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TARP does nothing to patch the hole in the banking system. And it certainly doesn't do anything to encourage banks to make more loans. Yes, banks have gotten nearly $300 billion in money from the government, and that's a lot of dough. But it's not free dough. In return for federal cash, the government has taken preferred-stock shares as the firm's markers. Unlike common stock, which is the kind you or I would buy from a broker, preferreds have to eventually be paid back, so they are really loans, not additional capital. (See which country...
...officials thought it was odd that a 27-year-old dressed like he'd just gotten out of class-as DeChristopher had-was bidding for oil and gas leases, they didn't say anything. At first he simply bid near the beginning of an auction, to keep prices rolling, but as the sales continued, he started to win plots of land-12 parcels in all, more than 22,000 acres, at the cost of $1.79 million. By the end, DeChristopher was simply bidding nonstop, and BLM officials finally caught on to what he was doing and took him into custody...
...money. The legal status of the parcels is in limbo, pending an ongoing investigation-as is the question of whether or not the government continues to plan to press charges. DeChristopher says any consequences are worth it. "I've been very surprised by how much support we've gotten," he says. "It's so exciting to see how many people share my value for the land and the climate...
...Word has gotten out that Dell plans to launch its own high-end smartphone. According to The Wall Street Journal, "Dell is focusing on so-called smartphones, higher-end devices that include features like Web browsing and email...
...union has shut down the "jobs banks" that allowed idled workers to collect pay indefinitely after they exhausted other unemployment benefits. But the UAW is balking at any deeper cuts that might jeopardize the generous supplemental unemployment benefits that union members have gotten for more than half a century on top of state benefits...