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Dozens of Obama 2008 Wall Street donors now support Romney

Many deep-pocketed backers of President Barack Obama’s 2008 campaign now have eyes for a different candidate, financial disclosure forms show. Sixty-seven Wall Street executives — and former Obama backers — have instead put their money behind former Masschusetts governor and Republican frontrunner Mitt Romney. The bankers, who live in New…

Feds bust Iraqi crime ring said to be selling IEDs to Mexican drug cartels

By Grace Wyler Federal law enforcement agents in San Diego arrested 60 people in connection with an Iraqi criminal ring with ties to Mexico’s powerful Sinaloa drug cartel. The gang is accused of selling drugs, machine guns and improvised bombs (IEDs) out of a social club for Iraqi immigrants in El…

Skype buys messaging startup GroupMe

Skype, the Internet communications group set to be acquired by Microsoft, announced plans to buy the mobile messaging startup firm GroupMe for undisclosed terms. GroupMe was founded in 2010 at the Techcrunch Disrupt Hackathon and is headquartered in New York. The deal, coupled with the acquisition of mobile video provider…

Corporations keep overseas job figures a closely-guarded secret

Many of the same corporations that have been seeking tax breaks for creating jobs in the United States are jealously guarding their figures on how many of their jobs are actually created overseas. The Washington Post reported Sunday, “So secretive are these companies that they hand the figure over to…

Southern California grocery workers authorize a strike

LOS ANGELES (Reuters) – The union representing 62,000 grocery workers in southern California has received the go-ahead from members to call a strike if an acceptable contract deal cannot be reached with Ralphs, Vons and Albertsons supermarkets, officials said on Sunday. Over 90 percent of workers voted on Friday and…

Verizon workers will end strike

CNN is reporting that the striking Verizon employees will return to work on Monday. The telecommunications giant stated that progress had been made between the unions and the company in regards to negotiations in local and regional issues. The strike has been ongoing for 2 weeks, centering on Verizon trying…

HP shares plunge 20 percent on Wall Street

Hewlett-Packard shares plunged 20 percent on Wall Street after the world’s top personal computer maker announced a dramatic strategic shakeup that includes spinning off its PC business. Shares in HP lost 20.03 percent Friday to close at $23.60, wiping more than $12 billion off the Palo Alto, California-based firm’s market…

Dems among top spots on list of 50 wealthiest in Congress

The old cliche of Republicans holding all the money isn’t necessarily true today: D.C. political publication Roll Call published their annual list of the 50 richest members of Congress Friday, and seven Democrats are in the list’s top 10 slots. Overall, 31 Republicans and 19 Democrats made the list. Rep.…

Separating fact from fiction on U.S. economic myths

by Michael Grabell, ProPublica With the recent Iowa straw poll and President Obama’s bus tour, Americans are hearing a cacophony of arguments about the wobbly economy. The federal stimulus package passed in 2009 was either a deficit-busting failure full of wasteful projects or an unparalleled rescue that would have been…

Stock futures indicate another day of losses

NEW YORK (Reuters) – Stock index futures pointed to a sharply weaker open for equities on Wall Street on Friday, a day after the Nasdaq ended more than 5 percent lower and the S&P 500 slipped 4.5 percent on rising recession fears. Futures for the S&P 500, for the Dow…

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