgages the department has sold went to Wall Street firms that they say were responsible for the housing crisis in the first place.
With the backdrop of a Democratic Party recalibrated by Bernie Sanders’ surprisingly strong candidacy, activists were preparing a full offensive against Castro this week, looking to leverage his political ambitions against him to extract major concessions.
Last Thursday, activists sent an ultimatum letter to HUD titled, “Seeking swift changes to HUD's DASP program,” and demanding response within 24 hours. They had set up a national day of action for Tuesday, with protests scheduled at HUD offices in New York, Philadelphia, Los Angeles and San Francisco, along with a news conference at Newark City Hall — which remains on for now, pending whether they feel HUD has gone far enough in what the agency tells stakeholders on Monday afternoon.
“I would say we’re cautiously optimistic, but we don’t know, and what we need to see is a plan that will lead to substantially more mortgages not getting into the hands of bad actors and saving more homes from foreclosure,” said Amy Schur, campaign director for the Alliance of Californians for Community Empowerment, on Sunday afternoon. “Unless we see that, it’s going to be a problem.”
Schur has been in touch with HUD regularly over the course of the past two years, and in recent weeks when the conversations stepped up after the activists fired a warning shot against Castro by launching a public effort built around the website DontSellOurHomestoWallStreet.org.
That first attack on Castro in early April prompted a number of leaders to rush to his defense — some because they felt the criticisms were unfair, others because they were eager to protect the future of arguably the most promising Latino rising star in the Democratic Party.
“Some of y’all may have seen recently concerns that were voiced about DASP,” Castro said last week in an appearance at a National Association of Realtors event teasing the changes.
“We’re improving that and have been working to do that to ensure that folks are able to stay in their homes longer because they’re offered principal reduction in certain instances,” Castro said, “that we get better outcomes for neighborhoods by making sure that folks who secure those loans aren’t able to just walk away from those properties and by instituting something that we refer to [as] ‘payment shock protection’ to make sure that once payments are modified that they don’t just jump up a couple years later.”
Other members of the coalition and signatories on the ultimatum letter are American Family Voices, the Center for Popular Democracy Action, Daily Kos, Democracy for America, MoveOn.org Civic Action, New York Communities for Change, Other 98% Action, Presente.org, RootsAction.org, the Rootstrikers Project at Demand Progress and the Working Families Party.
Schur said that she and others are hoping that HUD will include some method of incentivizing mortgage sales through early bidding or favorable rates to nonprofits and neighborhood groups, rather than the Wall Street firms that have bought many of the mortgages. They feel that large financial institutions don’t care about the effect on neighborhoods from letting properties go vacant or decline, or of overwhelming homeowners with liabilities — though many argue that the reason these institutions buy so many of the mortgages is that they are the only ones that have the capital and management capability to handle the purchases.
“Where we would like to be with HUD is partnering to roll out a positive program in our cities across the country,” Schur said. “We’d rather be doing that than protesting. But if the changes are insufficient and this program is going to continue to be almost a wholesale giveaway to speculators, we’re going to have to keep the pressure up. We’re not going to have a choice.”
HUD officials point out that the May 18 auction isn’t for the DASP program and call the complaints surrounding that unfair. It is for different mortgages, called an “aged loan sale,” scheduled before these reforms were far along. No DASP auction has been set yet for 2016, and reconsideration of the program, according to French, has been underway since the most recent DASP auction, at the end of last year.
“Since 2014, FHA has made changes to the DASP program before every sale. FHA has been working on the latest round of changes to the DASP program for months, and, in our desire to be as comprehensive as possible, we’ve engaged a broad group of stakeholders on the potential reforms that would make the most impact for distressed homeowners,” French said.
Activists had been growing frustrated with the pace and substance of the conversations with HUD, and HUD officials have been losing patience with them as well, feeling that the activists are out for attention and landing on Castro simply because his name is in the running mate mix.
And, well aware that this is a critical political moment for Castro, activists warn that they’re ready to keep after him until the Democratic convention in July, and beyond that if he is Clinton’s pick.
“We would all love for the secretary to really come through in a big way, but housing activists and folks in our neighborhoods are not going to stop when our neighborhoods are being sold off to Wall Street. There has to be a major, major change,” said Jonathan Westin, director of New York Communities for Change. “Folks are completely ready to keep pushing.”
By Edward-Isaac Dovere
Source
Warren allies demand answers from Clinton on Wall St. ties
“On behalf of our nine million supporters across the country, we are writing to request more information about your positions regarding the revolving door between Wall Street and the federal...
“On behalf of our nine million supporters across the country, we are writing to request more information about your positions regarding the revolving door between Wall Street and the federal government,” reads a statement backed by Democracy For America, Rootstrikers, CREDO Action, MoveOn.Org Political Action, the Center for Popular Democracy Action, The Other 98%, Friends of the Earth Action, and American Family Voices.
The missive, which comes as Clinton interrupts her Hamptons vacation to unveil her rural policy platform in Iowa on Wednesday, specifically notes that Clinton has yet to support or comment on Sen. Tammy Baldwin’s Financial Services Conflict of Interest Act. Progressive icon Sen. Elizabeth Warren — who has ties to many of those who signed the letter — has encouraged all presidential candidates to back the legislation, as both Bernie Sanders and Martin O’Malley have done.
“These types of ‘golden parachute’ compensation packages are highly controversial, and for good reason,” the letter reads. “At worst, it results in undue and inappropriate corporate influence at the highest levels of government — in essence, a barely legal, backdoor form of bribery.”
The letter concludes by posing two questions to the Democratic front-runner: “Do you still support the use of this controversial compensation practice?” and “If you become president, will you allow officials who enter your administration to receive this sort of bonus?”
While Clinton has made steps to appeal to the types of progressive voters behind this letter, she has so far resisted pressure from the left to support reviving the Glass-Steagall Act, which separated commercial and investment banking before it was repealed in 1999. And members of these groups who wanted bank antagonist Warren to run for the presidency are on high alert this week after news broke that the Massachusetts senator met with Vice President Joe Biden over the weekend as he considers his own presidential ambitions.
“It’s hard to imagine Democrats’ 2016 nominee will be truly tough on Wall Street banks that break the law, if they won’t commit to banning their advisers from receiving legalized bribes from those same banks,” said Charles Chamberlain, executive director of Democracy for America, a group founded by former Vermont governor and current Clinton backer Howard Dean.
The letter names a pair of Clinton associates who moved from banks to the State Department: Robert Hormats, an undersecretary who came from Goldman Sachs, and Thomas Nides, a deputy secretary who came from Morgan Stanley.
Warren has suggested repeatedly that any candidate seeking her endorsement must agree not to appoint officials with Wall Street ties.
“Anyone who wants to be president should appoint only people who have already demonstrated they are independent, who have already demonstrated that they can hold giant banks accountable, who have already demonstrated that they embrace the kind of ambitious economic policies that we need to rebuild opportunity and a strong middle class in this country,” she said in July.
Source: Politico
Disney, PacSun, and Other Major Retailers Give Surprise Christmas Present to Employees
Disney, PacSun, and Other Major Retailers Give Surprise Christmas Present to Employees
This season, nearly 50,000 employees at six major retailers nationwide are getting a gift that will reduce their work stress and get them some holiday cheer: An end to on-call scheduling.
...
This season, nearly 50,000 employees at six major retailers nationwide are getting a gift that will reduce their work stress and get them some holiday cheer: An end to on-call scheduling.
New York Attorney General Eric Schneiderman and eight other attorneys general announced this week that Disney, PacSun, Aeropostale, Carter's, David's Tea, and Zumiez have agreed to stop using on-call scheduling after an investigation was opened into the welfare concerns of this business model.
The six retailers said they have migrated to a "pool arrangement system."
On-call scheduling forces employees to call the store they work at one to two hours ahead of their schedules to find out if they will or won't be needed at work that day. Companies have used this system to keep labor costs low over the years.
"On-call shifts are not a business necessity and should be a thing of the past," said Schneiderman in a statement. "People should not have to keep the day open, arrange for child care, and give up other opportunities without being compensated for their time."
"I am pleased that these companies have stepped up to the plate and agreed to stop using this unfair method of scheduling," he said.
"When working parents are forced to hold large parts of their days up until the last minute — with no guarantee of work or pay — it is impossible for them to plan ahead for things like spending time at the dinner table or helping [kids] out with homework," said Elianne Farhat, Deputy Campaign Director in the Fair Workweek Initiative at Popular Democracy. "The research is clear that when employees have reliable schedules with adequate hours, retention and productivity go up."
Related: Shift Change: Just-in-Time Scheduling Creates Chaos for Workers
In April 2015, Schneiderman's office sent letters to 15 major retailers, including Abercrombie & Fitch, Forever 21, American Eagle, Uniqlo, Vans, Coach, and BCBG Max Azria, addressing his concern over the welfare of on-call workers and the legal wage in certain states like New York, where employers must pay employees at least four hours of pay for being on call.
The letters and investigation prompted Abercrombie & Fitch, Gap, J.Crew, Urban Outfitters, Pier 1 Imports, and L Brands (parent company of Bath & Body Works and Victoria's Secret) to swiftly end their on-call practices.
Social media users celebrated Schneiderman's announcement with appropriate holiday spirit, thanking him for giving "a voice" to those who struggled to be heard, and ending a "horrible practice."
The letters were signed and supported by the attorneys general of California, Connecticut, the District of Columbia, Illinois, Maryland, Massachusetts, Minnesota, New York, and Rhode Island
by DAKSHAYANI SHANKAR
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8 days ago
8 days ago