#AceFinanceNews – ISRAEL – March 31 – An Israeli court convicted former Prime Minister Ehud Olmert of bribery on Monday, Reuters reported.
He had denied wrongdoing in the Holy Land apartment complex deal while in his previous post of Jerusalem mayor, and other corruption allegations that forced his resignation as premier in 2008.
The conviction is likely ending any prospect of a political comeback for Olmert.
#AceFinanceNews – UNITED STATES – The US government made enough profit from student loans in the last year to provide full Pell Grants of over $5,600 to 7.3 million students.
But, like many government financial issues, accounting methods complicate the story.
The $41.3 billion student-loan profit for the 2013 fiscal year – which ended on Sept. 30 – is actually down by $3.6 billion from 2012, but still enough to out-profit all but two global companies, ExxonMobil and Apple.
The numbers give pause since estimates show more than $1.2 trillion in student loan debt exists in the US, more than Americans owe on credit cards.
Yet officials and experts point out that there are various ways of accounting for how the US Department of Education runs the student loan program, and that calling this pure profit is misleading.
RT – US Media and News Sources
#AceFinanceNews United States taxpayers make large interest payments to the top four technology firms for the $163 billion in US government debt the companies own and shelter in tax-free offshore accounts.
United States taxpayers make large interest payments to the top four technology firms for the $163 billion in US government debt the companies own and shelter in tax-free offshore accounts.
Apple, Cisco Systems, Google, and Microsoft legally hold $124 billion in US Treasury securities and $39 billion in US government agency debt in accounts overseas, allowing them to avoid the 35 percent (maximum) corporate tax rate in the United States, according to US Securities & Exchange Commission reports.
Together, the companies would be the 14th biggest overseas holder of Treasury securities, just ahead of countries like Norway, Singapore, and India.
“If a US multinational puts its offshore cash into a US bank and uses the money to buy US treasuries, stocks and bonds, those funds ought to be treated as having been repatriated and subject to US tax,” Sen. Carl Levin, chair of the Senate permanent subcommittee on investigations told the Bureau of Investigative Journalism.
RT – News Sources