BUSINESS NEWS MARCH 18TH, 2016
MASSIVE BUDGET CUTS LOSE SCHOLARSHIPS FOR LOUISIANA STUDENTS
A state scholarship program has given full rides to nearly 50,000 Louisiana State University students, but that program is now in jeopardy due to a decrease in funding. Baleigh Callaghan, a sophomore at Louisiana State University, said that without the scholarship, she would have to move back to her parents’ house, over an hour away. The TOPS program has already been cut back. In February, the state cut 20% from every student’s scholarship.
GLOBAL BANK HEIST RESULTS IN $101 MILLION STOLEN
Investigators are just starting to unravel the intricacies of a bank heist that involved four countries, a central bank and a “pillar of the U.S. financial system”. On February 1, thieves infiltrated a Bangladeshi bank from the New York Federal Reserve, executing five transfer requests that looked real at first glance, but turned out to be fraudulent. Some of the money ended up at a bank in the Philippines, while some went to Sri Lanka. The money has disappeared in laundering schemes and casinos. Investigators are still tracking leads to find out who is behind the theft.
STAGNATING INCOMES REACH ALL THE WAY TO THE TOP
The top 1% have seen their incomes lurk right below where they were at the time of the Great Recession. In 2014, the top 1% had an average income of $1.27 million, down 19% from where they were in 2007. However, the bottom 90% only saw a drop of 10%. Gary Burtless, senior fellow at the Brookings Institution, says that the reason for this is that no one says that the rich have large income losses.