FCIC Threatens Goldman Sachs with Audit Over Derivatives Data

Goldman Sachs FCIC Audit Derivitives While Goldman Sachs (GS) has settled Securities and Exchange Commission civil fraud charges over its Abacus synthetic collateralized debt obligation transaction with a $550 million fine, its dispute with the Financial Crisis Inquiry Commission is ongoing. The FCIC now says it’s considering sending in outside accountants to audit Goldman’s systems for data on its derivatives business, the reports.

The FCIC will not back down from demands for information that Goldman’s executives have maintained the company doesn’t track, FCIC Chairman Phil Angelides told the . He promised the commission would press Goldman hard.

The information the FCIC is seeking relates to Goldman’s derivatives trading revenue, but Goldman executives claim such data would be meaningless because it would only show one si...

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5 Financial Milestones You Should Reach by Age 40

fortieth birthday cupcake with...

GVictoria/Shutterstock

Forty may indeed be the new 30, but that doesn’t mean your financial picture should look as young as you feel. Here’s a look at five aspects you need to think seriously about before you blow out 40 candles.

1. Life Insurance

If you bought life insurance when you were in your 20s or 30s you were probably looking for the least expensive way to get coverage, that policy may no longer be right for you, says Michael Luftman, financial adviser with the MetLife Premier Client Group.

“You need to do an insurance audit and take a look at everything you have. If you bought a small policy through your first employer and haven’t reviewed your coverage in several years, it’s highly likely that your goals have changed,” Luftman says.

Many people will need to weigh the options of...

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Insurance Review: Are Your Policies Protecting You at the Right Price?

InsuranceHaving the right insurance policies in place can soften the blows from unexpected events that would otherwise mean financial catastrophe for you and your family. But if you’re like many people, you may not fully understand all the policies you have, let alone whether they’re adequate to meet your needs.

As part of your annual financial checkup, here are some tips to help you assess your current coverage and decide whether you need to make any changes.

Home Is Where the Risk Is

Homeowners insurance may protect you financially in the event of everything from natural disasters to household mishaps. But as millions of homeowners affected by Hurricane Sandy found out the hard way, standard homeowners insurance doesn’t protect you against every type of danger.

One of the most common mistakes peo...

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New Woes for HealthCare.gov: Wrong Tax Info Sent Out

Health Overhaul Tax Troubles

Don Ryan/AP

WASHINGTON — In a new setback for the health care law and the people it’s supposed to help, the government said Friday it made a tax-reporting error that’s fouling up the filings of nearly a million Americans.

After a successful sign-up season, the latest goof could signal new problems with the complex links between President Barack Obama’s health care overhaul and the nation’s income tax system.

Officials said the government sent the wrong tax information to about 800,000 HealthCare.gov customers, and they’re asking those affected to delay filing their 2014 returns. The issue involves a new government form called a 1095-A, which is like a W-2 form for health care for people who got subsidized private coverage under Obama’s law.

It’s just another black mark on the administra...

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House Votes to End ‘Car Czar,’ ‘Pay Czar’ Posts

House Votes to End If the Republican majority in the House of Representatives gets its way, the Obama administration’s “car czar” and eight other presidential advisers will soon find they are out of jobs.

Conservative lawmakers voted Thursday to eliminate the positions in an amendment to a bill that would keep the federal government running through March 30, reported.

The 249-149 vote was along mostly party lines. The advisory positions were labeled “a shadow government” by Rep. Steve Scalise (R-La.).

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The czars essentially hold Cabinet-level positions that aren’t held to the same scrutiny and accountability that’s required by law for Cabinet posts, Scalise said...

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IRS: More Taxpayers Paid Obamacare Fine Than Expected

Healthcare and Taxes

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They paid their Obamacare fine, even though many of them apparently didn’t have to.

About 7.5 million taxpayers so far have paid a penalty on their taxes for failing to have health insurance last year, as required for the first time by the Affordable Care Act. That number is well in excess of original expectations, officials said Monday.

The average penalty paid was about $200 a person, and in all $1.5 billion was collected by the Internal Revenue Service in these fines.

The Treasury Department said about 300,000 people who paid the penalty likely qualified for an exemption from having to have health coverage. There are a slew of exemptions from the Obamacare mandate based on income status or certain hardships.

The IRS will be reaching out to these taxpayers to inform them ...

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5 Things to Know About Filing Your Taxes and Obamacare

obamacare irs tax filing

Carolyn Kaster/AP

WASHINGTON — The IRS is cutting taxpayer services just as President Barack Obama’s health law is making filing a tax return more complicated.

The agency blames budget cuts enacted by Congress. An IRS watchdog says service problems at the tax agency will make complying with the law harder for well-intentioned taxpayers.

“Without adequate support, many taxpayers will be frustrated, some will make potentially costly mistakes, others will incur higher compliance costs when forced to seek information and assistance from tax professionals,” said Nina E. Olson, the National Taxpayer Advocate, an independent office within the IRS.

“Still others,” Olson said, “will simply give up and not file.”

Olson released her annual report to Congress on Wednesday, less than a week before th...

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Survey: Nearly 9 in 10 Adults Now Have Health Insurance

Health Overhaul Privacy

Don Ryan/AP

WASHINGTON — Underlining a change across the nation, nearly 9 out of 10 adults now say they have health insurance, according to an extensive survey released Monday.

As recently as 2013, slightly more than 8 out of 10 had coverage.

Whether the new number from the Gallup-Healthways Well-Being Index turns out to be a high-water mark for President Barack Obama’s health care law, or a milestone on the path toward his goal of getting virtually all U.S. residents covered, remains to be seen.

The law’s future is still up in the air, and will turn on factors ranging from an upcoming Supreme Court decision on consumer subsidies to actions by Republican leaders in states opposed to Medicaid expansion.

The Gallup-Healthways survey found that the share of adults who lack insurance dropped...

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Four Americans: How Obamacare Affected Them

Health Overhaul Personal Stories

Seth Perlman/APLloyd and Shawn Turner signed up for health insurance under the Affordable Care Act last Decmeber. The timing of the new law couldn’t have been better for Shawn, who was diagnosed with cancer after few weeks after her coverage started.

CHICAGO — More than 7 million people have signed up for private health insurance under the system introduced last year for those who were uninsured or had policies considered substandard.

What happened to them since has varied greatly.

Many have been happy with their new insurance, according to polls. Others are encountering a variety of snags — high premiums, telephone runarounds or difficulty getting care...

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3 Costly Mistakes You Are Making on Life Insurance

BF1FGX A father crouching with his baby daughter on a rural path. life insurance A; father; crouching; his; baby; daughter; on;

Alamy

Thinking about your life insurance is not much fun, and far too many people ignore this necessary task. Too few people have adequate life insurance coverage. And the ones who do aren’t getting the best coverage at the best premiums, either. Let’s consider three common mistakes.

1. Blindly Auto-Renewing Your Policy

My life insurance is bundled with my homeowners and car insurance for the best deal in premiums. So my insurance policies renew every six months, and the personal property insurance recalculates the premium every six months as well. The price I pay fluctuates a little bit every time.

But is this the best price for life insurance? Of course I’m a little bit older, but I’ve also worked hard to lose weight. I’ve been working out with a personal trainer...

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