In Other News, Criminals are Continuing to Commit Crimes

Good morning. Yesterday’s quote was part of an op-ed in the Wall Street Journal, which explained that the ProPublica story was intended to bolster support for increased taxes. Today McDonalds fell prey to cyberattacks; inflation jumps to its highest level in 13 years; the White House lifts Iranian sanctions; and thieves stole half of the federal unemployment benefits. Here is today’s quote:

“Kamala in Guatemala” is a damn good reality show. It has comedy, drama, and white girl wasted type of confusion. I’m waiting for it to get picked up on Hulu.

Business

McDonalds is the latest victim of the recent cybercrimes, following closely behind the global brands Colonial Oil and JBS Meatpacking. Hackers exposed consumer data in the United States, South Korea, and Taiwan, as well as business contact information for employees and franchisees. The burger chain said that cyber thieves also stole consumer emails and phone numbers, adding that the number of customers affected is relatively low.

Economy

Inflation jumped 5 percent in May compared with one year ago, or 0.6 percent month-over-month. This is the largest one-year increase since August 2007 – August 2008, when consumer prices jumped 5.4 percent in one year. That merely continues an upward trend for the 12 months ending January 2021, when prices jumped just 1.6 percent and inflationary fears were kept at bay. The full Bureau of Labor Statistics report can be found here.

Politics

White House officials kowtowed to Iranian demands, lifting all sanctions in the hopes that one day Iran will return to the negotiating table and cease production of its nuclear weapons. Yesterday, the US Treasury whitelisted Iran’s Petroleum Ministry and at least a dozen Iranian oil-related companies because they no longer hold technical positions in the blacklisted entities. While the White House calls this matter “routine,” it comes just as negotiators in Vienna prepare for a fifth round of talks to restore the 2015 Iran nuclear deal.

United States

Axios is now reporting that criminals stole as much as $400 billion from the federal unemployment coffers dolled out in the coronavirus spending bills. “The bulk of the money,” it says, “likely ended in the hands of foreign crime syndicates—making this not just theft, but a matter of national security.” As much as 70 percent of the federal purse ultimately left the country, winding up in China, Nigeria, and elsewhere around the globe, according to the report.

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