Lawmaker Wants Sriracha To Move To Texas

IRWINDALE, Calif. (AP) — A Texas lawmaker is making a pitch to move Sriracha (suhr-AH'-chuh) hot sauce production to his state from a plant in Irwindale, California, where some residents' complaints about its smell have led to city action.

Texas state Rep. Jason Villalba visited the plant on Monday and was greeted by owner David Tran.

Villalba tells KTTV-TV (http://bit.ly/1jka8cU) he'll try to draw distinctions between Texas and California in terms of taxes, regulatory climate and lawsuits.

The Irwindale City Council has tentatively voted to declare the plant a nuisance. A vote that had been delayed was rescheduled for Wednesday, but a staff recommendation urges that it again be postponed.

The flap over the popular hot sauce has led to numerous solicitations for the plant to relocate elsewhere in California or to other states.

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Information from: KTTV-TV, http://www.fox11la.com/

U.S. Companies Often Assume Black Job Applicants Do Drugs

More than any other group, black job applicants are being turned away by U.S. companies under the implicit assumption that they are using illegal drugs, according to a new study published by the National Bureau of Economic Research (NBER).

The study’s author, University of Notre Dame economics professor Abigail Wozniak, looked at how hiring practices differ between states with laws that incentivize or encourage drug testing and states with laws that limit or do not require such testing. She found that pro-testing legislation has a “large” and positive effect on black employment and wages, especially among low-skilled black men.

As the chart below shows, enacting pro-drug testing laws improves the share of blacks working in what Wozniak terms high-testing industries, while leading to a decrease in the share of whites working in such industries.

Piketty Is Right: These Wealthy Men Make Billions For Basically Doing Nothing

In the future foretold by French economist Thomas Piketty, the rich will keep getting richer by doing basically nothing, living off the income generated by their already massive wealth.

For many hedge-fund managers, that future is now.

The world's 25 best-paid hedge-fund managers took home more than $21 billion in 2013, mostly for charging enormous fees for keeping an eye on huge piles of money, according to a new tally by Institutional Investor's Alpha magazine.

It's a job most hedge funds do quite badly: The industry returned just 7.4 percent last year, according to Bloomberg, badly lagging the Standard & Poor's 500-stock index, which gained 30 percent.

Former Executive Accuses Anheuser-Busch Of Sex Discrimination

ST. LOUIS (AP) — From male-only corporate jets to guys' golf outings and hunting trips, Francine Katz says her time in the Anheuser-Busch executive suite was rife with exclusion and outright discrimination. But it wasn't until the King of Beers' 2008 sale to Belgian brewer InBev that she says she realized the boy's club atmosphere was costing her millions.

In a 20-year career that saw her rise from a young corporate lawyer to a vice president, key strategist and the beer-maker's top female executive, Katz became the face of her hometown employer, defending the maker of Budweiser and Bud Light from overzealous regulators and anti-alcohol crusaders.