FINANCE

Feds Collect Record Revenue in January After Tax Cut – $361 billion in total

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  • During January, the Treasury collected approximately [Are you ready for this?] a$361,038,000,000 in total tax revenues…” So let’s round it off: $361 billion. They spent $312 billion. They ran a surplus of $49 billion, in the first month!

 

RUSH LIMBAUGH: “Feds Collect Record Taxes in First Month Under Tax Cuts.” When I saw this, I wondered how many people are gonna say, “Rush was right.” I wonder how many people are gonna say, “Rush told us this was gonna happen.” I wonder how many people are gonna remember for the last 30 years, “Yep. This is exactly what works every time it’s tried. Rush told us.” Quote:

“The federal government this January ran a surplus while collecting record total tax revenues for that month of the year, according to the Monthly Treasury Statement released [Monday]. January was the first month under the new tax law that President Donald Trump signed in December. During January, the Treasury collected approximately [Are you ready for this?] a$361,038,000,000 in total tax revenues…” So let’s round it off: $361 billion. They spent $312 billion. They ran a surplus of $49 billion, in the first month!

There’s already more revenue coming into the Treasury than anybody at the CBO or the Democrat Party or any K Street think tank projected. All they talked about was deficits. All they said was the Trump tax cut’s gonna blow the budget sky-high and create massive deficits. In one month! “Despite the monthly surplus of $49,236,000,000, the federal government is still running a deficit of approximately $175,718,000,000 for fiscal year 2018.” Okay. Fine. But since when did we have even a monthly surplus with Obama — or, as the British say, “Obamber.”

Ever notice that? With the Brits, there’s always an R at the end of his name. Obamber. I don’t know. I can’t quite imitate it. You pay attention, you’ll see it. So, my friends, “[t]he $361,038,000,000 in total taxes the Treasury collected this January was $11,747,870,000 more than the $349,290,130,000 that the Treasury collected in January of last year… So far in fiscal 2018, the federal government has collected a record [Are you ready for this?] $1,130,550,000,000 in total taxes.” That’s since October 1st, a record amount of revenue. But in January, a surplus.

Read more: Feds Collect Record Revenue After Tax Cut

 

WHISTLEBLOWER: Stock market volatility manipulated by FAKE QUOTES for S&P 500 index

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  • Fake quotes for the S&P 500 index SPX, +0.26% are skewing levels of the Cboe Volatility Index VIX, -2.50%
  • The flaw allows trading firms with sophisticated algorithms to move the VIX up or down by simply posting quotes on S&P options and without needing to physically engage in any trading or deploying any capital.

One of the most popular measures of volatility is being manipulated, charges one individual who submitted a letter anonymously to the Securities and Exchange Commission and the Commodity Futures Trading Commission.

The letter makes the claim to regulators that fake quotes for the S&P 500 index SPX, +0.26% are skewing levels of the Cboe Volatility Index VIX, -2.50% which reflects bearish and bullish options bets 30-days in the future on the S&P 500 to gauge implied stock-market volatility (see excerpt from the letter below).

The flaw allows trading firms with sophisticated algorithms to move the VIX up or down by simply posting quotes on S&P options and without needing to physically engage in any trading or deploying any capital. This market manipulation has led to multiple billions in profits effectively taken away from institutional and retail investors and cashed in by unethical electronic option market makers.

The whistleblower’s claims are consistent with those documented by John Griffin, professor of finance at the University of Texas and Ph.D. candidate Amin Shams in May 2017 in research that says the cost of manipulating less-liquid SPX options would be more than paid for by a successful bet on the direction of the VIX. The paper is consistent with the whistleblower’s conclusion—that manipulators are moving prices of the SPX options by spoofing at settlement—entering quotes for trades that are never executed—to “paint the tape” and, therefore, influence the value of expiring VIX derivatives.

Read more: WHISTLEBLOWER: Stock market volatility manipulated…

TWINKIES MAKER, HOSTESS, GIVES EMPLOYEES $1,250 – PLUS FREE SNACKS FOR A YEAR

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As seen on The Five

 

Following the Republican tax overhaul, many companies are offering bonuses, pay raises and other benefits to employees, but Hostess just announced a particularly “sweet” plan to share the tax cut savings with workers.

Hostess Brands, the maker of Twinkies, Ding Dongs, Ho Hos and other iconic treats, said it would provide one-time $1,250 bonuses to 1,036 hourly employees “following the recently enacted tax legislation.”

The bonuses come in the form of $750 in cash and a $500 401k contribution.

Hostess also said it would select a “product of the week” and provide a multi-pack to every employee every week for one year.

 

Atlanta Federal Reserve Sees GDP Rocketing to 5.4% in First Quarter

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Atlanta Fed Sees GDP Rocketing to 5.4% in First Quarter

 

The regional Fed’s forecast rose from last week’s 4.2 percent growth following a report on manufacturing that showed more expansion than expected. The forecast of real consumer spending growth rose from 3.1 percent to 4.0 percent, while the forecast of investment growth soared from 5.2 percent to 9.2 percent.

This is an early reading, based on just one-months data. Even the most optimistic economists do not expect the economy to expand at that rate in the first quarter.

Both the Atlanta Fed’s GDPNow and the New York Fed’s Nowcast had readings for the fourth quarter of 2017 that were substantially higher than the official initial estimate, which came in at a 2.6 percent annual growth rate.

 

Read more: Winning: Atlanta Fed Sees Q1 GDP Rocketing to 5.4%

FORD TO AWARD PROFIT-SHARING CHECKS OF $7,500; FIAT TO GIVE $2,000 BONUSES PLUS PROFIT-SHARING CHECKS

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Dearborn — Ford Motor Co. will give more than 54,000 United Auto Workers hourly employees profit-sharing checks of about $7,500 this year, the company said Wednesday.

The Blue Oval announced profit-sharing as part of its 2017 earnings. The company made $7.6 billion last year.

Last year, about 56,000 Ford UAW members received a record $9,000. That followed the 2016 profit-sharing results, which were the second-highest to last year’s results.

Fiat Chrysler Automobiles NV will report its 2017 earnings Thursday morning. The company is expected to announce profit-sharing amounts then, too. FCA has already said its U.S. hourly employees will receive $2,000 bonuses related to changes to the U.S. tax code.

General Motors Co. reports its earnings results the first week of February.

ithibodeau@detroitnews.com

Twitter: @Ian_Thibodeau

 

BILLIONAIRE STEVE WYNN ACCUSED OF SEXUAL MISCONDUCT – PAID $7.5 M TO WORKER FORCED INTO SEX

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Steve Wynn 'paid $7.5M to worker he forced into sex

 

( Daily Mail ) Steve Wynn is being accused of sexual misconduct by a number of female employees at his Las Vegas hotel and casino.

The Wall Street Journal spoke with 150 people who currently work for Wynn or have in the past, and a number of the women who no longer work at one of the billionaire businessman’s properties were incredibly forthcoming in describing the lengths they would allegedly go to in order to avoid being alone with their boss.

Some scheduled fake appointments to make sure they would not be chosen to give Wynn spa treatments, while others went so far as to hide in bathrooms when he came into the salon.

One worker said that she was coerced into performing a sex act on Wynn, 76, with her hand at the end of his massages, adding that Wynn asked at one point if she could use her mouth rather than rubbing his penis to climax when they were done with the session.

That woman refused, but in 2005 another employee was not able to decline Wynn’s advances when he ordered her to disrobe and lie on a table so they could have sex.

She reported Wynn and received a $7.5 million settlement, which was revealed by Wynn’s ex-wife Elaine in court papers.

It was that court filing which led to the Journal’s investigation.

 

Read more: Billionaire Steve Wynn ‘paid $7.5MILLION to employee he forced into sex, told spa staff to massage his penis or provide oral pleasure and exposed his genitals during trips to casino salon’

 

 

 

 

 

 

 

 

BILLIONAIRES BOO JOURNALISTS WHEN THEY BOOED TRUMP AT DAVOS ECONOMIC FORUM

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The president joked that some of the TV cameras in the back would stop filming him after he attacked them; some in the crowd directed their audible booing toward the reporters

  • Foreign journalists booed him when he called reporters ‘vicious’ and ‘fake news’
  • Some of the billionaire elites gasped audibly, while other attendees directed their booing at the press in the back of the room

 

 

 

( Daily Mail ) ‘I’ve always seemed to get for whatever reason, a disproportionate amount of press or media, and – throughout my whole life – somebody will explain some day why, but I’ve always gotten a lot,’ Trump said, drawing chuckles from savvy business leaders who have watched his bombastic personality fuel his financial rise for decades.

‘And as a businessman I was always treated really well by the press. You know, the numbers speak and things happen, but I’ve always really had a really good press,’ trump said.

And it wasn’t until I became a politician that I realized how nasty, how mean, how vicious, and how fake the press can be,’ he continued, quipping that he could see ‘cameras start going off in the back’ of the hall.

That’s when a quick burst of booing and audible gasps peppered the Davos venue.

None of the major networks broke away from live coverage. The WEF’s official video feed, however, which was airing with a slight delay, cut out the booing and resumed afterward.

 

Others there described the crowd as ‘mesmerized’ and ‘entranced’ by the celebrity president.

Some of the booing came from attendees who directed it at the cameras, another source told DailyMail.com, saying: ‘You could see heads turn around and a few people cupping their hands over their mouths, aimed at the reporters.’

Read more: Journalists boo and billionaires gasp in astonishment in Davos as Trump attacks ‘vicious’ and ‘fake’ press