Econ 101: June 27, 2012

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.

  • Two dozen people were arrested around the globe yesterday in a credit card fraud sting. [The Hill]
  • Stockton, California plans to file for bankruptcy, in what will be the largest municipal bankruptcy in U.S. history. [Bloomberg]
  • New York Attorney General Eric Schneiderman has launched an inquiry into politically active tax-exempt groups, including the U.S. Chamber of Commerce. [New York Times]
  • Spanish officials largely ignored problems in their country’s banking sector prior to the current crisis. [New York Times]
  • Italian Prime Minister Mario Monti had some harsh words for Germany ahead of this week’s Eurozone summit. [Financial Times]
  • The House yesterday blocked an amendment that would have cut off subsidies to small, rural airports. [Associated Press]
  • The IRS has collected more than $5 billion in back taxes, interest, and penalties thanks to a crackdown on offshore tax evasion. [The Hill]