Washington and New York—Three non-profit watchdog groups today lauded New York City Comptroller Scott Stringer for being the first government officer in the United States to comply with a new accounting rule requiring the disclosure of how much revenue is lost to corporate tax breaks given for economic development. More than 50,000 state and local government bodies are expected to issue such data over the next two years.
Washington D.C., October 11, 2016 – States and localities are giving cash-rich tech giants an average of $2 million per job for data centers the companies must build to run “the cloud.” Indeed, the companies are so aggressive playing states against each other that more than half the states have even enacted new data center-specific tax break programs. But the companies actually care most about cheap electricity and stable settings, not taxpayer subsidies. Public officials should cap data center subsidies at $50,000 per job and be ready to walk away from bidding wars that guarantee net losses for taxpayers.
Washington, September 26, 2016—Since the beginning of 2010, drug manufacturers, hospital systems, insurers and other healthcare companies have paid nearly $7 billion in fines and settlements to resolve cases in which they were accused of defrauding the federal government. Banks, led by Wells Fargo, account for the second largest portion of False Claims Act penalties, with more than $3 billion in payments. More than one-third of the 100 largest federal contractors have been defendants in such cases during the seven-year period.
These are some of the key findings that emerge from an expansion of Violation Tracker, a database of corporate crime and misconduct produced by the Corporate Research Project of Good Jobs First. It is available to the public for free at http://www.goodjobsfirst.org/violation-tracker.
Good Jobs First submitted the following comments to the SEC:
July 21, 2016
Mr. Brent J. Fields, Secretary
Securities and Exchange Commission
100 F Street, NE
Washington, DC 20549-1090
Re: File No. S7-06-16, Business and Financial Disclosure Required by Regulation S-K
Dear Mr. Fields:
Washington, DC, June 28, 2016-- Since the beginning of 2010, two dozen major U.S. and foreign-based banks have paid more than $160 billion in U.S. penalties to resolve a wide range of cases brought against them by the Justice Department and federal regulatory agencies. Bank of America alone accounts for $56 billion of the total and JPMorgan Chase another $28 billion. Fourteen banks have each accumulated penalty amounts (both fines and settlements) in excess of $1 billion, and five of those are in excess of $10 billion.