Archive for the 'Economy' Category
FDA Fails to Pull Worthless Drugs from Marketplace
October 26th, 2009Via: AP: The Food and Drug Administration has allowed drugs for cancer and other diseases to stay on the market even when follow-up studies showed they didn’t extend patients’ lives, say congressional investigators. A report due out Monday from the Government Accountability Office also shows that the FDA has never pulled a drug off the […]
Roubini Doesn’t Like Gold, Unless We’re Headed for “Armageddon”
October 26th, 2009Via: Yahoo Finance: Nouriel Roubini believes that a “wall of liquidity” is chasing all kinds of assets, yet once the economy disappoints expectations, it will all come crashing down. Yet for Dr. Doom, gold isn’t the answer. According to him, despite the temporarily asset bubbles right now, we’re still in a deflationary world and we’ll […]
Detroit Attempts to Auction 9,000 Properties for as Little as $500; 80% Had No Bids
October 26th, 2009Via: Reuters: In a crowded ballroom next to a bankrupt casino, what remains of the Detroit property market was being picked over by speculators and mostly discarded. After five hours of calling out a drumbeat of “no bid” for properties listed in an auction book as thick as a city phone directory, the energy of […]
Capmark Files for Bankruptcy With $21 Billion in Debt
October 26th, 2009Via: Bloomberg: Capmark Financial Group Inc., the lender owned by companies including Goldman Sachs Group Inc. and KKR & Co., filed for bankruptcy protection after posting a second-quarter loss of about $1.6 billion. The company listed consolidated debt of $21 billion and consolidated assets of $20.1 billion as of June 30, according to Chapter 11 […]
Bearish Divergence on Gold
October 26th, 2009WARNING: This is not a recommendation to buy, sell or hold any financial instrument. Please see Dollar Rally Setting Up for more context and Gold Pullback; Short Term Fibonacci Retracement Levels for initial downside targets.
Jeffry Picower, Madoff Investor, Found Dead at Home
October 26th, 2009For the first time, I’m preemptively adding a story, this story, to the Assassination category. —The Desperate Final Hours of the World’s Biggest Ever Financial Fraud Six readers submitted this one. Thanks. Via: Bloomberg: Jeffry Picower, the philanthropist alleged to have withdrawn more than $7.2 billion from Bernard Madoff’s investment company, was found dead today […]
Indiana: 500 Applicants for One $13 Per Hour Job Before Company Pulled Ad
October 25th, 2009Via: New York Times: As soon as the job opening was posted on the afternoon of Friday, July 10, the deluge began. C.R. England, a nationwide trucking company, needed an administrative assistant for its bustling driver training school here. Responsibilities included data entry, assembling paperwork and making copies. It was a bona-fide opening at a […]
Strategy to Survive Winter in Alaska Without Any Money? “Rob” a Bank, Sit in Lobby, Wait for Cops to Arrest You, Keep You Warm and Feed You
October 25th, 2009Via: Anchorage Daily News: Timmy Lee Porter walked into a Midtown bank this month and handed a teller a note scribbled on the back of a bank slip. “This is a bank robbery, place 1 100.00 bill on the counter or I will shoot you.” Police arriving on the scene moments later found that note […]
Disney’s Neuroscience/Advertising Lab
October 24th, 2009Via: New York Times: A technician in a black lab coat gazed at the short, middle-aged man seated inside the Walt Disney Company’s secretive new research facility here last week, his face shrouded with eye-tracking goggles. Read ESPN.com on that BlackBerry, she told him soothingly, like a nurse about to draw blood. “And have fun,” […]
Asian Leaders Eye EU-Style Bloc
October 24th, 2009Via: BBC: Asian leaders meeting in Thailand are discussing plans to “lead the world” by forming an EU-style community by 2015. Japan’s Prime Minister Yukio Hatoyama argued nations should take advantage of the region’s more rapid recovery from the recession than the West. “It would be meaningful for us to have the aspiration that East […]
