Many savers with a 401(k) or other investment account are probably familiar with the Standard & Poors, Moody’s or other credit rating firms. Monthly statements usually include their ratings alongside a list of assets.Lately though the credit rating firms have admitted to Congress [Washington Post, Credit-Rating Firms Grilled Over Conflicts, October 23, 2008] their ratings have been tainted by conflict of interest. Moody’s and Standard & Poors are paid by the firms they rate. The article quoted a memo written at Standard & Poors by...
Wednesday, 26 November 2008
Wednesday, 12 November 2008
Circuit City Jobs
Posted on 09:47 by Unknown
Circuit City is back in the news [Washington Post, November 6, 2008] with plans to close 155 stores and layoff thousands in bankruptcy reorganization. I say back in the news because there was an article about Circuit City in the Washington Post back on March 29, 2007 titled “Circuit City Cuts 3,400 ‘Overpaid’ Workers.” The cuts came out of 40,000 in store jobs, or 9 percent of the company’s in store workforce. The firings were not related to job performance the company announced, but came as part of an effort to cut costs and improve the bottom...
Wednesday, 5 November 2008
Mr. Greenspan Talks
Posted on 13:03 by Unknown
The caption in the Washington Post reads “Greenspan Says He Was Wrong on Regulation.” [WP, Oct. 24, 2008] The former Federal Reserve Board Chairman told Congressional Committee members the “… crisis has shaken his very understanding of how markets work, and agreed that certain financial derivatives should be regulated – an idea he long resisted.” After his opening comments to the committee Mr. Greenspan argues against regulation and warns Congress that regulation is a threat to economic growth, despite the collapse of derivatives markets this fall....
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