UPDATE: People Haven’t Returned Hyundais b/c They Weren’t Yet Eligible
economy
AIG Big Bonus Getters Will Return Their Cash
By 3.23.09
You can put down your pitchforks, NY AG Cuomo told reporters this afternoon that most of the AIG big bonus receivers had agreed to return their bonuses. 9 of the top 10 bonus recipients, and 10 of the 15 bonus recipients in the infamous financial products services division, will return their monies. The holdouts were mainly overseas workers and those outside NY jurisdiction. The total remittance comes to about $30 million. Great, can we get back to fixing the economy now? Thanks.
Markets Leap On Treasury's Troubled Asset Purchase Details
By 3.23.09
Markets jumped after the Treasury presented the fleshed-out details of its plan to buy troubled bank assets. The need for getting toxic assets off bank books has been around for quite some time, but has stalled because banks and investors couldn’t compromise on the price. Banks didn’t want to sell for less than 60 cents on the dollar, investors didn’t want to pay more than 30. The Treasury plan makes the two ends meet by providing $75-$100 billion in financing for buyers. For it to work, private investors will have to step up, but with the S&P leaping up 7.1% the street is betting they will and it will unclog the credit markets.
Surviving A Lynch Mob – AIG Internal Staff Memo
By 3.20.09
Via Gawker: Considering the profound social unrest surrounding just about every aspect of their entire existence, AIG disseminated the following memo to their staffers to help them avoid getting hoisted by their necktie the nearest lamppost.
Stocks Surge As Fed Prints More Money (Effectively)
By 3.18.09
Stocks surged today after the Fed said it would buy $300 billion in longterm Treasurys and hundreds of billions of mortgage-backed securities. Effectively, it’s like an interest rate cut, or printing more money. By increasing the amount of money in the system, banks will be able to borrow more cheaply and could prompt lower mortgage rates and more lending. Remember when we told you what “quantitative easing” was? This is it, folks, and it’s big.
35 Sad Photos Of The Recession
By 3.18.09
A photographic tour of the recession, as told through 35 depressing photos! Here’s one of a hotel manager kicking in the door on a soon-to-be ex-tenant. The caption on the Getty photo by John Moore reads, “The tenant said that he was laid off from his job in a retail store two months ago and had fallen behind on his rent payments at the low-budget hotel.”
Recession Best Thing Ever For Non-Graybeards
By 3.17.09
Ever notice how most of the people bitching the hardest about the recession are old people? Here’s an alternative view, and how the economic meltdown might just be the best thing ever if you’re under 35, have a job, and aren’t strapped with debt. [MSN] (Photo: hanapbuhay)
$1.144 Quadrillion – Total Size Of Derivatives Bubble
By 3.16.09
Buddy, can you spare 1.144 Quadrillion dollars? Based on one analysis, that’s the total size of the global derivatives market right now, equivalent to $190,000 for every person on the planet. (A derivative is an investment whose value comes from, or “derives,” from another investment, like stocks, credit, or home mortgages…) If you’d like to learn more about derivatives and become frightened by them, check this article out. For further comparison, here’s what the Sears Tower looks like, as dwarfed by a cube of 1 quadrillion pennies.
50% Of Americans 2 Paychecks Away From Having Big Financial Problemos
By 3.11.09
Whatever happened to developing an emergency fund to cover rainy day expenses? Apparently many Americans haven’t heard of this practice (or at least aren’t applying it) and now with the economy in the tanker, their financial lives are hanging by a thread. US News reports that half of Americans are two paychecks away from hardship.
Senators Propose Financial Product Safety Commission
By 3.11.09
Senators Durbin and Schumer today proposed making a “Financial Product Safety Commission.” (an idea originally put out there by the super-awesome Elizabeth Warren 2 years ago). Shumer likened it to the Wild West days of medicine in the 1900s when snakeoil got peddled from street corners and magazines, saying, “Those who sell quack financial products in the 21st century” should be “reined in, not with disclosure, but with real limits.” If it comes to fruition, hopefully unlike other government protection agencies it will be staffed by consumer advocates instead of industry insiders.
Craigslist: Fall Guy For Your Hedge Fund (Financial District)
By 3.11.09
Is your hedge fund in dire financial straits? Are you totally screwed and now realizing that someone has to take the fall? Has your ponzi scheme enveloped numerous celebrity-endorsed charities benefiting Laotian children with AIDS and been discovered by the SEC?
Markets Rally On Bernanke Comments, Citigroup Profits
By 3.10.09
Full Text of Bernake’s Speech [Federal Reserve] (Photo: AGRR 4059)
Check Out The New Commercial For Citibank!
By 3.9.09
Here’s what you can expect from a nationalized Citibank, courtesy of Funny or Die. NSFW warning: this thing is full of f-bombs, and even an r-mine. (Full video after the jump.)
BoA: No Credit, Even For Rocket Scientists
By 3.4.09
If you have any lines of credit and you use them to manage your financial flow, you should evaluate your personal money matrix so you’re ready in case all of them get cut. They’re cutting lines of credit even for rocket scientists like reader Rocky. That’s right, he’s an engineer in the aerospace industry, has never overdrawn, never been late, never incurred NSF charges, and has 3 Masters and 2 MBAs. Overnight, they cut his four lines of credit. Apparently his only crime was simply having them. He called multiple times and got nowhere, only to be told to talk to a credit counselor. A credit counselor? Bank of America, he doesn’t have bad credit, he has no lines of credit because you just cut them all. His story, inside…
Hey, Look On The Bright Side!
By 3.4.09
Anyone had enough bad news lately about the economy? Layoffs, the stock market diving, bailouts, government debt, the housing crisis — all of it can add up to some pretty somber feelings. And the fact that it’s been going on for awhile now can drag anyone down. We’re not going totally Pollyanna on you, but we do share the sentiments of the Wall Street Journal that maybe we should stop complaining and be a bit thankful. Turns out that doing so could put you in the middle of a growing trend:
10 Ways To Ruin A Job Interview
By 3.3.09
The Savvy Networker has 10 ways to ruin a job interview. Most of these are kind of obvious but maybe by reading it you can catch yourself if you start to do any of them without thinking about it. Also, it’s kind of fun to imagine someone doing them, like #10: Doing anything disgusting: “One candidate asked me for a cup of water, took a sip, swished it around in his mouth, and spat into a potted plant.”
Starbucks Breakfast Value Meals Begin Today
By 3.3.09
Yes, today is the day. Starbucks will begin servings its new line of “breakfast pairings” (don’t call them value meals!). For $3.95 you shall receive coffee and an egg sandwich, oatmeal or coffee cake. It’s all part of Starbucks’ latest effort to rid themselves of the perception that they are overpriced — which is probably going to be kinda difficult.
The State Of The Global Economy As Measured In Unsold Cars
By 3.2.09
WeSeed directed us to this sad photo album of cars backed up at ports and manufacturer lots around the world. Maybe they can be handed out in clusters as executive bonuses at the end of the year.
