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Last week was brutal for the workplace, with U.S. companies - like Caterpillar, Boeing, Sprint Nextel and Target - cutting more than 80,000 jobs all told. Losing your paycheck in a recession is certainly awful, and those who hold on to their jobs are no doubt better off than their fallen colleagues. But watching colleagues pack their things and go - and dealing with guilt that it wasn't you, anxiety that you might be next, exhaustion from the extra work you must take on and even envy of those who get to leave such a sullen environment - that's not much...
...bank's stock has fallen more in value during the past four months than Bank of America's. The combined value of its shares is now $37 billion. That's $123 billion less than they were worth at the end of September. In the third quarter, BofA was forced to write down $4.4 billion in loans, or about 1.8% of its loan portfolio. Compared with what some of its competitors wrote down, that wasn't a heck of a lot; Citigroup, for instance, had a $13.2 billion charge in the same quarter, primarily related to loan losses. But the relatively...
Until then, Peoria seemed to have been coping with the recession. The region's unemployment rate had risen only modestly, from 4.5% to 6.2%, between November 2007 and November 2008. Home sales had fallen slightly, but far less than the state's average. So news of Caterpillar's crisis landed with a painful thud in the city of roughly 113,000, which counts the company as its largest employer. Caterpillar hasn't disclosed how many of its displaced workers live in this region, but about one-quarter of its global workforce is based in Illinois, mostly around Peoria. As light...
...like Bratz, which launched in 2001 and quickly chewed into Barbie's market share. Mattel last year won a copyright-infringement case against Bratz owner MGA Entertainment, but that didn't change the fact that, over the past five years, Mattel's domestic sales of Barbie-related products have fallen by an average of 12% annually, according to estimates from investment-banking firm Needham & Co. At age 50, Barbie is clearly in need of a midlife makeover. Says M.G. Lord, author of Forever Barbie: The Unauthorized Biography of a Real Doll: "What kids want is a toy that shocks...
...prospect of unpleasant confirmation hearings made returning Summers to the top spot at Treasury an unappealing option in Obamaland. And so Summers was made director of the National Economic Council, which even in quiet times has a large staff and vast clout. He has already fallen into a steady routine, waking before sunrise at his northwest-Washington apartment, from which his wife Elisa New plans to commute to her job as an English professor at Harvard. (Each has three children from a previous marriage.) About 13 hours later, after meetings on a dizzying array of topics, he returns home...