` First Chartered Black-Owned Bank in the `US ‘ Opened in 1888 ‘ by a former Slave’

#AceFinanceNews says `First Black Owned Bank’ was opened in the `US‘ back in 1888 and was on the site of the `Vanquished Confederacy

WASHINGTON, March. 2, 2014 /PRNewswire-USNewswire/ — Following is the daily “Profile America” feature from the U.S. Census Bureau:


Profile America — Sunday, March 2nd.

The capital of the vanquished Confederacy was the site of the first chartered black-owned bank in the U.S., founded on this date in 1888 by former slave and Union Army veteran William Washington Browne.

Savings Bank of the Grand Fountain, United Order of True Reformers.It was known as the Savings Bank of the Grand Fountain, United Order of True Reformers.

The bank provided mortgage loans and other banking services that were difficult for African-Americans to obtain in the segregated climate after reconstruction. When the bank opened, Richmond had a population of just over 81,000 people, 32,000 of them African-American. Today, Richmond is home to over 210,000 people, just over half of them African-Americans. You can find more statistics on communities across the country by downloading the Census Bureau’s “dwellr” mobile application at www.census.gov/mobile.


Kane’s Famous First Facts, 842
Historical Statistics of the United States: Colonial Times to 1970, p. 483

Click to access 1890a_v1-13.pdf

http://quickfacts.census.gov/qfd/states/51/51760.html http://www.vahistorical.org/tah/truereformers.htm
Profile America is produced by the Center for New Media and Promotions of the U.S. Census Bureau. These daily features are available as produced segments, ready to air, on the Internet at http://www.census.gov (look for “Multimedia Gallery” by the “Newsroom” button).
SOURCE U.S. Census Bureau





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` Mt Gox the largest ` Bitcoin Exchange ‘ files for ` Bankruptcy ‘ amid rumours of Hacking ‘

#AceFinanceNews says that `Tokyo‘s Mt Gox Bitcoin Exchange has filed for `Bankruptcy‘ amid missing currency‘.

Published time: March 02, 2014 11:54
Reuters/Jim Urquhart Reuters/Jim Urquhart
Mt Gox, once the world’s largest bitcoin exchange, filed for bankruptcy in a Tokyo district court on Friday, the company’s lawyer citing ‘outstanding debts of $63.2 million, after mysteriously going offline on Monday.

Investors may have lost all of their virtual coins, as the exchange’s computer system was exposed to fraudulent transactions and technical failures.

A leaked internal Mt Gox “crisis strategy” document suggesting that the exchange site had been hacked and hundreds of millions of dollars’ worth of the cryptocurrency stolen began to circulate online.

Technical glitches in February forced the trading platform to halt deposits, causing the already volatile crypto-currency to plunge 20 percent. On Friday it was listed at $565.07 on Winkdex, a New York-based bitcoin value index.

Mt Gox once claimed to host nearly 80 percent of all bitcoin transactions worldwide, and was the primary source cited for bitcoin prices.

Mark Karpeles (2nd L), chief executive of Mt. Gox, attends a news conference at the Tokyo District Court in Tokyo February 28, 2014. (Reuters/Yuya Shino)Mark Karpeles (2nd L), chief executive of Mt. Gox, attends a news conference at the Tokyo District Court in Tokyo February 28, 2014. (Reuters/Yuya Shino)

After it the site crashed on Monday, the value of bitcoin fell to $440, a 3-month low after the currency reached highs above $1000 at the end of November.

On Monday, Mark Karpeles, the chief executive of the now defunct exchange, resigned Mt Gox from the board of the Bitcoin Foundation ‘effective immediately’.

Karpeles remained mum after the site went offline, but on Friday told a press conference that Mt Gox wants to file a criminal probe into the hacking.

Screenshot from www.mtgox.com

Screenshot from www.mtgox.com

 Bit-coin, an alternative to traditional currencies, isn’t backed by any official government or central bank, which makes recovering losses difficult.

Central banks across the globe have begun to crackdown on the cryptocurrency, instructing financial institutions not to accept bit-coins because they have no legal status or monetary-backing, like state-backed currencies.

Courtesy of: RT   
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` Russia recently passed part of new `Security Legislation’ that could control People’s Live’s’

#AceFinanceNews says that recently the `Russian Lower House passed its very first reading that broadens `Security’ powers in Russia‘.

The Russian Lower House has passed the first reading of a set of amendments that broadens the security service’s powers, increases punishment for terrorist activities and also imposes additional state control over the internet.

Duma passes first stage of security billThe bill was submitted in mid-January after a string of deadly terrorist attacks shook southern Russia in December killing 37 people. One of its main sponsors, MP Irina Yarovaya of the centrist conservative party United Russia told other Russian legislators earlier this week that the draft must be passed as soon as possible to allow law enforcers to conduct preventive measures against the terrorist threat. MP Andrey Lugovoy of the populist nationalist party LDPR jokingly suggested that all those who were in doubt, or just scared to take resolute measures make a trip to the Ukrainian capital Kiev and see for themselves why the bill is extremely necessary.

In its current form the draft law consists of three parts.

1. The first bill gives the agents of the Federal Security Service, the FSB, the right to search people, their personal belongings and cars without a warrant when there are sufficient grounds to suspect them of committing or preparing terror-related crimes.

2. The second part completely scrapped the statute of limitation for terrorism and crimes against peace and security of humanity.

The bill also aims to increase the punishment for a number of terrorist related activities. The maximum punishment for such crimes is set at life in prison instead of the current 20 years – this is applied if an attack ends in the loss of human life, or if terrorists use nuclear devices or materials. Also, the new amendments introduce sentences of up to 20 years or even life sentences for organizing and committing crimes of a terrorist nature and for organizing financial terrorism.

Those who undergo terrorist training, organize terrorist communities, and form illegal armed groups can also be sentenced to life in prison according to the new proposals.

3. The third part says all companies and individuals that organize the spreading of information or data exchange between users on the internet must keep logs of all user activity for six months, and provide the information to law enforcers in a way described by federal laws.

The bill also restricts the maximum anonymous payment via an internet money transfer system to just 1000 rubles (under $30) per day and 15000 rubles ($415) in a month.

The maximum amount of money to be held in an anonymous account is set at 5000 rubles (under $140). Anonymous payment systems issued by foreign organizations are banned in Russia.

The amendments concerning the limitations of internet operations and especially the electronic payment systems have caused the strongest response in Russian society, and drew the most criticism. In connection with this MPs have suggested that before the second reading the bill is altered so that it includes some mechanisms of remote identification of users by electronic payment systems.


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` Fifty Million Americans live in Poverty even though they receive Benefits’ the Year 2013′

#AceFinanceNews says that `Fifty Million Americans’ are living in poverty, even with benefits, it’s even higher – NOW! Mr Obama!

Published time: November 07, 2013 22:51
Edited :March 01 2014 20:50

Families search through shoes donated by Crocs at a distribution site for Feed The Children (AFP Photo / Scott Olson)

Families search through shoes donated by Crocs at a distribution site for Feed The Children (AFP Photo / Scott Olson)

Almost 50 million Americans are suffering financial hardship, and the situation is not improving, the US Census Bureau has found, using a sophisticated measurement of poverty that takes into account benefits, necessary spending and geographical location.

Unlike the official poverty threshold, which counts anyone who earns less than three times the cost of the minimum food diet – or $23,050 for a family of four in 2012 – as poor, the supplemental poverty index is more sensitive and accurate.

A family of four living in rural Kentucky without a mortgage, for example, would actually need to earn less than $18,000 to be poor, while the same family living in San Francisco in mortgaged house would need more than $35,500 to get by.

Image from census.gov

Image from census.gov

According to the supplemental poverty measure 49.7 million Americans can be classified as poor. The results show that even more Americans are in distress than the raw official figures show. The official survey, also published by the US Census Bureau in September, reported that 47 million Americans are below the poverty line.

The percentage of those suffering poverty remains virtually unchanged from 2011 and 2010, and is worse than that in 2009.

The worst affected are Blacks, Hispanics and those born outside the US (which may overlap the other two categories) – of these minorities just above a quarter are living in poverty. Worst off are non-citizens, who do not have the rights or the know-how to receive support from federal programs.

When factoring in expenses, the states with the least poverty are Iowa, Wyoming and Minnesota, and those with the highest proportion are DC and California, where nearly 24 percent of all people are below the threshold.

The survey also demonstrates who is most dependent on government aid, and would be confined to financial hardship without it.

Those 65 and over have a supplemental poverty rate of 14.8 percent. But without Social Security more than half of them would be destitute. Official statistics show that less than 10 percent of this group is poor – but taking into account heavy out-of-pocket healthcare spending, which the survey does, means this group is under more financial pressure than it appears .

The situation is reversed on the other side of the age spectrum. Official statistics show that more that more than 22 percent of under-18s are suffering from poverty, but the more sophisticated statistics that include tax credits, show that the number is around 18 percent. 

Image from census.govImage from census.gov
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` Super Rich Taxation could Boost the Economic Growth according to IMF ‘

#AceFinanceNews says that the `IMF says `Taxing Super Rich’can boost Economic Growth in the long run’

Published time: : March 01, 2014 20:28
Reuters / Kim Kyung-Hoon Reuters / Kim Kyung-Hoon
A new International Monetary Fund study has found that taxing the super wealthy does not stunt the economic growth of a country, and that redistribution can actually spur gross domestic product.

The paper argues inequality is harmful to a country’s growth, and that redistributing wealth using taxes can reduce inequality and boost growth and the length of growth cycles.

“There is surprisingly little evidence that increases in tax rates impede medium-to-long-run economic growth,” the IMF paper says.

Redistribution is a win-win situation and overall has a “pro-growth effect”, and is not a job killer, as many other economists argue.

Growth inequality is more common in countries that redistribute less, and more equal societies have “faster and more durable growth”. The paper addresses extremes in the formula that sometimes suggest huge redistribution has a negative effect on growth.

America’s tax authority, the International Revenue Service, released a report in November 2013 that shows that the US’s richest 1 percent now owns 31 percent of its wealth, while the rest of the population experienced an income rise of only 1 percent.

A recent Oxfam study shows that up to 146 million Europeans are at risk of falling into poverty by 2025, and 50 million Americans are currently suffering from severe financial hardship.

“We find that higher inequality seems to lead to lower growth. Redistribution, in contrast, has a tiny and statistically insignificant (slightly negative) effect,” the IMF paper states.

However, the report admits that labor supply could be adversely affected by a top heavy tax scheme.

“Redistribution that takes from the rich and gives to the poor is likely to reduce the labor supply of both the rich (who are taxed more) and the poor (insofar as they receive means-tested benefits that reduce incentives to work),” the report said.

The IMF study, compiled by researchers Jonathan Ostry, Andrew Berg and Charalambos Tsangarides and published by Oliver Blancard, the institution’s chief economist and released on Wednesday, is meant to serve as a ‘discussion note’ and not an official stance of the Washington-based institution.

“Redistribution, Inequality, and Growth” stops short of declaring the paper economic gospel, as the authors admit the data, and discipline of economic theory, is complex and many different variables are at play.

‘Tax the rich’ has become the main mantra of Warren Buffet, America’s second richest man, who has urged Congress to raise taxes on millionaires to 30-35 percent.

Download the PDF #AFN2014


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` Richest `Twenty Six Corporations` have `Avoided Paying’ their share of `Federal Income Tax’ by exploiting Loophole’s’

#AceFinanceNews says that latest report states that `Twenty Six of the most powerful corporations, paid no `Federal Income Tax‘ from 2008 – 2012’

Federal Income Tax AvoidanceTwenty-six of the most powerful American corporations – such as Boeing, General Electric, and Verizon – paid no federal income tax from 2008 to 2012, according to a new report detailing how Fortune 500 companies exploit tax breaks and loopholes.

The report, conducted by public advocacy group Citizens for Tax Justice (CTJ), focuses on the 288 companies in the Fortune 500 that registered consistent profit every year from 2008 to 2012. Those 288 profitable corporations paid an“effective federal income tax rate of just 19.4 percent over the five-year period — far less than the statutory 35 percent tax rate,” CTJ states.

One-third, or 93, of the analyzed companies paid an effective tax rate below 10 percent in that time span, CTJ found.

Defenders of low corporate taxes call the US federal statutory rate of 35 percent one of the highest companies face in any nation. But the report signals how the most formidable corporate entities in the US take advantage of tax breaks, loopholes, and accounting schemes to keep their effective rates down.

“Tax subsidies for the 288 companies over the five years totaled a staggering $364 billion, including $56 billion in 2008, $70 billion in 2009, $80 billion in 2010, $87 billion in 2011, and $70 billion in 2012,” CTJ states. “These amounts are the difference between what the companies would have paid if their tax bills equaled 35 percent of their profits and what they actually paid.”

Just 25 of the 288 companies kept tax breaks of $174 billion out of the $364 billion total. Wells Fargo received the largest amount of tax subsidies – $21.6 billion – in the five-year period. The banking giant was joined in the top ten on that list by the likes of AT&T, Exxon Mobil, J.P Morgan Chase, and Wal-Mart.



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