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Storyboard: A Look Back at the Dot-Com Boom and Bust
This week's behind-the-scenes podcast focuses on 10 years after the dot-com boom and bust. Senior editor Joanna Pearlstein hosts a conversation between contributors Matt Honan and Steven Leckart about the dot-com era's major players, total failures and missed opportunities.
PayPal Fist-Bumps Square
PayPal's latest upgrade to the PayPal iPhone app lets you pay (and be paid) by bumping fists.
SXSW: Bug Labs Says Content Will Drive Open Source Hardware
The company's sensors, Linux modules and other parts make DIY electronics projects easier and more accessible than ever. But will open source hardware really democratize production of a million geeky gadgets?
Prison Mobile Phone Debate Jammed Up in the System
On paper, it's a no-brainer: Prisoners have mobile phones they are using to run gangs, call friends, and intimidate witnesses. It's technically possible to jam the phones, but the 1930s law setting up the nation's telecommunications bureaucracy makes this illegal -- and a bill that would allow it is in legislative limbo.
Twitter CEO Launches @Anywhere to Tepid Audience Reaction
Twitter CEO Evan Williams announces a plan to bring status updates to a variety of other websites. His keynote presentation at SXSW does not get a wow from his audience, Many critics weigh in on -- ironically -- Twitter.
SXSW: MOG's Mobile Music Apps Go Beyond the Playlist
Pulling from the subscription service's vast library of more than 7 million songs, the newly announced apps for iPhone and Android will let users download as many as their phones will hold.
SXSW Sneak Peek: Rhapsody's Upcoming iPhone App Will Cache Music
New features in the planned update will let users play locally stored songs, leading to better performance and longer battery life. Get an early look at tweaks in the pipeline.
Google Says China Talks Continue, But Pullout Signs Grow
SHANGHAI/BEIJING - Google says it remains in talks with Beijing about censorship of its Chinese-language search portal but is adamantly opposed to the practice amid mounting signs the company could soon shut the site.
SXSW: 'Disposable Social Network' LoKast Shrinks World to 300 Feet
The just-launched free iPhone app lets users share media locally. One potential application that's perfect for South by Southwest: LoKast acts like an invisible demo that bands can give to fans at shows.
SXSW: Digg's Big Redesign Taps Into Social Web
The upcoming radical reboot of the social news site will pull in data from Twitter, Facebook and other powerful tools to help connect users to the stories most relevant to them at any given time. Digg CEO Jay Edelson lays out the master plan.
Wired: Tech Biz
Dispatches from Silicon Valley.
Chicago news, weather, traffic - CBS 2 - WBBM
Chicago news, weather, traffic - CBS 2 - WBBM
Seattle Post-Intelligencer: Business News
Read business stories from seattlepi.com
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Fed Leaves Rate Low as Economic Signs Stay Weak
The policy-setting arm kept its benchmark rate near zero and affirmed its plan to halt its buying of mortgage-backed securities at the end of the month.
Weaker Euro Complicates Life for Firms in Europe
A weaker euro is beneficial for European exporters, but it sends a troubling message about the bloc’s growth prospects.
A Power Line Runs Through It
In a string of projects that has so far provoked only token opposition from environmentalists, some companies are putting power lines under water.
Big Drug Makers Lag in Emerging Markets, Study Says
As pharmaceutical sales in countries like China and India overtake established markets, leading drug companies risk losing market share to local players, a study said.
How Privacy Vanishes Online, a Bit at a Time
Using innocuous bits of data from Web sites like Facebook and Twitter, researchers gleaned people’s names, ages and even Social Security numbers.
F.C.C. Questioned on Its Plan to Expand Broadband Access
The Federal Communications Commission characterized its proposal, which it sent to Congress, as a step for keeping the country competitive.
Senate Bill to Press China on Currency Manipulation
In light of the unemployment rate, members of Congress from both parties are calling on the administration to act.
Simon Is Expected to Raise Bid for General Growth
The expected $10 billion offer is an effort to overcome a rival plan by General Growth in concert with Brookfield Asset Management.
Panels Studying Banking Reform Seek More Studies
By suggesting further examination at every turn, Congress is delaying tough regulatory decisions.
Greece Eager for Details on European Aid
The Greek government is expected to seek further details on the shape of the new loan mechanism when European Union heads of government gather next week.
In a Victory for London, Europe Delays Hedge Fund Rules
Regulators and lawmakers worldwide are tightening their scrutiny of hedge funds and private equity firms.
Europe’s Public Broadcasters Seek Easier Access Online
The European Broadcasting Union said its proposals were intended to push cross-border online video services.
$75 Million in Pills Stolen in Conn.
In a Hollywood-style heist, thieves cut a hole in the roof of a warehouse, rappelled inside and scored one of the biggest hauls of its kind — about $75 million in antidepressants and other prescription drugs.
As Expected, Housing Starts Slowed by Blizzards
The Commerce Department said that construction of new homes and apartments fell 5.9 percent in February.
Lehman Hid Money With Help of Global Rules
The Lehman case shows how bankers exploited weaknesses in U.S. accounting standards — seemingly without objection from the firm’s auditor, Ernst & Young.
Advertising: Tupperware as a Bonding Experience? That’s the Pitch
Tupperware’s marketing campaign tries to sell the idea that men who want to attract women should be comfortable in the kitchen.
Trader Banned for Trying to Hide His Losses
British regulators said actions by a senior trader at Merrill Lynch in London forced the bank to take a $456 million write-down.
Honda Recalls 410,000 Vehicles for Brake Problems
The move covers Odyssey minivans and Element small trucks from the 2007 and 2008 model years.
Economic Scene: Deficit Builds as Americans Pay Less and Get More
Demand for government services grows, but taxes don’t. This is the main reason for our budget problems.
Corner Office: Kip Tindell: Three Good Workers Equal One Who’s Great
As C.E.O., Kip Tindell has based the foundation principles of the Container Store on collected snippets of wisdom.
NYT > Business
Body Found May Be Missing Potato Chip Scion
Police believe body found in golf course pond is missing Alabama lawyer Major Bashinsky.
Alabama - United States - Sports - People - Lost or Missing
Cheats! The Most Wanted Tax Scofflaws
Bernie Madoff, Burt Reynolds and Dionne Warwick are among those who have been named to lists of biggest tax scofflaws in New York and California.
Dionne Warwick - California - Services - United States - Politics
Obama's Economic Team Gets Earful
Three of the Obama administration's top economic officials today said the country has bounced back from the depths of the recession but still faces serious obstacles such as high unemployment, rising foreclosures, and a soaring budget deficit. "We're seeing some encouraging signs of progress, but we face many, many daunting challenges ahead," said Treasury Secretary Tim Geithner at a House Appropriations Committee hearing this morning.Joining Geithner at today's hearing were the other two members of the so-called "troika": Council of Economic Advisers chair Christina Romer and Office of Management & Budget director Peter Orszag.
But in a sign of the widespread anger about the economic downturn, Rep. Marcy Kaptur, a Democrat from Ohio, ripped into the three administration officials for not doing enough to help the unemployed.
Marcy Kaptur - Christina Romer - United States House Committee on Appropriations - United States Secretary of the Treasury - House Appropriations Committee
Anti-Obesity Drive? Not For Them: It's a Living
Donna Simpson's livelihood depends on staying fat.
At 600 pounds, Simpson is a successful "model" on Supersized Bombshells.com, a Web site for men who like large women.
"I have fans who send me baklava and cheese cake and everything else you can imagine," says Simpson, a pale brunette with slicked-back hair. "I'm heavy and I wouldn't mind being heavier."
Simpson attracted intense scrutiny this week, after the UK newspaper Daily Mail ran a story about her alleged quest to gain another 400 pounds and become the fattest woman on earth. But Simpson, a stay-at-home mother of a three-year old girl, says the Mail twisted the truth.
"The whole thing about the 1,000 pounds is a fantasy I provide to my fans," she tells ABCNews.com, upset about the exaggerated coverage.
Newspaper - Daily Mail - Housewife - Fantasy - Model
Prozac Heist: Thieves Steal $70M in Prescription Pills
Thieves staged a brazen heist at a pharmaceutical warehouse over the weekend, scaling a wall, cutting a hole in the roof and rappelling inside to steal about $70 million in antidepressants and other prescription drugs, authorities said Tuesday. The thieves disabled the alarm at the Eli Lilly & Co. warehouse early Sunday in Enfield, where they spent at least an hour loading pallets of drugs into a waiting vehicle at the warehouse's loading dock during a wind-whipped rainstorm, police said.
Theft - Crime - South American Theft Groups - Jewel Heists - Shopping
PHOTOS: The $15,000 Bottle of Cognac
French winemaker Remy Martin sells its special cognac in the U.S. in May.
Rémy Martin - French wine - Recreation - Food - Cognac
A $200M-Plus Record Deal for Michael Jackson
The estate of Michael Jackson has landed the late King of Pop the biggest recording deal in history: a $200 million guaranteed contract with Sony Music Entertainment for 10 projects over seven years, according to a person familiar with the deal.
Michael Jackson - Sony Music Entertainment - Recording contract - Music - Business and Economy
Saab May Put US Headquarters in Detroit
Dutch carmaker Saab, sold earlier this year by GM to Spyker, is considering moving its north american headquarters to a suburb of Detroit.
United States - Royal Oak - Recreation - Travel - Taxation
Housing Construction Drops in February
Feb. housing construction tumbles as storms depress activity in Northeast, South
Northeastern United States - Business - United States - Real Estate - Residential
Virtual Cupcakes, Teddies Generate Real Cash
It's strange but true: Americans are expected to spend $1 billion on virtual goods this year, with a small but growing share going to virtual gifts. Popular presents include cute icons that represent bouquets, cupcakes and teddy bears. Gamers also give each other "seeds" and "ammunition" that can be used in online games.
Teddy bear - Shopping - Online game - Toys - Virtual good
The Big Crackdown: Sen. Dodd Proposes Wall St. Reforms
Senator Chris Dodd, the chairman of the Senate Banking Committee, unveiled a new proposal today to crack down on Wall Street in an effort to ensure that taxpayers are never again forced to bail out the financial industry.
Wall Street - Christopher Dodd - United States Senate Committee on Banking Housing and Urban Affairs - United States Senate - Financial services
It's Possible to Save BIG Regardless of Income
Elisabeth Leamy tackles the responses to her Savings Makeover and shares more tips on saving big on cell phone bills, mortgages, groceries and health insurance.
Health insurance - Mortgage - Insurance - United States - Business
Struggles of American Middle Class: Where Do You Fit In?
ABC's World News reports on the American Middle Class with an exclusive poll.
American Broadcasting Company - ABC - American Middle Class - Middle East - Arts
The Price of Spring Break Prep
Some college women spend hundreds on waxes, manicures and swimwear.
Spring break - Women - Shopping - Clothing - Sports
PHOTOS: A Beer Bottle for Babies
These odd products will either have you laughing or reaching for your wallet.
Recreation - Beer - Collecting - Food and Drink Related - Food
PHOTOS: Playboy Club's 50th Anniversary
A look back at the legendary clubs in their heyday.
Playboy Club - Military - History - Hugh Hefner - Recreation
Late-Innings Hardball in Health Care Push
3 dozen House Democrats feel pressure from all sides in 'March madness' health care drive
Health care - Barack Obama - United States - Politics - Democratic
Senators Back Bill to Pressure China on Currency
Senators announce bill to pressure China to allow currency to rise in value against dollar
Currency - China - Business - Economic - Social Sciences
Bernanke to Wage Fresh Battle for Fed Powers
Bernanke to make case for Federal Reserve keeping all banking supervision powers
Federal Reserve System - Central bank - Bank regulation - Government - Finance
Visteon Judge Won't Halt Benefits Termination
Visteon bankruptcy judge denies request to halt termination of retiree health benefits
Bankruptcy - Law - Services - Lawyers and Law Firms - Bankruptcy Law
WATCH: King of Pop's Record Payday
Michael Jackson's estate strikes a $200 million recording deal with Sony Music.
Sony Music Entertainment - Michael Jackson - Business - Music - Sony Music
WATCH: How to Cut Your Internet Fees
Negotiate with the Internet Service Provider and lose extras to reduce costs.
Internet Service Provider - Access Providers - Computers and Internet - Business and Economy - Wireless
WATCH: Toyota Shares Prius Test Results
Diagnostics show driver rapidly alternated between the gas and the brake pedals.
Toyota - Toyota Prius - National Highway Traffic Safety Administration - Prius - San Diego
WATCH: Do or Die: Obama & Health Care
President Obama talks to Jake Tapper about the upcoming health care vote.
Jake Tapper - Health care - United States - Barack Obama - President
WATCH: MTV Reinvented
MTV reborn. What's next for the network?
MTV - Lady Gaga - Television - Arts - Music video
WATCH: Dodd Unveils Financial Regulation Plan
Democratic senator announces bill to put limits on banks and financial firms.
Democratic Party - Financial institution - United States - Federal Reserve System - Government
WATCH: Jake Tapper on Obama's Critics
The president makes his final public push for health care legislation.
Jake Tapper - Health care - United States - Politics - Barack Obama
WATCH: Health Care: Who Are the Undecided Voters?
Activists descend on Capitol Hill for final battle over health care.
Capitol Hill - United States - Politics - Health care - Washington DC
WATCH: The Dog That Swallowed a Diamond
A golden retriever named Soli gobbled up a 3-carat gem worth $20,000.
Golden Retriever - Dog - Pets - Recreation - Breeds
WATCH: Jessica Simpson on 'The Price of Beauty'
Jessica Simpson travels the world to explore different concepts of beauty in her new series 'The Price of Beauty.'
Jessica Simpson - Price of Beauty - John Mayer - Recreation - Trials
WATCH: 'Runaway' Prius Mystery
Investigators cannot explain what caused the sudden acceleration in a Toyota Prius.
Toyota Prius - Toyota - Autos - San Diego - Prius
WATCH: Tapper on Obama's Health Care Gamble
The president is going all-in to pass health care legislation.
Health care - United States - Politics - Barack Obama - Health Care Reform
ABC News: Money
Canadians reportedly criticize Toyota behavior
Canadian lawmakers criticize the way Toyota handled its massive recall of cars with accelerator issues, and the Canadian Transport Ministry may look into the company’s behavior.
Korea's new central bank chief reportedly dovish
South Korea’s incoming central bank governor, Kim Choong-soo, will likely maintain a dovish stance over policy and will be more in step with the political leadership than was his predecessor.
Stocks to Watch: Stocks in focus for Wednesday
Among the shares expected to see active trade in Wednesday's session are those of Nike, Guess and Hewlett-Packard.
IPO Report: Financial Engines shares leap 44% in IPO debut
Shares jump 44%after the provider of retirement research and advice prices an initial public offering above the expected range.
Canadian Markets: Canadian stocks, loonie reach new highs this year
Canada's main stock-market index reaches a new high for the year, supported by higher commodity prices and strong economic data. The loonie also inches closer to parity.
Personal Finance Daily: In tough times, workers find love for their jobs
A new survey finds a hefty percentage of workers saying they're ready to stick with their current employer for the rest of their careers, and an equally large group saying they're happy to have only two or three employers over their lifetime. Among those gainfully employed, who isn't really rather thrilled to be so?
Latin American Markets: Brazil stocks higher as Fed holds line on rates
Brazilian equities pace advances in Latin American indexes Tuesday, with gains accelerating after the Fed leaves interest rates unchanged and Standard & Poor's affirms its sovereign rating on debt-stricken Greece.
Hartford, Discover to repay $4.6 bln in TARP money
Hartford plans to sell new shares and borrow money to help it redeem $3.4 billion in preferred shares held by the Treasury.
After Hours: Hartford, Discover shares lower in evening session
Hartford Financial shares fall late Tuesday after the company says it will offer stock and debt in an effort to repay TARP funds.
Earnings Outlook: Even after warning, Palm faces close scrutiny
Analysts will watch Thursday's quarterly report for specifics on the company’s smartphone sales, as well as commentary that may shed light on the current period.
MarketWatch.com - Top Stories
MarketWatch, a leading publisher of business and financial news, offers users up-to-the minute news, investment tools, and subscription products.
College Scholarships for Undergraduates
Education-Portal.com has posted a list of 5 scholarships to apply for in March. The list includes the Doodle for Google Scholarship, a bi-weekly college sweepstakes from SunTrust, and several other college scholarship sweepstakes that are open to undergraduate business students. More College Scholarships: College Scholarships for Undergraduates originally appeared on About.com Business School on Tuesday, March 16th, 2010 at 10:39:05.
Graphic Novel Textbook
BusinessWeek recently posted a story about a new graphic novel textbook that has been made required reading at Texas Tech's Rawls College of Business. The graphic novel, Atlas Black: Managing to Succeed, tells the story of a student who is trying to manage his college education and plan for his future career. Watch this Atlas Black video to learn more about the textbook. What do you think about this idea? Would you like to see a graphic novel as a textbook in your business school classroom? Post your comments below. Graphic Novel Textbook originally appeared on About.com Business School on Monday, March 15th, 2010 at 10:30:00.
Is a Master's Degree the Right Choice?
Thinking about earning a master's degree in business? Check out this article, which lists reasons to get a master's degree and information about choosing a master's degree program: Should I Earn a Master's Degree? Is a Master's Degree the Right Choice? originally appeared on About.com Business School on Monday, March 15th, 2010 at 10:26:02.
MBA Applicants Choose GMAT Over GRE
Despite the alterations that are being made to the GRE to make it more business school friendly, aspiring MBA applicants still prefer the GMAT over the GRE, according to a new survey from Kaplan Test Prep. The company surveyed 300 aspiring MBA applicants to see which test was preferred. Fifty-five percent of respondents said they would rather take the GMAT, while 12 percent said they would take the GRE. The remaining respondents said they would probably take both tests. Which test would you rather take: the GMAT or the GRE? Post your comments below. MBA Applicants Choose GMAT Over GRE originally appeared on About.com Business School on Monday, March 15th, 2010 at 08:25:53.
Featured Business School: Mason
The College of William and Mary's Mason School of Business offers challenging academic programs at the undergraduate and graduate level. The MBA program is known for being top-notch. The undergraduate programs are also unique: Mason allows students to design their own education program based on strengths, interests, and aspirations. Read more about Mason School of Business. Featured Business School: Mason originally appeared on About.com Business School on Friday, March 12th, 2010 at 16:29:47.
More Tips to Manage Yourself in the Last Round of MBA Applications
The following is a guest post from Yael Redelman-Sidi, an experienced MBA admissions consultant who provides customized guidance for business school students. If you are currently in the process of applying to top MBA programs and would like an objective evaluation of your profile, chances and how to improve them, send your resume, along with GMAT score and school list to Yael at Admit 1 MBA for a free evaluation. How to Manage Yourself in the Last Round of MBA Applications (Part One) Here are more tips to evaluate your chances in the last rounds of MBA applications and decide on the next steps moving forward: Are your essays presenting you in the best possible way? Print your essays and read them as if they are not your own or let an expert admission consultant give you feedback--the fact that you have been using your essays multiple times doesn't mean they are the best representation of you. Is your CV optimized? You shouldn't use your job search resume for your MBA application. The MBA resume has to be much more focused on skills and impacts, rather than a job description of what you do on a daily basis. Are your career goals realistic? Employability is a big word in this economy, especially for career switchers and even more so for international students. This is not to say that you shouldn't discuss your plans to move up the ladder and get a top job at investment banking/marketing/consulting/trading firm, but you want to make sure you have a very strong story on how you're going to get that job, and what you'll do if you don't find your dream job. A Columbia admission representative mentioned in a recent panel in NYC that the school is looking for resilient students--people who have ambition but know how to adapt to the environment. More Tips to Manage Yourself in the Last Round of MBA Applications originally appeared on About.com Business School on Friday, March 12th, 2010 at 10:15:13.
Tips to Manage Yourself in the Last Round of MBA Applications
The following is a guest post from Yael Redelman-Sidi, an experienced MBA admissions consultant who provides customized guidance for business school students. If you are currently in the process of applying to top MBA programs and would like an objective evaluation of your profile, chances and how to improve them, send your resume, along with GMAT score and school list to Yael at Admit 1 MBA for a free evaluation. How to Manage Yourself in the Last Round of MBA Applications (Part One) We are in the midst of the last rounds of MBA applications, which are probably the most difficult application rounds for top MBA schools. Here are some tips on how to evaluate your chances and decide on the next steps moving forward: What are the results of your previous applications? If you have applied in previous rounds, take a look at the results to get a good reality check. Did you get interviews? Were you placed on the waitlist? Did you just get dinged from some schools? These results should give you a reality check on what your chances are at other similar schools. Are you realistic about your school list? Take a realistic look at your profile - have you applied to schools where your stats are outside of GMAT /GPA or work experience of the average class profile? If not, consider trying to improve or change your stats where relevant - retake the GMAT, add an analytical class, or wait another year to gain more work experience and therefore significant accomplishments. Check back tomorrow for three more useful tips. Tips to Manage Yourself in the Last Round of MBA Applications originally appeared on About.com Business School on Thursday, March 11th, 2010 at 15:28:18.
Free GMAT Tests
Free GMAT tests are a great way to practice for the real GMAT test. Most GMAT prep books include at least one free GMAT test. There are also a number of different places to find free GMAT tests online. Related Resources Free GMAT Tests originally appeared on About.com Business School on Tuesday, March 9th, 2010 at 11:02:38.
Weekly Scholarship Contest from CollegeNET
CollegeNET, an education blog/social network is awarding a weekly scholarship to students. Scholarships are awarded through interactive participation on the site's forums. Students are encouraged to use the forum to discuss issues that matter to them. Forum participants then democratically receive votes from other students who like the topics they are writing about. The student who gets the most votes on Wednesday of each week receives a scholarship for between $3,000 and $5,000. The current weekly CollegeNET scholarship contest (worth $4,000) closes on March 10, 2010 at 3:00 PM PST. If you are looking for a scholarship contest that awards money regardless of age, economic status, grades, ethnic background, essay writing skills, etc., this is the scholarship contest for you. Read more about the CollegeNET Weekly Scholarship Contest. Weekly Scholarship Contest from CollegeNET originally appeared on About.com Business School on Thursday, March 4th, 2010 at 10:10:54.
Universities with the Best Professors
RateMyProfessors.com, an online site that allows students to rate their professors, recently announced its annual ranking of the highest rated college professors. Rankings are based on student's ratings from the site. The highest ranked professor was Kimberly Duvall-Early of James Madison University. The three universities with the highest rated professors included: See all of the Professor Top Lists on RateMyProfessors.com. Universities with the Best Professors originally appeared on About.com Business School on Wednesday, March 3rd, 2010 at 01:44:32.
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As economy booms, China faces major water shortage
BEIJING -- A decade ago, China's leaders gave the go-ahead to a colossal plan to bring more than 8 trillion gallons of water a year from the rivers of central China to the country's arid north. The project would have erected towering dams, built hundreds of miles of pipelines and tunnels, and cre...
European Union finance officials at impasse on global reform
LONDON -- European finance ministers failed to reach agreement Tuesday on strict new regulatory reforms that would have imposed fresh restrictions on American hedge funds doing business in Europe.
Measure would force White House, private sector to collaborate in cyber-crisis
Key members of Congress are pushing legislation that would require the White House to collaborate with the private sector in any response to a crisis affecting the nation's critical computer networks.
Republicans criticize Democrats' plan to overhaul student lending
Republicans assailed a proposed overhaul of student lending Tuesday as a "government takeover," a "job killer" and an "outrage," seeking to rally opposition to a Democratic measure that would cut private lenders out of the federal loan market.
China appears to be preparing for Google departure
BEIJING -- The Chinese government on Tuesday appeared to set the foundation for Internet giant Google to pull out of the country, with one spokesman contending that the company's potential departure would be an "individual business act" and another warning Google to obey Chinese law whether it...
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U.S. Chamber of Commerce sets sights on Democrats ahead of midterm elections
The U.S. Chamber of Commerce, already one of Washington's largest lobbying groups, is gearing up to play a major role in this year's midterm elections on a scale that rivals the nation's two main political parties.
China warns Google to obey Chinese law
BEIJING -- The Chinese government on Tuesday appeared to set the foundation for Internet giant Google to pull out of China, with one spokesman contending that the company's potential departure would be an "individual business act" and another warning Google to obey Chinese law whether it leaves...
Economic Agenda: March 16, 2010
Key Events 8:30 a.m.: The Commerce Department releases data on new home construction in February; economists surveyed by Bloomberg expect housing starts to have dropped 3.6 percent from January, mainly because of inclement weather. Another economic release worth watching: the Labor Department i...
Sen. Dodd to introduce plan to overhaul financial regulatory system
Senate banking Chairman Sen. Christopher J. Dodd will try to strike a delicate balance Monday as he introduces a new measure to overhaul the nation's financial regulatory system, including provisions aimed at shoring up support among fellow Democrats but also incorporating compromises he reached...
Tests fail to duplicate acceleration problem in Prius
Investigators from Toyota and the government have been unable to duplicate the runaway acceleration in a 2008 Prius that a Southern California man said took him on a 30-mile wild ride last week, according to a draft memo from a congressional panel.
China's Wen Jiabao rebuffs U.S. on letting yuan appreciate against dollar
BEIJING -- Chinese Premier Wen Jiabao on Sunday lectured the United States, criticizing its call for China to let its currency rise against the dollar to boost U.S. exports, advising it to work harder to improve its financial system and directing it to change its foreign policy to improve relations...
Value Added: Commercial musician tuned in to needs of Washington region
You've probably never heard of Todd Hahn, but you might have heard his music.
6 key points of the financial regulation legislation
Dodd's second draft of financial reform legislation tracks closer to the bill that passed the House in December, eliminating several of the bold reforms he proposed last fall. But Republicans remain opposed, despite Dodd's decision to incorporate their ideas on some issues.
DEALSAllan Sloan
Allan Sloan is away. His column will return.
British regulator to probe audits of Lehman; China trims U.S. debt holdings
A British regulator said it is investigating how Ernst & Young accounted in its auditing for Lehman Brothers' transactions in Britain.
Corrections
-- A March 14 Outlook article about how colleges deal with campus sexual assault cases mischaracterized the policy at Bucknell University. The school does not use mediation to adjudicate such cases; rather, mediation is an option made available by Bucknell to victims of sexual assault in addition to...
Montgomery, Prince George's slash budgets
Maryland's two largest counties outlined spending cuts Monday that would reach from children's health clinics to nursing homes, slice tens of millions of dollars in education spending and furlough thousands of public employees.
European officials hold off on bailout package for Greece
LONDON -- European finance chiefs failed to produce a detailed bailout plan for Greece on Monday but laid the groundwork for a potential rescue if the financial situation in the troubled Mediterranean nation deteriorates sharply.
Toyota says tests cast doubts on story of runaway Prius in California
Toyota on Monday said that extensive testing of the 2008 Prius that allegedly took a Southern California driver on a 30-mile runaway ride last week casts serious doubts on his story.
Local Digest: Allied Capital cutting D.C. jobs in Ares acquisition
MERGERS & ACQUISITIONS Allied Capital Corp., a publicly traded private-equity firm based in the District, is eliminating most of its local workforce as it prepares to be acquired by New York-based Ares Capital. Although the combined company will maintain "an ongoing presence" in Washington, Allied...
Two Washington area drivers sue Toyota, alleging acceleration problems in cars
Two Washington area drivers have filed personal injury lawsuits against the Toyota Motor Corp., joining about 280 personal injury and class-action suits filed across the country against the company.
GAO blocks contract to firm formerly known as Blackwater to train Afghan police
Federal auditors on Monday put a stop to Army plans to award a $1 billion training program for Afghan police officers to the company formerly known as Blackwater, concluding that other companies were unfairly excluded from bidding on the job.
Ex-employees of AIG's Financial Products unit might sue over lower payouts
NEW YORK -- Several former American International Group employees might sue the insurer after it gave them less retention bonus money than they should have received, their attorneys said Monday.
Former chief of Park Avenue Bank charged with TARP fraud
NEW YORK -- The former chief executive of a New York bank shut down by regulators last week was arrested Monday for attempting to steal from the taxpayer-funded bailout program, marking the first time criminal charges have been filed in connection with alleged abuse of the government's...
Concessions on financial reform bill yield few gains in Senate
Sen. Christopher J. Dodd (D-Conn.), chairman of the Senate banking committee, introduced a revised bill on Monday to overhaul financial regulation that included compromises forged with Republicans in recent months but fell short of winning endorsement from conservatives, including members in his ...
President Obama makes pitch for health-care reform
STRONGSVILLE, Ohio -- With a decisive vote on his health-care overhaul possible within days, President Obama declared repeatedly Monday that "we need courage" from elected leaders to pass the far-reaching package.
Economic Agenda: March 15, 2010
Key Events 9:15 a.m.: The Federal Reserve issues figures on industrial production for February. Economists surveyed by Bloomberg think that output will stay unchanged from January. Finance ministers from the 16 euro-zone nations are scheduled to meet to discuss the Greek debt crisis. Senate banki...
Tests fail to duplicate acceleration problem in Prius
Investigators from Toyota and the government have been unable to duplicate the runaway acceleration in a 2008 Prius that a Southern California man said took him on a 30-mile wild ride last week, according to a draft memo from a congressional panel.
Cost of Internet fraud on steep rise
LOS ANGELES -- U.S. citizens reported losing more than $550 million in 2009 in Internet fraud, falling prey to a variety of increasingly sophisticated scams, according to a report by the Internet Crime Complaint Center .
Schools, health care, public safety lose millions in Va. budget
RICHMOND -- The Virginia General Assembly adjourned its annual legislative session Sunday evening after adopting a two-year, $82 billion budget that cuts millions from education, health care and public safety -- curtailing state spending more aggressively than any in generations while fulfilling ...
Chinese oil giant to buy stake in Argentine firm
HONG KONG -- Leading offshore-oil producer China National Offshore Oil Corp. said Sunday that it has agreed to pay $3.1 billion to form a joint venture with a major Argentine energy firm, helping to expand China's access to natural resources in South America.
Curbing earmarks: Even with new restrictions, for-profits play a role
Twice in recent years, House Appropriations Committee Chairman David R. Obey (D-Wis.) helped obtain earmarks totaling $3.2 million for a home-state university to study how to make military jet fuel from plants. Standing behind that nonprofit work, however, is a for-profit Chicago firm that often ...
State attorneys general vie for stronger consumer protection role
In the fight over how to overhaul the nation's financial regulatory system, one of the key power struggles has pitted the states -- in particular a core group of state attorneys general -- against federal regulators, financial lobbyists and some members of Congress.
APPOINTMENTS
D&R International of Silver Spring named David P. Steiner , former vice president of government affairs at Maytag, president.
Neil's Must Reads
Economists Carmen Reinhart and Ken Rogoff have published an important (and, given the current economic situation, rather scary) working paper that shows extensive connections between countries that experience a banking crisis and those that experience a sovereign debt crisis. And Mark Thoma at CBS...
Position : President of Vienna-based FedBid, an online reverse-auction marketplace that gives government procurement officers access to bids from commodity sellers.
New at the Top: Glenn Richardson
I entered the Army for what I thought would be a short stint but had the chance to serve as an officer for 15 years. After a while, I got the sense that I really enjoyed solving problems and really wanted to be a part of organizations that did just that.
THIS WEEK, March 15-19
The week will be busy, with data on the industrial sector, housing and inflation being released and a Federal Reserve policymakers meeting scheduled.
SemaConnect trying to fill a niche in the electric-car era
Annapolis-based entrepreneur Mahi Reddy is hoping to take advantage of what he perceives will be a big missing piece in the approaching era of the electric car.
Newly powerful China defies Western nations with remarks, policies
BEIJING -- China's government has embraced an increasingly anti-Western tone in recent months and is adopting policies across a wide spectrum that reflect a heightened fear of foreign influence.
Insurers report on use of abortion riders
CHICAGO -- In North Dakota, where insurers can cover abortions if customers pay a separate premium, the state's largest provider says it sells no abortion policies because no one has asked to buy one.
Pros and cons to Facebook's fast-growing role in digital photography
The glossy print, it seems, is losing its sheen. According to estimates from IDC, 42 billion photos will be printed worldwide, both commercially and personally, in 2013. That's a third fewer than the 63 billion printed in 2008. Meanwhile about 124 billion photos are on pace to be shared through s...
GOP wants Dodd to slow down on financial reform legislation
Republicans on the Senate banking committee said they remain open to finding a bipartisan agreement on legislation to overhaul financial regulation, but they warned the chairman, Sen. Christopher J. Dodd (D-Conn.), against trying to push a bill through too quickly.
Ack! How could I owe so much? Get me a CPA!
They say it is better to give than to receive, but paying taxes has got to be the one exception to this golden rule. At least I know that I felt far from virtuous as my tax bill kept climbing during a recent five-hour tussle with TurboTax.
FDA targets processing of spices in bid to make supply safer
The Food and Drug Administration is reexamining the safety of a culinary staple found in every restaurant, food manufacturing plant and home kitchen pantry: spices.
Despite probe, prescription drug abuse worsening, authorities say
Donna M. George was a grandmother living in a gated community in Fredericksburg when she sold prescription drugs out of her kitchen -- while babysitting for her three grandchildren.
Retail sales up slightly in February, despite nationwide snowstorms
February's cross-country snowstorms couldn't freeze out consumers as retail sales rose 0.3 percent for the month, according to government data released Friday.
U.S., Europe at odds over global financial reform
A feud between the United States and Europe has cast doubt on the likelihood of a comprehensive global response to the financial crisis that nearly sparked a worldwide depression, according to regulators and analysts.
Borrowers in foreclosure prevention plan losing mortgage aid
About 90,000 distressed borrowers have lost their mortgage aid under the government's foreclosure prevention plan, and many more are at risk of losing the help, according to Treasury Department data released Friday.
Obama's likely choices for Federal Reserve indicate a more activist role
President Obama's likely selections for three top positions at the Federal Reserve signal that he wants the central bank to focus on driving down unemployment and taking a more active role in protecting consumers.
Finding federal job after being fired
Derrick T. Dortch, president of the Diversa Group, is a career counselor who specializes in government job searches and military transition. This is adapted from a recent chat at washingtonpost.com.
How much time and energy to invest in a job opportunity?
How much time and energy should you spend pursuing a particular job opportunity? Several times recently I have invested a large amount of time (filling out applications, going in for multiple interviews) or money (printing portfolios, missing hours of work, paying for travel expenses) in the process...
Congress is long overdue for serious effort at tax reform
Congress is ready for a nap. The financial crisis was a year-long emergency. Health-care reform has been a seemingly endless grind. No one quite knows what to do about jobs. Cap-and-trade seems doomed in the Senate, which means all the work the House did to pass its bill was for nothing. The elec...
IRS offers help paying taxes
For the second year, the Internal Revenue Service is reaching out to folks in financial trouble.
File Smart: It's time to make sure you've covered your tax bases
With just a month until the filing deadline, it's time to get serious about taxes.
REITs show rising prices but growing risks
Analysts, bloggers, real estate dealmakers and managers of mutual funds are as puzzled as I am about the 90 percent rise in REIT indexes since March 2009. Commercial real estate lags the business cycle, so shares of real estate investment trusts normally do not rebound until after it's apparent the...
How to calculate the AMT, a tax we love to hate
Although almost everyone denounces it, the AMT is a big moneymaker for Uncle Sam, collecting more than $22 billion from four million taxpayers for 2008 alone. Congress has not found a replacement for this lucrative revenue raiser. Since 2001, however, lawmakers have approved a temporary patch each...
Report faults executives with manipulating Lehman Brothers' balance sheet
A high-profile report on Lehman Brothers raises fresh questions about whether senior executives at the failed Wall Street investment bank presented a misleading picture of its financial health and whether government regulators did enough to prevent the firm's sudden collapse.
Employers plan to shift more health-care costs to workers, survey reports
Most big employers plan to shift a larger share of health-care costs to their workers next year, according to a survey released Thursday.
Obama's ambitious export plan may rekindle free-trade battle
President Obama unveiled plans Thursday to double U.S. exports over the next five years in hopes of spurring job growth, an ambitious goal that may rekindle the battle over free-trade policy.
New round of foreclosures threatens housing market
The housing market is facing swelling ranks of homeowners who are seriously delinquent but have yet to lose their homes, and this is threatening a new wave of foreclosures that could hit just as the real estate market has begun to stabilize.
Financial system reforms won't wait
Senate banking committee Chairman Christopher J. Dodd (D-Conn.) said Thursday he will move forward next week with sweeping legislation to revamp the nation's financial regulatory system, despite failing to resolve key differences with Republicans.
Republicans name six to Obama's deficit-reduction commission
Congressional Republicans named six members to President Obama's deficit-reduction commission Friday, choosing the party's most respected leaders on budget issues and hard-line conservatives who said they are determined to steer the panel toward cutting spending and away from raising taxes.
Democrats try to find the right compromises for financial reform
Democratic staffers at both ends of Pennsylvania Avenue scrambled Friday to write the financial reform legislation that Sen. Christopher J. Dodd (D-Conn.) has promised to unveil Monday , trying to find language that would please Democrats while preserving progress toward a compromise with...
Calif. county sues Toyota, accuses automaker of hiding evidence of defects
In the latest blow to Toyota Motor, a Southern California prosecutor filed the first consumer protection lawsuit against the automaker, claiming it had engaged in "fraud" by hiding evidence of dangerous vehicle defects.
Campaign stunt launches a corporate 'candidate' for Congress
Murray Hill might be the perfect candidate for this political moment: young, bold, media-savvy, a Washington outsider eager to reshape the way things are done in the nation's capital. And if these are cynical times, well, then, it's safe to say Murray Hill is by far the most cynical.
Unemployment rate for young veterans hits 21.1 percent
The unemployment rate last year for young veterans of the Iraq and Afghanistan wars hit 21.1 percent, the Labor Department said Friday, reflecting a tough obstacle that combat veterans face as they make the transition home from war.
Black & Decker shareholders back Stanley Works merger
MERGERS & AQUISITIONS Shareholders voted in favor of a nearly $3.5 billion stock buyout, clearing the final hurdle for Stanley Works to acquire Black & Decker.
Senators critical of salary expenses at Boys & Girls Clubs of America
Several Republican senators are questioning expenses at the Boys & Girls Clubs of America, a national nonprofit organization that receives millions of dollars in federal funding.
New funding projection could squeeze Obama's education agenda
In the final push to pass a major student aid bill pending in Congress, funding for key elements in President Obama's education agenda is dwindling.
On eve of U.S. visit, Irish prime minister Cowen says more cuts are possible
LONDON -- At a time of deep concern over growing government debt in Europe and the United States, Irish Prime Minister Brian Cowen is heading to Washington as a global spokesman for fiscal restraint.
China holds firm against Google, says firm must obey its laws
BEIJING -- China's top Internet regulator warned Google on Friday that it must obey Chinese laws or "pay the consequences," in the bluntest official reaction yet to Google's threat to pull out of China unless the government stops censoring the Internet.
Steven Pearlstein reviews 'The Big Short' by Michael Lewis
"The Blind Side" and "Moneyball" author Michael Lewis turns his attention to the U.S. financial crisis.
FEMA's sale of Katrina trailers sparks criticism
In a giant auction, the federal government has agreed to sell for pennies on the dollar most of the 120,000 formaldehyde-tainted trailers it bought nearly five years ago for Hurricane Katrina victims. But the sale of the units, perhaps the most visible symbol of the government's bungled response to...
New York AG Cuomo recuses himself from probe of Gov. Paterson
New York Attorney General Andrew Cuomo said Thursday that he has recused himself and appointed an independent counsel to probe whether Gov. David A. Paterson illegally took World Series tickets or had improper contact with a woman who accused an aide of domestic violence.
AIG, federal czar reach deal on rest of bonus pay to be returned
American International Group has reached an agreement with the Obama administration's compensation czar to pay back the remaining money employees agreed to return last year after an uproar over bonuses at the insurance giant, according to sources with knowledge of the matter.
Hollywood Stock Exchange is a stacked deck in a casino royale
Investors learned this week of Wall Street's latest attraction -- a new "futures" market where anyone from casual moviegoers to Hollywood moguls would be able to wager on the success of upcoming movies.
Americans' net worth rises for third straight quarter
Americans regained more of their shrunken wealth last quarter, mainly because of gains in stock portfolios. The Federal Reserve reported Thursday that household net worth rose 1.3 percent in the fourth quarter of 2009, to $54.2 trillion. Net worth rose 4.5 percent in the second quarter and 5.5...
Maryland's strong alcohol lobby likely to quash tax increase
In recent years, Maryland has raised its sales tax, income tax, corporate tax and cigarette tax; added a surcharge called the "millionaires' tax"; and created taxes on electronic bingo, tip jars and even water and septic systems -- the "flush tax."
Aftershocks a reality check for Chilean President Sebastián Piñera
SANTIAGO, CHILE -- Sebastián Piñera pledged during his presidential campaign to bring fiscal prudence to Chile, but moments before his inauguration Thursday, he received a jolting reminder of how last month's 8.8-magnitude earthquake has shredded that promise.
Northrop Grumman to cut 180 jobs in Maryland
Northrop Grumman said Thursday that it issued layoff notices to 180 employees at its Hagerstown, Md., maintenance and modification center.
Director says NHTSA responded properly on Toyota's problems
The chief of the nation's auto safety regulators rejected criticism on Thursday that his agency made mistakes and responded too slowly to years of complaints regarding runaway Toyotas.
Treasury hopes new rules send short sales to the rescue of underwater mortgages
With new Treasury Department rules designed to expedite short sales set to take effect April 5, relief can't come soon enough for some area buyers, sellers and real estate agents who have waded through a long and arduous process to get short sales approved by the bank.
Some tax issues to consider on mortgage write-downs
With the Obama administration and private lenders actively considering mortgage principal-reduction programs to help financially distressed homeowners, the Internal Revenue Service has issued a new advisory to taxpayers who receive -- or seek to receive -- such assistance. The IRS gets involved in...
Washington area housing market is getting competitive again, buyers and brokers report
It's getting competitive out there in the Washington area housing market, according to real estate brokers and buyers. And February market statistics just reported from Metropolitan Regional Information Systems, the local multiple listing service, back up their reports.
FHA challenged on projected risk to taxpayers
The Federal Housing Administration will need taxpayer money because it failed to properly project how borrowers with FHA-backed loans are affected by job losses and diminished equity in their homes, New York University professor Andrew Caplin told a House panel Thursday.
Compromise would shield payday lenders, pawnbrokers and car dealers from oversight
Payday lenders, pawnbrokers, car dealers and other companies that make loans but do not hold bank charters would be shielded from the scrutiny of a proposed federal consumer protection regulator under the terms of a tentative compromise between senators who are attempting to craft a bipartisan bill.
Making legal aid more accessible and affordable
It's time to make it more accessible and affordable.
GAO analyst says cost overruns, delays continue to plague F-35 program
A congressional auditor said Thursday that the Joint Strike Fighter, the Pentagon's most expensive weapons program, "continues to struggle with increased costs and slowed progress," leading to "substantial risk" that the defense contractor will not be able to build the jet on time or deliver as many...
Ex-official David Loglisci's guilty plea advances N.Y. state pension probe
NEW YORK -- A former New York state official pleaded guilty Wednesday to a felony in connection with an alleged pay-to-play scheme involving the state's pension system, a move that legal experts said could bring the investigation closer to one of Wall Street's most prominent financiers, Steven...
February set deficit record; Google says China feud may be resolved soon
The Treasury Department said Wednesday that the government's budget deficit in February totaled $220.9 billion, the largest monthly figure yet and 14 percent higher than the previous record from February 2009. The deficit for the first five months of this budget year is $651.6 billion, 10.5 percent...
Finding solid footing as banks' overdrafts get overhauled
I've been noticing a lot of notice fatigue lately. By now, you may have become a bit overwhelmed with correspondence from your bank or credit union about mandated changes to your credit card account.
FHA considers down payment requirements
The Federal Housing Administration has concluded that its loan volume would have dipped by 40 percent in the next fiscal year and that 300,000 first-time home buyers would have been shut out of the housing market if it had raised its down payment requirements, as critics have pressured it to do, ...
Politics, shaky economy create no rush to restructure Fannie and Freddie
The federal government has spent the past half year seeking to roll back its emergency efforts at propping up the financial markets -- with the notable exception of its involvement in mortgage giants Fannie Mae and Freddie Mac.
NHTSA chief says rate of Toyota complaints was 'unremarkable'
Federal regulators have faced torrents of criticism for not moving more aggressively against Toyota during years of complaints regarding runaway cars.
Familiar hurdles for U.S. as it ramps up pressure on firms doing trade with Iran
Congress and the Obama administration are stepping up pressure on private companies to stop doing business with Iran, but their efforts are running into the same problems U.S. sanctions have encountered for three decades -- reluctance in Europe and a host of elusive trading companies eager to sell...
Gay marriages expected to create wedding-related jobs in D.C.
Georgetown residents Christopher Cahill and Richard Marshall consider the $75,000 wedding that they're planning for June to be their own "personal stimulus package" for the District economy. And local businesses are already seeing the dollar signs.
Wash Post Business
The Washington Post Business and Economy section provides coverage and analysis of economic policy,business policy and financial news as it relates to Washington,D.C.,the federal government and individual agencies. Washington Post Business also offers video,discussions and blogs about major economic issues.
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