General Motors is the first major company to pull ads from Facebook right before their major Initial Public Offering (IPO).

Peep why Read the rest of this entry »

A trader named Jerome Kerviel did a helluva lot of damage at the bank he used to work at and commited a few crimes in the process but was only sentenced to 3 years in prison.  Peep game Read the rest of this entry »

Wow how the might fall.  Blockbuster filed for Chapter 11 Bankruptcy: Read the rest of this entry »

Some companies never learn.  AIG will pay out $100 million in bonuses… Read the rest of this entry »

Despite the financial crisis that hit the United States, the Federal Reserve still did pretty well.  Peep game…. Read the rest of this entry »

We might be in a recession, but, that doesn’t prevent venture capital firms from investing boatloads of cash into companies they feel are on the rise and soon-to-be profitable.  Which social network just raised $100 million from investors??  Peep game….. Read the rest of this entry »

The sickness of greed continues. A new report turned over to Conneticut’s Attorney General states that AIG tricked out $218 million in bonuses, to employees, with bailout money. Read the rest of this entry »

Yo this sh*t is out of control! Two money managers were arrested yesterday (Wednesday) for allegedly running an estimated $550 million decade long swindle. Smh.

Via Reuters:

Two money managers who oversaw investments for Carnegie Mellon University and other institutions were arrested on Wednesday on charges of running an estimated $550 million, decade-long swindle, the latest in a wave of big financial fraud cases. Read the rest of this entry »

Bernard Madoff who was a powerful force on Wall Street for years was arrested yesterday for running a $50 billion ponzi scheme.

Via Yahoo:

Bernard Madoff, a quiet force on Wall Street for decades, was arrested and charged on Thursday with allegedly running a $50 billion “Ponzi scheme” in what may rank among the biggest fraud cases ever.

The former chairman of the Nasdaq Stock Market is best known as the founder of Bernard L. Madoff Investment Securities LLC, the closely-held market-making firm he launched in 1960. But he also ran a hedge fund that U.S. prosecutors said racked up $50 billion of fraudulent losses.

Madoff told senior employees of his firm on Wednesday that “it’s all just one big lie” and that it was “basically, a giant Ponzi scheme,” with estimated investor losses of about $50 billion, according to the U.S. Attorney’s criminal complaint against him. Read the rest of this entry »

Executive John Thain withdrew his asinine request for a $10 million bonus today after creating a public uproar.

Via Yahoo:

Troubled US bank Merrill Lynch said chairman and chief executive John Thain has withdrawn his request for a bonus this year amid rising public anger Wall Street’s role in the country’s financial crisis.

Thain, who took over Merrill Lynch a year ago, had reportedly suggested to company directors earlier that he be paid as much as 10 million dollars for his 2008 bonus even as the firm welcomed 10 billion dollars in federal assistance.

But at Monday’s Merrill Lynch board meeting, Thain “requested that he receive no bonus for 2008″ and four other executive officers made the same request saying it was the right step “given current economic and market conditions,” the company said in a statement. Read the rest of this entry »