The government is taking steps to revamp the AIG bailout, after the company lost a mindbogglingly huge amount of money, $62 billion, in a single quarter.
economy
From Sprint Call Center Exec To Baker In Five Years
By 3.1.09
Meet John Eller. Five years ago, he was a Sprint executive earning $150,000 for managing 7,000 employees at 13 call centers. Today, he’s a grocery store baker making $10 an hour. The Times tells us he’s not the only former executive now working for minimum wage.
By 2.27.09
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The GDP dropped 6.2% in the fourth quarter, the largest drop since 1982. Reuters says that a month ago the Commerce Department estimated that the economy shrank at a 3.8 percent pace in the October-December quarter. Whoopsies! [Reuters]
See The Bank Failure And Foreclosure Rates In Your State
By 2.27.09
CNN Money has put together a couple of quick interactive maps of the U.S. that let you see the bank failure rates and foreclosure rates for each state. According to these two maps, Wyoming is the place to be.
What Happens To This Stuff Left In A Foreclosed House?
By 2.26.09
What happens to all the stuff left inside a foreclosed house when the ex-owners jet? The bank contracts these guys to haul it all away to the dump in what is called a “trash out.” Here’s a short video following a crew of junk chuckers. It’s amazing what people leave behind, including photos and computers.
NYSE Thinking About Chucking $1 Rule
By 2.25.09
The New York Stock Exchange is thinking about getting rid of the pesky rule that your company’s stock needs to trade above $1 for it to remain listed. [Yahoo! Finance] (Photo: woodendesigner)
Consumer Confidence Plunges To New Low
By 2.24.09
The consumer confidence index plunged to 25 in Feb., down from 37.4 in Jan. Many economists only predicted it would fall to 35. The index is based on a monthly survey of 5,000 households, responding “positive”, “negative” or “neutral” to five questions about how they feel about certain economic conditions. A decline means people are going to be spending less. Here’s a more specific breakdown of how people responded to the specific questions:
Freak Out Continues: Markets Close At Lowest Level Since 1997
By 2.23.09
Bad day on Wall Street today, folks. The S&P 500 closed at the lowest level since April 1997.
US Bancorp Blasts TARP As Giant Bait And Switch On America
By 2.21.09
U.S. Bancorp CEO Richard Davis took shotgun blasts to the TARP program for being a fat big lie. “We were told to take it so that we could help Darwin synthesize the weaker banks and acquire those and put them under different leadership,” Davis said. OMG – truth alert!
Hot Cartoon Makes Understanding Credit Crisis Simple And Fun
By 2.20.09
This a freakin’ awesome cartoon that explains how the credit crisis began, played out, and exploded in our face. I know you’ve seen and heard a million of these by now, but this one is highly visually engaging and entertaining, enough so I could see it being used in the classroom and kids not getting (too) bored. Graphic designer Jonathan Jarvis. Especially good is how it explains leverage.
Sprint Loses Another 1.1 Million Customers
By 2.19.09
Wondering why Sprint CEO Dan Hesse has time to wander around NYC telling people about Sprint products? Well, it’s apparently come to that. Sprint has lost another 1.1 million customers.
NYC Mayor Wants To Spend $45 Million Retraining Investment Bankers
By 2.18.09
New York City Mayor Michael Bloomberg wants to spend $45 million in government money retraining investment bankers, brokers and others who have lost jobs on Wall Street, says the New York Times.
What's In This New Obama Foreclosure Plan?
By 2.18.09
With the economic stimulus (or “e-stim,” as we’ve been calling it) signed into law, President Obama turns his attention to the foreclosure crisis. At an event in Arizona today, he announced the following proposals to help homeowners.
Make The Bank Prove It Really Owns Your Mortgage Before You Let Them Toss You Out
By 2.18.09
We’ve written about this before, but as more and more people face foreclosure (last year’s foreclosures totaled 2.3 million, according to the AP) its a good time to remind people of this strategy.
By 2.18.09
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Smithfield, the world’s biggest pork processor, will close 6 plants and lay off 1,800. I know saying that every little thing is a sign of the apocalypse is a horrible cliche, but I know something about the topic, and when you can’t make money selling bacon we’re all in trouble. [Bloomberg]
JetBlue Will Refund Your Ticket If You Get Laid Off Or Fired
By 2.18.09
Afraid you might get laid off? Too worried to book plane tickets? JetBlue thinks you are. They’ve launched a program that guarantees a full refund to those of you who get laid off at least two weeks before you fly.
Don't Miss Frontline's "Inside The Meltdown" Tonight
By 2.17.09
Tonight at 9 eastern Frontline’s new documentary “Inside The Meltdown” will debut on PBS and online. We’ve only seen the trailer, but the press release makes it sound like the scariest documentary in the history of the universe.
