CALIFORNIA | LOCAL
June 13, 2013 |
SACRAMENTO - Gov. Jerry Brown has backed off his proposal to tie some money for California's public universities to such requirements as improving graduation rates, enrolling more low-income students and freezing tuition for four years. University of California and California State University officials fought Brown's carrot-and-stick approach to higher education, which the governor had embedded in his budget plan. Brown wanted to steadily increase funding for universities over the next four years as long as they met specific conditions - ensuring more students finish their degrees on time, enrolling more transfers from community colleges and other measures - and to withhold the money if tuition was raised.
April 2, 2013 |
California is applying money-transfer laws to high-tech start-ups and others in the business of moving funds, subjecting them to the same strict regulations and heavy scrutiny as financial service companies. And that has some Silicon Valley entrepreneurs crying foul. The regulations, they say, are hobbling their ability to develop new Internet technologies that, like PayPal Inc. and Square Inc., make fast, secure payments with smartphones and tablets. FaceCash, a Palo Alto company that developed a mobile payment system using facial-recognition software, has sued the state in federal court on claims that licensing requirements discriminate against the company and hinder interstate commerce.
February 3, 2012 |
President Obama's first campaign ad of 2012 decried "secretive billionaires attacking" him through conservative nonprofit groups that do not reveal their contributors. But two Democratic nonprofit groups that do not disclose their donors made payments last year to their affiliated "super PACs," a tactic that can be used to undermine transparency. Priorities USA Action, a group started by two former Obama White House aides, accepted $215,000 from its tax-exempt arm, Priorities USA, for "operating expenses," according to campaign finance reports filed Tuesday with the Federal Election Commission.
June 22, 2011 |
Money-transfer company MoneyGram International Inc. had a near-death experience as one of the more unlikely victims of the mortgage meltdown. Pummeled by losses starting in 2007 on mortgage-related investments, it stayed afloat when private equity fund Thomas H. Lee Partners and Wall Street titan Goldman Sachs Group Inc. swooped in, provided an infusion of cash and took control in 2008. Shareholders in MoneyGram, based in Dallas, recently approved a deal that analysts say is a step toward the eventual exit of Lee Partners and Goldman.
May 24, 2010 |
To his defenders, Mahmoud Reza Banki is the accomplished son of Iranian American parents, with degrees from UC Berkeley and Princeton and a business acumen that made him the logical person in the family to trust with more than $3 million. "My family is unusually generous to me, certainly beyond what is customary among U.S. families," Banki, 33, told federal authorities after they asked about the hundreds of thousands of dollars dropping into his bank account. Banki said the money came from his cousin Ali in Tehran.
February 12, 2010 |
Western Union will pay $94 million to settle a long-running legal battle with the state of Arizona over whether the company allowed its money transfers to be used to send proceeds from human trafficking and drug smuggling to Mexico, officials announced Thursday. The settlement includes $50 million that will help law enforcement operations in border states fight money laundering. Western Union has also agreed to beef up its internal procedures to stop its wire transfers from being exploited.