Ah, nothing like convenience! Irish natives thirsty for a drink and some legal work can now head to a one-stop shop for both pints and employment: O’Casey’s Restaurant and Irish pub in New York has converted its second floor into an unemployment center to help job-seekers find work. [More]
recession
Somali Pirates Disclose They're A Goldman Sachs Subsidiary
By 4.27.10
A mosquito-boat’s worth of Somali pirates stunned the courtroom today when they disclosed their entire piracy enterprise was in fact a subsidiary of Goldman Sachs. [More]
Sand Art Portends Economic Apocalypse
By 4.20.10
Is the Icelandic volcano ashsplosion actually just another of the seven seals bursting before The Economic Rapture envelops us all? These guys seem to think so. I like how they say, “Thanks.” [More]
Abercrombie & Fitch CEO's Perks Include Money For Not Getting Perks
By 4.18.10
It makes sense to reward those who perform well at their jobs, and withhold perks from those who don’t — but it seems Abercrombie & Fitch is a little bit confused on that last point. The company, mired in its “aspirational” $90 prices for cargo pants and its ads featuring gamboling half-dressed models, netted only $254,000 last year. So what’d they do? Take away the CEOs exorbitant travel budget. And then pay him more money to not spend money. [More]
Chase To 15% Of Cardholders: Drop Dead
By 4.16.10
15% of current Chase credit card users are going to get the axe, Chase CEO Jamie Dimon announced in a shareholder letter this week. “In light of new regulations,” that forbid sucking in customers with zero-interest introductory rates and then ratcheting up lunatic penalty rates, “we deem them too risky.” Other highlights from the letter (PDF): [More]
SEC Charges Goldman Sachs With Fraud
By 4.16.10
The SEC today announced civil fraud charges against Goldman Sachs and VP Fabrice Tourre. The chargea allege that Goldman ripped off investors by allowing a client who bet against the housing market to pick the mortgage securities being sold to other investors who were also investing in the housing market. [More]
What? An Ad Agency Is Hiring 230 People? In This Economy?
By 4.9.10
Need a job? One green shoot of the economic recovery is the hiring glut going on over at the R/GA digital advertising agency, with 230 jobs open. That’s on top of the 130 they’ve already hired this year. But I thought advertising was dead, or at least severely atrophied? [More]
Hoax Dave Matthews Concert Shames Macy's
By 4.1.10
Macy’s got punked. The fliers announced performances in Missoula, Montana, by Dave Matthews Band and other bands as a special “reinvesting in the community” “Goodbye Celebration” by Macy’s and Smurfit-Stone, two longtime businesses that had recently shut down and laid off hundreds of workers while top company executives received millions in bonuses. But Dave and his band would not be there, nor would Michael Franti or Slightly Stoopid. Nor the Mayor or the Governor. And there definitely would be no $5,000 prize drop. It was all a hoax hatched by angry ex-employees trying to draw attention to the negative economic impact the businesses’ departures would have on the community. [More]
Reporters Buy Up Toxic Assets
By 3.15.10
To dig right into the meat of the story they’ve been tracking for over a year, NPR Planet Money reporters David Kestenbaum, Chana Joffe-Walt plunked $1000 down and bought up a securitized pack of Countrywide mortgages. At one point it was worth $75,000. Will the homeowners pay their mortgages and the reporters make their money back or will too many houses get sold at a loss and the asset implode? Follow along and find out. [More]
Aw, You Missed Your Earnings Target. Here's A Pity Bonus.
By 3.10.10
Some execs are getting a “pity bonus” in their stockings this year. With the recession on, many execs are finding it hard to meet earnings targets or suffer from pummeled stock prices. So boards are having heart and changing the rules so the execs can still get a bonus. [More]
Well, This Employment Graph Is Just Terrifying
By 3.7.10
This graph shows employment declines at the same chronological point during America’s last six recessions. Guess which one represents the current recession. Go ahead, guess. [New York Times] (Thanks, Dan!) [More]
Poll: Are You Underemployed?
By 2.23.10
The unemployment rate may be near 10%, but what about those who would do more work if they had the chance? Yes, the underemployment rate in this country, which adds to the unemployment count those who work part-time but want to work full time is nearly 20%, according to a Gallup phone poll of 19,800 American adults. Let’s do our own poll. What’s your work situation? Would you work more hours if they were available? [More]
80% Of Today's Delinquent Homeowners Will Lose Their Homes
By 2.22.10
If you know 5 people behind on their mortgage payments, 4 of them are going to end up losing their homes, according to a new study released by John Burns Real Estate Consulting. [More]
Walmarts Kicks Name Brands Off Shelves
By 2.22.10
Another reason to try/buy generic: you might have to because your favorite name-brand could be getting the boot from store shelves. [More]
Wall St. Helped Hide Greece's Debt, Now It's Kablooie!
By 2.16.10
Looks like Goldman turned the Parthenon into a gunpowder magazine for a second time; Greece’s recently revealed debt crisis is rattling the world economy and familiar culprits are at play: Wall Street banks, off-the books loans, derivatives, and other occult financial instruments. I guess we blame the consumer on this one too? [More]
Rental Vacancies Are Up Along With Foreclosures. Wait, What?
By 1.11.10
So apparently apartment vacancies were up to 8% in the last quarter, which is weird because one would assume that people getting tossed from their foreclosed houses would be renting. Marketplace has some thoughts on the problem. [More]
Welcome To The Permanent Temporary Workforce
By 1.10.10
As we recover from the Great Recession ™, unemployment may go down, but something will have changed. Economic conditions have accelerated the trend toward what BusinessWeek calls the “disposable worker.” Americans’ concept of a full-time job–one that includes health and retirement benefits and a measure of security–will need to change in the coming years. [More]
