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$4 Billion in Broadband Stimulus Grants Tied to Strict Net Neutrality Rules
Two federal agencies are now ready to hand out $4 billion in grants and loans to help bring broadband to the people and stimulate the economy, but applicants have to promise to play fairly with whatever devices, applications and services users want to use.
Clive Thompson on Cuba's Potential Tech Boom
Back in the '80s, Ireland was one of the poorest countries in Western Europe, with unemployment as high as 17 percent. But the scrappy nation had one advantage: It always invested in education, so while the Irish were poor, they were smart. American tech companies like Dell and Intel eventually realized the island was full of underemployed brainiacs and opened up offices there. The Irish were soon performing tasks such as developing software and working in pharmaceutical manufacturing and research. By the late '90s, the influx of jobs turned the country around: Ireland was filled with people who were smart and also wealthy, among the richest in Europe. The Celtic Tiger was born. Is there another country today with the same potential, one that could erupt in an intelligence-driven boom? Yep, though it's probably not one you'd expect: Cuba. I visited Cuba a few years ago and was surprised at how much it reminded me of Ireland. Everyone was smart, skilled, and seemed hungry for opportunities to improve their lives—perhaps even more so than the Irish had been back in the '80s, because they'd spent decades under Fidel Castro's human-rights-crushing thumb. Now that President Obama is talking about opening up trade, Cuba experts predict that the country could explode with creativity and entrepreneurial innovation. "There's tremendous potential," says Gustav Ranis, an economic-development expert at Yale. Like the '80s Irish, Cubans are eerily well educated, particularly for such an impoverished people. Education is one thing Castro has done right: 99.8 percent of adults are literate, and nearly a third have graduated from high school, many with the sort of vocational training in mechanics and farming the US foolishly let slip a generation ago. Based on UN statistics, one out of five young adults in Cuba graduates college. Cubans also have a hacker mindset. They've needed it to handle the constant privation. They keep 50-year-old cars running with cobbled-together parts. They cadge gray-market Internet access by making friends with local officials—among the anointed few the government allows online. When Soviet food supplies vanished, Cubans turned to urban gardening. If the US embargo ends, Cuba could become an Ireland-like high tech outsourcing resource. "They've got all the skills you need for software programming," says Kenneth Flamm, professor of international affairs at the University of Texas at Austin. Cubans, many of whom study English in school, would be particularly good at "localizing" US software for Latin American markets, Flamm says. Plus, Havana is only an hour's flight from Miami, making it convenient for offshoring. Medicine would be another potential area of growth. Cuban health care, particularly preventive care, has been amazingly good; Cuban life expectancy is on a par with that of the US. The country has poured millions into biotech, creating vaccines for meningitis B and hepatitis B. "Biotech and health tourism have really serious potential," says Vicki Huddleston, a Brookings Institute expert on Cuba. Mind you, white-collar jobs aren't enough. Cuba has more than 11 million people, and gainfully employing that many requires tons of jobs in textiles, light industry, and agriculture. Organic farming, interestingly, could be big: Because the embargo has made it hard to get pesticides, Cuba has used comparatively little of them, which means much of the island is organic-ready, so long as it avoids the "resource curse" and stays away from too much mining and oil drilling. Retaining the social welfare net would also be crucial. Obviously, this is blue-sky thinking. To really open up trade, the Castros will have to liberalize their repressive regime. (An independent journalist I met while visiting in January 2003 was arrested two months later.) There's no telling if or when that will happen. But let's hope it does. In sheer human potential, Cuba is an economic and technological miracle waiting to happen.
Email clive@clivethompson.net
Bing Snags Small Gain From Google
Bing grabs a percentage point in the search wars, stealing a sliver of the search market from Google. Is it the beginning of a long march or just the product of an ad campaign?
Pure Play iPhone App Startups Attract $100 Million in VC Bucks
Venture capitalists drop $100 million into the coffers of software firms seeking to make their fortune selling apps for the iPhone. Clearly, the VCs are expecting consumers to keep falling in love with mobile devices and the apps that extend their usefulness.
Pirate Bay Heading to Davy Jones' Locker
The $7.7 million sale of The Pirate Bay spells its end as a file sharing maverick.
Steven Levy on Neil Young's Massive Blu-ray Project
Neil Young has been working on his Archives project for so long that the big news in the tech world when it was first announced was Windows 3.0. Back in 1988, the curmudgeonly musician conceived the mother of all box sets, a multimedia data dump that presents the breadth of his work—the good, the bad, and the ugly—in hi-def audio. Young envisioned Archives as not just a spiffed-up music collection but a virtual autobiography, including video footage, photos, press clips, and memorabilia such as original lyric sheets and personal correspondence, retained against all odds. To Young fans—and anyone interested in how digital media can enable new means of self-expression—this sounded pretty nifty. But in preparing this harvest of material, Young has made even Microsoft look like a short-order cook. Year after year, Archives remained in perpetual just-about-there mode. ("It's already together," Young gushed to an interviewer back in 1991.) Then, a couple of years ago, the advent of hi-def optical formats removed a significant barrier. Larry Johnson, Young's media wizard, explains that fans could at last enjoy super hi-fidelity audio while simultaneously poring over set lists from a 1969 coffeehouse appearance and newspaper reviews of Buffalo Springfield. Well, Archives has finally arrived. The full version includes 10 Blu-ray discs (128 songs in 24-bit/192 kHz stereo and a reissue of the seldom-viewed documentary Journey Through the Past), a 236-page hardbound book, a poster, and code for downloading the music (even though Young regards MP3s as the aural equivalent of Satan). And this is only volume 1, covering his prolific career up to 1972. Longtime Youngophiles like me will be giddily overwhelmed from the get-go. When you follow an artist closely for many years, your own consciousness inevitably becomes intertwined with theirs, and sudden access to their personal vault of unreleased tunes, alternative mixes, and private paraphernalia is a bounty that requires a lot of unpacking. Archives drops you into the Neil Wide Web. At first I jumped from one gem to another. It thrilled me to hear gorgeous versions of tunes I'd experienced only on fuzzy bootlegs, to discover cheesy instrumentals from Young's high school band, and to view evocative items like the article his father (a well-known Canadian journalist) wrote after seeing his son play Carnegie Hall. Eventually, though, I got frustrated. The paradox of Archives is that while it breaks ground in exploiting the relatively new Blu-ray format, the very concept of physical media is racing toward obsolescence. Archives shares its central interface metaphor with 1970s computers: a file cabinet. That navigational trope has more miles on it than Old Black, Young's vintage Les Paul guitar. Young plans to add folders to the cabinet by letting users download additional material. Subsequent volumes of Archives will stretch the cabinet to ludicrous proportions. "It will be like a file drawer that goes on for a mile and a half," Johnson says. But this puts limits on the Neil Wide Web that don't exist in Google's world; search functionality would be a welcome addition. Considering the rate of production at Young's digital operation, it may take a decade or two until Archives gets around to the current period of Young's oeuvre. My guess is that by then the project will quite logically move to the cloud (with access granted via subscription fee or limited-time pass), where all of Young's outtakes and memorabilia—along with photos, sound files, and reminiscences provided by his fans—will be available in an instant. (If the Internet of 2020 can't deliver top-grade audio quality and hi-def images smoothly, all will be lost anyway.) The alternative—a stack of 40 or 50 Blu-ray disks on the verge of irrelevance—would just leave us helpless. Email steven_levy@wired.com.
Cool Search Engines That Are Not Google
Google may be a verb that means search, but if you aren't seeing other search boxes, you are missing out. Wired.com takes a look at the rest of the search services on the net and finds some beauties.
After Sale, Can Pirate Bay Survive?
The Pirate Bay, the world's most notorious BitTorrent tracker, is likely to be lucrative for its new Swedish owners, Global Gaming Factory X AB. The site, which is expected to go legitimate, will probably rake in cash from its VPN venture and its YouTube-like service.
Jackson's Death Puts Lucrative Beatles Copyrights in Play
The King of Pop is dead, but controversy over his interest in the Beatles library lives on.
The Wired Interview: Facebook's Mark Zuckerberg
Facebook's founder and CEO talks about the limitations of walled gardens, the evolution of privacy online and why Home Depot should "humanize" itself.
Wired: Tech Biz
Dispatches from Silicon Valley.
Chicago news, weather, traffic - CBS 2 - WBBM
Chicago news, weather, traffic - CBS 2 - WBBM
Ballard, IdaTech Sell 310 Hydrogen Generators
Ballard Power Systems (NASDAQ: BLDP) and its partner, Bend, OR-based IdaTech announced today that they can now confirm the sale of 310 hydrogen fueled generators to a wireless infrastructure company in India. Ballard, based in Burnaby, BC, manufactures the FCgen-1300 fuel cell, which will be incorporated into IdaTech's ElectraGen generators which provide backup power for ...
Stealthy Ground Truth Gets $2.6M
Seattle-based Ground Truth, a stealthy startup led by Sterling Wilson and Michael Libes, has raised $2.6 million in equity funding, according to a regulatory filing. The company's directors include Seattle venture capitalists Tom Huseby and Erik Benson, and Beau Laskey of Burbank, CA-based Steamboat Ventures.
Stem Cell Entrepreneur Quinn Dies, Dendreon Tames Shorts, PhysioSonics Monitors Brain Blood, & More Seattle-Area Life Sciences News
News flow in Seattle life sciences slowed down heading into the holiday weekend, so I rolled out a couple biotech and medical device features I've been meaning to clear off my to-do list for a while. -Dendreon (NASDAQ: DNDN) raised $221 million last month to expand its manufacturing and marketing efforts for its prostate cancer drug, ...
Former flight attendant sues Boeing
A former flight attendant and Washington resident has filed a lawsuit against Boeing and its subsidiary McDonnell Douglas, asserting that an air system used aboard nearly all commercial airliners poses a health threat.
Seattle Post-Intelligencer: Business News
Read business stories from seattlepi.com
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For Banks, Wads of Cash and Loads of Trouble
Bulk deposits from brokers fueled growth at smaller banks, but also led some to the brink, and beyond.
The Media Equation: A Publisher Stumbles Publicly at the Post
Katharine Weymouth decided to sell legitimacy, with her paper’s editorial integrity thrown in as a parting gift.
For Australian Winemakers, More Turns Out to Be Less
Australian winemakers are selling more wine but making less money per bottle.
Neighbor’s Shadow Still Large in Slovakia
Slovakia still exudes uncertainty 16 years after its “velvet divorce” from the Czech Republic.
Internet Companies and Ad Agencies Go From Old Enemies to New Friends
The slowing growth in online advertising is pushing traditional ad agencies and Internet companies to work together.
Europe Tests Banks, and Worries
Germany and Spain are reluctant to publish the results, but other nations favor releasing an overview of the data.
Patient Money: For a Frugal Dieter, Weight Loss on a Sliding Scale
A dieter’s commitment to weight loss can sometimes be linked to how much money he or she is willing to spend.
Shortcuts: Raising Children Who Care in Times That Need It
Philanthropy is not only for the wealthy. You can bring children into the fold by letting them figure out how they would like to contribute.
Winner of Lunch With Warren Buffett Gets a Windfall
A Chinese businessman mentioned a Chinese company ahead of a meeting with Warren Buffett, and watched the shares soar.
British Study Madoff Payments to Austrian Banker
Prosecutors are investigating reports that companies owned by the banker, Sonja Kohn, received more than $40 million.
A Subdued Trading Day in Asia and Europe
Trading has been subdued as the United States has a day off and many in London focused on the Wimbledon tennis semifinals.
European Union Proposes to Police Derivatives Trading
The European Commission said moving trades onto exchanges would improve price transparency and strengthen risk management.
Combative Union Leader Steps From the Shadows
Richard Trumka, who is running to become the next president of the A.F.L.-C.I.O., is expected to bring a more combative style to Big Labor.
U.S. Gets Tough on Funds Trying to Buy Failed Banks
Under new rules, private equity funds buying failed banks at bargain prices will need three times as much capital as solvent banks.
S.E.C. May Reinstate Rules for Short-Selling Stocks
They have been reviled as the bad hats of Wall Street, nefarious traders who cashed in on the market collapse and, some insist, helped precipitate it.
U.S. Inquiry Is Confirmed Into Google Books Deal
The Justice Department confirmed it was conducting an antitrust investigation into a settlement of a class action between Google and groups representing authors and publishers.
Talking Business: Ire at Madoff Swings Toward the Referee
Ever since the scandal broke, many victims have felt aggrieved at the process itself, directing their anger at a lawyer caught in a no-win situation.
Your Money: A Day to Tackle the Financial To-Do List
Taking time, 10 or 12 hours, to tackle ever-postponed money tasks and clear the books can be lucrative.
NYT > Business
July 4th Getaway: Fight High Gas Prices
Traveling this holiday weekend? Here are some tips to save at the pump.
All Bets Off for Russia's Casinos?
More than 400,000 out of work as Russia's casinos close under anti-vice law.
States Ring in the 4th ... With No Money
Several states enter first the weekend of the fiscal year without a budget plan.
New Orleans Is Fastest Growing City
New census report shows NOLA, Texas towns making big gains in population.
Obama Stresses Green Jobs
Hours after disappointing jobs report, president touts green job creation.
Wake Up, Check Your E-mail, Buy Some Weed
LA medical marijuana "collective" solicits its selection through Twitter.
Has the Housing Market Hit Bottom?
A look at how 10 cities across America are weathering the housing crisis.
America's Most Troubled Luxury Neighborhoods
The collapse in prices has finally come home to the rich.
MOUNTAIN OF DEBT: Rising Debt May Be Next Crisis
MOUNTAIN OF DEBT: Legacy of debt from Founding Fathers not celebrated on Independence Day
Did Michael Jackson's Death Save His Reputation?
Fans are left downloading his biggest hits instead of seeing him fall on tour.
GM Awaits Judge's Ruling on Sale Plan
General Motors left to wait as judge adjourns hearing without indicating ruling's timing
Gotta Go? iPhone App Tells Moviegoers When to Pee
New app tells moviegoers when to break for the bathroom and what they missed.
WATCH: Unemployment Skyrockets to 9.5 Percent
WATCH: Hot Vacation Deals in a Chilly Economy
WATCH: Swipe No More, Just Dial!
WATCH: Jobs Report: Is the Recovery Continuing?
WATCH: U.S. Families' Net Worth Decreases
WATCH: Quick Fix: 'Space Invaders' Attack Expenses
WATCH: GM Looks to Exit Chapter 11
WATCH: How to Move on the Cheap
WATCH: Beware of New Bank Fees
WATCH: Madoff to Victims: 'I'm Sorry'
WATCH: Ways to Save on Insurance
WATCH: Bernie Madoff Faces Stiff Sentence
ABC News: Money
Auto Review: 2009 GMC Sierra Hybrid: A few jolts, lots of volts
Out here in the rolling hills of the Potomac Valley, pickup trucks may outnumber the dogs. So it is a great place to test the latest truck from GMC.
Alaska Gov. Sarah Palin stepping down
Little more than halfway into her first term, the governor says she not only wouldn’t be seeking re-election, but that she would be handing over the reins of office.
NewsWatch: Alaska Gov. Sarah Palin stepping down
Little more than halfway into her first term, the governor says she not only wouldn’t be seeking re-election, but that she would be handing over the reins of office.
ETF Investing: Gasoline ETF may ease pain at the pump
Families who pack up the car this Fourth of July weekend will spend much less on gasoline than last year -- prices are down by more than a third from last summer. But when it comes to fueling your investment portfolio, a specialized exchange-traded fund may hedge against unwelcome oil-price spikes.
Chuck Jaffe: Jackson memorabilia buyers are lost in Neverland
Prices for all things Michael Jackson, from albums and tour posters to commemorative coins and more, popped and have shown few signs of coming back to earth. But they will -- which is why purchasing Jackson goodies now is the Stupid Investment of the Week.
Europe Markets: Utilities drag Europe lower; British Air climbs
European shares edged lower on Friday with U.S. equity markets closed for a holiday, with utilities and metals producers dragging lower.
London Markets: British Airways surges while London closes flat
British Airways surged on plans to cut capacity, while the broader London market closed flat Friday.
E.U. urges derivatives clearing house
The European Commission on Friday outlined a plan designed to overhaul the regulation of the over-the-counter derivatives market, which includes a proposal to widen the use of clearing houses for derivatives transactions.
Personal Finance Daily: The week's 10 best Personal Finance stories
In case you missed them, here are the top 10 Personal Finance stories from MarketWatch for the week of June 29-July 3:
NewsWatch: Bleak earnings season shines light on outlooks
U.S. stock analysts generally agree the upcoming second-quarter earnings season will be bleak. But they’re at odds over whether dreary outlooks will lead to upsets to the upside or whether the market has set itself up for a fall.
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.
Network Your Way to an MBA
People always talk about how much networking can help students get into top MBA programs, but what do they really mean? Yael Redelman-Sidi, an experienced admissions consultant at Admit 1 MBA, offers this advice on the do's and don'ts of MBA networking to About.com readers:
Do's:
Don'ts:
Visit Admit 1 MBA for more MBA admissions tips from Yael.
The Jack Welch Online MBA
Former Executive Jack Welch is lending his name and money to a new online MBA program that will be offered by Chancellor University. Chancellor plans to name its Master of Business Administration program: The Jack Welch Institute. It will cost approximately $21,600 (not including fees) to get an online MBA from the institute. To be considered for admission, students must have an undergrad GPA of at least 2.8. Applicants do not have to submit GMAT scores.
Related Resources:
Manhattan Review GMAT Discount
Manhattan Review, a test preparation company that holds GMAT classes throughout the U.S. and worldwide, is offering an exclusive discount on GMAT test prep and MBA admissions services to About.com readers. You can save 10% off single Manhattan Review GMAT Test Preparation/MBA Admissions services or 15% off combined services. Get Manhattan Review GMAT Coupon Codes.
Related Resources:
Choosing an Online Business Degree Program
Here is the third and final post in the series of posts about online education. This post examines the important of choosing the right online degree program. There are many different factors that must be considered. Some of the most important include accreditation, curriculum, learning environment, and cost. Learn more about choosing an online business degree program.
Related Resources:
Pros and Cons of Online Business Education
Getting a business education online is quickly becoming the number one way for working adults and other individuals to get the education they need to further their careers or switch to a new profession. But this form of education isn't for everyone. There are pros and cons to getting a business education online.
Related Resources
Online Classes for Career Advancement
Today's post is the first in a series of three posts about online education. More and more people are signing up for online courses in hopes of advancing or changing their career. Online classes can be taken individually or as part of a degree program. The right classes can help almost anyone in the corporate world. Get an overview of online classes and tips for advancement here and check back tomorrow to learn more about the pros and cons of online education.
Related Resources
2010 Business Scholarship
DegreeDirectory is awarding a $1,000 academic business scholarship to students who will be pursuing a bachelor-level degree in a business field during the 2010 school year. This scholarship is not need-based. A winner will be chosen based on academic history, employment history, and extracurricular activities. Applications will be accepted until April 1, 2010.
Apply for the 2010 DegreeDirectory Business Scholarship
Need Lower Student Loan Payments? Sign up for Income Based Repayment
A new payment option for federal student loans will go into effect in July 2009. Known as Income-Based Repayment (IBR), the program will cap loan payments based on income and family size.
Who Can Use It:
Who Can't Use It:
How It Works:
Free Resume and Essay Evaluation for MBA Applicants
Last year has been challenging for applicants and not everyone got into their dream schools. If you are choosing to participate in the endurance event called MBA application for the second time around, make sure youve got all your bases covered. Having an experienced consultant review your past application and identify potential areas of development and way to improve your candidacy is crucial. Even if its your first time around, you may want to consider contacting Yael Redelman-Sidi.
Yael is an experienced MBA Admissions consultant. She worked at the NYU admissions office and now provides customized guidance for prospective students. Yael works with aspiring students with any GMAT range to build their "applicant strategy," which is an overall strategy on how to present yourself and your application. This strategy goes beyond essays and resumes--it's about your "story." Especially this year, you want to have a reality check early in the process and work on a way to stand out. Yael can teach you how to create an interesting and attractive story for the admissions committee based on your personality, experience, and dreams.
Yael is offering a free initial consultation for potential students arriving via About.com.
You can visit Yael's blog, Admit 1 MBA, to learn more about her services and to find out how you can get a free resume/essay evaluation.
MBA Scholarships for London Business School
There are a wide range of scholarships open to students who apply to the MBA program at London Business School. Although some of these scholarships are only available to women or students of a particular nation, many are available to any student who applies to the LBS program.
Learn more about the MBA scholarships available to London Business School students.
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Kia's Sedan Delivers Serious Quality and Value
To understand the future of the automobile industry, you must understand the success of Wal-Mart, the world's largest retail organization.
The Color of Money: Asset Allocation Made Simple
I met a woman who asked me to review her 401(k) portfolio. She was worried about how she had allocated her contributions.
California's Broke. Should You Invest in It?
Time for some California dreaming: Will the state plug its budget gap, and are its bonds worth a gamble?
The Big Money: New Help on Student Loans
If you've got a diploma hanging on your wall, chances are it didn't come cheap. Of the 3 million or so college seniors who donned a cap and gown this year, about two-thirds of them went into debt -- an average of $22,500 -- for the privilege of that diploma. The debt of graduate and professional...
Hard Times Spark Slew of Scams
The sagging economy has inspired a number of scams -- from mortgage schemes to work-at-home ploys to tax and stimulus frauds.
Ask Kim: How Much Long-Term Care Coverage?
Q How long is the average stay at a nursing home and at an assisted-living facility? That information would help me determine how much risk to take in my investments and how much insurance coverage I'll need.
Before You Mail In That Old Ring . . .
If you have gold chains in your dresser drawers, those commercials offering to take jewelry off your hands in exchange for "cold hard cash" might sound mighty tempting. Cash4Gold.com even ran a Super Bowl ad featuring Ed McMahon.
Help for Those Struggling To Pay the Mortgage
If you can't afford your monthly mortgage payment and you can't refinance, a loan modification may keep you in your home.
Landfill Worries Cloud Hope for New Orleans Gardens
Urban gardens were key to helping New Orleans's Vietnamese population return and reestablish their close-knit community just weeks after Hurricane Katrina.
Advocacy Groups Should Halt Attacks on Moderate Democrats, Obama Says
President Obama, strategizing yesterday with congressional leaders about health-care reform, complained that liberal advocacy groups ought to drop their attacks on Democratic lawmakers and devote their energy to promoting passage of comprehensive legislation.
Bargains by the Beach
Rich and Debbie Sulkovsky of Herndon had been looking for months for a place near the ocean when they saw a yellow house with green shutters in a creek-front community not far from Rehoboth Beach.
Job Losses Dampen Hopes for Economic Recovery
Mounting job losses rattled hopes yesterday that the economy is on track to grow later this year, showing that prospects for American workers are terrible -- and still getting worse.
U.S. Joins Whistleblower Suit Alleging SAIC Rigged Contract
SAIC, one of the Pentagon's largest contractors, conspired with federal officials to rig a $3.2 billion technology contract and tried to cover up the scheme by destroying documents and electronic records, federal prosecutors said in newly unsealed court documents.
Alexandria's Landmark Mall Languishes as General Growth Properties Struggles
This is what a dying mall looks like: Long stretches of vacant storefronts and blank walls. A department store with empty shelves preparing to shut down for good. A little boy running around the children's play area alone.
GM Bondholders Try to Block Firm's Sale
NEW YORK, July 2 -- One of the main challengers to the proposed sale of General Motors on Thursday urged a federal bankruptcy judge to act as a check on an "overbearing" government and reject the restructuring plan pursued by the Obama administration.
GM Says Approval of Restructuring Is Urgent
NEW YORK, July 1 -- General Motors mounted a final push for its historic restructuring plan, arguing before a federal bankruptcy judge Wednesday that the U.S. government would cut off funding -- in effect risking liquidation of the automaker -- unless it won quick approval for the turnaround prop...
Stocks Fall as Jobs Report Dampens Recovery Hopes
Wall Street closed the week with a sharp decline yesterday after a weak labor report stoked investor concerns of a prolonged recession.
SEC Investigator Raised Madoff Concerns Years Ago, Was Asked to Look Elsewhere
An investigator at the Securities and Exchange Commission warned superiors as far back as 2004 about irregularities at Bernard L. Madoff's financial management firm, but she was told to focus on an unrelated matter, according to agency documents and sources familiar with the investigation.
In Pakistan, Generations of Brickmakers See Few Changes
TARLAHI, Pakistan -- At the end of a village road, behind a grassy bluff, lies a hidden valley carpeted with thick red dust and canyoned with craggy mounds of earth. At the bottom, clay-colored figures squat barefoot all day, shaping balls of mud into bricks. In the distance, a dozen scattered...
New White House Office to Redefine Urban Policy
NEW YORK -- Once upon a time, when cities were poor and suburbs were rich, "urban policy" meant programs to alleviate poverty.
Obama, Party Tout Lower Figure for Health Reform
Senate Democrats and President Obama, trying to assuage fears about the cost of health reform, yesterday touted new estimates that put the price tag for one bill at $611 billion over the next decade.
FTC Urged to Require Liability Warnings on Chryslers
Consumer groups petitioned the Federal Trade Commission yesterday to require that Chrysler vehicles display stickers warning prospective buyers of liability risks.
What 'Organic' Really Means Under the Law
What "organic" really means under federal law: "100 Percent Organic" products must show an ingredient list, the name and address of the handler (bottler, distributor, importer, manufacturer, packer, processor) of the finished product, and the name and seal of the organic certifier. These products...
Integrity of Federal 'Organic' Label Questioned
Three years ago, U.S. Department of Agriculture employees determined that synthetic additives in organic baby formula violated federal standards and should be banned from a product carrying the federal organic label. Today the same additives, purported to boost brainpower and vision, can be found...
DHS Cybersecurity Plan Will Involve NSA, Telecoms
The Obama administration will proceed with a Bush-era plan to use National Security Agency assistance in screening government computer traffic on private-sector networks, with AT&T as the likely test site, according to three current and former government officials.
Credit Card Issuers Raising Rates, Fees Ahead of New Law
Credit card companies are raising interest rates and fees seven months before new rules go into effect that will limit their ability do so, much to the irritation of Congress and consumer advocates.
Federal Hiring Boom Could Add 120,000 Jobs in Washington Region
Though the number of unemployed people is rising in the Washington area, Kimberly A. Holder of the Food and Drug Administration has an opposite problem: She's looking for people to fill hundreds of positions slated to open soon.
SEC Moves to Make Companies More Accountable to Shareholders
The Securities and Exchange Commission yesterday announced steps to give shareholders new powers to shape corporate boards as well as more information about how companies pick their directors and pay their management.
The Color of Money: Michael Jackson's Money Woes and the Dangers of Entitlement
Long before his death, we heard more about Michael Jackson's financial troubles than his incredible music. The singer was reportedly more than $300 million in debt.
Biden Announces $4 Billion in Grants and Loans in First Round of Funding for Broadband Expansion
Vice President Biden yesterday announced guidelines for $4 billion in stimulus funds to expand high-speed Internet access across the nation, jump-starting a program that has been criticized for taking too long to get off the ground.
White House to Expand Mortgage Refinancing Program
The Obama administration announced yesterday that it would loosen the eligibility requirements for a program aimed at helping borrowers with no equity in their homes to refinance into cheaper mortgages.
Stocks Post Gains for Second Quarter
Wall Street closed its first positive quarter in more than a year and a half yesterday, capping a massive rally built on hopes for an economic stabilization that has yet to materialize.
After Call From Senator Inouye's Office, Small Hawaii Bank Got U.S. Aid
Sen. Daniel K. Inouye's staff contacted federal regulators last fall to ask about the bailout application of an ailing Hawaii bank that he had helped to establish and where he has invested the bulk of his personal wealth.
White House Issues Detailed Proposal for Consumer-Finance Watchdog
The Obama administration sent a detailed proposal to Congress yesterday for creating an agency to oversee nearly all facets of consumer lending, but the breadth of its powers is setting the stage for a fierce clash on Capitol Hill.
SEC's Gaping Blind Spots Kept Madoff's Misdeeds Out of Sight
It will be the end of the summer before we learn how the Securities and Exchange Commission could have conducted at least five inquiries into Bernie Madoff's activities over 16 years and never found a Ponzi scheme so huge that it robbed billionaires and bubbies of $13 billion and won Madoff a...
Stocks Climb Despite Job Loss Forecast
Stocks gained slightly today, the first day of the third quarter, despite a report that predicted the private sector lost 493,000 jobs in June.
AIG Holds First Shareholder Meeting Since Its Collapse
NEW YORK, June 30 -- Russell and Kathy Ryan left their Brooklyn home early Tuesday and boarded a rush-hour subway car bound for Wall Street, where the country's largest federal bailout recipient was holding its first shareholder meeting since its collapse last fall.
Freddie Set To Name CEO, Source Says
Freddie Mac, the McLean mortgage finance giant under federal control, is preparing to name Charles E. Haldeman Jr. as its new chief executive, a source familiar with the matter said.
Wal-Mart Endorses Employer Health Insurance Mandate
After years of strenuous opposition, Wal-Mart, the nation's largest private employer, announced yesterday that it supports a controversial proposal requiring businesses to contribute to the cost of employee health insurance.
Records Indicate Tension Between Agency's Fired IG and Officials
Documents delivered to lawmakers this week expose a frequently confrontational and petty relationship over the past several years between Gerald Walpin and officials at the Corporation for National and Community Service. President Obama fired the Bush appointee last month, citing a lack of...
Yemen's Fatal Jet Crash Heightens Scrutiny of Airbus
A crashed Yemenia Airbus A310 submerged in waters near the African coast along with the bodies of as many as 152 passengers -- only a teenage girl apparently survived -- is focusing more scrutiny on the safety of Airbus planes and the world's aviation system.
EPA to Let California Set Own Limits on Greenhouse Gas Emissions From Autos
The Environmental Protection Agency yesterday granted California's request to set its own limits on greenhouse gases from autos -- a long-sought victory with limited impact now that the federal government has pledged to impose national limits.
Loan Modifications Up During First Quarter
Lenders modified more troubled loans during the first quarter, according to a government report released today, but a growing number of borrowers are falling behind on their payments.
Price Squabbles, Security Concerns Lead Oil Giants to Pass On Iraq Fields
BAGHDAD, June 29 -- Iraq's effort to woo foreign energy companies to help resurrect its ailing oil fields fell flat Tuesday, as most companies balked at the financial terms offered by the government despite the lure of the country's vast reserves.
Uncertainty Clouds Recovery of Government's Investment in GM
If a new General Motors emerges from bankruptcy as planned, U.S. financial aid for the company will expand to nearly $50 billion, but neither the government nor the company is forecasting how much of the public money will be repaid.
Madoff Sentenced to 150 Years
NEW YORK, June 29 -- Bernard L. Madoff, the mastermind behind one of the biggest and longest-running financial frauds in history, on Monday was ordered to serve 150 years in prison, the maximum sentence allowed, for a scheme that has come to define the latest iteration of Wall Street greed.
Supreme Court Ruling Lets States Take National Banks to Court Over Lending
For years, state governments have had little power to enforce consumer-protection and lending rules at the country's biggest banks. No more.
Nigerian Rebels Drive Up Oil Prices
A small group of insurgents in Nigeria's oil-rich Niger Delta helped drive up oil prices around the world yesterday by announcing a strike against one of Royal Dutch Shell's two main export terminals in the West African nation.
Government Launches Web Site to Track IT Spending
NEW YORK, June 30 -- Vivek Kundra, the federal chief information officer, on Tuesday announced a new Web site designed to track more than $70 billion in government information technology spending, showing all contracts held by major firms within every agency.
Stocks Finish Quarter With Gains, Despite Day of Losses
Stocks finished the second quarter in the black despite falling today as new housing data showed home prices continued to decline in April and that consumer confidence slipped.
Home Prices Fall at Slower Rate in April
Home prices fell again in April, but at a slower rate, suggesting some parts of the housing market could be stabilizing, according to the Standard & Poor's/Case-Shiller Home Price Index released today.
Expansion-Minded RCN Sparks Bidding War for N.Y. Telecom
RCN, the Herndon cable network operator that has been searching for ways to expand, has offered to purchase New York-based network services firm FiberNet Telecom for $96 million -- setting off a bidding war in the process.
Watson Wyatt to Merge With Towers Perrin
Rivals Watson Wyatt Worldwide of Arlington and Towers, Perrin, Forster & Crosby of Stamford, Conn., have agreed to merge to create the biggest human-resources consulting firm in the world.
Supreme Court to Review Restrictions on Corporate Spending in Federal Elections
The Supreme Court announced yesterday that it will consider whether to uphold a ban on corporate spending in federal elections, a move that campaign finance experts said could have a dramatic effect on the 2010 and 2012 federal elections.
Energy Department Announces New Light Standards
The Energy Department issued new standards for lighting that would save large amounts of energy by boosting the efficiency of fluorescent tubes common in office buildings and reflector lamps used in recessed fixtures in homes and retail stores.
Ideological Diversity Among Democrats Means No Free Pass for Obama
After a series of early and relatively easy victories on Capitol Hill, the White House appears certain to face a more difficult road when Congress returns to work next week.
Voices of Power: Proposed Union Plans Ã?Level the Playing Field,' Solis Says
After a lifetime in politics, Labor Secretary Hilda L. Solis has honed the fine art of dodging controversial questions, but here's one issue where she doesn't pull her punches: the 9.4 percent unemployment rate. The June figures will be released Thursday, and she's braced for more bad news.
Loophole Helps GE Benefit From Bank Rescue Program
General Electric, the world's largest industrial company, has quietly become the biggest beneficiary of one of the government's key rescue programs for banks.
New GM to Accept Some Liability Claims on Existing Products
General Motors will assume responsibility for product liability claims filed after the carmaker emerges from bankruptcy protection, a concession that removes a potential obstacle to the Obama administration's plan for the company's quick restructuring.
HGS Hoping to Survive Final Test of Lupus Drug
In the high-stakes, high-risk, high-failure business of developing drugs, there are two events that test an executive's intestinal fortitude. One: The first time a drug is tried by a human. Is he still alive? Two: Getting results of final-stage testing. Please, let it have worked.
Stocks Rally After Tepid Morning
Investors shook off last week's malaise and sent stock markets up 1 percent today.
Court Allows States to Challenge National Banks
State governments can challenge the practices of national banks in court, the Supreme Court held today, in a decision that bolsters the power of states relative to federal bank regulators.
Madoff sentencing nears, but victims' pain goes on
NEW YORK -- Bernard Madoff will get one last creature comfort before he is sentenced Monday, probably to serve out the rest of his days in prison. The judge has given him permission to don his own clothes for the hearing, rather than a jail uniform.
The Bite of Bank Fees
Your bank wants more of your money, and it's found a way to get it: by jacking up the fees on your account.Customers are paying more to maintain a checking account, withdraw cash from an out-of-system ATM, and when they bounce a check.
Inside Jobs
Steve Jobs's insistence on keeping his recent liver transplant a secret is the latest example of a leadership style that seems to violate all the rules in the leadership textbook. Yet there is no doubt he has been tremendously successful as Apple's chief executive. Is Jobs the exception that proves...
Congress May Look to Ky. Schools' Healthy Example in Creating Nutritional Policy
It didn't seem like a radical idea at the time. First, Ginger Gray, the food service director for Kenton County, Ky., schools, took away fried potato chips, offering students baked versions instead. Next, she phased out fruit drinks such as Kool-Aid in favor of 100 percent juices. She considered ...
Obama Praises Climate Bill's Progress but Takes Aim at Tariffs
President Obama yesterday said that the House took an "extraordinary first step" by passing a climate bill on Friday, adding that he hoped it will "prod" action by the Senate and predicting that the legislation could make renewable energy "a driver of economic growth."
Iraq Set to Invite Bids From Foreign Oil Companies
BAGHDAD, June 27 -- Iraq is poised to open its coveted oil fields to foreign companies this week for the first time in nearly four decades, a politically risky move in a country eager to shake off the stigma of occupation.
Making the Grade in Your Alumni Network
When Omurhu Onokpise visited Washington with a group from his business school about four years ago, he met many University of Michigan alumni. More than a year later, he ended up working for one of them.
Communities Seek Routes to Save Post Offices From Being Stamped Out
A rallying cry can be heard across the country, from the swanky streets of SoHo to the tiny town of Randolph, Kan. -- "Save Our Post Office!" As the United States Postal Service, weighed down by a crippling multibillion-dollar deficit, shrinks its operations, post offices across the country are o...
Health-Care Activists Are Targeting Democrats Who Are Usually Allies
In the high-stakes battle over health care, a growing cadre of liberal activists is aiming its sharpest firepower against Democratic senators who they accuse of being insufficiently committed to the cause.
If You Lose Your Job, Your Bills Could Still Be Covered
Lots of us are worried about job security these days. But retailers and service purveyors still want you to open your wallet.
The Right Direction Starts With the Right Decisions
Over the years, I've found that people end up in financial trouble not only because they don't have enough money. It's also because of poor decision-making.
Bookish Doyennes Nurture D.C. Landmark
Politics & Prose Bookstore and Coffeehouse, in Northwest D.C. near the corner of Connecticut and Nebraska avenues, is part of the Washington landscape, just like The Palm or FedEx Field.
Forget Tenure Track: Colleges Should Track Performance
Q I am a young assistant professor, and I feel that professional advancement and higher earnings for myself and my peers are blocked by the refusal of aging, tenured professors to retire -- even those who everyone thinks have lost their passion for teaching and research. Do you think lifetime tenure...
Crib? Check. Toys? Check. Don't Forget a Budget, A Will and Insurance.
Here are four financial items no new parent should go without.
Using an HSA While on Medicare
Q My wife and I turn 65 this year and will sign up for Medicare. Will we still be able to use the money in our health savings account?
In Close Vote, House Passes Climate Bill
The House narrowly passed an ambitious climate bill yesterday that would establish national limits on greenhouse gases, create a complex trading system for emission permits and provide incentives to alter how individuals and corporations use energy.
Trade With China Aids N. Korea's Military, May Offset Sanctions
SEOUL -- Behaving badly hasn't hurt the bottom line in North Korea.
Treasury, GM Close to Reaching Deal on Legal Claims
The Treasury Department and General Motors have moved closer to an agreement that would preserve some legal claims against the company from accident victims and displaced dealers even after the automaker emerges from bankruptcy, people familiar with the discussions said yesterday.
For Sale, Still: Grand Homes In Gracious Neighborhoods
When Natalie deWolf and her husband listed their District home for about $1.2 million in April, they were competing with roughly 25 similarly priced houses in their Chevy Chase neighborhood.
Md. Attorney General to Probe Constellation Chief's Compensation
In a move reflecting the national uproar over executive compensation, two Maryland senators are calling for the state's attorney general to investigate whether the chief executive of Baltimore-based Constellation Energy should have received last year more than $15 million in salary and bonuses and...
Consumer Spending Up Even as More Save
Consumer spending edged up in May for the first time since February, new data show, as the government stimulus plan boosted incomes. But in a sign that Americans are not immediately spending all their extra cash, the national savings rate rose to a 15-year high.
Locals Have Much More Than Money Invested in This Market's Recovery
Hundreds of visitors, all eager for a first glimpse of Capitol Hill's renovated Eastern Market, waited in line for almost an hour yesterday for Mayor Adrian M. Fenty to cut the royal-blue ribbon that officially opened the $22 million project to the public.
Oil Markets Stay Calm Despite Political Unrest in Iran
Over most of the past three years, the world trembled at the thought that a U.S. conflict with Iran might disrupt oil supplies. Oil traders and analysts have said that an "Iran premium" was probably adding anywhere from $2 to $15 a barrel to the price of crude oil.
CBO Calls Long-Term Revenue, Spending Outlook Dire
The nation's long-term budget outlook has darkened considerably over the past six months, and President Obama's plan to extend an array of tax cuts and other policies adopted during the Bush administration has the potential to "create an explosive fiscal situation," congressional budget analysts ...
Bernanke Holds Firm in Hot Seat
Legislators yesterday pounded Federal Reserve Chairman Ben S. Bernanke with questions about his role in Bank of America's purchase of Merrill Lynch, discarding the deference long accorded to him and his predecessors in a demonstration of mounting concern about the Fed's performance.
Comcast Pulls Ad After GM Challenges Its Claims
Comcast pulled a cable television advertisement criticizing General Motors' bankruptcy plan earlier this week after the automaker challenged the spot's claims.
White House Seeks Public Input on Classified Records Policy
President Obama wants your advice on how the government should keep its secrets.
Stocks Lose Ground for Second Straight Week
For the second straight week, stocks lost ground, as the Dow Jones industrial average closed down 1.2 percent after several days of rocky trading.
For Hedge Funds, Biggest Fear Is More Regulation
NEW YORK, June 24 -- The greatest fear among hedge fund managers and executives, who have seen their industry shrink in the financial crisis, is neither the flight of wealthy investors nor ill-functioning markets but regulation, according to a survey to be released Wednesday.
Fed Shielded Facts Of Merrill Sale, Republicans Say
The Federal Reserve tried to keep other federal regulators out of the loop while pushing Bank of America to follow through on its deal to buy the crippled investment bank Merrill Lynch late last fall, according to Republicans on the House Oversight and Government Reform Committee.
Ersatz Tiburon Delivers Value but Not Luxury
Marketing 101 speaks to brand message. It must be consistent. If you confuse the message, you undermine the brand. Enough confusion will destroy the brand -- perhaps even render it incapable of revival.
Create Your Own Before-and-After
Do-it-yourself products have emerged as the one positive trend in the otherwise moribund home-improvement business. Stores are reporting an increase in paint and flooring sales.
My Friend, My Tenant, Our Lease
When Paul Yun moved out of a room he had been renting in Ellicott City and into a three-bedroom house he bought in Elkridge, he left with more than boxes and furniture. He brought his two roommates along as well.
Hospitals Preparing Triage for Budgets
Washington-area hospitals, already battered by the recession, are bracing for what could be a budget crisis in coming months resulting from funding cutbacks by Virginia and Maryland.
On Promise Of Upswing, Fed Holds Rate Steady
The Federal Reserve issued a vote of confidence in the economy yesterday, saying it would take no new action to combat a recession that, while still severe, appears to be loosening its grip.
Md. Firm Buys Maker of Hit Video Games
ZeniMax Media, the Rockville-based parent company of video game publisher Bethesda Softworks, announced yesterday that it has acquired game development studio Id Software.
Senators Near Agreement on Health-Care Bill
Senate health-care negotiators said yesterday they were closing in on a $1 trillion health-care bill that would be fully funded by tax increases, Medicare cuts and new penalties for employers who do not offer health insurance.
White House Says Overhaul of Transportation System Must Wait
After rejecting criticism that it is taking on too much, the Obama administration has identified one area where ambitious reforms will have to wait: overhauling the nation's aging, congested and carbon-emitting transportation system.
House Democrats Predict Narrow Win for Cap-and-Trade Bill
The House could vote today on a measure to cap U.S. greenhouse gas emissions, with Democratic leaders predicting a tight victory for a behemoth bill that has grown more complex with each compromise.
N.Y. Fed to Trim AIG Debt, Receive $25 Billion Stake in Two Subsidiaries
American International Group announced yesterday that it has reached a deal to reduce its debt to the Federal Reserve Bank of New York by $25 billion.
Fed to Extend Some Emergency Lending Programs
The Federal Reserve said yesterday that it was extending many of its emergency lending programs through February because conditions in financial markets remain strained.
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