One person’s “supply and demand” is another person’s “price gouging.” Uber, a smartphone app that matches up professional drivers who want to pick up strangers and people in need of rides, is a serious competitor for licensed taxis in many cities, but its business model has one feature that taxis generally don’t: surge pricing. [More]
In what will probably come as a surprise to no one, Consumerist readers have overwhelmingly selected the BP/Deepwater Horizon oil spill in the Gulf of Mexico as the biggest business debacle of 2010. [More]
If you’ve got an account on Gawker.com or any of its sister sites (Kotaku, Gizmodo, Deadspin and Jezebel among others), you’ll probably want to change your passwords because anonymous hackers have swiped usernames, email addresses and passwords and made them available via a torrent file. And by change your password, we potentially mean all of them. Now. [More]
This video shows a lgirl stepping into a tarball on a Destin, FL and screaming for her mother to get it off. The politicians and billboards are telling people to never mind the oil spill, come down to the shore, the water’s fine. Some of them are, but this beach is not, not today. [More]
Gawker shared photos of pillaged Safeway and Wegmans stores in the Washington, D.C. metro area. Maybe it’s my roots in upstate New York’s snow belt, but I have to ask: D.C., you do remember that snow melts, right?
See, this is the effect of mass weather-induced panic and, apparently, an area almost wholly dependent on takeout food.
Scammers pretending to buy ads for Suzuki tricked Gawker’s ad sales team last week into running malware-laced ads that installed spyware and crashed the browsers of some readers before they were caught and pulled.
Consumerist and Gawker Media, which hosts us, had some technical issues this week resulting in network-wide outages Sunday and Monday.
The stage is set for truly the saddest year of Superbowl Ads, Cash4Gold has bought up a Superbowl Ad slot. Cash4Gold usually advertises on late-night cable TV. You send them your scrap gold, and they send you money. I can’t wait to see what they come up with. Probably they’ll just replay the same commercial. NBC also has two 30-second slots left for sale. Someone tell the Snuggie cult.
We are thrilled to announced Consumers Union has purchased The Consumerist, effective 1/1/09.
Former Treasury Secretary John W. Snow has told the New York Times that he, along with the entire Bush Administration, simply “forgot” that people had to be able to “afford their house.”
This graphic demonstrates how the 2008 bailout, so far, costs as much as several large and famous government projects added up together. Yes, these numbers are inflation adjusted.
What does an ex-Lehman Brothers i-banker do now that he has no reason to live? This brilliant, amusing, well-put-together, and NSFW video explores the answer. “I’ve been waking up 5:40 every morning, not waking up for Lehman Brothers necessarily, but when I wake up, I put on a suit.” I know there’s a lot of so-called “funny videos” on the internet, but seriously, this is a good one. Watch it inside.
TechCrunch has posted this “March Madness” style bracket of the recent financial meltdown. It was reportedly created by a general partner at Sansome Partners named Mark Slavonia, says TC.
The collapse of Washington Mutual and the FDIC-engineered fire sale to JPMorgan Chase has people worried — about Wachovia. Wachovia’s stock is down 45% for the week, and 27% today as bailout talks stalled in Washington and WaMu held a garage sale at the FDIC.
When Treasure Secretary Henry M. Paulson Jr. and the Fed chairman, Ben S. Bernanke, convened a meeting with House and Senate leaders on Capitol Hill last night to discuss giving AIG an unprecedented $85 billion loan, do you think they had a laugh about AIG’s commercials? We picture Paulson saying something like, “Ha, ha, ha… ‘strength to be there.’ That’s rich! Rich! Ha! I’m on a roll!”
The Federal Reserve Bank of New York will lend AIG $85 billion. Explaining the breathtaking move the Fed said, “a disorderly failure of A.I.G. could add to already significant levels of financial market fragility and lead to substantially higher borrowing costs, reduced household wealth and materially weaker economic performance.” They’re not just dumping out the public purse on the counter, though. FBNY will take a 79.9% stake in the company, the collateralized loan is for two years, and is expected to be paid off by selling off assets. NYT writes, “the bailout is likely to prove controversial, because it effectively puts taxpayer money at risk while protecting bad investments made by A.I.G. and other institutions does business with.” You can say that again.