finance

Harriet Jones / WNPR

Governor Dannel Malloy says banking giant UBS may renege on its commitment to keep 2,000 jobs in Stamford. He made the remarks during an interview with the owners of the Stamford Advocate. 

When you talk about "outside" money in politics, there's a good chance you'll talk about billionaire activists David and Charles Koch.

Especially if you're Harry Reid. The Senate majority leader regularly takes to the Senate floor to slam the Kochs for financing a network of conservative groups. Back in March, he said he was criticizing "two very wealthy brothers who intend to buy their own Congress, a Congress beholden to their money and bound to enact their radical philosophy."

On Monday, Apple is rolling out a new way to pay: a digital wallet called Apple Pay. Millions of people with the iPhone 6 and 6 Plus will be able to tap — rather than swipe — at the register.

The move could be a major change in how we shop. Or it could end up as a blip on the map that fades away, as other "mobile wallets" have in the past.

Here are some questions you might be asking:

I have a leather wallet in my back pocket. Am I going to have it a year from now, given this mobile-wallet revolution?

To get a student loan at Broward College, one of Florida's largest community colleges, you first have to sit through a two-hour financial lesson with Kent Dunston.

It's a little like Scared Straight, the 1978 documentary designed to keep kids from ending up in prison.

Dunston's lesson, though, is about scaring students into making good financial choices. Nationwide, student loans total more than $1.2 trillion. And schools now face punishment — even closure — by the federal government if the rate is too high.

Chion Wolf / WNPR

It’s been years since the housing market crashed. But in that time, increased job insecurity and the rising cost of living have left many questioning whether the American dream of homeownership is still a practical one, especially for the nation’s low- and middle-wage earners.

Sen. Elizabeth Warren, a Democrat from Massachusetts, says newly released recordings of conversations between Federal Reserve officials show that the same kind of cozy relationships that led to the 2008 financial crisis still dominate Wall Street.

In an interview with Morning Edition, Warren says the recordings provide definite proof of that relationship.

Jeff Cohen / WNPR

Former Connecticut Governor John Rowland's state pension of nearly $53,000 a year will not be affected by his second felony conviction. 

Chion Wolf / WNPR

Millions of dollars from outside groups are flowing into Connecticut's tight race for governor despite a widely heralded, publicly-funded campaign financing system that's intended to stem the flow of outside money.

Bossi / Creative Commons

A new report on student debt in Connecticut reveals the challenges students and their parents experience trying to pay for a college education.

Dave Dugdale/flickr creative commons

While more people are saving, a startling number of people have no pensions or savings as they head toward retirement years. If you are lucky enough to have investments, the key question for our show is, how do we protect and grow our assets at the same time? Too conservative means you miss the gains; too risky means you can lose a bundle if the market sinks, and never make it up if retirement is near.

Ian Glomski thought he was going to make a difference in the fight to protect people from deadly anthrax germs. He had done everything right — attended one top university, landed an assistant professorship at another.

But Glomski ran head-on into an unpleasant reality: These days, the scramble for money to conduct research has become stultifying.

So, he's giving up on science.

Chion Wolf / WNPR

It’s been years since the housing market crashed. But in that time, increased job insecurity and the rising cost of living have left many questioning whether the American dream of homeownership is still a practical one, especially for the nation’s low- and middle-wage earners.

Helder Mira / Creative Commons

As a new academic year gets underway, Connecticut’s charter schools face stronger scrutiny by the State Department of Education. New oversight policies will require charter schools to begin to operate more like traditional public schools.

Detroit's historic bankruptcy case is entering the home stretch. The crucial, final trial phase begins Tuesday in a Detroit courtroom.

The trial will decide the fate of a plan to wipe out billions of dollars in debt and help Detroit emerge from bankruptcy as a new, revitalized city.

This trial is a big deal, but don't expect anything with lots of courtroom drama. For one thing, it's federal bankruptcy court — and there's no jury.

The FBI says it's working with the Secret Service to investigate reports that Russian hackers breached security at JPMorgan Chase and other financial institutions, stealing customers' account information in possible retaliation for U.S. government sanctions on Moscow.

"We are working with the United States Secret Service to determine the scope of recently reported cyberattacks against several American financial institutions," FBI spokesman Joshua Campbell said in a statement late Wednesday.

The financial crisis pushed millions of Americans from their homes. And housing advocates complain that the government did more to prop up big banks on Wall Street than it did to help average people on Main Street.

But many of those people on Main Street could still qualify for a government program to help them save money by refinancing their mortgages.

Bank of America Corp. has agreed to pay nearly $17 billion in a settlement with federal regulators over allegations that it misled investors into buying risky, mortgage-backed securities in the run-up to the 2008 financial meltdown.

The Department of Justice, which announced the $16.65 billion deal today, describes it as "the largest civil settlement with a single entity in history."

Ed G / Creative Commons

State legislators are raising concerns about what the closure of an organization called Ocean Classroom Foundation may mean for the Amistad, the state’s flagship 79-foot schooner.

The only statewide candidate who is participating in a pilot public campaign finance program in New York says it’s been slow going, but Republican candidate for comptroller Bob Antonacci expects to collect enough individual donors to qualify for the state matching funds.

Shoppers in Massachusetts can look forward to a sales tax holiday later this month. The Massachusetts legislature in the closing minutes of the legislative session last week set the sales tax-free shopping days for August 16 and 17.

The sales tax holiday was included in a comprehensive economic development bill that contains dozens of programs and incentives designed to create jobs. State  Senator Gale Candaras  of  Wilbraham, who helped write the bill, acknowledges there is scant evidence the sales tax holiday does much to grow the Massachusetts economy.

The Massachusetts Inspector General issued a scathing report Thursday on a former state university president’s use of school funds for personal purposes.

   Inspector General Glenn Cunha said former Westfield State University President Evan Dobelle knowingly and willingly violated school policy by spending lavishly for six years on trips and entertainment for himself, his family and friends.  Cunha called Dobelle’s behavior “outrageous”

Uma Ramiah / WNPR

Ratings agency Fitch has maintained Connecticut's debt rating outlook at negative, saying the state's budget relies on one-time fixes, and calling the economic recovery "slow and uneven."

Chion Wolf / WNPR

As federal investigators continue their probe of a troubled Hartford charter school group, agents are now seeking to obtain all department correspondence, including Commissioner Stefan Pryor's emails that relate to FUSE, Jumoke, Michael Sharpe or Hartford's Milner School.

Citigroup said Monday it had agreed to pay $7 billion to settle a federal investigation into subprime mortgages it sold in the run-up to the financial meltdown of 2008.

The deal covers mortgage-backed securities and collateralized debt obligations issued, structured or underwritten by Citi between 2003 and 2008, the company said in a statement on its website.

Chion Wolf / WNPR

Some people say that bachelor’s degrees are the new high school diplomas; they are becoming more and more necessary for job seekers to be competitive in the job market. But as the cost of higher education rises, students who attend college are now saddled with decades worth of debt in loans. 

SunTrust has agreed to pay $968 million as part of a settlement with the government over charges that it failed to comply with standards required for federally backed mortgages.

The settlement between SunTrust Mortgage and the Justice Department and other agencies includes money for homeowners and a requirement that the company improve its procedures for mortgage loans and foreclosures.

The Wall Street Journal reports:

Chion Wolf / WNPR

Today on The Nose, we begin with an essay, "Faking Cultural Literacy." Writer Karl Taro Greenfeld said, "It's never been so easy to pretend to know so much, without actually knowing anything." We pick topical, relevant bits from Facebook, Twitter, or emailed news alerts, and then regurgitate them.

Chion Wolf / WNPR

Republican Tom Foley, who self-funded his 2010 campaign for governor, has decided that he'll apply for public financing this time around. 

Chion Wolf / WNPR

Both the Democratic and Republican endorsed candidates for governor have said they've raised enough money to qualify for public campaign funds, but either of them has actually applied. 

When College Isn't Worth It

May 28, 2014

The New York Times highlighted new data yesterday that once again beats the drum: Despite skyrocketing costs, a college degree is a good investment. In fact, MIT economist David Autor writes in the journal Science that the value of a degree is rising. College grads made almost twice as much per hour in 2013 as workers without a four-year degree. And the lifetime value of a diploma is now around a half-million dollars, even after you factor in tuition.

Pages