Morgan Stanley Will Limit Cash Bonuses To $125,000
The employees of Morgan Stanley, owner of the world’s biggest brokerage, will receive a maximum cash bonus of $125,000, this year. As The New York Times puts it, the cap reflects “the difficulties that new financial regulations and the debt turmoil in Europe have posed to Morgan Stanley and its rival firms.” And with tongue [...]
S&P Downgrades The Credit Of Nine European Countries, Including France
Standard & Poor’s downgraded the credit of nine European countries. Cyprus, Italy, Portugal, and Spain were downgraded by two notches, while Austria, France, Malta, Slovakia, and Slovenia were downgraded by one notch. France’s finance minister announced their downgrade, earlier today, and that downgrade could affect the European Union’s bailout fund. France and Germany, which kept [...]
Transcripts Show A Fed With An ‘Embarrassing’ Lack Of Foresight Into Housing Crash
Yesterday, the Federal Reserve released transcripts of the 2006 meetings of the Federal Open Market Committee. While it’s well known the Fed missed glaring signs of a housing bubble about to burst in a big way, the transcripts show that top officials not only dismissed the warnings, but they were really worrying about the economy [...]
Drugmakers Boost Prices, Despite Political Risks
One thing big drug companies generally aren’t keen on is being the focus of a hot political debate. In the past, the quickest way to become Exhibit A was to raise prices during a presidential campaign, Richard Evans, a former drug company executive turned industry analyst, tells Shots. With that in mind, most companies refrain [...]
In GOP Campaign, Private Equity Firms Draw Flak
Was Mitt Romney a job-creating turnaround artist? Or was he, as some on the campaign trail have said, a “vulture capitalist”? That question has become a top issue in the Republican presidential primaries. In the 1980s, Romney ran a private equity firm called Bain Capital. It’s an industry where it’s hard to avoid getting your [...]
The Transformation Of American Factory Jobs, In One Company
This is the second in a two-part series. Part one is here. For more, see Adam Davidson’s cover story in this month’s issue of The Atlantic. Larry Sills is the CEO of Standard Motor Products, like his dad and his grandfather before him. The company makes replacement parts for car engines. Larry grew up with [...]
A War To Watch: YouTube Takes On Television
YouTube has grown rapidly over the past seven years, as people share videos of piano-playing cats, kids doing precocious things and singers demonstrating their talents. But the Google-owned video website now has its sights on an even wider audience: everyone watching TV. “By 2016, I’m told that half of all households in the U.S. will [...]
OK Farmland Attracting Outside Investors
Relatively low prices for land in Oklahoma bring in those not interested in farming, but investing their money.
Critics See ‘Disaster’ In Expansion Of Domain Names
Vast new tracts of the Internet are up for sale as of Thursday. The Internet Corporation for Assigned Names and Numbers, known as ICANN, is forging ahead with plans to sell new domain categories despite some vocal opposition from regulators and advertisers. Forget .com or .org — for a registration fee of $185,000, applicants can [...]
The History Of Factory Jobs In America, In One Town
For more, see Adam Davidson’s cover story in this month’s issue of The Atlantic. Greenville County, South Carolina is where manufacturing’s past and future live side by side. This is not a metaphor; it’s a visible fact. In South Carolina, and throughout America, factories produce more than ever. Yet in Greenville, there are abandoned textile [...]
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