DailyFinance http://www.dailyfinance.com DailyFinance http://www.blogsmithmedia.com/http://www.dailyfinance.com/media/feedlogo.gif DailyFinance http://www.dailyfinance.com en-us Copyright 2009 Weblogs, Inc. The contents of this feed are available for non-commercial use only. Blogsmith http://www.blogsmith.com/David Einhorn trash talks the Fed, the dollar, the bankshttp://www.dailyfinance.com/2009/10/21/david-einhorn-trash-talks-the-dollar/http://www.dailyfinance.com/2009/10/21/david-einhorn-trash-talks-the-dollar/http://www.dailyfinance.com/2009/10/21/david-einhorn-trash-talks-the-dollar/#commentsFiled under: , , ,

In a speech at Whitney Tilson's Value Investing Conference on Monday, hedge-fund icon David Einhorn of Greenlight Capital, perhaps best known for his massive bet against Lehman Bros., offered some wisdom on the economic outlook and how investors can protect themselves.

Einhorn pulled no punches. "Ben Bernanke and Tim Geithner have become the quintessential short-term decision makers," he said. "They explicitly do whatever it takes to solve one problem at a time and deal with the unintended consequences later. It is too soon for history to evaluate their work, because there hasn't been time for the unintended consequences of the 'do whatever it takes' decision-making to materialize."

Continue reading David Einhorn trash talks the Fed, the dollar, the banks

David Einhorn trash talks the Fed, the dollar, the banks originally appeared on DailyFinance on Wed, 21 Oct 2009 12:10:00 EST. Please see our terms for use of feeds.

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]]>bairBernankecredit default swapsCreditDefaultSwapscurrencyDavid EinhornDavidEinhorndollareurofdicGeithnergoldgreenlight capitalGreenlightCapitalpoundtoo big to failTooBigToFailyenZac BissonnetteWed, 21 Oct 2009 12:10:00 ESTNew Michael Jackson song debuts onlinehttp://www.dailyfinance.com/2009/10/12/new-michael-jackson-song-debuts-online/http://www.dailyfinance.com/2009/10/12/new-michael-jackson-song-debuts-online/http://www.dailyfinance.com/2009/10/12/new-michael-jackson-song-debuts-online/#commentsFiled under:

new-michael-jackson-song-debuts-onlineWell, that didn't take long: The King of Pop has been gone for less than four months, and an unreleased Michael Jackson track is already available online.

This Is It features backing vocals from Jackson's brothers. According to Bloomberg, "The single was planned as the theme of Jackson's sold-out "This Is It" concerts that would have started this July in London's O2 Arena."

Continue reading New Michael Jackson song debuts online

New Michael Jackson song debuts online originally appeared on DailyFinance on Mon, 12 Oct 2009 11:00:00 EST. Please see our terms for use of feeds.

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]]>Michael JacksonMichaelJacksonsongZac BissonnetteMon, 12 Oct 2009 11:00:00 ESTThe SEC should listen to short sellers, not restrict themhttp://www.dailyfinance.com/2009/10/05/the-sec-should-listen-to-short-sellers-not-restrict-them/http://www.dailyfinance.com/2009/10/05/the-sec-should-listen-to-short-sellers-not-restrict-them/http://www.dailyfinance.com/2009/10/05/the-sec-should-listen-to-short-sellers-not-restrict-them/#commentsFiled under:

Blogger Jeff Matthews has an intriguing idea for a new SEC chairman to replace the long line of ineffective empty suits who have done so little to promote integrity in the financial markets: Jim Chanos.

Who is Jim Chanos? One of the greatest short sellers of all time. Chanos was one of the first investors to call out Enron, and he's developed a reputation for sniffing out shenanigans that regulators have missed. Matthews writes, "in the world of 'protecting investors', we can't think of anyone more competent to spot a problem than one of the best short sellers who ever practiced the craft. "

Continue reading The SEC should listen to short sellers, not restrict them

The SEC should listen to short sellers, not restrict them originally appeared on DailyFinance on Mon, 05 Oct 2009 18:15:00 EST. Please see our terms for use of feeds.

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]]>James ChanosJamesChanosSECshort sellingShortSellingZac BissonnetteMon, 05 Oct 2009 18:15:00 ESTWithout overdraft fees, why would banks offer checking accounts?http://www.dailyfinance.com/2009/09/29/without-overdraft-fees-why-would-banks-offer-checking-accounts/http://www.dailyfinance.com/2009/09/29/without-overdraft-fees-why-would-banks-offer-checking-accounts/http://www.dailyfinance.com/2009/09/29/without-overdraft-fees-why-would-banks-offer-checking-accounts/#commentsFiled under:

There has been a significant populist outcry over the predatory overdraft fees charged by many of America's leading banks, and with good reason. In response, several banks have radically altered their overdraft policies, but that may not be enough to appease regulators. "We do need some regulatory standards in this area," said FDIC Chairwoman Sheila Bair said in an interview with USA Today. "We need the Fed to finalize rulemaking in this area."

Here's the problem with eliminating overdraft fees: It will encourage banks to turn away many low-income, low-asset customers, forcing them into the shadowy market of check cashing services, Western Union money orders, and payday lenders.

Continue reading Without overdraft fees, why would banks offer checking accounts?

Without overdraft fees, why would banks offer checking accounts? originally appeared on DailyFinance on Tue, 29 Sep 2009 12:30:00 EST. Please see our terms for use of feeds.

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]]>BanksChecking AccountsCheckingAccountsOverdraft FeesOverdraftFeesZac BissonnetteTue, 29 Sep 2009 12:30:00 EST$529 million of our money to build a hybrid sports car in Finland?http://www.dailyfinance.com/2009/09/28/529-million-of-our-money-to-build-a-hybrid-sports-car-in-finlan/http://www.dailyfinance.com/2009/09/28/529-million-of-our-money-to-build-a-hybrid-sports-car-in-finlan/http://www.dailyfinance.com/2009/09/28/529-million-of-our-money-to-build-a-hybrid-sports-car-in-finlan/#commentsCalifornia start-up Fisker Automotive has received a $529 million loan from the U.S. to try to build a hybrid sports car in Finland.

$529 million of your money. To build a sports car. In Finland.

News of the Fisker loan comes amid questions about the controversial $465 million taxpayer loan to Tesla at a time when the Silicon Valley-based electric car start-up has already raised over $200 million in private venture capital from prestigious VC's like Draper Fisher Jurvetson, cash-rich companies like Google (GOOG), and the likes of JP Morgan Chase (JPM).

Continue reading $529 million of our money to build a hybrid sports car in Finland?

$529 million of our money to build a hybrid sports car in Finland? originally appeared on DailyFinance on Mon, 28 Sep 2009 11:40:00 EST. Please see our terms for use of feeds.

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]]>Al GoreAlGoreZac BissonnetteMon, 28 Sep 2009 11:40:00 ESTNewspaper bailout: Obama says he'd consider it, but should taxpayers?http://www.dailyfinance.com/2009/09/21/obama-says-hes-open-to-bailing-out-newspapers/http://www.dailyfinance.com/2009/09/21/obama-says-hes-open-to-bailing-out-newspapers/http://www.dailyfinance.com/2009/09/21/obama-says-hes-open-to-bailing-out-newspapers/#commentsFiled under:

With banks and carmakers reaping enormous benefits from taxpayer-funded bailouts, you have to wonder: Who will get the next scoop of bailout cash? President Obama told the editors of the Pittsburgh Post-Gazette and the Toledo Blade in an interview that he's open to proposals that would provide newspapers with generous tax cuts if they transition to nonprofit status.

"Journalistic integrity, you know, fact-based reporting, serious investigative reporting, how to retain those ethics in all these different new media and how to make sure that it's paid for, is really a challenge," Obama said. "But it's something that I think is absolutely critical to the health of our democracy.

Continue reading Newspaper bailout: Obama says he'd consider it, but should taxpayers?

Newspaper bailout: Obama says he'd consider it, but should taxpayers? originally appeared on DailyFinance on Mon, 21 Sep 2009 13:40:00 EST. Please see our terms for use of feeds.

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]]>bailoutNewspapersObamapittsburghpittsburgh post-gazettePittsburghPost-gazettetoledotoledo bladeToledoBladeZac BissonnetteMon, 21 Sep 2009 13:40:00 ESTWarren Buffett gently knocks Ken Lewishttp://www.dailyfinance.com/2009/09/17/warren-buffett-gently-knocks-ken-lewis/http://www.dailyfinance.com/2009/09/17/warren-buffett-gently-knocks-ken-lewis/http://www.dailyfinance.com/2009/09/17/warren-buffett-gently-knocks-ken-lewis/#commentsFiled under:

Warren Buffett is known as one of the most quotable people in the the world of business. His witty asides are a big part of what has made his annual letters to shareholders legendary.

But it's unusual for him to rip into an individual. That's exactly what he did on Tuesday, and he couldn't have picked a better target: Bank of America's (BAC) CEO Ken Lewis.

Speaking at Fortune's Most Powerful Women Summit in San Diego, Buffet referred to Lewis as the "ironic hero" of last September's financial meltdown, whose foolish decision to buy Merrill Lynch at an inflated price saved the global economy -- while also torpedoing his shareholders.

Continue reading Warren Buffett gently knocks Ken Lewis

Warren Buffett gently knocks Ken Lewis originally appeared on DailyFinance on Thu, 17 Sep 2009 14:40:00 EST. Please see our terms for use of feeds.

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]]>BACBank of AmericaBankOfAmericaKen LewisKenLewisWarren BuffettWarrenBuffettZac BissonnetteThu, 17 Sep 2009 14:40:00 ESTHoly popcorn! Blockbuster to close up to 960 locationshttp://www.dailyfinance.com/2009/09/15/holy-popcorn-blockbuster-to-close-up-to-960-locations/http://www.dailyfinance.com/2009/09/15/holy-popcorn-blockbuster-to-close-up-to-960-locations/http://www.dailyfinance.com/2009/09/15/holy-popcorn-blockbuster-to-close-up-to-960-locations/#commentsFiled under: , ,

File this in the horror section: struggling movie rental giant Blockbuster (BBI) said Tuesday it will close up to 960 stores by the end of 2010. If Blockbuster does hit that target, it will represent a 22 percent decline in the company's store count. Competitors Netflix (NFLX) and RedBox have flourished in recent months, but Blockbuster's massive fleet of cash-burning stores and its substantial debt load have made it impossible for the company to keep up.

Blockbuster had been pitching consumers -- and Wall Street -- on the idea that it could offer a unique value proposition by combining online and mail order DVD viewing with the convenience of renting movies in-store too. The problem? That benefit just isn't attractive enough to consumers to justify the cost of operating a chain of stores that are growing less relevant everyday. The decision to quicken the pace of store closings is an admission that this strategy isn't working.

Continue reading Holy popcorn! Blockbuster to close up to 960 locations

Holy popcorn! Blockbuster to close up to 960 locations originally appeared on DailyFinance on Tue, 15 Sep 2009 18:30:00 EST. Please see our terms for use of feeds.

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]]>blockbusterdvdeconomymoviesnetflixredboxrentalsvideoZac BissonnetteTue, 15 Sep 2009 18:30:00 ESTBellagio sues Stanford over gambling debt -- and his lawyer cracks wisehttp://www.dailyfinance.com/2009/09/03/bellagio-sues-stanford-over-gambling-debt-and-his-lawyer-crac/http://www.dailyfinance.com/2009/09/03/bellagio-sues-stanford-over-gambling-debt-and-his-lawyer-crac/http://www.dailyfinance.com/2009/09/03/bellagio-sues-stanford-over-gambling-debt-and-his-lawyer-crac/#commentsFiled under:

Alleged Ponzi schemer Robert Allen Stanford has been sued for $258,480 in gambling debt by MGM Mirage (MGM)'s Bellagio hotel, a leading Las Vegas casino. The debts were incurred while Stanford was on vacation with his fiancee in January.

What does Stanford defense attorney Dick DeGuerin have to say about this? You're probably expecting a no comment -- or possibly a denial. Or maybe he'll refer the matter to someone else. Right?

Nope. In an e-mail to The New York Post, DeGuerin was about as any candid as you will ever see any lawyer get: "The Bellagio should sue the receiver. It's a valid debt and should be paid along with the others, but good luck in getting the receiver to do it. Maybe the Bellagio should revert to the time-honored method of Vegas debt collection and send someone to make the receiver an offer he can't refuse, or just break his legs."

Well then. I somehow doubt that -- with the losses from the alleged Ponzi scheme estimated to be running into the billions -- the receiver or any court or judge in the land will give a gambling debt priority over the honest people who lost money investing in what they thought were perfectly safe CDs.

Either way: Dick DeGuerin is now my favorite lawyer.

Bellagio sues Stanford over gambling debt -- and his lawyer cracks wise originally appeared on DailyFinance on Thu, 03 Sep 2009 17:30:00 EST. Please see our terms for use of feeds.

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]]>Zac BissonnetteThu, 03 Sep 2009 17:30:00 ESTMadoff 'astonished' the SEC didn't catch him in 2006http://www.dailyfinance.com/2009/09/03/madoff-astonished-the-sec-didnt-catch-him-in-2006/http://www.dailyfinance.com/2009/09/03/madoff-astonished-the-sec-didnt-catch-him-in-2006/http://www.dailyfinance.com/2009/09/03/madoff-astonished-the-sec-didnt-catch-him-in-2006/#commentsFiled under: ,

Bernie Madoff told H. David Kotz, inspector general of the Securities and Exchange Commission, he was "astonished" that the SEC didn't put an end to his Ponzi scheme in 2006, after he gave the agency his account number at the Depository Trust and Clearing Corporation as part of an investigation.

"This was perhaps the most egregious failure in the enforcement investigation of Madoff," Kotz's report said. "They never verified Madoff's purported trading with any independent third parties." Had the SEC cross-referenced Madoff's account statements with DTCC's trading records, they would have "immediately realized that Madoff was not trading in anywhere near the volume that he was showing on the customer statements."

Continue reading Madoff 'astonished' the SEC didn't catch him in 2006

Madoff 'astonished' the SEC didn't catch him in 2006 originally appeared on DailyFinance on Thu, 03 Sep 2009 17:00:00 EST. Please see our terms for use of feeds.

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]]>MadoffZac BissonnetteThu, 03 Sep 2009 17:00:00 ESTTobacco industry sues to protect its First Amendment rightshttp://www.dailyfinance.com/2009/09/01/tobacco-industry-sues-to-protect-its-first-amendment-rights/http://www.dailyfinance.com/2009/09/01/tobacco-industry-sues-to-protect-its-first-amendment-rights/http://www.dailyfinance.com/2009/09/01/tobacco-industry-sues-to-protect-its-first-amendment-rights/#commentsFiled under: , , ,

Back in June, President Obama signed a law requiring cigarette manufacturers to display health warnings on the top half of cartons, and to cover the top half of the fronts and backs of packages with "color graphics depicting the negative health consequences of smoking." Big Tobacco was not amused. Three of the four biggest cigarette companies have sued. R.J. Reynolds Tobacco, Lorillard (LO) and Commonwealth Brands argue that the "shocking color graphics" would require them "to stigmatize their own products through their own packaging."

But the tobacco companies make a puzzling argument in their complaint: "These speech restrictions are particularly egregious as the population has, for decades, been well informed of the harms of tobacco use and the government cannot demonstrate that the restrictions will further increase consumer awareness or reduce youth tobacco use."

Continue reading Tobacco industry sues to protect its First Amendment rights

Tobacco industry sues to protect its First Amendment rights originally appeared on DailyFinance on Tue, 01 Sep 2009 14:00:00 EST. Please see our terms for use of feeds.

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]]>AltriaCigarettesCommonwealth BrandsCommonwealthBrandsLorillardpackagingPhilip MorrisPhilipMorrisR.J. ReynoldsR.j.ReynoldsregulationsRJRtobaccoZac BissonnetteTue, 01 Sep 2009 14:00:00 ESTBailout documentary American Casino performs 'a real public service'http://www.dailyfinance.com/2009/08/31/bailout-documentary-american-casino-a-real-public-service/http://www.dailyfinance.com/2009/08/31/bailout-documentary-american-casino-a-real-public-service/http://www.dailyfinance.com/2009/08/31/bailout-documentary-american-casino-a-real-public-service/#commentsFiled under: ,

Last week, I posted the trailer for Capitalism: A Love Story, Michael Moore's upcoming documentary about the Wall Street bailouts.

Now comes the trailer for Leslie and Andrew Cockburn's American Casino, which promises to be a more thoughtful, nuanced look at how we got into this mess. (You can watch the trailer below.) Business reporter Gary Weiss recently saw a preview and was impressed: "To be frank, I almost expected to be either bored to tears or blasted with overgeneralizations and conspiracy theories. Instead, what I saw was a documentary that performs a real public service."

Interestingly, production for the film began in January 2008 -- before the collapses of Bear Stearns, AIG, or Lehman Brothers, and before most people had even started thinking about subprime mortgages. That shows two things: that the filmmakers had the foresight and understanding to see that the economy would melt down spectacularly, and that director Leslie Cockburn could follow the decline of real people's fortunes in real time, instead of picking up amid the rubble. "We were able to follow our characters through Wall Street's collapse, foreclosure, bankruptcy, homelessness," Cockburn has said. "We watched whole neighborhoods ravaged by the subprime meltdown."

The film opens in New York this week. You can sign up here to receive an e-mail update when the DVD is released.

American Casino movie trailer from Leslie and Andrew Cockburn on Vimeo.

Bailout documentary American Casino performs 'a real public service' originally appeared on DailyFinance on Mon, 31 Aug 2009 19:00:00 EST. Please see our terms for use of feeds.

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]]>american casinoAmericanCasinoandrew cockburnAndrewCockburnleslie cockburnLeslieCockburnmichael mooreMichaelMooreZac BissonnetteMon, 31 Aug 2009 19:00:00 ESTAngry about CEO bonuses? Look at their falling net worth, toohttp://www.dailyfinance.com/2009/08/27/angry-about-ceo-bonuses-look-at-their-falling-net-worth-too/http://www.dailyfinance.com/2009/08/27/angry-about-ceo-bonuses-look-at-their-falling-net-worth-too/http://www.dailyfinance.com/2009/08/27/angry-about-ceo-bonuses-look-at-their-falling-net-worth-too/#commentsFiled under: ,

BusinessWeek reports on lingering resentment among investors and rank-and-file workers over huge pay packages for CEOs presiding over companies whose shareholders watch their portfolios shrivel like a raisin in the sun. "Michael Jeffries of Abercrombie & Fitch (ANF) saw his pay climb 39 percent last year, even though the retailer's stock fell 72 percent and it has trimmed staff. (Abercrombie declined to comment.)"

But Abercrombie is a bad example to use in this case. Here's why: The company's latest proxy statement shows that Jeffries owns 6,359,766 shares -- 6.82 percent of the company, worth about $475 million in early 2008, when shares traded in the $75 range. When the stock bottomed out last November, at $13.66 a share, his stake was worth $86 million, less than one-fifth of its earlier value. In the context of that kind of scalding bath, Jeffries's $4.5 million raise was probably cold comfort.

Continue reading Angry about CEO bonuses? Look at their falling net worth, too

Angry about CEO bonuses? Look at their falling net worth, too originally appeared on DailyFinance on Thu, 27 Aug 2009 16:30:00 EST. Please see our terms for use of feeds.

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]]>Zac BissonnetteThu, 27 Aug 2009 16:30:00 ESTCash for clunkers, a win-win-win? Think againhttp://www.dailyfinance.com/2009/08/27/cash-for-clunkers-a-win-win-win-think-again/http://www.dailyfinance.com/2009/08/27/cash-for-clunkers-a-win-win-win-think-again/http://www.dailyfinance.com/2009/08/27/cash-for-clunkers-a-win-win-win-think-again/#commentsFiled under:

In a blustering press release touting the success of cash-for-clunkers, Transportation Secretary Ray LaHood commented that the program was "a win for the economy, a win for the environment, and a win for American consumers."

We interrupt this fantasy for a brief return to Planet Earth. Yes, cash-for-clunkers was a big win for certain segments of the economy: car dealerships and people who build cars (in Asia mostly, but hey). It was a big loss for mechanics, who lobbied heavily against the bill but were outmuscled by the car dealers. And in the long run, it really may have just frontloaded car sales.

Continue reading Cash for clunkers, a win-win-win? Think again

Cash for clunkers, a win-win-win? Think again originally appeared on DailyFinance on Thu, 27 Aug 2009 15:00:00 EST. Please see our terms for use of feeds.

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]]>Cash For ClunkersCashForClunkersZac BissonnetteThu, 27 Aug 2009 15:00:00 ESTPrisoners say Madoff is dying of cancerhttp://www.dailyfinance.com/2009/08/24/prisoners-say-madoff-is-dying-of-cancer/http://www.dailyfinance.com/2009/08/24/prisoners-say-madoff-is-dying-of-cancer/http://www.dailyfinance.com/2009/08/24/prisoners-say-madoff-is-dying-of-cancer/#commentsBernie Madoff is dying of cancer in prison, The New York Post reports, citing Bernie's fellow inmates. Madoff is serving 150 years at a North Carolina federal lockup after pleading guilty to swindling investors out of more than $65 billion.

"He's been taking about 20 pills a day for his cancer," said one inmate. "He talks about it all the time. He's not doing very well."

Other sources report that Madoff has been spending time with the prison's Native American community, participating in sweaty, bare-chested spiritual purification ceremonies.

Continue reading Prisoners say Madoff is dying of cancer

Prisoners say Madoff is dying of cancer originally appeared on DailyFinance on Mon, 24 Aug 2009 09:30:00 EST. Please see our terms for use of feeds.

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]]>Bernie MadoffBernieMadoffZac BissonnetteMon, 24 Aug 2009 09:30:00 ESTMichael Moore is back, and this time he's taking on Wall Streethttp://www.dailyfinance.com/2009/08/23/michael-moore-is-back-and-this-time-hes-taking-on-wall-street/http://www.dailyfinance.com/2009/08/23/michael-moore-is-back-and-this-time-hes-taking-on-wall-street/http://www.dailyfinance.com/2009/08/23/michael-moore-is-back-and-this-time-hes-taking-on-wall-street/#commentsFiled under: ,

Michael Moore's latest documentary, Capitalism: A Love Story, will hit theaters on October 2nd. The trailer is up on YouTube and let me tell you, it looks pretty entertaining. It's also perfectly timed to capitalize on the well-earned bailout angst that is sweeping across America.

Judging from a two-minute preview (see below), it looks like more of what we've come to expect from Mr. Moore: well put together, highly entertaining, at times enraging, with more than a hint of conspiracy.

As usual, Moore can be a bit disconnected from reality, but comes far closer to the truth than most of what passes for unbiased media coverage. In a scene in the preview, Moore shows up at the corporate headquarters of one bailout recipient, armed with canvas bags, ready to take back the money for the American people. We know he won't succeed, but we also know that in a just world, he would.

Continue reading Michael Moore is back, and this time he's taking on Wall Street

Michael Moore is back, and this time he's taking on Wall Street originally appeared on DailyFinance on Sun, 23 Aug 2009 10:00:00 EST. Please see our terms for use of feeds.

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]]>Michael MooreMichaelMooreZac BissonnetteSun, 23 Aug 2009 10:00:00 ESTMutual fund fees jump five percent as market tankshttp://www.dailyfinance.com/2009/08/18/mutual-fund-fees-jump-5-percent-as-market-tanks/http://www.dailyfinance.com/2009/08/18/mutual-fund-fees-jump-5-percent-as-market-tanks/http://www.dailyfinance.com/2009/08/18/mutual-fund-fees-jump-5-percent-as-market-tanks/#commentsAcross the board, investors are paying higher fees for their mutual funds now that the market has tanked. That's according to a new study conducted by MorningStar for CBS MoneyWatch.com, whose Alan Roth has an interesting write-up on the results.

The long and short of it is this: Mutual funds collect their fees based on a percentage of assets under management. So the fact that the market tanked 40 percent reduces revenue by 40 percent, assuming that the expense ratios stay the same. The problem is that expenses don't fall in line with the market, so the mutual funds need to raise fees.

Continue reading Mutual fund fees jump five percent as market tanks

Mutual fund fees jump five percent as market tanks originally appeared on DailyFinance on Tue, 18 Aug 2009 16:05:00 EST. Please see our terms for use of feeds.

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]]>Zac BissonnetteTue, 18 Aug 2009 16:05:00 ESTTrump fights court decision on his defamation suithttp://www.dailyfinance.com/2009/08/17/trump-fights-court-decision-on-his-defamation-suit/http://www.dailyfinance.com/2009/08/17/trump-fights-court-decision-on-his-defamation-suit/http://www.dailyfinance.com/2009/08/17/trump-fights-court-decision-on-his-defamation-suit/#commentsFiled under:

Last month a Camden County, N.J., judge shot down Donald Trump's frivolous effort to punish veteran New York Times editor Timothy L. O'Brien for raising questions about the Donald's net worth in the book TrumpNation. "While the comments made by O'Brien about Trump may suggest a lack of professionalism and/or personal animus against Trump," Superior Court Judge Michele M. Fox ruled, "under the law of defamation they do not establish clear and convincing evidence of actual malice."

Continue reading Trump fights court decision on his defamation suit

Trump fights court decision on his defamation suit originally appeared on DailyFinance on Mon, 17 Aug 2009 16:20:00 EST. Please see our terms for use of feeds.

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]]>Donald TrumpDonaldTrumpZac BissonnetteMon, 17 Aug 2009 16:20:00 ESTBen Stein fired by The New York Times: Good work!http://www.dailyfinance.com/2009/08/12/ben-stein-fired-by-the-new-york-times-good-work/http://www.dailyfinance.com/2009/08/12/ben-stein-fired-by-the-new-york-times-good-work/http://www.dailyfinance.com/2009/08/12/ben-stein-fired-by-the-new-york-times-good-work/#commentsFiled under: ,

The New York Times has terminated Ben Stein's monthly business column over concerns about his endorsement deal with FreeScore.com, a FreeCreditReport.com-like website that offers users access to their free online credit report while also trying to sell a slew of credit monitoring services.

The Times apparently told Mr. Stein that it was concerned about his deal with the company and his failure to disclose it to them in advance. Mr. Stein, however, says there's shady doing afoot, and that the FreeScore.com thing was really just an excuse. According to him, the Times really fired him because he's been too hard on Barack Obama.

Continue reading Ben Stein fired by The New York Times: Good work!

Ben Stein fired by The New York Times: Good work! originally appeared on DailyFinance on Wed, 12 Aug 2009 19:00:00 EST. Please see our terms for use of feeds.

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]]>Ben SteinBenSteinNew York TimesNewYorkTimesZac BissonnetteWed, 12 Aug 2009 19:00:00 ESTCash For Clunkers: Good for car sales, bad for the environment http://www.dailyfinance.com/2009/08/12/cash-for-clunkers-good-for-car-sales-bad-for-the-environment/http://www.dailyfinance.com/2009/08/12/cash-for-clunkers-good-for-car-sales-bad-for-the-environment/http://www.dailyfinance.com/2009/08/12/cash-for-clunkers-good-for-car-sales-bad-for-the-environment/#commentsFiled under: ,

The Cash For Clunkers program has been pitched to taxpayers with a dual premise: prop up car sales (because we clearly haven't done enough to help the auto industry) and improve the environment.

The program has been a resounding success as far as car sales go. But Harvard economist Edward L. Glaser says that Cash For Clunkers could actually be bad for the environment. He explains that position in an absolutely incredible op-ed piece for The Boston Globe with a brilliant point: "One side effect of the program is that new car owners will surely find it more appealing to drive in their snazzy new cars. A better way to reduce carbon emissions is to make driving more, not less, expensive. . . The cash-for-clunkers policy seems based on the mistaken view that the number of miles traveled is independent of the price or pleasure of driving. I call this the "lump of travel fallacy,'' which is one of a family of lumpy errors that all assume things will stay fixed when they won't."

Continue reading Cash For Clunkers: Good for car sales, bad for the environment

Cash For Clunkers: Good for car sales, bad for the environment originally appeared on DailyFinance on Wed, 12 Aug 2009 18:30:00 EST. Please see our terms for use of feeds.

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]]>carboncash for clunkersCashForClunkersenvironmentZac BissonnetteWed, 12 Aug 2009 18:30:00 EST