Tag: money

Black Lives Matter Group Sues Massive Liberal Foundation Claiming ‘Egregious Mismanagement’ of $33 Million in Funds

Virginia Star Staff
BLM

A liberal foundation controlling roughly $1 billion in assets faces accusations of “egregious mismanagement” of funds from the largest Black Lives Matter group in the country.

Black Lives Matter Global Network Foundation (BLM GNF) filed a lawsuit on Monday accusing the Tides Foundation of mishandling funds donated to a “Black Lives Matter Support Fund” administered by Tides, arguing the funds belong to them. Tides, however, contests this by claiming that donations to the fund were actually intended for smaller BLM organizations.

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Moms Inadvertently Expose Daughters to Predators on Instagram in Quest for Money and Fame, Investigation Reveals

Virginia Star Staff
Instagram User

Mothers are inadvertently exposing their young daughters to male predators on Instagram in a quest to garner money and fame, an investigation published by The New York Times on Thursday found.

The accounts, numbering in the thousands, reveal how social media platforms are altering the definition of childhood and the increasing commodification of young girls, the NYT found. In some cases, mothers managing the accounts actively sell photographs, previously worn outfits and chat sessions with their underage daughters.

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Americans Lost a Record $10 Billion to Fraud in 2023

Virginia Star Staff
Hacker on Laptop

The latest report from the Federal Trade Commission (FTC) reveals that American adults lost a record amount of money to acts of fraud in the year 2023, totaling around $10 billion.

As reported by Axios, the number of Americans who fell victim to fraudulent scams was roughly 690,000. The average lost amount per person was $500.

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Commentary: Outlaw Public Sector Unions

Virginia Star Staff

Money doesn’t guarantee victory in political campaigns. For proof, look no further than Meg Whitman, the California billionaire who in 2010 squandered $179 million in her futile campaign to beat Jerry Brown and become that state’s next governor.

When money is married to institutional power, however, it makes all the difference. This is why, 10 years after the Whitman debacle, Mark Zuckerberg was able to purchase the presidential election outcome in 2020 for $419 million. Whitman’s money paid consultants and bought ads on television. Zuckerberg’s money went to supplement the activities of election offices in swing states – election offices that employed workers represented by unions that overwhelmingly favor Democrats over Republicans.

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28 States Didn’t Have Enough Money to Cover Their Bills in Fiscal 2022: Report

The Center Square

In fiscal 2022, 28 states didn’t have enough revenue to pay all of their bills, according to the 14th annual Financial State of the States report, published by the Chicago-based nonprofit Truth in Accounting.

The report provides a comprehensive analysis of the fiscal health of all 50 states based on the latest available data from states’ fiscal year 2022 annual comprehensive financial reports.

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Commentary: Congress Is Central in the Authorization to Impose a Central Bank Digital Currency

Admin
In God We Trust

“[W]e would not proceed with this without support from Congress, and I think that would ideally come in the form of an authorizing law, rather than us trying to interpret our law to enable this.”

That was Federal Reserve Chairman Jerome Powell in March 2021, noting the fact that when it comes a central bank digital currency – a more distinct possibility after several bank failures have swept across the global financial system – that Congress simply has not authorized such an undertaking.

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Commentary: Mutual Funds Are Using Your Money to Push ESG

Admin

The mutual fund industry has gone “woke.” It’s not just the asset managers who screen socially “unacceptable” companies in industries involving, say, guns, fossil fuels, tobacco, or gambling. Those have been around for decades.

No, there’s something else amiss. And if you’re investing your hard-earned money, you might be part of the problem.

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Commentary: Stimulus Checks Are the Latest Immigration Scam

Admin

A great plague of our contemporary political landscape is that one bad policy begets even more bad policies. Such is the case with many of America’s existing immigration laws.

Federal law, for example, calls for specific enforcement protocols. But our elected representatives have decided that some of those protocols simply should be ignored. This mindset led to ideas like catching and then releasing illegal aliens into our communities, preventing local law enforcement from working with federal law enforcement, and “sanctuary” cities where those who have broken our laws can hide from accountability.

From this witches’ brew of bad ideas has come the latest product rollout, one suited for our time: stimulus checks for illegal aliens. Using the economic damage caused by COVID-19 as a pretext, anti-borders activists and their allied politicians have found a way to sustain those here illegally while creating further incentives for even more foreign nationals to move here.

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Commentary: The IRS Can’t Get the Basics Right, So Don’t Add to Its Authority

RealClearWire

All taxpayers are dealing with a disastrous filing season this year, with the IRS backed up on processing millions of returns and refunds from last year and communication from the agency nonexistent at best. But some taxpayers will have an added headache in the future as a result of an unnecessary new paperwork requirement that went into effect this year. Fortunately, however, legislation introduced by Sen. Bill Hagerty (R-TN) would address this issue by removing the burdensome new requirement.

Ever since IRS Commissioner Chuck Rettig claimed last year that the “tax gap,” or the gap between what the IRS collects and what it believes it is owed, could be as large as $1 trillion, politicians and legislators have been scrambling to propose ways to collect all that missing revenue. That’s despite the fact that more sober analyses show that the $1 trillion figure is probably wildly exaggerated, that it is functionally impossible to wholly prevent tax evasion, and that a far greater concern is the IRS’s inability to handle its taxpayer service responsibilities.

But as far as proposals to collect all this supposed “extra revenue” go, most of the focus has rightly been on schemes to drastically increase the IRS’s enforcement budget and allow the IRS to snoop on taxpayers’ financial accounts. But another more targeted change has already gone into effect, and is already causing problems.

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Securities and Exchange Commission to Crack Down on Private Companies, Heighten Disclosure Requirements

Virginia Star Staff
Securities and Exchange Commission building

The Securities and Exchange Commission (SEC) plans to crack down on private companies, forcing them to disclose financial and operation statements more frequently, The Wall Street Journal reported.

Regulators have grown more concerned over the lack of oversight regarding private fundraising for companies, the WSJ reported. The private investment market has become a popular way for companies to raise money without undergoing the regulatory scrutiny required for public trading.

“When they’re big firms, they can have a huge impact on thousands of people’s lives with absolutely no visibility for investors, employees and their unions, regulators, or the public,” SEC Commissioner Allison Lee told the WSJ. “I’m not interested in forcing medium- and small-sized companies into the reporting regime.”

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Democrat-Led House Planning to Vote on Biden’s $2 Trillion Social Spending Bill by Friday: Hoyer

Virginia Star Staff
Steny Hoyer

House Majority Leader Steny Hoyer told reporters on Tuesday that House leadership plans to hold a vote on final passage of President Biden’s $2 trillion Build Back Better Act by Friday at the latest.

Biden’s social spending bill contains new federal benefit programs and about $550 billion for climate change initiatives.

“I expect to consider most of the debate, perhaps not all, but most of the debate on Build Back Better on Tuesday, excuse me, on Wednesday, today’s Tuesday, on Wednesday, tomorrow,” Hoyer said during a news conference.

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State Department Partners with Refugee Coalition Groups Supporting Organizations with Alleged Terror Ties

Virginia Star Staff
Stephen Heintz and George Soros

The U.S. State Department joined an initiative to welcome Afghan refugees into the country that is sponsored by organizations supporting groups with possible ties to Palestinian terrorist organizations, a Daily Caller News Foundation review found.

Welcome.US is part of the Office of American Possibilities initiative, a project of Rockefeller Philanthropy Advisors, according to its website. The initiative’s main co-chairs include former President Barack Obama, former First Lady Michelle Obama, former President George W. Bush, former First Lady Laura Bush, former President Bill Clinton and former Secretary of State Hillary Clinton.

The initiative also formed a coalition composed of nonprofit leaders and organizations, former government officials, corporate leaders and public figures. Businesses, including Starbucks, Uber, Facebook, Microsoft, Walmart and Airbnb, also support the effort.

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‘Hard to Know Where Pandemic Relief Money Went,’ Admits Federal Spending Watchdog

Admin
Woman in mask in the dark looking at computer screen

This week’s Golden Horseshoe goes to a broad sweep of federal agencies for a systemic lack of transparency that is hampering efforts to monitor many billions of dollars in COVID-19 relief spending, according to a report by the Pandemic Response Accountability Committee.

The PRAC was established in 2020 by the Coronavirus Aid, Relief, and Economic Security (CARES) Act to “promote transparency and conduct and support oversight” of more than $5 trillion in pandemic relief funds.

In a report released Wednesday, the watchdog details its difficulty in determining how funds are being spent due to federal agencies’ poor reporting on the government spending website, USAspending.gov.

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Harvard’s Endowment Ballooned by $11 Billion As It Fought off Student Class-Action Lawsuit over Tuition Costs

Virginia Star Staff
Outside of Harvard Law School

Harvard University announced Thursday that its endowment grew by $11.3 billion to a record $53.2 billion during the fiscal year ending in June, a year-over-year increase of 33.6%.

The announcement comes after Harvard, which runs the nation’s largest private university endowment, defeated a lawsuit from students who took umbrage with the school’s decision to not offer partial tuition refunds when it moved to online-only classes during the early stages of the COVID-19 pandemic.

“Fiscal year 2021 was an extraordinary year. Public and private markets both continued their strong performance, which allowed the endowment to not only increase its distribution to the University, but also continue to grow during this critical time when pandemic-related financial pressures challenge all of higher education,” Harvard Management Company Chief Executive N.P. Narvekar said in a report Thursday.

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Some Credit Unions Already Losing Accounts over Democrats’ Plan to Expand IRS Tracking

Virginia Star Staff
Outside of IRS building

Organizations representing community banks and credit unions are blasting the Democrats’ commitment to expanding IRS reporting requirements, calling the proposal a government overreach that would require financial institutions to spend more money on compliance costs at the expense of products and services for their members.

According to the National Association of Federally-Insured Credit Unions, customers at some credit unions have already decided to close their accounts over “government intrusion” concerns fueled by the prospect of such new rules taking effect.

The Democrats’ proposal would require financial institutions to report account activity above $600 to the IRS.

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Retail Sales Beat Expectations Amid Surging Inflation

Virginia Star Staff
Woman shopping in a department store

U.S. retail sales increased in September, beating expectations amid growing inflation and supply chain disruptions, the U.S. Census Bureau reported Friday.

Retail sales increased 0.7% in September, beating experts’ estimates of 0.2%, according to the Census Bureau report.  The number rose 0.8%, excluding auto sales, beating the 0.5% forecast.

Sales were up 13.9% compared to September 2020, and they increased 15.6% compared to September 2020, excluding auto sales, according to the Census Bureau.

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Commentary: The Senate Must Defeat Communist Saule Omarova for Comptroller of the Currency

Virginia Star Staff
Saule Omarova

 
Every so often we receive a comment to the effect that we are paranoid and should stop seeing a Communist under every bed, however, it appears that based on the views expressed by Prof. Saule Omarova, President Biden’s nominee for Comptroller of the Currency, our concerns about the takeover of the Democratic Party by Socialists and Communists have received some very solid confirmation.

Indeed, Omarova is so far out in Communism’s Left Field that Janet Yellen, Biden’s Treasury secretary (a garden variety liberal Democrat) raised concerns about her taking the post.

And Secretary Yellin’s concerns are amply justified.
In 2019, Omarova posted to Twitter in support of the “old USSR” where there was “no gender pay gap.” She attempted to do damage control after being criticized for it, but failed to fully condemn the Soviet Union.

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Republican Lawmakers Say China’s Cryptocurrency Crackdown Is an Opportunity for America

Virginia Star Staff
Person holding phone with cryptocurrency info on screen

Republican lawmakers say China’s recent crackdown on financial technologies could offer an opportunity for the U.S. to press its advantage in innovation.

China’s central bank issued a statement Friday morning declaring all cryptocurrency transactions and services illegal, banning coin mining operations and vowing to crack down on its citizens’ use of foreign crypto exchanges.

Several Republicans say China’s loss could be the United States’ gain.

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Dow Plummets More Than 500 Points at Monday Open, Following Three Straight Weeks of Losses

Virginia Star Staff

U.S. stocks shed more than 500 points as the markets opened Monday morning as emerging risks continue to become the September story for Wall Street.

The Dow Jones Industrial average fell 570 points – its biggest single day drop since mid-July. The S&P 500 lost 1.4%, while the tech-oriented Nasdaq Composite dropped 1.6%.

The sell-off comes as a the result of a number of investor concerns. On Tuesday, the Federal Reserve will begin a two-day meeting, which investors are worried will result in a decision that will pull stimulus funds as inflation continues to surge.

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Federal Reserve Could Soon Lose Control of Inflation Like in 1960s, Economic Historian Says

Virginia Star Staff

Prominent economic historian Niall Ferguson said current inflation could be in line with where it was in the 1960s during the period that preceded a decade of high consumer prices, CNBC reported.

“What is interesting about disasters is that one can lead to another,” Ferguson said in a Friday interview with CNBC. “You can go from a public health disaster to a fiscal, monetary and potentially inflationary disaster.”

During the 1960s, inflation stayed low before shooting up in the 1970s, according to government economic data. Consumer prices ultimately peaked in 1980 before rapidly declining.

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Watchdogs Sound Alarm as Ilhan Omar Continues to Evade Financial Disclosure of Reportedly Lucrative Book Deal

Virginia Star Staff
Ilhan Omar

Multiple watchdog groups said Minnesota Rep. Ilhan Omar may have violated federal law for failing to mention any income received from her critically-acclaimed 2020 memoir in her latest financial disclosure report filed on Friday.

Omar reportedly signed a deal worth up to $250,000 for her memoir, “This Is What America Looks Like,” in January 2019, around the same time she was sworn into Congress. Omar’s communications director said the House Ethics committee approved the book deal, but the Democratic lawmaker’s financial disclosures covering the calendar years 2018 and 2019 contain no mention of the book or any advance income received upon signing a deal.

The book was published in May 2020 to rave reviews by the press and Omar’s Democratic colleagues. The Atlantic dubbed it one of the best political books of the year, and numerous high profile Democrats, including House Speaker Nancy Pelosi, Rep. Alexandria Ocasio-Cortez of New York and Rep. Ayanna Pressley of Massachusetts, praised on the book.

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Study: Democrats’ Capital Gains Tax Hike Could Cost More Than 745,000 Jobs

The Center Square
Chris Van Hollen

A new Democratic proposal to increase the capital gains tax could cost 745,000 jobs, a study published by the Regional Economic Models Inc. (REMI) projects.

The Sensible Taxation and Equity Promotion (STEP) Act, which would tax unrealized capital gains when heirs inherit assets, among other things, would have a “significantly negative impact” on the economy, including average job losses of 745,000 over 10 years, the report found.

The analysis, conducted for the Committee to Unleash Prosperity, found that sustained annual job losses from eliminating a tax benefit on appreciated assets known as the step-up in basis could eliminate between 537,000 to 949,000 jobs, with models predicting a base of 745,000 lost jobs through 2030.

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PayPal Teams Up with Far-Left Anti-Defamation League to Target Right-Wing Users

Virginia Star Staff
PayPal outside shot of logo

On Monday, the Anti-Defamation League (ADL), a far-left hate group, announced a new initiative in conjunction with the online payment processor PayPal, aimed at targeting so-called “extremist and hate movements” on the platform, the Daily Caller reports.

The partnership is led by the ADL’s “Center on Extremism,” and will involve the ADL studying the use of PayPal’s services by alleged “extremists,” and sharing their findings with politicians and law enforcement, for the purpose of disrupting “the financial pipelines that support extremist and hate movements.” PayPal’s Chief Risk Officer Aaron Karczmer released a statement celebrating the new program as having the potential to make “an even greater impact than any of us could do on our own.”

PayPal has frequently and exclusively targeted conservatives in recent years, while ignoring actual extremism from the Left. Following the peaceful protests at the United States Capitol on January 6th, PayPal suspended its services for several organizations and individuals that paid for travel expenses for people attending the march, which was in protest of the widespread voter fraud that took place in the 2020 election. PayPal also banned the anti-terrorism website Jihad Watch in August of 2017, after Antifa and Black Lives Matter rioters attacked a peaceful right-wing protest in Charlottesville, Virginia, leading to the death of one left-wing protester.

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Bezos Offers to Waive $2 Billion in Fees to Secure Lunar Landing Contract

Virginia Star Staff
Jeff Bezos

Former Amazon CEO Jeff Bezos offered to waive $2 billion in payments to secure his spaceflight company Blue Origin a NASA contract.

Bezos asked NASA Administrator Bill Nelson in an open letter Monday to award Blue Origin a contract to construct a Human Landing System (HLS), a lunar-landing vehicle, as part of the Artemis program, offering to waive up to $2 billion in fees. Elon Musk’s space company SpaceX had been awarded the $2.9 billion contract in April, beating out Blue Origin’s bid, The Wall Street Journal reported.

The Artemis program is intended to return human astronauts to the Moon, with a manned mission to Mars planned as well. Though the program was initially planned as a joint contract, it was awarded solely to SpaceX due to budgetary constraints which Bezos’ offer sought to alleviate, according to the letter.

“Blue Origin will bridge the HLS budgetary funding shortfall by waiving all payments in the current and next two government fiscal years up to $2 billion to get the program back on track right now,” Bezos wrote in the letter.

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Promise Kept: Trump Signs Law That Ends Gag Orders Against Pharmacists Sharing Money-Saving Information

Admin

by Evie Fordham   President Donald Trump signed a law that ends insurance companies’ pharmacist gag clauses in an effort to lower drug prices Wednesday. “If there’s anything bipartisan it’s lowering drug prices,” Trump said while signing the Patients’ Right To Know Drug Prices Act according to CBS News. Currently, insurers…

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Commentary: The Ticking Fiscal Time Bomb Set in 1937 Could Tip America Into Despotism by 2030

Admin
US Flag

by Robert Osburn   Celebrated this past July 4, America’s founding story of freedom is truly remarkable: unity, courage, integrity, and national integration (incorporating people from around the world). In most other places, the freedom story is bloody, exclusive, and, ultimately, tyrannical. Take Nicaragua, for one example: In 1979, the Sandinistas…

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