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.
- President Obama’s call to end a tax break for corporate jet owners “has set off a counterattack from a small but powerful group of jet manufacturers and users, who have contributed millions of dollars over the years to lawmakers from both parties.” [New York Times]
- Speaker of the House John Boehner (R-OH) yesterday “enthusiastically endorsed Obama’s call” for a major budget deal to be a part of negotiations over the debt ceiling. [Washington Post]
- Since 2005, the Securities and Exchange Commission and Commodity Futures Trading Commission “have ordered $12.3 billion in penalties for alleged wrongdoing,” but have collected just $4.5 billion. [Wall Street Journal]
- The Obama administration yesterday “unveiled an initiative aimed at helping unemployed homeowners remain in their homes while they seek work and try to stave off foreclosure.” [Washington Post]
- In 2008, the Justice Department adopted “a softer approach” to financial crime investigations that “helps explain the dearth of criminal cases despite a raft of inquiries into the financial crisis.” [New York Times]
- Mega-bank JP Morgan Chase “has agreed to pay $228m to settle allegations brought by state and federal officials that it made municipalities pay more for management of their bond issuance proceeds by rigging the tender process for the business.” [Financial Times]
- JP Morgan Chase is also “close to vaulting past Bank of America Corp to become the biggest bank in the United States, but it will likely get there in an odd way — by shrinking less than its rival.” [Reuters]
- Unhappy workers threaten to shut down Egypt’s Suez Canal. [McClatchy]
- Sen. Carl Levin (D-MI) pressed Dupont on what it will do with the money it saves if a corporate tax cut it wants is passed by Congress. [The Hill]
- Warren Buffett criticized the Republican approach to the ongoing debt ceiling negotiations, saying the GOP is “trying to use the incentive now that we’re going to blow your brains out, America, in terms of your debt worthiness over time.” [Huffington Post]
- California’s credit rating got a boost yesterday “in one of the first significant pieces of good news for state and local governments as they work their way out of the Great Recession.” [Reuters]
- Business groups try to scuttle new anti-wage theft laws. [Huffington Post]
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