Morning Business Memo:
Can Americans afford not to go to college? New research shows a clear link between a good job and higher education. Jamie Merisotis, president of the Lumina Foundation, tells ABC News: “Having a college education is really the best umbrella in the economic storm.”
The College Advantage study by Lumina and Georgetown University finds jobs that require bachelor’s degrees have increased by 2.2 million since the recession began. Merisotis says: “virtually all the job loss has been for people who had a high school diploma or less.” This group lost 5.7 million jobs since the recession began in 2008. The study finds professional and business services lost college jobs in recession, but since then have added 500,000.
US corporate tax rates are high, but some big companies last year paid more money to their CEOs than to the US Treasury. The liberal-leaning Institute for Policy Studies study of 26 companies says AT&T, Boeing Citigroup and other firms paid their CEOs an average of $20.4 million last year while paying little or no federal tax on profits. The report singles out Boeing CEO James McNerney Jr. It said he got $18.4 million in pay last year while his company received a tax refund of $605 million.
Some of the world’s biggest banks have received subpoenas from New York and Connecticut’s attorneys general. They want to know what role Citigroup, JP Morgan and foreign-owned banks could have played in the fixing of Libor – a key global interest rate.
Apple wants a piece of the TV pie and is reportedly in talks with several large cable companies as it tries to get a slice. Apple wants to allow consumers to use its set-top box to stream live TV shows. But The Wall Street Journal says it has yet to reach a deal with any cable operators. The industry may be nervous about letting Apple into the television business. Apple has become a dominant force in the music and cell phone industry.
Richard Davies Business Correspondent ABC NEWS Radio twitter.com/daviesabc