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Media Hit | Tax

How Much of Its Record Settlement Will S&P Write Off at Tax Time?

First comes the settlement. Next comes the tax write-off?

Standard & Poor’s Ratings Services on Tuesday announced a record $1.5 billion payout to resolve crisis-era lawsuits with the Justice Department, states and a pension fund over inflated residential mortgage deals. Collectively, the settlement total is 10 times larger than any other previously involving a credit-rating firm.

But how much of the unprecedented round of settlements could end up being written off?

Michelle Surka, a program associate with the nonpartisan consumer advocacy group U.S. Public Interest Research Group, said she thinks she has an answer based on an early analysis: about $290 million.

That’s about a $50 million break on state taxes but also the potential to write down $240 million of federal taxes owed in the more than dozen states involved in the settlement, Ms. Surka said.

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Media Hit | Tax

When Company Is Fined, Taxpayers Often Share Bill

U.S. PIRG analysis and quotes featured in the New York Times Business Day section.

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News Release | U.S. PIRG Education Fund | Transportation

New Report Ranks 70 Major American Cities’ Tech Transportation Options

A new report from the U.S. PIRG Education Fund and Frontier Group shows how well American cities are using technology-enabled services and tools for their transportation needs. It ranks major American cities on the number of different types of new transportation technology options in the city.

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News Release | U.S. PIRG | Budget, Tax, Transportation

Obama Budget Closes Tax Loopholes, Cuts Wasteful Spending, but Falls Short of Ending Offshore Tax Dodging

"President Obama’s budget deserves praise for closing egregious offshore tax loopholes and preventing companies with enough lawyers from using tax havens to get their tax bill down to zero. Unfortunately it fails to end the incentive for wealthy multinationals to take advantage of tax havens, and would fall short of putting an end to offshore tax dodging.

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Blog Post | Financial Reform

Banks, debt collectors lead backdoor effort to robocall your cell phone! | Ed Mierzwinski

Banks and debt collectors are leading a phalanx of powerful special interests seeking backdoor action to weaken the consumer protection law that prevent robocalls to your cell phone without your consent. We've joined other consumer and privacy leaders, and senators led by Ed Markey (MA), to stop them.

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Senate panel approves tighter oversight of compounding pharmacies but bill is under fire

Public health and consumer advocacy groups are attacking Senate legislation designed to tighten oversight of specialized pharmacies such as the one at the center of this past fall’s deadly meningitis outbreak, saying it does not adequately address health risks.

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News Release | U.S. PIRG | Public Health, Health Care

New Report Documents a Decade of Safety Violations by Compounding Pharmacies

The contaminated drug that caused last fall's fungal meningitis outbreak and killed 55 people is just the tip of the iceberg of an industry-wide problem, according to a new U.S. PIRG report. The meningitis outbreak was simply the latest and deadliest in a long line of errors and risky practices by compounding pharmacies.

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News Release | U.S. PIRG | Higher Ed

Students’ Statement in Support of the Student Loan Affordability Act of 2013

Today, Senators Harry Reid, Tom Harkin, Patty Murray, and Jack Reed introduced the Student Loan Affordability Act of 2013. This bill creates a workable solution to keep student loan interest rates low until 2015 while Congress seeks to reauthorize the Higher Education Act and reach a comprehensive solution to the student loan crisis that is good for students.

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News Release | U.S. PIRG | Higher Ed

Where Students Stand To Lose the Most if Federal Loan Rates Double

U.S. PIRG released data today detailing the colleges and universities across the country where students would be the most adversely impacted by the looming rate hike on Subsidized Stafford student loans.

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News Release | U.S. PIRG Education Fund | Transportation

New Report: Reduction in Driving Likely to Continue

As the average number of miles driven by Americans heads into its eighth year of decline, a new report from the U.S. PIRG Education Fund finds that the slowdown in driving is likely to continue. Baby Boomers are moving out of the phase in their life when they do the most commuting, while driving-averse Millennials move into that phase. These demographic changes and other factors will likely keep driving down for decades. Download our infographic for a visual presentation of the report’s chief findings.

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Blog Post | Financial Reform

Consumer fraud summit today will be webcast | Ed Mierzwinski

UPDATE: LINK TO C-SPAN WEBCAST ARCHIVE (My PANEL here and entire event here.)

In times of financial calamity, fraudsters come out to take your last dollar. This afternoon U.S. Attorney General Eric Holder will host a consumer financial fraud summit (agenda) at Georgetown Law School near Union Station bringing together enforcers from the DOJ, FTC, state agencies and consumer groups. I'll be on a panel discussing business opportunity frauds. Other panels will be on elder fraud and tax scams. The event is free and open to the public and will be webcast.

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Blog Post | Public Health

BuckyBall Magnets Still A Danger to Children | Nasima Hossain

Magnets posing as a serious health hazard to children keep appearing in the news. Now with this latest incident in Portland, Oregon, where a three year old girl was rushed into emergency surgery after swallowing 37 tiny magnets, we urge parents if they have had a scary incident with a magnet to alert the Consumer Product Safety Commission through their website.

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Blog Post | Democracy

After Super Pac Tuesday: Dominant Donors, Apathetic Voters

A new WashingtonPost-ABC News poll shows that on Super Tuesday, those going to cast their ballots in the presidential primary are not particularly enthusiastic about any of the candidates. Why? There is a fundamental problem that explains much of the disconnect between the candidates and the rank-and-file voters: the fact is, voters did not choose these candidates -- donors did.

It has become clear over the course of this primary season that a candidate's super PAC's prowess in knocking down the competition is key to staying in the race. Yet a recent U.S.PIRG/Demos study found that of all itemized contributions to super PACs, 96% came in contributions of $10,000 or more from just 1,097 donors.

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Blog Post | Consumer Protection

Has Congress Forgotten Enron, Dutch Tulip Bubble Scandals? | Ed Mierzwinski

A misnamed package of legislation to weaken investor protection laws -- the so-called Jobs Act -- is speeding through the House this week. While some Senators are for parts of the package, the Senate is taking a closer look at whether rolling back the landmark investor protections known as the Sarbanes-Oxley Act enacted after the Enron and related accounting scandals is really the way to go.

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Blog Post | Consumer Protection

Some interesting consumer news of the week, in case you missed it | Ed Mierzwinski

An occasional update featuring important consumer stories you may have missed this week. This week, Occupy Wall Street joins clarion call for CFPB to reform the credit bureaus...Leading consumer columnist Michelle Singletary calls Google's practices "creepy"...Massachusetts official says "take state's money out of banks that don't comply with state laws requiring free accounts for young/old...FCC wants comment on cellphone shutdowns that affect First Amendment rights...and more.

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