Word: dotcom
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...person who is financially independent, with a family and a home. But families and homes cost money, and people in their late teens and early 20s don't make as much as they used to. The current crop of twixters grew up in the 1990s, when the dotcom boom made Internet millions seem just a business proposal away, but in reality they're worse off than the generation that preceded them. Annual earnings among men 25 to 34 with full-time jobs dropped 17% from 1971 to 2002, according to the National Center for Education Statistics. Timothy Smeeding, a professor...
While Silicon Valley has yet to recover from the dotcom bust, other parts of the state's economy are booming, including tourism, hotels and construction. The number of housing permits issued rose 4.4% from January to October. The defense industry, which lost 150,000 jobs with the end of the cold war in the early 1990s, has begun to grow again as a result of the wars in Afghanistan and Iraq. In the past four years, defense investment in California has increased 44%, and last year the state got $30 billion in military contracts, much of it in high-tech...
...long-time Sandy Weill sidekick, Chuck Prince might have got a chance to run Citigroup in any event. But a progression of Citi scandals that began in the dotcom-bubble years with shady Enron dealings and stock touting for troubled telecoms quickened this lawyer's ascent. Prince, 54, landed the CEO job little more than a year ago. Since then, old improprieties have continued to surface, posing new p.r. nightmares-- including Citi's private-banking operation being banned from Japan just a few months ago for failing to guard against money laundering, among other things. To atone, Prince bowed deeply...
Drugstore.com is the only online health-products retailer to survive the dotcom bust. It has, alas, never posted a profit--and in September announced it would miss third-quarter sales and profit forecasts. Enter Lepore, 50, as new chairwoman and CEO. Lepore knows plenty about the Web's peril and potential: she was chief information officer and then vice chairwoman of online broker Charles Schwab, which flew high in the 1990s but suffered when the stock market sank. She is predictably optimistic about her new company, which has seen sales grow from $110 million in 2000 to an estimated...
...thought the dotcom era was over, take a look at what a couple of Wall Street's savviest dealmakers are up to. For Cendant, the online onslaught was beginning to feel like water torture as cyberbookers chipped away at its core business: playing middleman between customers and the company's many franchisees. So last month CEO Henry Silverman, a veteran wheeler-dealer, moved to protect his turf by agreeing to buy Orbitz for $1.25 billion. The acquisition catapults Silverman to the top tier of online travel. His biggest rival there is another celebrity CEO, Barry Diller--the onetime Hollywood mogul...