Econ 101: June 29, 2011

Welcome to ThinkProgress Economy’s morning link roundup. This is what we’re reading. Have you seen any interesting news? Let us know in the comments section. You can also follow ThinkProgress Economy on Twitter.

  • Bank of America will “pay $8.5 billion to settle claims by investors that purchased mortgage securities that soured when the housing bubble burst,” in “what is likely to be the single biggest settlement tied to the subprime mortgage boom and the subsequent financial crisis of 2008.” [New York Times]
  • More than 2,000 companies are registered at one address in Cheyenne, Wyoming, in order to avoid taxes. As Reuters put it, the city “serves as a little Cayman Island on the Great Plains.” [Reuters]
  • French Finance Minister Christine Lagarde was officially named yesterday as the new director of the International Monetary Fund. [New York Times]
  • Protests over the austerity package that the Greek Parliament will likely approve turned violent. [Wall Street Journal]
  • New York Attorney General Eric Schneiderma (D) won’t sign onto the foreclosure fraud settlement being negotiated between state AG’s and the nation’s banks. He wants a deeper investigation and a harder line against the banks. [Firedoglake]
  • The Office of the Comptroller of the Currency gets set to let banks run wild by preempting state consumer protection laws…again. [New York Times]
  • The newly approved California budget would “require enormous cuts to the state’s public colleges and universities — hundreds of millions of dollars more than they had been expecting as recently as last week.” [Inside Higher Ed]
  • How Wal-Mart bested JP Morgan in the $16 billion debit card swipe fee lobbying battle. [Bloomberg]
  • The Texas legislature approved a bill yesterday that would cut $4 billion from the state’s public schools over the next two years. [Reuters]
  • According to a new study, 57 percent of employers threaten to close down operations when faced with a union drive. [Huffington Post]