DwollaAlyson Shontell reports in Business Insider:

There’s a tiny 12-person startup churning out of Des Moines, Iowa. Dwolla was founded by 28-year-old Ben Milne; it’s an innovative online payment system that sidesteps credit cards completely.

Milne has no finance background, yet his little operation is moving between $30 and $50 million per month; it’s on track to move more than $350 million in the next year. Unlike PayPal, Dwolla doesn’t take a percentage of the transaction. It only asks for $0.25 whether it’s moving $1 or $1,000.

We interviewed Milne about how he is building a credit card killer and Square rival from the middle of the nation where VCs and press are scarce.

Ten U.S. Senators are now proposing a “Marketplace Fairness Act,” which creates a new system letting states collect sales taxes from purchases made online. “It’s about closing a tax loophole,” said Senator…

The radical commies at Bloomberg have published a sweeping expose of the Tea Party-funding behemoth Koch Industries, claiming that standard practice at the company includes bribing government officials around the world, secretly…

In a fantastic new series called Meltdown, Al Jazeera looks at the people and machinations around the globe that were behind the financial collapse of 2008, beginning with the assertion that for a brief period, Henry Paulson “was the de facto president of the United States.”

GibsonVia Brooklyn Vegan and

The Federal Department of Justice in Washington, D.C. has suggested that the use of wood from India that is not finished by Indian workers is illegal, not because of U.S. law, but because it is the Justice Department’s interpretation of a law in India. (If the same wood from the same tree was finished by Indian workers, the material would be legal.) This action was taken without the support and consent of the government in India.

On August 24, 2011, around 8:45 a.m. CDT, agents for the federal government executed four search warrants on Gibson’s facilities in Nashville and Memphis and seized several pallets of wood, electronic files and guitars. Gibson had to cease its manufacturing operations and send workers home for the day, while armed agents executed the search warrants. Gibson has fully cooperated with the execution of the search warrants.

In need of a pick-me-up? The Tumblr Brokers With Hands On Their Faces offers an unending stream of more-pleasing-than-lolcats shots of Wall Street brokers smooshing and contorting their faces in their hands as they “find out the latest numbers” or some such. I like to think that they just realized that money is an imaginary social construct and can scarcely believe what fools they’ve been.


Kelly Carr and Brian Grow recently reported in Yahoo Finance: The secretive business havens of Cyprus and the Cayman Islands face a potent rival: Cheyenne, Wyoming. At a single address in this…

We know the approximate price of gas for consumers, but what is the price for society? The external costs borne may be as high as $1.7 trillion per year for the United States alone — that’s from health problems caused by pollution and toxic fumes, damage to crops and plant life, et cetera. The Center for Investigative Reporting calculates $15 per gallon as a reasonable pump price reflecting the true cost of gasoline.

My only complaint: it should be significantly higher still, as they forgot to factor in the huge sums of tax dollars spent on foreign aid and military operations for the benefit of the oil industry:

This article in the Washington Post raises a very interesting question: A meeting of anarchists, progressives, a self-described “surly feminist” and others on the far left of the political spectrum is underway….