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Several prominent bank analysts came out with statements yesterday saying that the largest U.S. financial firms would post more heavy losses and that their accounting methods would obscure the worst of it. George Soros, the grand old man of the hedge fund business, repeated his belief that the banks are insolvent. If he is right, earnings are irrelevant...
Sources: CBS News; New York Times; Washington Post; New York Times; BBC; Los Angeles Times; PEOPLE...
...Congress agreed to extend unemployment benefits to a 59-week period last year. According to The New York Post, Wayne Vroman, an economist at the Urban Institute, estimates that up to 700,000 people could exhaust their extended benefits by the second half of this year. Since net job losses could continue well into 2010, and unemployment is likely to top 10%, the figures for people receiving no financial support at all could move well above one million before the end of the year and actually increase after that. (See pictures of the global financial crisis...
...founder Jon J. Olinto updated the company’s Twitter account “b_good_” with a cellphone picture and an invitation for its 151 Twitter followers to come claim the vouchers.Twitter, a three-year-old microblogging service, has millions of users who post steady streams of short updates called “tweets” that are limited to 140 characters. Twitter’s user base swelled 900% last year. Companies, in turn, are quickly catching onto the service as a marketing tool.“There’s so much opportunity...
Although Saretsky appreciated the opportunity for individuals to post strong times in a relaxed environment, the head coach placed particular emphasis on the chance to become familiar with Penn’s track, which will host the Ivy league’s biggest race...