recession depression

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See Full List of Madoff Victims (Sandy Koufax, Too)

(Newser) - Baseball legend Sandy Koufax has joined the list of Bernie Madoff's victims, the New York Post reports. And the Dodger great isn't even the only pitcher: former Met Tim Teuful is an unwelcome teammate. A complete list of victims in the $50 billion Ponzi scheme was made public today after...

Wall Street Journal Ignored Madoff Story 3 Years Ago

(Newser) - Today's testimony from the private fraud investigator in the Bernie Madoff case makes one thing clear, writes business blogger Gary Weiss: The Wall Street Journal blew it. Harry Markopolos said editors of the paper blocked a reporter from investigating the case three years ago. Markopolos didn't know why, but he...

Solar, Wind Boom Starts to Wither

Once thought recession-proof, green tech takes a hit

(Newser) - Wind and solar power have been growing at breakneck speed over the past few years—a demand the industry had hoped would continue to soar under the Obama administration. But instead, wind and solar power is dropping, with trade groups projecting a drop in new installations of up to 50%....

Bank Dumped Madoff Funds— but Didn't Tell Its Clients

JPMorgan beat scam while investors lost out

(Newser) - JPMorgan Chase emerged from Bernie Madoff's Ponzi scheme unscathed, but some of the bank's clients weren't so lucky. For years the bank offered its clients derivatives that were ultimately linked to Madoff, and also put $250 million in those funds. But a joint investigation by the New York Times and...

Post Folds Book Review Section to Cut Costs

Literature reviews will be shuffled into other sections of paper

(Newser) - The Washington Post will print Book World—its stand-alone Sunday section—for the last time Feb. 15 and shuffle its reviews into other newspaper sections to cut costs, the New York Times reports. Book World will remain intact online, run by a previously downsized staff. The closure comes amid a...

Tough Economy Bares a Slew of 'Mini-Madoffs'

Investors increasingly are becoming wary

(Newser) - Cash-strapped investors looking for redemption from investment funds are turning up surprises in the form of “mini-Madoffs,” Ponzi schemes that—while dwarfed by the alleged $50 billion fraud perpetrated by Bernie Madoff—nevertheless have taken victims for millions, reports the New York Times. At least six frauds with...

Starbucks Will Cut Back on Afternoon Decaf

(Newser) - This one ranks among the more unusual consequences of the slow economy: Those who drink decaffeinated coffee at Starbucks may have to wait longer for an afternoon fix. The company is going to stop brewing fresh pots of decaf every 30 minutes after noon because of low demand, Bloomberg reports....

LA Dad Kills Wife, 5 Kids, Self

Father cited 'job issues' in suicide note

(Newser) - Seven family members were found dead in their Los Angeles home today, apparent victims of a murder-suicide, police say. Police think a man shot and killed his wife and five children, and then turned the weapon on himself, the Los Angeles Times reports. The child victims were an 8-year-old, 5-year-old...

Elderly Man Freezes to Death Over Unpaid Bill

Mich. neighbor finds 93-year-old in house after city cut power

(Newser) - A 93-year-old Michigan man who failed to pay his electricity bill froze to death in his home after the city cut his power supply, the Bay City Times reports. Marvin Schur suffered what a pathologist called "a slow painful death" from hypothermia several days after city workers installed a...

Brandeis Shuts Museum, Will Sell 6,000 Works

Art world shocked as university closes renowned institution

(Newser) - Facing severe budget shortfalls, Brandeis University will close its well-regarded modern art museum and sell off the entire 6,000-work collection, reports the Boston Globe. The move has shocked the art world and drawn heavy criticism from museum and university professionals. "This is not a happy day in the...

New York 'Mini-Madoff' Busted
 New York 'Mini-Madoff' Busted 
Jan 27, 2009 6:09 AM CST

New York 'Mini-Madoff' Busted

Cops accuse New York financier of scamming investors out of millions

(Newser) - New York police have busted a financier accused of running a Ponzi scheme, Reuters reports. Nick Cosmo—sentenced to 21 months on swindling charges in 1999—may have bilked investors of up to $380 million through his firm Agape World, which claimed to make high-interest bridge loans, according to authorities....

25 People Responsible for the Crisis
25 People Responsible
for the Crisis
OPINION
Jan 26, 2009 3:25 PM CST

25 People Responsible for the Crisis

Greenspan, King, and Clinton all played a role, the Guardian writes

(Newser) - The current recession is a wholly man-made phenomenon, the Guardian reminds us, and they’ve got the names of those responsible. Here are four from their list of 25:
  • Alan Greenspan: Fed chair for 19 years, Greenspan kept interest rates low as the housing bubble developed, backed subprime lending and
...

Recession Hits Law Firms
 Recession Hits Law Firms 
Jan 26, 2009 2:18 PM CST

Recession Hits Law Firms

(Newser) - Law firms, once thought to be better able than most to weather sour economies, are finding themselves in a tough spot these days, the Wall Street Journal reports. While bankruptcy practices are holding steady, business in litigation has fallen off steeply as corporate clients settle instead of writing checks to...

Citigroup Drops $50M on Fancy Corporate Jet

... After taking $45B in federal bailout funds, fumes indignant Post

(Newser) - Citigroup may be going down in flames, but at least the seats will be nice. Citigroup is buying a brand-new $50 million corporate jet, the New York Post reports, headlining the sale, “JUST PLANE DESPICABLE,” on account of the $45 billion the company has received from Uncle Sam....

US Biz Climate Worst in Nearly 3 Decades

Survey finds strapped firms are pessimistic about 2009

(Newser) - A deepening recession in the fourth quarter of 2008 has business conditions for US firms at their worst levels in 27 years, reports Reuters. A National Association of Business Economics survey also showed decreasing expectations for a turnaround in 2009, with most poll respondents expecting the recession to worsen and...

Home Depot Hacks 7K Jobs
 Home Depot Hacks 7K Jobs 
Jan 26, 2009 8:36 AM CST

Home Depot Hacks 7K Jobs

Home-improvement giant having rough time in slow housing market

(Newser) - Home Depot says it's cutting 7,000 jobs and closing its smaller Expo chain as the recession continues to batter the nation's housing market. The nation's largest home-improvement retailer says the cuts announced this morning will affect about 2% of its workforce. Its core Home Depot stores won't be affected.

Desperate Times: UK Mulls 3-Day Week
Desperate Times: UK Mulls 3-Day Week
Jan 25, 2009 10:39 AM CST

Desperate Times: UK Mulls 3-Day Week

Gov't may compensate workers to avoid higher cost of mass layoffs

(Newser) - Now officially in recession amid the global downturn, the specter of a three-day work week has emerged in Britain, the Independent reports. Though officials say it’s "not imminent," the government has discussed paying firms to cut hours with public cash going toward compensating employees for the lost...

Zsa Zsa Lost Millions to Madoff

Madoff not so 'darling' to actress, 91, who's out up tp $10M

(Newser) - Actress Zsa Zsa Gabor has lost as much as $10 million to accused Ponzi scheme swindler Bernard Madoff, Reuters reports. The actress, 91, is not taking the recently discovered losses well, according to her lawyer. The Hungarian-born cinematic darling of the 1950s and '60s— who chalked up a string of...

Recession Dims Super Bowl Glitz

(Newser) - Thanks to the economy, Super Bowl week will be less extravagant and profitable than in years past, the Washington Post reports. While host city Tampa Bay is expected to attract more than $150 million from Super Bowl visitors, that’s 20% less than usual; despite hotels filled to the rafters,...

Downturn Threatens 100K Charities

(Newser) - The economic crisis isn’t just hurting Wall Street executives—it also spells dark times for the charities they once supported, the Wall Street Journal reports. The number of US nonprofits climbed from about 750,000 a decade ago to more than a million today, but watchers say 100,000...

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