Antonio Villaraigosa was on vacation when his staff set up site to offset event's $1.4 million cost. By Gil Kaufman Los Angeles Mayor Antonio Villaraigosa Photo: Michael Tullberg/ Getty Images Just back from a vacation in South Africa, Los Angeles Mayor Antonio Villaraigosa is …
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Watchdog makes progress on Madoff probe
WASHINGTON (Reuters) - The U.S. Securities and Exchange Commission's internal watchdog on Monday said he is making "substantial" progress in a probe of whether the agency mishandled the case of Bernard Madoff's $65 billion (40 billion pounds) Ponzi scheme…
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Barclays Raises Year-End S&P 500 Price Target
Hickey and Walters ( Bespoke ) submit: Barclays upped its year-end price target for the S&P 500 from 737 to 930 in the past week. Below are all of the year-end price targets from the strategists polled by Bloomberg each week. Barclays' increase moved the overall average up from 968 to 985. …
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Second Stimulus? Count Again.
Today I count the number of stimulus bills since the beginning of “The Great Credit Crunch”. Those who are calling for a Second Stimulus must have forgotten the billions wasted in 2008. Wasn’t the first stimulus the Housing and Economic Recovery Act of 2008, passed about a year ago? …
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Visa claims teen spent $23,148,855,308,184,500.00 on prepaid credit card
Visa recorded a $23,148,855,308,184,500.00 purchase on Consumerist reader Dale's kid's prepaid Visa Buxx card: "My lectures about financial responsibility appear to have failed: yesterday she charged $23,148,855,308,184,500.00 at the drug store. That's 2,000 times more than the national debt, which is a paltry 11 trillion. …
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Tuesday FX View: Geithner’s Plan
It would be a brave man who stood in front of a hall full of wealthy Arabs and told them that the U.S. economy was headed irreversibly downhill dragging the dollar in tow, which would lead to the decimation of most of the Gulf States’ hoard of recycled petro-dollars. We’re not saying that U.S. …
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Lower Markets on the Horizon
Today’s market strength isn’t surprising as we looked at different breadth measures that suggested that in the short term, the market was approaching oversold . But today’s strength notwithstanding, looking out further along the time horizon, we are probably going to see lower prices. …
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S&P 500 Expected to Hit 1,000 - Citigroup
FP Trading Desk submits: Citigroup strategist Tobias Levkovich expects the S&P 500 to rally double digits in the second half of 2009, which should benefit higher beta areas. He maintained a target of 1,000 for the index and told clients that pullbacks should be viewed as a buying opportunity. …
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Nokia Chases Social Crowd With New Surge Smartphone
Nokia and AT&T Wireless have introduced a low-priced smartphone that plays up its social networking features and comes with a Qwerty keyboard. It will run on AT&T's 3G network. The primary constituency of the Nokia Surge is likely to be younger users…
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MOUNTAIN OF DEBT: Americans' debt stress is easing
Unemployment is rising. Nest eggs are in tatters. Home values have tanked. And yet surprisingly, Americans are feeling less stress from debt these days. Chalk it up to the power of positive thinking combined with people saving more, spending less and…
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Ex-Stanford CFO granted bail
HOUSTON (Reuters) - Former Stanford International Bank Chief Financial Officer James Davis was granted $500,000 (308,000 pound) bail on Monday and plans to plead guilty to charges related to an alleged $7 billion Ponzi scheme as early as next week, his…
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Judge gives GM nod to buy Delphi assets
NEW YORK (Reuters) - A U.S. bankruptcy judge gave General Motors Corp permission on Monday to buy several assets of bankrupt auto parts supplier Delphi Corp as part of a deal with a private equity firm that could take Delphi out of bankruptcy.…
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Investor values Facebook common stock at $6.5 billion
SAN FRANCISCO (Reuters) - Russia's Digital Sky Technologies said it will pay $14.77 a share for Facebook common stock, boosting its stake to as much as 3.5 percent and valuing the world's largest online social network at about $6.5 billion.…
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The inventor behind Coors' color-changing cans
As an undergraduate at Cornell University, Lyle Small annoyed his housemates by spending days on end painting their Ping-Pong table in rainbow shades of ink. He brewed chemicals to create inks that changed hue when exposed to light and heat.…
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Uncle Sam is $1 trillion in the hole
The federal budget deficit increased in June as spending surged and tax receipts sunk, pushing the total budget shortfall to over $1 trillion in the first 9 months of the fiscal year, according to a government report released Monday.…
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