Word: profitability
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...destroys jobs by making it too expensive to keep workers. University of California professor David Neumark estimates that the July 24 hike will end up costing some 300,000 jobs for young adults and teens by making their employment prohibitively expensive for enterprises already facing rapidly eroding profit margins...
...financial sector are finally seeing some sun, the storm clouds around Citigroup just don't seem to be breaking. The company said on July 17 that it earned $3.4 billion in its second quarter. It was the second quarter in a row that Citi had announced a profit, after many critics said the company was done for. In a press release, Citigroup CEO Vikram Pandit triumphantly said, "Our financial results today reflect the incredibly dedicated efforts of all of our people around the world and their success in implementing our plan...
...that few people think Citigroup's earnings rebound is sustainable. Following the bank's strong earnings announcement, analyst John McDonald, who covers Citi for Sanford C. Bernstein, cut his estimates of what the bank could make next year. Instead of his earlier projection that Citi would turn a profit in 2010, McDonald thinks the bank will be solidly in the red next year, losing $3 billion. In his report, McDonald said investors should worry about "the earnings power and strategic direction of the franchise amid all the change and increased government ownership now under way." (See 25 people to blame...
...much." Rwaramba quickly put out a statement disavowing the piece: "I don't even know how to pump a stomach." She said she had never spoken to the Sunday Times: "The statements attributed to me confirm the worst in human tendencies to sensationalize tragedy and smear reputations for profit...
...Selling in California: Millions of dollars' worth of IOUs--which the financially strapped state is issuing in lieu of cash as it grapples with a $24 billion budget crisis--are appearing on websites like Craigslist, where opportunists are buying them at a discount so they can turn a profit when the IOUs come due on Oct. 2. Meanwhile, Bank of America, Wells Fargo and Chase agreed to accept the IOUs at face value through July 10. After that, recipients will have to go to check-cashing storefronts or credit unions, which will take them at a fraction of the full...