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It is worse than anyone thought on Wall Street

Daniel Pinto, CEO of JPMorgan’s corporate and investment bank, just made a gloomy prediction for Wall Street. He said that the firm’s investment-banking revenues are forecast to be down 25% in the first quarter. Markets revenues are down 20% year-on-year, Pinto said, speaking at JPMorgan’s Investor Day conference. Importantly, Pinto noted, the start to 2015 is a tough comparison period for markets revenues because …

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Big U.S. firms hold $2.1 trillion overseas to avoid taxes: study

The 500 largest American companies hold more than $2.1 trillion in accumulated profits offshore to avoid U.S. taxes and would collectively owe an estimated $620 billion in U.S. taxes if they repatriated the funds, according to a study released on Tuesday. The study, by two left-leaning non-profit groups, found that nearly three-quarters of the firms on the Fortune 500 list …

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Larry Schwartz – The 9 Most Expensive Medicines in the World—Courtesy of Big Pharma

Hedge funder Martin Shkreli reminded everyone of the sky-high—and seemingly arbitrary—costs of prescription medicines in this country when he bought and immediately increased the price of an established drug used to fight a parasitic infection. The price hike was eye-popping, from $13.50 a pill to $750 per pill, prompting Dr. Judith Aberg of the Icahn School of Medicine at Mount …

TurnburryOceanClub

A New Magazine for the 1%

On February 22, the New York Times breathlessly unveiled its redesigned Sunday magazine. The cover featured a globe in the blackness of space with the tagline “Hello, World.” “A Remade Magazine, Thinking Globally” the paper proclaimed on its front page, emphasizing that the new design would showcase international stories and embody “a renewed spirit of inquiry that is both subversive and sincere.” Better adjectives, once …