Oil prices have fallen below $40 a barrel, a 4 year low, despite OPEC announcing that it would cut production by 2.2 million barrels a day.
money meltdown
Credit Suisse Top Execs Get Toxic Debt As Christmas Bonus
By 12.18.08
Instead of canceling bonuses for top execs this year, Credit Suisse instead will pay them with the very toxic debt that’s thrown the world into an economic crisis. Yes, Virginia, there is a Revenge Claus.
Pier 1 Is In Danger Of Being Delisted From The NYSE
By 12.18.08
We are living in difficult times for selling wicker furniture, it seems. Pier 1 lost $36.9 million in the third quarter — and is in danger of being delisted from the NYSE.
Chrysler Shuts Down All Production
By 12.18.08
Friday will be the last day of production as Chrysler shuts down for 30 days — citing lack of available consumer credit.
AIG Ad Is Optimistic, Ready To March Down The Field For A Comeback Win
By 12.17.08
The fall of AIG is old news, but we had to laugh at this ad from the October issue of Money magazine sent in by reader Tom.
SEC Ignored Warnings On $50 Billion Ponzi Scheme Since 1999
By 12.17.08
SEC’s chief announced they had repeatedly received since 1999″credible and specific allegations” about Madoff’s $50 billion pyramid scheme…
Fed Cuts Rates To ZERO. Yes, Zero. 0%.
By 12.16.08
The Federal Open Market Committee today established a target range of zero to 0.25% for its fed funds rate. This, as you might imagine, is unprecedented.
Consumerist's Top 10 Business Debacles Of The Year 2008
By 12.16.08
As is our habit, we provided Ad Age with a list of our Top 10 Business Debacles of the Year. Are you ready for the pain?
The 25 Failed Banks Of 2008
By 12.16.08
You can click through CNBC’s stupid click-inflating slideshow of the 25 failed banks of 2008, or just skim the handy rundown inside. It was a bad year for banks you’ve never heard of.
Credit Card Squeeze Is Pushing Consumers Toward Foreclosure
By 12.16.08
USAToday says that panic by the credit card industry is squeezing customers who ordinarily would be able to pay their bills — pushing them toward financial ruin and foreclosure.
AMEX Cuts You Off Unless You Show Them Your Tax Returns
By 12.15.08
The credit crunch is affecting all of us differently. Right now its affecting Nick as he sits in a hotel 3,000 miles from home.
Fannie Mae Lets Renters Stay
By 12.15.08
Good news for renters who’ve been dutifully paying their rent while their landlords failed to make the mortgages, and were facing eviction as a result: Fannie Mae will sign new leases with them. [NYT]
Bottom Falls Out Of Movie Market
By 12.15.08
Look for next year’s movie release schedule to be full of remakes and easy-bets. I spoke with a Hollywood actor who said that the bottom has completely fallen out of the movie market.
The Recession Spares Nothing, Not Even Puppies
By 12.12.08
Ever feel like the poor state of the economy is impacting every area of life? Well, it is! A few examples popping up in some surprising places, like animal shelters…
Bank of America To Lay Off Over 30,000
By 12.11.08
Bank of America has announced that it will lay off 30,000-35,000 people as a result of its merger with Merrill Lynch and the economic downturn. [MarketWatch] (Thanks, Dariush!)
Santa's Not Coming: All KB Toys Stores To Be Liquidated And Closed
By 12.11.08
KB Toys has returned to Chapter 11 bankruptcy, says the Wall Street Journal, and will be liquidated by its parent company — Prentice Capital Management.
Peanut Butter, Dessert Of The Year
By 12.10.08
You know things are bad when Bon Appetit names “peanut butter” as “dessert of the year.” Wait ’til you see what fancy restaurants are doing with Hamburger Helper! [Bon Appetit] (Photo: Derek Purdy)
Sexy Graph Demonstrates S&P's Historic Dismalness This Year
By 12.10.08
Here is a sexy graph breaking down the S&P’s performance from 1825 to present, fitting each year into a column based on that year’s annual returns, from -50% to +60%.
