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London's Daily Mirror had taken on the Royal Navy arguing that the shrunken service now has nearly twice as many admirals as surface warships. In effect despite destroyers and frigates being cut to a paltry 19, the Senior Service still boasts 33 admirals on £100,000 a year.
Federal Reserve chief Janet Yellen warned Friday that the gap between the rich and poor in the United States is widening and has reached a near 100-year high. In a speech at a conference on inequality in Boston, the Fed chair did not mention monetary policy nor the current turmoil in financial markets. Instead, she focused on the widening wealth disparity and how that impacts economic opportunity.