Econ 101: August 13, 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.

  • Credit card companies are using many of the same flawed processes to collect debt that big banks used to fraudulently foreclose on homeowners. [New York Times]
  • The British bank Standard Charterd is pushing to settle charges that it defied sanctions against Iran. [Financial Times]
  • Facebook shares have lost more than 40 percent of their value since the company went public. [New York Times]
  • The G20 is planning a coordinated response to rising global food prices. [Financial Times]
  • President Obama used his weekly address to urge Congress to pass a bill aimed at helping farmers and ranchers affected by the ongoing drought. [The Hill]
  • The Consumer Financial Protection Bureau is proposing new rules for the mortgage servicing industry. [The Hill]
  • Google is planning to cut 4,000 jobs at Motorola, one-third of them in the U.S. [New York Times]
  • The Department of Education’s Race to the Top initiative for individual school districts begins today. [Education Week]