(until wednesday). Yes, it's election day in the USA on Tuesday 4th November, with a projected cost of $3.67 billion. "During this midterm election year, all 435 seats in the United States House of Representatives and 33 of the 100 seats in the United States Senate will be contested; along with 38 state and territorial governorships, 46 state legislatures (except Louisiana, Mississippi, New Jersey and Virginia), four territorial legislatures and numerous state and local races." The betting markets currently have the Republicans significant favorites to take the Senate and overwhelming favorites to take the House. FiveThirtyEight indicates the same, but with many close Gubernatorial races. Electoral-vote.com currently project the senate at Dem 48, Ties 1, GOP 51. [more inside]
"Of the top 100 Swiss companies, 49 give shareholders a consulting vote on the pay of executives. A few other countries, including the United States and Germany, have introduced advisory "say on pay" votes in response to the anger over inequality and corporate excess that drove the Occupy Wall Street movement. Britain is also planning to implement rules in late 2013 that will give shareholders a binding vote on pay and "exit payments" at least every three years. Minder's initiative goes further, forcing all listed companies to have binding votes on compensation for company managers and directors, and ban golden handshakes and parachutes. It would also ban bonus payments to managers if their companies are taken over, and impose severe penalties — including possible jail sentences and fines — for breaches of these new rules."
Ephemeral New York 'chronicles an ever-changing, constantly reinvented city through photos, newspaper archives, and other scraps and artifacts that have been edged into New York’s collective remainder bin.' [more inside]
Mother Jones: The 10 'Occupy' candidates vying for seats in the US House Of Representatives and Senate and their prospects.
How the Austerity Class Rules Washington. Tracing the origin of a political meme. (Via Paul Krugman.)
Effect of Herman Cain's proposed "9-9-9" tax reform plan on average household tax liability. Cain is leading the field of GOP Presidential candidates in polls of Iowa, South Carolina and Florida. Previously 1 2
When athletes are in financial trouble, they often go to high end pawn shops to get money.
New York State Congressman Anthony Weiner (D) did an IAMA (I Am A Democrat Who Fights) Q and A on reddit last week. While he answered many questions, he responded to the top five most popular questions questions in video form. [more inside]
In a "Triumph of Policy Over Politics" President Obama today signed most sweeping Wall Street reform bill since Great Depression. Obamas remarks at the signing. A piece-by-piece guide to th financial overhaul law. Timeline of the laws effects. 10 Ways New Wall Street Reform Law Will Help You.
The Bad Bank Assets Proposal: Even Worse Than You Imagined -- the administration appears intent on building another black swan. This is political capitalism. [via]
$11.5 Trillion Lost In Bermuda Triangle In case you've ever wondered just how much money the mega rich keep nice and tax free in off shore shelters, it's $11.5 trillion.
A 401(k) is not a Pension! In a pension plan, your employer invests some money and gives you some of it when you retire. In a 401(k), they, um, don't. Congress seems a little confused on this issue, however. It turns out that the 401k might be more boondoggle than boon to average people planning to retire before they die.
The House has passed the bankruptcy reform bill that Clinton vetoed at the end of the last session. I'm mildly optimistic that it won't pass the Senate, given that the Democratic vote in the House was split. But should we be worried at all? At first glance, it doesn't seem like a bad idea. But so many consumer groups are against it, and it seems to benefit credit card companies while hurting individuals, so I'm inclined to think we should leave things as-is. Especially since personal bankruptcies are down and credit card issuers' profits are up. Anyone know more about this?