Merrill Lynch CEO John Thain spent over $1.22 million to renovate his office in early 2008, just as his firm was getting ready to slash thousands of jobs, cut back on spending and dump businesses. Here’s this douchebag’s big-ticket tally of personal aggrandizement in the midst of financial crisis:
economy
6 Liquidation Sale Tips From A Circuit City Employee
By 1.22.09
Sam, a reader who says he is a current Circuit City employee, writes in to offer his advice on navigating the liquidation.
By 1.22.09
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Builders started building the fewest number of new houses since they started keeping records, says Bloomberg.
Newly Frugal Cut Back On Outsourced Services
By 1.21.09
People are cutting back from outsourced services and opting to do things themselves, like cleaning the house, walking the dog, making their own coffee, cutting their hair, or packing their lunch. Those who do say it saves money and gives a feeling of self-reliance. What have you started doing yourself lately that you used to pay people to do?
By 1.20.09
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Hope didn’t save the stock market…”The Dow Jones Industrial Average dropped 332.13 points, or 4%, to 7949.09. The index was hurt by declines in all its financial components. Bank of America fell 29% and J.P. Morgan Chase fell 21%. Citigroup declined 20%.” [WSJ]
Nintendo To Rest Of Planet: What Recession?
By 1.16.09
Video games are proving recession-proof as record sales continue even as the economy goes from bad to worse to holy %#$% #$%!!
Fired? Suck Up To Your Enemies
By 1.14.09
Here’s a cheeky guide for sorta-lazy people to survive being laid-off. Number one: Kiss the ass of ex-coworkers you hate.
Why The Fed Is Making "Bad Banks," And Why That Could Be Good
By 1.14.09
Marketplace’s Paddy “Sexycakes” Hirsch whips out the whiteboard to explain the how and why of the latest gimmick the Fed is deploying to ease the financial crisis. Now they’re making “bad banks” which will go buy the toxic assets from the banks so they can clean up their books. Hopefully over time these assets will mature past their heavily discounted value and the taxpayers can make money on the deal. But if the situation deteriorates and too many of the assets go to zero, as some indeed may, then we’ll be sitting on a big fat goose egg, again. Video inside.
Persona Razors, Now! With The Same Amount Of Razors!
By 1.14.09
Companies are scrambling to make their products seem more affordable in this economic climate, and, in some cases, are resorting to simply making it up. Reader Ben sent in this picture of Personna razor blades. The old pack is on the left, containing 12 razors. The new one is on the right, also containing 12 razors, but it boasts a scratched out 10 and a big 12 and now it’s a “Value Pack.” You get the same number of razors, pay the same, but now you get the added bonus of feeling like you’re a savvy shopper.
Whoops: Ford Might Need A Bailout After All
By 1.12.09
Ford has been busy marketing itself as America’s Healthiest Automaker — but Bloomberg says that the company may need a bailout after all.
Walmart CEO Thinks Consumers Have Finally Learned That Debt Is Bad
By 1.12.09
Retailers are hoping that the credit crunch ends and consumers will start spending like crazy again — but Walmart’s CEO Lee Scott doesn’t think that’s going to happen.
How Many Jobs Did We Lose In 2008? As Many As If We'd Fired The Entire State of Wisconsin
By 1.9.09
The numbers are in and we lost 2.6 million jobs in 2008, making it the worst year since 1945. How do you picture 2.6 million jobs? Well, by looking at Wisconsin. Or Missouri. Or Maryland.
Photo: "All Job Fairs Have Been Cancelled Until Further Notice"
By 1.9.09
Against a a backdrop of cheery balloons, and exclamatory soap opera digest headlines, the signs at this Austin supermarket checkout lines read, “All job fairs have been cancelled until further notice.” Sign of the times, perchance?
Circuit City Close To Being Sold… Or Liquidated
By 1.9.09
Circuit City announced today that it is close to finalizing a deal to sell all or part of its operation to one of two undisclosed potential buyers— but if the deal falls through— the store could be liquidated.
Consumer Borrowing Dropped $7.9 Billion In November
By 1.8.09
“Consumers have clammed up,” said Ken Mayland, president of ClearView Economics LLC in Pepper Pike, Ohio, who forecast a decline. “The reduction in consumer credit doesn’t stop here, and will spill over into 2009. Households are bolstering their balance sheets.”
Bank Of England Cuts Interest Rates, Lowest Since 1694
By 1.8.09
Remember 1694? No? Well, the Bank of England has cut the benchmark interest rate “to the lowest since the central bank was founded in 1694 as policy makers tried to prevent the credit squeeze from deepening Britain’s recession,” says Bloomberg.
No Store Was Spared The Holiday Bloodbath, Not Even Walmart
By 1.8.09
Walmart missed its same store sales estimates (considered the most important barometer for the health of a retail operation) for December — leaving analysts “shocked and disappointed.”
Macy's Closing 11 Stores
By 1.8.09
Looks like it’s time for Macy’s annual closing of the stores! This time it’s 11 underperforming locations that will be shuttered, and Macy’s says clearance sales will begin at those stores next week. Here’s a list of the stores that will be saying goodbye.
