Obama picks NY official as HUD secretary

US President-elect Barack Obama named the head of New York's urban housing agency to run the Washington department that attempts to make housing affordable for all Americans and end lingering racial discrimination
Source: Financial Times - US homepage | 13 Dec 2008 | 2:57 pm

8 really, really scary predictions

Source: Business and financial news - CNNMoney.com | 13 Dec 2008 | 2:11 pm

Is Consumer Spending Stabalizing? More Grand News For Wal-Mart (WMT) Apple (AAPL) And Amazon (AMZN), Bad News For Sears (SHLD)

One piece of data does not a trend make.

The University of Michigan Consumer Sentiment Poll shows a little uptick last week. But, coming in the holidays, people's spirits many be brightening. Come the cold and Winter dark days of January and the pendulum may swing back toward despair.

New research from consumer polling company ChangeWave contains a bit of good news, if it is not a mirage that will disappear by their next survey.

The survey of 2,715 U.S. consumers was conducted from December 2nd to the 9th.

Some of the findings:

"Three-in-five (60%) U.S. respondents say they'll spend less money over the next 90 days, 1-pt worse than the previous survey in November 2008. Just 11% say they'll spend more money – 1-pt better than previously."

"Three-in-five (60%) U.S. respondents say they'll spend less money over the next 90 days, 1-pt worse than the previous survey in November 2008. Just 11% say they'll spend more money – 1-pt better than previously."

"For the seventh consecutive ChangeWave survey, Wal-Mart (WMT; Net Score = +6) and Costco (COST; +6) remain the retail leaders going forward. However, Wal-Mart shows the most momentum, gaining 1-pt for the second consecutive survey. Costco, on the other hand, has fallen 2-pts since November."

"Once again, the greatest weakness going forward is among the traditional retailers – led by Sears (SHLD; -13), Bed, Bath & Beyond (BBBY; -12), Macy's (M; -10), JC Penney (JCP; -9) and Linens N Things (-8)."

"Amazon (23%; up 2-pts) and Apple (11%; up 2-pts) are the clear momentum leaders in terms of home entertainment and networking shopping – while Circuit City (9%; down 5-pts) and Target (5%; down 3-pts) show the greatest weakness going forward."

"Respondents were also asked about their current impressions of the economy, and two-thirds (66%) think the overall direction of the U.S. economy is going to worsen over the next 90 days – 9-pts worse than a month ago. Only 9% believe the economy will improve, which is 6-pts worse than a month ago. Moreover, two-thirds (64%) report they are dissatisfied with their personal finances, unchanged from November, while just 4% say they are Very Satisfied – also unchanged. "

Douglas A. McIntyre

Source: 24/7 Wall St. | 13 Dec 2008 | 2:00 pm

NewsWatch: Investor guide to key terms in today's great economic debate

An epic debate rages about a new age for the dismal science, forcing investors to get familiar with economic concepts that are often arcane and controversial. Herein, a guide for the lay person.

Source: MarketWatch.com - Top Stories | 13 Dec 2008 | 2:00 pm

Pain of auto crisis felt beyond Detroit

The Big Three automakers' troubles are wreaking havoc on state and local budgets far beyond the Rust Belt. And a collapse of even one of Detroit's car manufacturers would hit governments while they are down.
Source: Business and financial news - CNNMoney.com | 13 Dec 2008 | 1:58 pm

8 really, really scary predictions

Source: Business and financial news - CNNMoney.com | 13 Dec 2008 | 1:53 pm

How to save your 401(k)

Whether you're three months - or three decades - away from retirement, our targeted 401(k) checkup will help you make all the right moves.
Source: Business and financial news - CNNMoney.com | 13 Dec 2008 | 1:46 pm

CNN.com: Obama names HUD choice

Source: Business and financial news - CNNMoney.com | 13 Dec 2008 | 1:38 pm

Treasury bailout targeted for Big 3

The Bush administration said Friday it might use taxpayer dollars set aside to bail out banks and Wall Street firms to keep troubled U.S. automakers out of bankruptcy.
Source: Business and financial news - CNNMoney.com | 13 Dec 2008 | 1:29 pm

China's inflation to weaken further in December

China's inflation will weaken further in December as the economy continues to slow, a key policy maker said Saturday, while also confirming next year's economic growth target will be eight...
Source: Infocious RSS raw feed - channel BNewsBusiness | 13 Dec 2008 | 1:26 pm

Madoff's alleged $50 billion fraud hits other investors

NEW YORK (Reuters) - Investors scrambled to assess potential losses from an alleged $50 billion fraud by Bernard Madoff, a day after the arrest of the prominent Wall Street trader.
Source: Reuters: Business News | 13 Dec 2008 | 1:18 pm

US fraud scheme to cost Spanish savers three billion: press

The collapse of a pyramid scheme run by a Wall Street broker could cost Spanish investors well over three billion dollars, Madrid dailies said Saturday. Most of the cash was...
Source: Infocious RSS raw feed - channel BNewsBusiness | 13 Dec 2008 | 1:17 pm

The Car Industry Wildfire Spreads To Toyota (TM)

Toyota (TM) has been poised to become the preeminent global car company for sometime.Its worldwide production passed GM's (GM) in the first half of the year. It is well ahead of US rivals in next-generation hybrids. Its Prius model has sold over one million units.

Even in the US, Toyota has been a winner. Its market share is approaching 15%. Most months it sells more vehicles than Ford (F). But, it is ending up being king of the hill on top of a pile of dung.

Less than two years ago, Toyota's share price was over $135, giving it a market cap of over $200 billion. It was the only large car company with a total stock value bigger than its annual sales. By that measurement, it was worth ten times Ford or GM on a share- value-to-revenue basis.

Now Toyota's stock is at $63 and that company may post a loss in the second half, an extraordinary piece of news. According to Reuters, "Toyota Motor Corp is likely to further cut its earnings forecasts and report an operating loss of about 100 billion yen ($1 billion) in the October-March period."

Does that put Toyota in deep trouble? Yes and no. It has the balance sheet to make it through a few quarters in the red, but it would become more financially troubled of US vehicle sales keep dropping. The market is Toyota;s largest.

Most analysis says that a failure of a US car company could knock out a number of suppliers which send parts to all of the firms which have plants in America. That means that production across the entire industry could be undermined for months.

Even Toyota may not be able to handle a breakdown of that magnitude. The Japanese government could be headed toward getting into the bailout business.

Douglas A. McIntyre

Source: 24/7 Wall St. | 13 Dec 2008 | 1:03 pm

Personal Finance Daily: The week's 10 best Personal Finance stories: Dec. 8-12

In case you missed them, here are the top 10 Personal Finance stories from MarketWatch for the week of Dec. 8-12:

Source: MarketWatch.com - Top Stories | 13 Dec 2008 | 1:01 pm

Russia to attend OPEC summit

The head of OPEC says Russia and three other non-cartel members will take part in the oil producers' summit next week in Oran, Algeria. Chakib Khelil says Russia will send its deputy...
Source: Infocious RSS raw feed - channel BNewsBusiness | 13 Dec 2008 | 12:47 pm

After slump, muni bond investors hopeful for return to stability

After the worst year in the past two decades, securities known for modest and stable returns may have nowhere to go but up, even as more local governments wrestle with a bruising recession.

Source: MarketWatch.com - Top Stories | 13 Dec 2008 | 12:00 pm

Auto Review: 2009 Ford Flex Limited: An Element on steroids?

When you first look at the Ford Flex and then sit behind the wheel you may think: “Man alive, is this thing big.” Turn to the charts, however, and you’ll discover that this new box on wheels is, in fact, not that big.

Source: MarketWatch.com - Top Stories | 13 Dec 2008 | 11:01 am

Bush may tap bailout fund to aid automakers

WASHINGTON (Reuters) - The Bush administration said on Friday it could be willing to provide emergency aid to the teetering U.S. auto industry, keeping open the prospects for a bailout the day after Congress failed to approve a deal.
Source: Reuters: Business News | 13 Dec 2008 | 10:43 am

Global car crisis far from over: executives (Reuters)

Reuters - Top European car makers warned of a bleak 2009 as signs grew that the deep crisis facing the auto sector went far beyond the U.S. industry's life-or-death struggle.

Source: Yahoo! News: Business | 13 Dec 2008 | 10:40 am

Global car crisis far from over: executives

PARIS (Reuters) - Top European car makers warned of a bleak 2009 as signs grew that the deep crisis facing the auto sector went far beyond the U.S. industry's life-or-death struggle.
Source: Reuters: Business News | 13 Dec 2008 | 10:40 am

Global car crisis far from over: executives

PARIS (Reuters) - Top European car makers warned of a bleak 2009 as signs grew that the deep crisis facing the auto sector went far beyond the U.S. industry's life-or-death struggle.
Source: Infocious RSS raw feed - channel BNewsBusiness | 13 Dec 2008 | 10:40 am

Investors reel at '$50bn fraud'

Investors rush to assess serious potential losses after a Wall Street financier is charged with fraud, estimated at $50bn.
Source: BBC News | Business | World Edition | 13 Dec 2008 | 8:56 am

LA hospital CEO pleads guilty to health care fraud

A former hospital executive admitted Friday he paid a man to recruit homeless people for unnecessary medical treatment in a scheme to bilk government health programs out of millions of...
Source: Infocious RSS raw feed - channel BNewsBusiness | 13 Dec 2008 | 8:36 am

Asian powers seek action on economy, NKorea

The leaders of China, Japan and South Korea called Saturday at a rare joint summit for action to shield Asia from the global economic crisis and renewed efforts to end North Korea's nuclear
Source: Infocious RSS raw feed - channel BNewsBusiness | 13 Dec 2008 | 8:04 am

Retail sales drop 1.8% in November

The downturn is led by a 2.8% decline in auto sales. Producer prices, or the cost of goods before they reach store shelves, also fall as gasoline and other energy prices retreat. ...
Source: Infocious RSS raw feed - channel BNPaperBusiness | 13 Dec 2008 | 8:00 am

Teen retailer Abercrombie & Fitch won't let hefty discounts become its style

The apparel company refuses to join its rivals in offering massive markdowns -- its executives believe that offering major price reductions could hurt the brand's integrity and appeal in the long run...
Source: Infocious RSS raw feed - channel BNPaperBusiness | 13 Dec 2008 | 8:00 am

Kohl's, Forever 21 to take over 46 Mervyns stores

They jointly bid $6.25 million for the bankrupt retailer's locations. The move gives Kohl's access to 'under-penetrated markets' and enables Forever 21 to begin big-box expansions. ...
Source: Infocious RSS raw feed - channel BNPaperBusiness | 13 Dec 2008 | 8:00 am

Where's your bailout? Hold on, it may be coming

The anti-bailout camp in Congress now has tried twice to halt the use of tax dollars to rescue the private sector.
Source: Infocious RSS raw feed - channel BNPaperBusiness | 13 Dec 2008 | 8:00 am

Auto bailout's death seen as a Republican blow at unions

For some Senate Republicans, a vote against the bailout was a vote against the United Auto Workers, and against organized labor in general. ...
Source: Infocious RSS raw feed - channel BNPaperBusiness | 13 Dec 2008 | 8:00 am

Stocks advance amid hope for automaker rescue

The Dow, S & P 500 and Nasdaq rise, despite fresh signs of economic weakness. Stocks rebounded from an early...
Source: Infocious RSS raw feed - channel BNPaperBusiness | 13 Dec 2008 | 8:00 am

Stocks extend losses as auto bill dies in Senate

NEW YORK -- Wall Street faced fresh concerns about a deepening recession and extended a sell-off to a second session today following the Senate's rejection of a $14 billion lifeline for the auto industry...
Source: Infocious RSS raw feed - channel BNPaperBusiness | 13 Dec 2008 | 8:00 am

Madoff's reliable returns aroused doubts

His gains even in volatile markets spurred warnings long before he was accused of a $50-billion fraud. For years,...
Source: Infocious RSS raw feed - channel BNPaperBusiness | 13 Dec 2008 | 8:00 am

Bush considering use of Wall Street bailout funds to aid auto industry

Because the proposed automaker bailout died in the Senate, President Bush might change his opposition to using Wall Street funds for the Big Three U.S. car manufacturers, White House says. ...
Source: Infocious RSS raw feed - channel BNPaperBusiness | 13 Dec 2008 | 8:00 am

Jack Black on riding pterodactyls, heavy metal and his new video game

The actor has been secretly working with game developer Tim Schafer for three years on Brtal Legend, in which players can slay enemies by cranking out heavy metal music. ...
Source: Infocious RSS raw feed - channel BNPaperBusiness | 13 Dec 2008 | 8:00 am

West Coast Bank's Woodburn West Branch is Damaged in Bombing Blast

Business is Transferred to the Company's East Woodburn Branch LAKE OSWEGO, Ore., Dec. 13 /PRNewswire-FirstCall/ -- West Coast Bank's (Nasdaq: WCBO) Woodburn West
Source: Infocious RSS raw feed - channel BNewsBusiness | 13 Dec 2008 | 6:26 am

German bourse opens office in Beijing: statement

Deutsche Boerse, the operator of the German stock exchange, has opened a representative office in Beijing, the latest bourse to do so in a bid to attact Chinese initial public offerings.
Source: Infocious RSS raw feed - channel BNewsBusiness | 13 Dec 2008 | 6:18 am

German bourse opens office in Beijing: statement (AFP)

AFP - Deutsche Boerse, the operator of the German stock exchange, has opened a representative office in Beijing, the latest bourse to do so in a bid to attact Chinese initial public offerings.

Source: Yahoo! News: Stock Markets News | 13 Dec 2008 | 6:18 am

Toyota likely to report loss in second half

TOKYO (Reuters) - Toyota Motor Corp is likely to further cut its earnings forecasts and report an operating loss of about 100 billion yen ($1 billion) in the October-March period, Japanese
Source: Infocious RSS raw feed - channel BNewsBusiness | 13 Dec 2008 | 6:18 am

Toyota likely to report loss in second half

TOKYO (Reuters) - Toyota Motor Corp is likely to further cut its earnings forecasts and report an operating loss of about 100 billion yen ($1 billion) in the October-March period, Japanese media reported on Saturday.
Source: Reuters: Business News | 13 Dec 2008 | 6:18 am

Stocks advance amid hope for automaker rescue (AP)

AP - Wall Street put on another impressive show of resilience Friday, rebounding from an early sell-off to end higher after the government said it would assist troubled U.S. automakers.

Source: Yahoo! News: Stock Markets News | 13 Dec 2008 | 5:15 am

White House mulls car rescue

The White House is considering using money earmarked to rescue the banking industry to bail out the country's carmakers.
Source: BBC News | Business | World Edition | 13 Dec 2008 | 5:10 am

SEC seeks to salvage assets of NY financier (AP)

AP - Federal regulators reached a deal Friday with the Wall Street financier accused of a $50 billion swindle to freeze his company's assets and appoint a receiver to manage the firm's financial affairs. The agreement came as some investors feared their life savings were wiped out.

Source: Yahoo! News: Stock Markets News | 13 Dec 2008 | 5:07 am

GMAC Makes Final Amendments to the Exchange Offers After Reaching Agreement With a Substantial Portion of Bondholders

Extends the early delivery time to Tuesday, December 16 NEW YORK, Dec. 12 /PRNewswire/ -- GMAC Financial Services (GMAC) today announced that it has amended and...
Source: Infocious RSS raw feed - channel BNewsBusiness | 13 Dec 2008 | 4:47 am

Madoff fraud case raises questions about SEC (AP)

AP - The stunning fraud Wall Street pillar Bernard Madoff is accused of has raised questions about whether federal regulators were lax in failing to scrutinize his operations and respond to alarms raised about them.

Source: Yahoo! News: Stock Markets News | 13 Dec 2008 | 4:37 am

For Madoff investors, big returns trumped concerns (AP)

AP - They had known him for years as a golf partner, a family friend. Some were neighbors or fellow members of country clubs on Long Island and in Florida.

Source: Yahoo! News: Stock Markets News | 13 Dec 2008 | 4:34 am

Retail sales and prices fall again (AP)

AP - Signs that the recession will be long and severe mounted Friday with a fresh round of bad economic news, including plunging sales from manufacturers to stores and falling prices that raise fears of dangerous deflation.

Source: Yahoo! News: Business | 13 Dec 2008 | 3:51 am

Stocks may brake for GM, Fed, Goldman

NEW YORK (Reuters) - Wall Street's recovery push from 11-year lows could hit major speed bumps next week as investors fret about the U.S. automakers' fate and the Federal Reserve holds its last scheduled policy meeting of 2008.
Source: Reuters: Business News | 13 Dec 2008 | 2:36 am

Stocks may brake for GM, Fed, Goldman (Reuters)

Reuters - Wall Street's recovery push from 11-year lows could hit major speed bumps next week as investors fret about the U.S. automakers' fate and the Federal Reserve holds its last scheduled policy meeting of 2008.

Source: Yahoo! News: Business | 13 Dec 2008 | 2:36 am

Stocks may brake for GM, Fed, Goldman (Reuters)

Reuters - Wall Street's recovery push from 11-year lows could hit major speed bumps next week as investors fret about the U.S. automakers' fate and the Federal Reserve holds its last scheduled policy meeting of 2008.

Source: Yahoo! News: Stock Markets News | 13 Dec 2008 | 2:36 am

Money managers brace for unorthodox Fed

NEW YORK (Reuters) - The U.S. Federal Reserve will stretch the boundaries of monetary policy to shore up the economy but a direct purchase of equities is unlikely, money managers told the Reuters Investment Outlook Summit this week.
Source: Reuters: Business News | 13 Dec 2008 | 2:33 am

Wall Street climbs on hopes for auto aid, tech support

NEW YORK (Reuters) - Stocks rose on Friday on hopes that a lifeline for struggling U.S. automakers could still materialize, while investors bet the large stockpiles in cash at technology companies will help them weather the economic downturn.
Source: Reuters: Business News | 13 Dec 2008 | 2:12 am

Trends & Innovations - Friday

Java perks up hopes for biofuels
Source: Investor's Business Daily: BUSINESS | 13 Dec 2008 | 1:16 am

Madoff's alleged $50 billion fraud hits other investors (Reuters)

Reuters - Investors scrambled to assess potential losses from an alleged $50 billion fraud by Bernard Madoff, a day after the arrest of the prominent Wall Street trader.

Source: Yahoo! News: Business | 13 Dec 2008 | 1:08 am

Ecuador defaults on sovereign bonds

Rafael Correa, Ecuador's leftist president, announced the country's second foreign debt default in a decade, saying the debt was illegitimate and describing bondholders as 'real monsters'
Source: Financial Times - US homepage | 13 Dec 2008 | 12:56 am

Ecuador defaults on foreign debt

Ecuador will default on billions of dollars of foreign debt it considers "illegitimate", says President Rafael Correa.
Source: BBC News | Business | World Edition | 13 Dec 2008 | 12:49 am

Siemens ready to settle SEC corruption case

Siemens has offered to pay about $800m to settle accusations it breached anti-corruption laws in the US, in a move that could lead to the largest ever fine on a company accused of overseas bribery
Source: Financial Times - US homepage | 13 Dec 2008 | 12:47 am

Biotech Firm Hoping For Wider Approval Of Drug For Liver Cancer

Everyone is afraid of cancer, but a diagnosis of liver cancer is especially gloomy. Fewer than 20% of such cancers can be entirely removed by...
Source: Investor's Business Daily: BUSINESS | 13 Dec 2008 | 12:28 am

In Brief - Friday

Clorox (CLX), the consumer products maker, was rated a buy by Jefferies & Co., which initiated coverage with a prediction that Clorox will...
Source: Investor's Business Daily: BUSINESS | 13 Dec 2008 | 12:28 am

Business Briefs - Friday

Bristol inks deal for cancer drugs. The drug giant will team up with biotech Exelixis EXEL to develop two drugs designed to curb the growth of...
Source: Investor's Business Daily: BUSINESS | 13 Dec 2008 | 12:28 am

Not So Down In The Dumps

Republic Services CFO Tod Holmes was in a good mood Dec. 5.
Source: Investor's Business Daily: BUSINESS | 13 Dec 2008 | 12:28 am

Weekend Edition: Investor guide to key terms in today's great economic debate

An epic debate rages about a new age for the dismal science, forcing investors to get familiar with economic concepts that are often arcane and controversial. Herein, a guide for the lay person.

Source: MarketWatch.com - Top Stories | 13 Dec 2008 | 12:22 am

Weekend Investor: Retirement plans derailed as bear market mauls target-date funds

If you were expecting your target-date retirement funds to keep your nest egg on track, you've been off target this year. Some of these investments have saddled shareholders with stiff losses, and probably no one feels more on edge than investors in their 60s who intend to stop working in a couple of years.

Source: MarketWatch.com - Top Stories | 13 Dec 2008 | 12:17 am

Investors fear $50bn loss in Madoff's 'big lie'

Investors around the world were rushing to assess potential losses from a multi-billion-dollar scheme allegedly perpetrated by investment manager Bernard Madoff in what could be biggest fraud yet on Wall Street.
Source: Financial Times - US homepage | 13 Dec 2008 | 12:16 am

Hall Says OPEC Will `Shock' With 2.5 Million-Barrel Oil Cut

Source: Bloomberg - All Podcasts | 13 Dec 2008 | 12:04 am

Grim holidays loom with spread of redundancy

More than 3,000 jobs were lost across the United Kingdom yesterday as banks, retailers, media and construction groups braced for a grim Christmas and a tough new year.
Source: Latest Business News from Times Online | 13 Dec 2008 | 12:00 am

Get rid of this man who broke the bank

With yesterday's shareholder meeting in Birmingham, HBOS formally surrendered its independence and tolled the death knell for two once great financial institutions, Halifax Building Society and Bank of Scotland.
Source: Latest Business News from Times Online | 13 Dec 2008 | 12:00 am

Anglo American to cut mining expansion plans by $4bn$

Anglo American is expected to announce a $4 billion ($£2.7 billion) cut in capital expenditure next year as it lowers production to cope with a drop in demand for metals.
Source: Latest Business News from Times Online | 13 Dec 2008 | 12:00 am

White House throws lifeline to US carmakers

Tim Reid: the politics of the U-turn | Bush throws eleventh-hour lifeline | Long road to recovery | Tom Baldwin: wrong type of car
Source: Latest Business News from Times Online | 13 Dec 2008 | 12:00 am

Fallout from Lehman Brothers collapse still spreading

When Dick Fuld left Lehman Brothers' headquarters at 745 Seventh Avenue for the last time on September 15, the broker-dealer he ran may have been defunct, but there were three like it still left. Three months after Lehman went bust, they are all gone and the reverberations of Lehman's collapse are still being felt across America.
Source: Latest Business News from Times Online | 13 Dec 2008 | 12:00 am

Need to know: Honda production cuts ... Pfizer job cuts ... Lonrho contracts

View video and Need to Know interactive heatmap
Source: Latest Business News from Times Online | 13 Dec 2008 | 12:00 am

Nintendo breaks records with Wii sales in America

November sales of Wii, the games console produced by Nintendo, more than doubled in the United States from the same period last year to a record-breaking two million units.
Source: Latest Business News from Times Online | 13 Dec 2008 | 12:00 am

Channel 4 in melting pot as decision looms on fight for funds

Channel 4 faces the fight of its life: in the next six weeks it will know whether it is likely to be privatised, forced to accept huge cuts, or bailed out, possibly by the unlikely means of a merger with part of the BBC.
Source: Latest Business News from Times Online | 13 Dec 2008 | 12:00 am

Gatwick's falling passenger numbers likely to knock sale price

BAA's hopes of securing a top price for Gatwick received a setback yesterday when it was revealed that passenger numbers at the airport in November were down 13.5 per cent on the same month last year.
Source: Latest Business News from Times Online | 13 Dec 2008 | 12:00 am

India heads for slowdown after rapid fall in factory output

A shock slump in factory output in India, the first decline in at least 13 years, has compounded fears that the country is heading for a rapid slow-down as global demand for exports withers.
Source: Latest Business News from Times Online | 13 Dec 2008 | 12:00 am

Regional banks in Georgia, Texas fail

State regulators closed local banks in Georgia and Texas Friday, bringing the total number of failed banks this year to 25.
Source: Business and financial news - CNNMoney.com | 12 Dec 2008 | 11:58 pm

Sanderson State brings total U.S. bank failures to 25

The FDIC and state regulators seize banks in Texas and Georgia on Friday, marking the 24th and 25th bank failures of the year amid the credit crisis and economic slowdown.

Source: MarketWatch.com - Top Stories | 12 Dec 2008 | 11:53 pm

Economic Diary on FOMC Meeting, Consumer Prices, Housing

Source: Bloomberg - All Podcasts | 12 Dec 2008 | 11:52 pm

After Hours: GM, Ford shares rise as bailout efforts roll on

Shares of automakers rise Friday evening as work continues on the beleaguered industry’s request for a package of emergency loans from Washington.

Source: MarketWatch.com - Top Stories | 12 Dec 2008 | 11:52 pm

Lesley Stahl Compares New Web Site to a `Ladies Lunch'

Source: Bloomberg - All Podcasts | 12 Dec 2008 | 11:50 pm

This Week’s Links

ReadWriteWeb covers the Information Valet Project, an effort to save quality news content while smoothly transferring print news online.

Dean Baker on how labor statistics’ innate bias means the situation is even worse than it looks.

Spiegel on how graffiti has sold out–or the borg has absorbed it.

New York Magazine on how short seller Jim Chanos is doing really, really well.

Financial Armageddon has a long, but informative post that’s essentially qualitative research on the state of things right now.

Source: Business Pundit | 12 Dec 2008 | 11:47 pm

Canadian Markets: Toronto benchmark erases drop; ends with daily, weekly gains

Canadian stocks ended up Friday, reversing an opening drop, as investors backed off fears that a U.S. car maker bankruptcy would that could push the world further into recession.

Source: MarketWatch.com - Top Stories | 12 Dec 2008 | 11:44 pm

Fuld weighs comeback with advisory boutique

Dick Fuld, the former chief executive of Lehman Brothers, is planning a comeback and has told friends he might launch a small advisory firm to harness his contacts in US companies once the dust settles on Lehman's bankruptcy
Source: Financial Times - US homepage | 12 Dec 2008 | 11:43 pm

Latin American Markets: Equities rise as investors hope for U.S. auto sector bailout

Latin American stocks finish higher Friday, with Brazilian shares climbing more than 2% on revived optimism that the ailing U.S. auto industry will win a package of emergency loans.

Source: MarketWatch.com - Top Stories | 12 Dec 2008 | 11:42 pm

VIX Index of U.S. Stock Option Prices Retreats 2.7% to 54.28

Source: Bloomberg - All Podcasts | 12 Dec 2008 | 11:28 pm

WisdomTree's Schwartz Says ETFs Are `Still Shining'

Source: Bloomberg - All Podcasts | 12 Dec 2008 | 11:26 pm

Stocks rally on bailout hopes

Stocks rose Friday, erasing the day's losses, as investors welcomed the Treasury Department's indication it might step in and bail out the troubled automakers after a $14 billion bill collapsed in the Senate.
Source: Business and financial news - CNNMoney.com | 12 Dec 2008 | 11:08 pm

Bush may tap bailout fund to aid automakers (Reuters)

Reuters - The Bush administration said on Friday it could be willing to provide emergency aid to the teetering U.S. auto industry, keeping open the prospects for a bailout the day after Congress failed to approve a deal.

Source: Yahoo! News: Business | 12 Dec 2008 | 11:06 pm

Wall Street recovers as White House vows auto help

US stocks recouped early losses and ended higher this morning (NZT) as traders looked past weak economic news and drew encouragement from a White House pledge to stave off the collapse of Detroit carmakers. The Dow Jones Industrial...
Source: New Zealand Herald - Business | 12 Dec 2008 | 10:40 pm

On the Ball: OK State, a Sports Economy, 2nd Heisman for Tebow?

Source: Bloomberg - All Podcasts | 12 Dec 2008 | 10:36 pm

November Retail Sales Down, Fed Rates, Bailouts, Super Bowl Ads

Source: Bloomberg - All Podcasts | 12 Dec 2008 | 10:34 pm

Veteran deal maker leaves Morgan Stanley

Robert Scully, one of Morgan Stanley's most experienced deal-makers and a former co-president, is to retire after 12 years with the investment bank and more than three decades on Wall Street.
Source: Financial Times - US homepage | 12 Dec 2008 | 10:34 pm

Hear: Too Big To Fail, Take Two

Today on Planet Money:

-- Jay Rosen wants to know why, when the Senate spikes a rescue for U.S. automakers, Japanese stocks go down. One answer comes from Vinny Catalano, president of Blue Marble investment firm and keeper of a cool blog.

-- Automakers in Detroit say they're too big to fail. As business historian John Steele Gordon tells David Kestenbaum, we've heard that one before -- from the U.S. steel industry.

-- Last year, Adam Davidson went to Pittsburgh to see what remained of the steel industry and its workers. Also, to find out what a "cake eater" might be.

After the jump, a letter from Utah.

Download the podcast; or subscribe. Get the opening clip in full. Intro music: The Breeders' "Flipside." Find us: Twitter/ Facebook/ Flickr.

Ted writes:

I work for a small water treatment service company in Utah, so I go into many different companies each month to provide services. I haven't seen any companies go under yet, but most have some kind of freeze going on...generally either a hiring or purchasing freeze. One of my larger accounts just lost an order, which means 2 months of planned production instantly disappeared. They asked for a price reduction last week, only a few months before we were going to come to them for an increase.

We also provide some services to the oil fields in Wyoming, Utah, Colorado, and South Dakota and they have been decimated with the drop in gas prices. I know most people won't feel much sympathy for the roughnecks that populate these boom-and-bust towns, but as the high-powered executives run with their windfall profits, they leave their workers behind...and then the ripple effect follows: We hired two new employees in September to cover additional rigs, and barely have enough to keep them afloat because rigs keep stacking. I personally had 9 rigs a month ago and am now down to 2. That cuts into my pocketbook.

Personally, I'm not worried about my job because buildings will always need maintenence, but we had a baby a couple of months ago and my wife quit working so we're having our own purchasing freeze. Last month we had to cut $400 out of our monthly budget to stay afloat. And most of Christmas is going on credit cards this year (not that it hasn't in past years, just less this time). My wife is a speech pathologist, so if times really got rough, she could easily find a job, but she wants to be home with our 3-year-old and newborn as much as possible.

We bought our home in 2005, a couple years before the bubble reached its bursting point. We've recently looked at moving to a new home with a mother-in-law apartment in the basement so we could rent it out, we even found one we wanted. Unfortunately, with our deflated equity and lack of eager loaners (not loners), we'll be here awhile.

» E-Mail This     » Add to Del.icio.us

Source: NPR Blogs: Planet Money | 12 Dec 2008 | 10:27 pm

Berner Says Consumer Spending `Gloomiest In a Long Time'

Source: Bloomberg - All Podcasts | 12 Dec 2008 | 10:27 pm

Wall Street rallies on car hopes

World stock markets fall sharply after the US carmaker bail-out package is rejected by the Senate.
Source: BBC News | Business | World Edition | 12 Dec 2008 | 10:06 pm

The 52-Week Low Club (XL)(PJI)(UNP)(PLCM)

Xl Cap (XL) Credit Suisse cuts price target. Shares drop to $2.65 from 52-week high of $54.

PerkinElmer (PKI) Concerns about declining tech spending. Falls to $13.10 from 52-week high of $29.95.

Union Pacific (UNP) Railroad shipments are slowing. Sells down to $41.48 from 52-week high of $85.80.

Polycom (PLCM) Financial analyst presentation must have gone poorly. Dips to $14.03 from 52-week high of $28.94.

Douglas A. McIntyre

Source: 24/7 Wall St. | 12 Dec 2008 | 10:05 pm

Retail sales drop for 5th month, sentiment up

WASHINGTON (Reuters) - Sales at U.S. retailers fell for a fifth straight month in November, the longest decline in at least 16 years, as gasoline sales tumbled by a record amount, according to government data on Friday.
Source: Reuters: Business News | 12 Dec 2008 | 9:59 pm

Fear of a worthless car warranty

General Motors has repeatedly said that "bankruptcy is not an option," largely because it's afraid no one will want to buy from a carmaker that might go under, leaving customers with a worthless warranty.
Source: Business and financial news - CNNMoney.com | 12 Dec 2008 | 9:57 pm

Retail sales drop for 5th month, sentiment up (Reuters)

Reuters - Sales at U.S. retailers fell for a fifth straight month in November, the longest decline in at least 16 years, as gasoline sales tumbled by a record amount, according to government data on Friday.

Source: Yahoo! News: Business | 12 Dec 2008 | 9:50 pm

Day in the Work Life: Ballet dancer

On this week's "A Day in the Work Life," we go on stage with Heather Myers, soloist with Boston Ballet.
Source: Marketplace Money | 12 Dec 2008 | 9:48 pm

Getting Personal

Economics editor Chris Farrell and host Tess Vigeland take questions on foreclosure, buying land, saving for retirement and safe short-term places to keep money.
Source: Marketplace Money | 12 Dec 2008 | 9:47 pm

Letters

Listeners weigh in on our recent coverage of childcare options, mileage reimbursement math, homeowners turned landlords, credit cards, and holiday party alternatives.
Source: Marketplace Money | 12 Dec 2008 | 9:47 pm

Once upon a recession...

With the financial fallout hitting individuals and businesses hard, the B word is getting thrown around more and more. Marketplace's Sean Cole tells the bankruptcy story, starting with Chapter 7.
Source: Marketplace Money | 12 Dec 2008 | 9:47 pm

Shrinking your gift footprint

As budgets get tighter, there's a new mentality about holiday gift giving on the rise. Sharon McNary reports on the "New Simplifiers."
Source: Marketplace Money | 12 Dec 2008 | 9:47 pm

Investment Club: Revisiting Virginia

Host Tess Vigeland revisits Formerly Baroque, one of the investment clubs she followed throughout 2007, to see how they've weathered the stormy year on Wall Street.
Source: Marketplace Money | 12 Dec 2008 | 9:47 pm

Straight Story: Flight to safety

As investors are willing to accept zero yield for Treasury Bills, economics editor Chris Farrell sets the story straight on our collective search for mattresses to stash our cash under.
Source: Marketplace Money | 12 Dec 2008 | 9:46 pm

Wall Street climbs on hopes for auto aid, tech support (Reuters)

Reuters - Stocks rose on Friday on hopes that a lifeline for struggling U.S. automakers could still materialize, while investors bet the large stockpiles in cash at technology companies will help them weather the economic downturn.

Source: Yahoo! News: Stock Markets News | 12 Dec 2008 | 9:46 pm

Muni bonds fall out of favor

Instability in the financial markets has investors viewing yesterday's safe bets with suspicious eyes. Host Tess Vigeland talks to USA Today's John Waggoner about the rush away from municipal bonds.
Source: Marketplace Money | 12 Dec 2008 | 9:46 pm

Time for a new Part D prescription

Seniors have until the end of the year to select the plan they'd like under Medicare Part D. Host Tess Vigeland asks health policy analyst Jack Hoadley how to choose the right one.
Source: Marketplace Money | 12 Dec 2008 | 9:46 pm

Instant Syllabus

"Ivy League university turns crisis into coursework."

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Source: NPR Blogs: Planet Money | 12 Dec 2008 | 9:34 pm

Santander to cut 1,900 jobs in UK

The Spanish bank is to cut about 8 per cent of its 23,000 UK employees as it integrates the acquisitions that have made it one of the country's largest lenders
Source: Financial Times - US homepage | 12 Dec 2008 | 9:08 pm

Oil down nearly $2, pares losses with Wall Street

NEW YORK (Reuters) - Oil prices settled nearly $2 lower on Friday after the collapse of a $14 billion rescue plan for U.S. automakers kept Wall Street and oil markets volatile.
Source: Reuters: Business News | 12 Dec 2008 | 8:52 pm

Oil slides after US auto bailout collapse (AFP)

AFP - Oil prices slid Friday after the collapse of a US automakers bailout plan heightened worries about slowing demand as the global financial crisis bites.

Source: Yahoo! News: Stock Markets News | 12 Dec 2008 | 8:50 pm

Serwer: 'Financial psychopaths' wreak havoc

With everything that has happened on Wall Street over the past 18 months, you'd think we had seen just about everything right? Wrong!
Source: Business and financial news - CNNMoney.com | 12 Dec 2008 | 8:21 pm

Boyd Gaming Files To Raise Cash (BYD)

Source: 24/7 Wall St. | 12 Dec 2008 | 8:17 pm

Global stocks: Negative end to week's trading

European shares closed lower overnight (NZT) amid a global stocks sell-off on worries the US auto industry may go bust after the Senate refused to grant it a US$14 billion lifeline. However, losses were not as sharp as earlier...
Source: New Zealand Herald - Business | 12 Dec 2008 | 8:05 pm

Pound in fifth day of euro lows

The pound has fallen to a fresh low against the euro, while the dollar declines on a US bail-out plan failure.
Source: BBC News | Business | World Edition | 12 Dec 2008 | 7:42 pm

Can we see the bottom from here?

With the big exceptions of the auto industry and Bernard Madoff, things weren't so bad this week on Wall Street. Trader Andy Brooks and Fortune magazine's Leigh Gallagher tell Kai Ryssdal they see a few positive signs in this week's events.
Source: Marketplace | 12 Dec 2008 | 7:42 pm

EU urges world to follow its lead on climate

European Union leaders called on other countries to follow their example and adopt ambitious climate-change targets, rebuffing critics who said their latest plan conceded too much to heavy industrial polluters
Source: Financial Times - US homepage | 12 Dec 2008 | 7:38 pm

Where the automakers go from here...

The Treasury Department may dip into the $700-billion bailout fund to rescue the ailing auto industry. Kai Ryssdal speaks with John Dimsdale about what's next for the automakers.
Source: Marketplace | 12 Dec 2008 | 7:31 pm

Ominous Solar News: Job Cuts (SOLR)

Source: 24/7 Wall St. | 12 Dec 2008 | 7:27 pm

Madoff pulls a Ponzi

Broker Bernard Madoff has been arrested on charges that he ran a $50 billion Ponzi scheme, using money from old investors to pay off new ones. He may have even outdone Ponzi himself. Jeremy Hobson reports.
Source: Marketplace | 12 Dec 2008 | 7:22 pm

Pension, retirement-fund rules eased

Congress has given corporations and retirees a break by letting businesses delay payments to pension plans and relaxing rules on mandatory withdrawals from IRAs and 401k's for people over 70. Nancy Marshall Genzer reports.
Source: Marketplace | 12 Dec 2008 | 7:13 pm

Levitt, Foerster Discuss Madoff's $50 Billion Fraud Confession

Source: Bloomberg - All Podcasts | 12 Dec 2008 | 7:09 pm

Defining 'Ponzi Scheme'

Just before he was arrested on charges of federal securities fraud Thursday, fund manager Bernard L. Madoff is alleged to have told his employees that his firm was "basically, a giant Ponzi scheme."

Vinny Catalano, president of the New York-based investment firm Blue Marble, says a Ponzi scheme involves borrowing from Peter to pay Paul. But it doesn't stop there.

"A Ponzi scheme is what they call a fraudulent investment," he says. For an investment fund, the process starts when a fund manager approaches potential clients for money to invest. The clients loan the manager a certain amount, hoping to make a profit in the market.

The hedge fund manager indeed begins sending the clients a regular check -- but the money isn't coming from profits in the market. Instead, the manager has gone to other clients and asked them for loans under the guise of investing in the market. He or she uses the new money to pay the old clients, making it look as though the initial investment is doing well. That's an illusion.

"The actual returns to the investor come from new money that's raised," Catalano explains. "So you borrow from Peter, you pay Paul. Then you borrow from John to pay Peter. It just keeps going on and on, until the whole thing collapses of its own weight."

One way Ponzi schemes unravel is when individual investors unwittingly interrupt the chain by asking for their money back. Only then do they realize they've been lied to about the source of their returns. The Ponzi schemer has put them in the position of lending to others without knowing they were taking that risk.

The scheme gets its name from Charles Ponzi, a swindler in the early 1900s.

How can people protect themselves from Ponzi schemes? Catalano advises researching fund managers and double-checking the paperwork involved. "Frankly, there's a fair amount of trust that goes into it," he says.

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Source: NPR Blogs: Planet Money | 12 Dec 2008 | 7:07 pm

Daiwa's Moran Sees Some `Good Reports' on U.S. Housing

Source: Bloomberg - All Podcasts | 12 Dec 2008 | 7:06 pm

Treasury signals rescue for carmakers

The US administration was scrambling to save Detroit's troubled car industry, as General Motors said it was closing most of its North American manufacturing plants for the month of January in the wake of the Senate's failure to agree a $14bn loan for GM and Chrysler
Source: Financial Times - US homepage | 12 Dec 2008 | 6:57 pm

Japan unveils emergency measures on economy

Japan unveiled a package of "emergency measures" for its recession-mired economy, pledging Y4,000bn ($43.8bn) in spending and tax cuts and Y3,000bn in promised credit for companies as well as raising its limit for public fund injections for financial institutions to Y12,000bn
Source: Financial Times - US homepage | 12 Dec 2008 | 6:54 pm

Gas prices down, confidence up?

Gas prices are down and the mood of consumers is surprisingly up. Is cheap gas the cause for rising consumer confidence? Sally Herships reports.
Source: Marketplace | 12 Dec 2008 | 6:48 pm

The Inevitable Recapitalization of Charter (CHTR)

Source: 24/7 Wall St. | 12 Dec 2008 | 6:40 pm

Taking Stock: Keeping the faith

In these tough economic times, your faith may be the only thing pulling you through. Kai Ryssdal talks with Rev. Mark Bozzuti-Jones, who preaches from the pulpit at Trinity Church on Wall Street.
Source: Marketplace | 12 Dec 2008 | 6:39 pm

GM slashes production in North America

DETROIT (Reuters) - General Motors Corp is slashing its first-quarter North American production by 60 percent compared with the same period this year, in response to a collapse in U.S. vehicle demand.
Source: Reuters: Business News | 12 Dec 2008 | 6:35 pm

European stocks close down on US car sector fears (AP)

AP - European shares closed lower Friday amid a global stocks sell-off on worries the U.S. auto industry may go bust after the Senate refused to grant it a $14 billion lifeline.

Source: Yahoo! News: Business | 12 Dec 2008 | 6:33 pm

European stocks close down on US car sector fears (AP)

AP - European shares closed lower Friday amid a global stocks sell-off on worries the U.S. auto industry may go bust after the Senate refused to grant it a $14 billion lifeline.

Source: Yahoo! News: Stock Markets News | 12 Dec 2008 | 6:33 pm

Madoff Fallout Starts

Hedge fund manager Bernard L. Madoff is in a world of trouble. Madoff now stands accused of pulling investors into a Ponzi scheme -- think borrow from Peter to pay Paul, borrow from Ann to pay Peter, etc.

Meanwhile, Madoff's clients are in a world of pain.Total losses could reach $50 billion. The accounting has begun.

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Source: NPR Blogs: Planet Money | 12 Dec 2008 | 6:25 pm

Deconstructing your consumption

With the holidays upon us and the financial crisis hurting our pocketbooks, commentator Rob Walker tells us why it's a good time to look at our spending habits.
Source: Marketplace | 12 Dec 2008 | 6:11 pm

WTO abandons plan for trade talks

World Trade Organization chief Pascal Lamy says there is not enough consensus to resume world trade talks this year.
Source: BBC News | Business | World Edition | 12 Dec 2008 | 6:03 pm

JCPenney’s Doghouse is Best in Show

 

If you haven’t seen the Doghouse video yet, you’re not only missing an entertaining piece of film, but also a fantastic example of how one company has:

1. taken a a proactive move to turn a negative into a positive

2. bypassed cheesy TV commercials and product placement/integration

3. taken viral marketing to the next level

Instead of sulking away after a sexy video claiming to promote JCPenney, but not actually produced by them, hit inboxes last summer, the company fought back. In the process, they’ve created a masterful vial campaign.

B.L. Ochman at Advertising Age explains why the Doghouse video went viral:

The Doghouse came to me from women friends, it came in a direct message on Twitter and more than one male friend sent it with the note, “I know you’ll love this.” And that, in a nutshell, is what makes a viral. One friend saying to another: “I know you’ll get a kick out of this, relate to this, etc.”

I wanted to make sure the video was actually put out by the retailer, and it is. The home page for the promotion provides a way to get out of the doghouse: JCPenney Jewelers. They’ve even included an interactive way to send warnings or put men into the doghouse, therefore spreading the video further.

Brilliant, JCPenney! Bravo

Source: Business Pundit | 12 Dec 2008 | 6:03 pm

Fund boss held 'for $50bn fraud'

A US hedge fund manager is arrested and charged with securities fraud, in one of the biggest fraud cases yet.
Source: BBC News | Business | World Edition | 12 Dec 2008 | 5:46 pm

World stocks tumble as US scrambles to save auto industry (AFP)

AFP - Stock markets took a beating Friday despite European and Japanese stimulus plans to counter a "once in 100 years" recession as the US government scrambled to save the near-bankrupt US auto industry.

Source: Yahoo! News: Stock Markets News | 12 Dec 2008 | 5:44 pm

HBOS shareholders back takeover

HBOS shareholders approve the takeover deal with Lloyds TSB but a gloomy trading update sends its shares down 22%.
Source: BBC News | Business | World Edition | 12 Dec 2008 | 5:33 pm

GM Idling Plants In Cost Cuts (GM)

Source: 24/7 Wall St. | 12 Dec 2008 | 5:31 pm

Auto fears

US carworkers express their fears for the future
Source: BBC News | Business | World Edition | 12 Dec 2008 | 5:31 pm

In crisis, mutual funds fail to speak up (Reuters)

Reuters - Lawmakers are angry and individual investors are livid. But if mutual funds are mad, they sure aren't showing it.
Source: Yahoo! News: Business | 12 Dec 2008 | 5:30 pm

Santander to shed 1,900 UK jobs

Spanish bank Santander says it will cut 1,900 jobs in its three UK businesses - Abbey, Alliance & Leicester and Bradford & Bingley.
Source: BBC News | Business | World Edition | 12 Dec 2008 | 5:24 pm

As GM bailout falters, GMAC races its own deadline (Reuters)

Reuters - The auto and mortgage finance company GMAC LLC raced on Friday to meet a self-imposed deadline to complete a debt swap that would qualify it for federal aid, and avoid what analysts called a potential bankruptcy.
Source: Yahoo! News: Business | 12 Dec 2008 | 5:20 pm

What's With Japanese Stocks?

Twitter pal @jayrosen_nyu checks in with a query:

Will you explain to us today why, when a deal to save U.S. auto makers collapses, the Japanese market goes down? Why not up?

I may have more on this in the podcast tonight, but the short answer appears to be that the Japanese economy depends on exports to countries like the U.S. Japanese investors get nervous at any sign that more Americans might be losing their jobs or feeling anxious enough to curb spending.

Still, on first thought, you might expect Japanese automakers to benefit if their U.S. competitors tank. But shares of Toyota dropped by 12 percent after the Senate spiked the auto bailout. Honda fell by nearly 15 percent. The Times of London has this take:

If a major US automaker were effectively forced to liquidate its assets and inventory, the world's largest car market would be immediately flooded with hundreds of thousands of new cars at fire-sale prices.

In that scenario, anyone selling Japanese cars at regular prices in America would lose out.

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Source: NPR Blogs: Planet Money | 12 Dec 2008 | 5:17 pm

This Week’s Weird and Unusual Jobs

Let’s be honest. Most of us either know someone who is out of work, or we’re heading that direction ourselves. Fortunately, the economy of the weird always provides. If you’re willing to shovel snow for 12 hours at a time, dress up like a mermaid, or “cook” PBJ sandwiches for kids, you can still have an income. Check out what else you can do in this week’s unusual jobs:

1. Alaska: snow shovelers wanted

8 to 12 hours per snowfall, night and day shoveling,

Ouch.

2. Floating Teacher

Dynamic San Francisco Child Development Center seeking Floating Teacher to join a team of dedicated Child Care Professionals. Responsibilities include: engaging children in positive play, modeling respectful child-appropriate communication, helping children resolve conflict, working with co-teachers to design and implement activities…

Only naturally bouyant individuals need apply. Sinkers, go seek elsewhere.

3. California: FUN CASINO JOB

Now hiring responsible, detail-oriented people for FULL-TIME evening/night positions.

In the past few years, the gaming industry has exploded. Everyone is trying to find a career in one of the most interesting and exciting industries in California.

Benefits include:

Medical
Dental
401K
Vacation Pay
Sick Pay
Vision
Life Insurance
Free Meals

With perks like that, who needs an MBA?

4. Maui: Mermaid Models WANTED!

We are currently looking for Mermaids. For Inde FILM Projects. Calendars, Posters , Web etc.

We do Modeling Trade for photos and we Pay for larger projects.

* Compensation: We do Modeling Trade for photos and we Pay for larger projects. Usually $100 for 2 hours at the beach or waterfall. 1 hour to get into costume and an hour for shooting Film or photos!

Sorry, real mermaids. Labor laws prohibit us from hiring you.

5. Hawa’ii: Gogo Dancer (Bellagio - Club Black Jack)

Need a young gogo dancer. Send current full body photo from the last six months and a contact number. Current position is open and will hire immediately.

Best views in the house, if you can handle being stared at for six hours at a time.

6. Hawa’ii: Underwater Filming

I will be filming with National Geographic in January. I have a high definition camera and housing with lots of experience. Aloha

You are cool enough to work for National Geographic, but you need a job, too. Huh?

7. TREASURE HUNT WEB SITE FOR KIDS SEEKS HELP (Your home)

We can’t find the treasure! Won’t you help us?

Well, actually:

We seek a part-time, work-at-home customer service representative. We are looking for a person whose enthusiasm comes through the phone when they speak to people. You will represent us on the phone and we want people to experience the highest level of warmth and enthusiasm…

Help other people find treasure! Sign me up.

8. Austin: Cook for daycare - Learning Center

Tic-Tac-Toe Learning Center is looking for a person to cook snacks and meals for our daycare in NW Austin. Great hours for stay at home mom 9:30 - 1:00 Monday - Friday.

Must specialize in ants on a log, de-crusted PBJ sqaures, and Tang.

Happy Friday!

Source: Business Pundit | 12 Dec 2008 | 5:12 pm

Gold Stock Challenging 52-Week & All-Time Highs (RGLD, NEM, ABX, GG, GDX)

Source: 24/7 Wall St. | 12 Dec 2008 | 4:27 pm

Ray Davies, Econ Guru

Add Ray Davies to the list of people who say they had a hunch about the financial crisis. The Kinks leader tells the New York Daily News:

"I'm not saying I saw it coming. But I had felt we might be on the cusp of something for quite some time."

I like the Kinks as much as anyone, but I'm thinking this maybe files best under Broken Watches Still Right Twice a Day.

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Source: NPR Blogs: Planet Money | 12 Dec 2008 | 4:22 pm

Goldman Sachs Softens On Oil, Metals, and Commodities

Source: 24/7 Wall St. | 12 Dec 2008 | 4:08 pm

Retirement dreams unravel

For thousands of New Zealanders nearing retirement the glow has gone from what should be their golden years. Their savings have been hit by the unprecedented convergence of a slowing property market and domestic recession, falling...
Source: New Zealand Herald - Business | 12 Dec 2008 | 4:00 pm

Brian Gaynor: Multitasker testing multiple loyalties

Richina Pacific shareholders face a difficult decision at a special meeting in Auckland on Monday. The company, which has been a poor performer under the stewardship of Richard Yan, is proposing a complex amalgamation which will...
Source: New Zealand Herald - Business | 12 Dec 2008 | 4:00 pm

World Cup CEO blasts business for lack of unity

New Zealand's Rugby World Cup chief Martin Snedden has slammed the business community for its lack of cohesion and says he has major concerns the country will miss out on significant benefits from the event if a strategic body is...
Source: New Zealand Herald - Business | 12 Dec 2008 | 4:00 pm

Liam Dann: Let's hope party generation keeps supplying the snacks

The baby boomers were supposed to be the lucky generation. No depression, no world war - sex, drugs and rock'n'roll in the 60s and 70s and then... Well actually the 80s, 90s and the 2000s haven't been quite so flash for many in...
Source: New Zealand Herald - Business | 12 Dec 2008 | 4:00 pm

Bank of America to cut 30,000 jobs

Bank of America says it expects to cut 30,000 to 35,000 jobs over the next three years, as it faces a deteriorating economic environment and tries to absorb Merrill Lynch. The final number could be even higher, analysts say. The...
Source: New Zealand Herald - Business | 12 Dec 2008 | 4:00 pm

Services on Telecom lines popular, says commission

Services offered over Telecom's copper local loop by its competitors are proving popular, according to a monitoring report by the Commerce Commission. "Unbundled copper local loop is a new product wholesaled directly by Telecom's...
Source: New Zealand Herald - Business | 12 Dec 2008 | 4:00 pm

Mary Holm: Flaw in KiwiSaver plan fixed

Q: With the new changes to KiwiSaver, "contributions to KiwiSaver will be lowered to 2 per cent of the weekly wage, matched by Government", the Herald said this week. "However, the changes (proposed before the election) meant those...
Source: New Zealand Herald - Business | 12 Dec 2008 | 4:00 pm

Jet delivery still a dream

Boeing has further delayed the initial test flight and delivery of its 787 Dreamliner, citing the impact of a recent strike and lingering production problems. The Chicago-based aerospace company said yesterday it was pushing back...
Source: New Zealand Herald - Business | 12 Dec 2008 | 4:00 pm

Earnings Warnings Hardly Affecting Many Stocks (LSCC, UTX, STLD, FUL, WAT)

Source: 24/7 Wall St. | 12 Dec 2008 | 3:40 pm

Where Was the S.E.C.?

Here's what we know: The Securities and Exchange Commission was alerted to Bernard Madoff's suspicious returns several times during the past decade.

Here's what else we know: The S.E.C. failed to uncover what's being alleged as a massive Ponzi scheme at Madoff's firm.

Do we really need any more evidence that the agency charged with protecting investors needs massive overhaul and more oversight of hedge funds?

It's astonishing, really. Madoff was reporting consistent returns from an investment strategy that involved trading stock and options of S&P 100 companies. The returns weren't wildly huge, but they were reliably steady: up a little every month, up 10 percent per year. Madoff claimed to be up 5.6 percent this year through November, according to the Wall Street Journal. Meanwhile, the S&P 500 lost 38 percent during the same time frame.

In May 2001, Barron's ran a story that called Madoff's returns into question. Some wondered if Madoff was using information from his market-making business, which trades stocks for financial institutions, to front-run trades in his funds. It would be illegal if true, but investors seemed happier not to know. "Even knowledgeable people can't really tell you what he's doing," one "very satisfied" investor told Barron's.

Indeed, Henry Blodget at Clusterstock has heard from investors who knew Madoff had to have been doing something illegal in order to produce those returns, but that only gave them more reason to invest with him. That he was running a simple, old-fashioned Ponzi scheme never seemed to cross their minds.

A securities executive by the name of Harry Markopolos first started alerting the S.E.C. to Madoff's suspicious operations in 1999, and continued to press them for years. "Bernie Madoff's returns aren't real and if they are real, then they would almost certainly have been generated by front-running customer order flow from the broker-dealer arm of Madoff Investment Securities," Markopolos wrote to the S.E.C. in November 2005.

One very adept hedge fund investigator advised his clients not to invest with Madoff after he discovered his auditors operated out of a 13-by-18-foot office in Rockland County, according to Bloomberg. This was where books on the $17 billion under management by Madoff were "audited."

Anyone arguing against more regulation of hedge funds is going to have a hard time working around this story. It is impossible to see how the S.E.C. isn't culpable for allowing Madoff's scheme to go on as long as it did. The only reason we even know about it now is that he finally broke down and 'fessed up to his sons.

"We are moving quickly and decisively to stop the fraud and protect remaining assets for investors, and we are working closely with the criminal authorities to hold Mr. Madoff accountable," said S.E.C. enforcement director Linda Chatman Thomsen in a statement.

"We have 16 examiners on site all day and through the night poring over the records," S.E.C. associate director Andrew Calamari told the New York Times.

For Madoff's investors, it's a little late for the S.E.C.'s grandstanding.  

Where was the "poring over records" in 1999, when the agency was told about Madoff's dubious returns? And in 2001, when Barron's raised more questions? What about in 2005, when the agency received even more inquiries about his mysterious trades?

The S.E.C. won't likely be forthcoming with these answers, but that shouldn't stop Madoff's investors from demanding them.   

Related Links
Hedge Fund Managers Not Earning Their Keep
Small Foundations Get Adventurous
The Million Dollar Active vs Passive Wager



Source: Portfolio.com: Top 5 | 12 Dec 2008 | 3:30 pm

Wanted: Guy Who Can Stack 22 Bricks on His Head

Like this man from Bangladesh:

Office skills don’t come in terribly handy in those parts, do they?

Source: Business Pundit | 12 Dec 2008 | 3:00 pm

Big 3 Look To White House

The U.S. Senate spiked a bailout for the Big 3 automakers yesterday. Let's start in Detroit.

From the Detroit Free Press: Editorial: A dreadful outcome for Detroit/World markets drop on rescue rejection/ Hope for auto rescue turns to White House.

From the Miami Herald: Retail, wholesale prices fall again in November.

From the BBC: Former NASDAQ chair charged with $50 billion fraud.

From the Cleveland Plain Dealer: American Greetings cuts 175+ jobs/ Bank of America plans up 35,000 job cuts.

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Source: NPR Blogs: Planet Money | 12 Dec 2008 | 2:07 pm

The Auto Wreck

If the economy wasn't ugly enough, here comes the year-end highway pileup in the fog.

Bankruptcy filings by General Motors and Chrysler may be just weeks away after a $14 billion rescue plan died in the Senate on Thursday night. To avoid that grim scenario, White House and Treasury officials said on Friday morning that they would consider using funds from the $700 billion TARP program to keep all of the Big Three running through January. President Bush and Treasury Secretary Henry Paulson had previously said that using TARP money was not an  option.

But a collapse of one of the big automakers could set off a chain reaction resulting in failures all down the supply chain and causing an estimated 4.5 million workers to lose their jobs.

The roadblock in the Senate heightened fears that the recession will be much deeper and prolonged than previously believed, and sent stock markets around the world reeling.

Japanese stocks closed down 5.6 percent, while Hong Kong ended down 5.5 percent. The London and Frankfurt markets were down more than 4 percent at midday. The dollar fell to a 13-year low against the yen.

In Japan, shares of Toyota, the world's leading automaker, tumbled 10 percent. The Japanese carmaker said that a collapse in Detroit would "exacerbate an already difficult environment" for the entire auto industry.

Before the vote, General Motors had already been preparing for a possible bankruptcy, the Wall Street Journal reports. G.M. has hired the most prominent bankruptcy lawyer in the nation, Harvey Miller of Weil Gotshal & Manges. The company has also signed on noted restructuring experts, including Jay Alix. Chrysler has hired the law firm of Jones Day.

The two auto makers have warned that they could run out of cash in the next few weeks. Ford Motor says it is in better shape and was not asking for aid, though it supported the rescue package.

The $14 billion lifeline legislation broke down in the Senate when Republicans refused to support the bill that had been hammered out between Senate Democrats and the White House.

The main flash point, the Washington Post says, was a Republican amendment that would have required the wages of autoworkers to be lowered next year to the same amount that workers at the U.S. plants of Toyota and Honda get. The same Senate Republicans who claim to be ideologically opposed to government getting involved business now apparently want to set hourly wages like the apparatchiks of a state-run enterprise. The financial bailout, on the other hand, set only vague conditions on the compensation of top Wall Street executives.

What happens now? There may still be a last-minute rescue, but a continued political impasse would intensify the economic turmoil, further depressing the labor market and creating more uncertainty among consumers and in the financial markets. As Edward Hadas on Breakingviews notes, "The worse options are still on the table."

"Top of list would be a forced liquidation of one or more of the companies," he says. "That would trigger a wave of failures among suppliers and dealers…. As Lehman showed, the world is better off without gargantuan liquidations."

Related Links
Sign of a Bottom?
Pedal to the Medal on a Rescue
Worst of Times



Source: Portfolio.com: Top 5 | 12 Dec 2008 | 1:30 pm