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Category Archives: Financial System

Close to 40% of multinational profits are shifted to tax havens each year

Missing Profits: “Researchers from the University of California, Berkeley and the University of Copenhagen estimate that close to 40% of multinational profits (close to $1 trillion in 2019) are shifted to tax havens each year. This shifting reduces corporate income tax revenue by more than $200 billion, or 10% of global corporate tax receipts. Explore… Continue Reading

OpenAI begins piloting ChatGPT Professional, a premium version of its viral chatbot

Tech Crunch: “OpenAI this week signaled it’ll soon begin charging for ChatGPT, its viral AI-powered chatbot that can write essays, emails, poems and even computer code. In an announcement on the company’s official Discord server, OpenAI said that it’s “starting to think about how to monetize ChatGPT” as one of the ways to “ensure [the… Continue Reading

Moderna CEO: 400% price hike on COVID vaccine “consistent with the value”

Ars Technica: “Moderna is considering raising the price of its COVID-19 vaccine by over 400 percent—from $26 per dose to between $110 and $130 per dose—according to a report by The Wall Street Journal [Moderna Considers Price of $110-$130 for Covid-19 Vaccine Commercial price is similar to Pfizer’s plans for after government contracting ends.] Ars… Continue Reading

Billion-Dollar Weather and Climate Disasters

NOAA – “The U.S. has sustained 341 weather and climate disasters since 1980 where overall damages/costs reached or exceeded $1 billion (including CPI adjustment to 2022). The total cost of these 341 events exceeds $2.475 trillion. In 2022, there were 18 weather/climate disaster events with losses exceeding $1 billion each to affect the United States.… Continue Reading

What are Large Global Banks Doing About Climate Change?

What are Large Global Banks Doing About Climate Change? Daniel O. Beltran, Hannah Bensen, Amy Kvien, Erin McDevitt, Monica V. Sanz, and Pinar Uysal. January 2023 – We review the “climate action plans” of Global Systemically Important Banks (GSIBs) and the progress they are making toward achieving them. G-SIBs have identified the drivers of climate… Continue Reading

The Supply and Demand of Legal Help on the Internet

Hagan, Margaret, The Supply and Demand of Legal Help on the Internet (October 17, 2022). Margaret D. Hagan “The Supply and Demand of Legal Help on the Internet,” Legal Tech and the Future of Civil Justice, edited by David Freeman Engstrom. Cambridge University Press, Forthcoming., Available at SSRN: “Faith in technology as a way… Continue Reading

OpenAI, the company behind ChatGPT, in talks for tender offer

MarketWatch: “Artificial-intelligence research company OpenAI is in discussions over potentially selling at least $300 million in shares in a tender offer that would give it a roughly $29 billion valuation, the Wall Street Journal reported Thursday. The offering of shares of OpenAI — known for AI programs like the chatbot ChatGPT and the image-generator Dall-E… Continue Reading

New York tells banks to prepare for climate change

“New York State Department of Financial Services (“DFS”) Superintendent Adrienne A. Harris on December 21, 2022 announced new proposed guidance for New York State-regulated banking and mortgage institutions (“Institutions”) to help them manage safety and soundness risks related to climate change. DFS is issuing the proposed guidance to support efforts by Institutions to identify, measure,… Continue Reading

Regulators warn US banks on crypto risks including ‘fraud and scams’ after FTX collapse

CNBC: “U.S. banking regulators warned financial institutions on Tuesday that dealing with cryptocurrency exposes them to an array of risks, including scams and fraud. “The events of the past year have been marked by significant volatility and the exposure of vulnerabilities in the crypto-asset sector,” the regulators said in a joint statement from the Federal… Continue Reading

The History of the House – McCarthy loses speaker bid in third vote

Update, January 7, 2022 – McCarthy elected House speaker after historic battle with GOP rebels “The House has a webpage devoted to its history titled History, Art & Archives. “This site is a collaborative project between the Office of the Historian and the Clerk of the House’s Office of Art and Archives. Together, the offices… Continue Reading