Amazon Announces Wind Deal, Still has a Long Way to Go

Wind

Today, Internet retail giant Amazon announced the first steps in moving to 100% wind power for the servers that power Amazon Web Services (AWS), its hosting subsidiary. In response to activists (including tens of thousands of Green America members) calling out the company’s failure to create sustainability goals or green their energy sources, Amazon Web Services, Inc. announced a power […]

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Bank of America Reaches Record Settlement with Justice Department, and Taxpayers Cover the Costs

Over the past year, the Justice Department has reached multiple settlements with the country’s largest financial institutions regarding their involvement in the 2008 financial crisis. JP Morgan Chase forked over $13 billion this past November, Citigroup settled for $7 billion this July, and now Bank of America will pay a record $16.65 to the DOJ. While all of these settlements involved the sale of toxic mortgage-backed securities to unknowing investors, the recent case is different. Under the guise of providing relief to homeowners who have lost their houses, BofA will actually stick the taxpayer with a bill of up to $5.8 billion for their wrongdoings. The settlement, reached last Thursday, is unique in that it actually allows Bank of America to write-off most of the cost as a tax deduction. Previous settlements with similar large banks contained more restrictions on this practice, but BofA will be able to treat the payment as if it were just another operating cost, for tax purposes. Approximately $5 billion of the grand total is considered a “civil penalty.” Typically, money paid to resolve a civil penalty cannot be written off as a business expense, but a tenth circuit court ruled earlier this month that businesses may write off penalties such as these as a “compensatory cost.” If Bank of America doesn’t try to write off these $5 billion of civil penalties, the other $11.63 billion portion of the settlement will still stick the taxpayer […]

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Green America Stands With the 99%

FROMGREEDTOGREEN

Green America posted the following statement to our Web site, in support of the Occupy Wall Street protests currently ongoing in cities nationwide: Here at Green America, we are inspired to see people in cities and town squares from coast to coast send the message that the old, corrupt Wall Street economy is not working for people or the planet. […]

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Bill Would Require Large Companies to Disclose Supply Chain Efforts

A new bill, introduced in the House of Representatives by a New York congresswoman, would require companies with more than $100 million in earnings to publicly disclose their efforts to keep child labor, forced labor, and human trafficking out of their supply chains.  “It’s virtually impossible to get dressed, drive to work, talk on the phone, or eat a meal without touching products tainted by forced labor,” said Rep. Carolyn Maloney (D) of Queens, when she introduced the bill. According to the Christian Science Monitor: The bill would require any company earning more than $100 million worldwide to document its efforts in two places: its annual Securities and Exchange Commissions (SEC) filing, and the company’s website. These disclosures would detail the companies’ policies to prevent illegal labor and their methods for certifying that suppliers abide by them. … “The Congresswoman was very intelligent about the way she’s put this together,” says E. Benjamin Skinner [author of the book, “A Crime So Monstrous: Face-to-Face with Modern-Day Slavery]. “[The disclosure] has to be in an SEC filing. If you lie as a CEO in an SEC filing, you go to jail.”

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