Fortune magazine commissioned artist Chris Ware to design a cover for their 2010 Fortune 500 issue, so he did. Unfortunately, what he delivered was a detailed, funny, and biting commentary on the current state of our economy–with banker types dancing on the top of mega-buildings that spell out “500,” a factory in Mexico churning out big box merchandise, and a “401k cemetary.” Fortune rejected it, but hasn’t provided any comment on why. Well, okay, it’s probably self-evident why they killed it, but it’s still funny.
When the SEC announced its fraud complaint against Goldman Sachs, people noted that the penalties involved would involve money, not jail time. But an attorney writing for seekingalpha.com argued over the weekend that John Paulson, the hedge fund manager who worked with GS to create “synthetic derivatives,” accessed FICO scores to create his financial product and therefore violated the Fair Credit Reporting Act (FCRA)–which could mean a penalty as high as $1 billion, and even jail time if the FTC or Justice Department decides to go after him.
The Wall Street Journal says that this year, mall Santas are spending their breaks looking bleakly at the wall and salting their mugs of bourbon with bitter tears. Why? Because your kids keep sitting on their laps and acting like characters from a Loretta Lynn song. One Santa used to joke that bad kids would get socks, but no more:
This year, he stopped telling the joke. Too many children were asking for socks. “They’ve probably heard their parents say, ‘Geez, I wish I had some money to get them clothes,'” says Mr. Riemersma, 56 years old.
“More banks have failed in 2009 than the rest of the decade combined,” writes Ariel Nelson at CNBC. Today, Partners Bank in Naples, Florida closed its doors, making it the 100th bank to fail this year. Click the link to see a map of where bank failures have happened the most over the past 10 months.
David Kellermann, a former Freddie Mac senior vice president who had been serving as the acting chief financial officer of the mortgage buying company since its takeover by the federal government last September, was found “hanging in the basement of his Reston home, dead from an apparent suicide” early this morning. Police were called to his home by someone inside the house at about 5 am today and found Kellermann’s body.
Kiplinger’s has an article that lists a few “financial meltdown” themed scams that are out there taking advantage of people lately.