By crisis-era deal.
They say never to go grocery shopping on an empty stomach. In 2009, at the nadir of the crisis for automaker Chrysler, a desperate Treasury Department team led by Steve Rattner put together a deal for Chrysler that left Italian automaker Fiat with a 20 percent stake, with the option to buy another 50 percent. While the U.S. and Canada have sold their combined stakes to Fiat, the union’s health-care trust owns the remaining 68 percent. Surprise, surprise—the union and Fiat are duking it out in court over rival valuations of the company. The difference: $6 billion.
For hedge titan Paulson.
That’s got to hurt! Billionaire John Paulson’s Paulson & Co. hedge fund’s $700 million gold fund lost 27 percent in April as the price of gold dropped 17 percent over two weeks. The jaw-dropping one-month decline leaves a year-to-date loss of 47 percent. Adding salt to an open wound, a majority of the money in the fund is reportedly Paulson’s own cash.
After 26 seasons as manager.
Manchester United manager Sir Alex Ferguson, one of the biggest figures in British soccer, announced Wednesday that he will retire after 26 seasons. During his reign, Man U has won 38 trophies, including 13 league titles, two Championship League crowns, five Football Association Cups, and four League Cups. His final game will be against West Brom—his 1,500th as manager. Ferguson is considered the most successful manager in the history of British soccer, and was knighted by Queen Elizabeth in 1999. Oddsmakers are putting Everton’s David Moyes and Real Madrid’s José Mourinho as Ferguson’s most likely successors.
JPMorgan Chase is one of America’s largest and most highly regarded banks. But in the past few years, it has paid out several billion dollars to settle lawsuits from consumers and regulators.
The nice thing about being in the financial services world is that you never really have to say you’re sorry. Screw over customers, botch foreclosures, run afoul of important regulations, and violate some important rules—and the worst you’ll have to do is pay some fines or settlements. It’s a cost of doing business, even for America’s most highly regarded banks.Take JPMorgan Chase. The New York–based firm, under the leadership of hard-charging CEO Jamie Dimon, emerged from the financial crisis in much better shape than many of its rivals.
Jamie Dimon is CEO and chairman at JPMorgan Chase, and pressure is mounting for the bank to split the roles. Never gonna happen, writes Daniel Gross—never mind those billions in fines.
Jamie Dimon, the gruff, silver-haired chief executive officer and chairman of JPMorgan Chase, is facing an unlikely challenge.The big bank has stuck to the practice of having its CEO also serve as chairman of its board of directors—a circumstance in which the guy who runs the company also runs the entity that is responsible for overseeing, hiring, and firing the CEO, and which has become increasingly unpopular at publicly held companies.With a showdown coming up on May 21, The Wall Street Journal is reporting that some big shareholders are threatening to withhold their votes.
The Yahoo chief’s perceived missteps may rivet the media, but she’s not concerned with negativity, she told Wired’s Business Conference. And the working from home flap? She’s over it, reports Nina Strochlic.
Marissa Mayer isn’t listening to her critics. In February, the young CEO drew fire and ignited a debate after barring Yahoo employees from working outside the office. “I really didn’t mean for it to become an industry narrative about whether people could successfully work from home,” she said with a hint of bemused frustration at Wired’s Business Conference on Tuesday. “It’s gotten taken to hyperbole.”The 37-year-old Mayer has attracted all kinds of criticism and speculation since her Yahoo appointment last summer made her the youngest head of a Fortune 500 company.
New York Times Executive Editor Jill Abramson discusses multimedia, covering the Boston Marathon attacks, and Buzzfeed.
If you've seen the graceful, groundbreaking multimedia package of “Snow Fall,” John Branch’s Pulitzer-prize-winning investigation of a deadly avalanche, you'll know why the The New York Times's newsroom has turned the story package into a verb. “Everyone wants to Snow Fall now,” said Executive Editor Jill Abramson (who calls herself "a total words person"), at Wired's Business Conference Tuesday afternoon.Sitting down with Wired's Editor in Chief Scott Dadich, the Times's first female top editor started by delving into the company's April 15 Pulitzer celebration gone sour, as news of the Boston Marathon bombings spread through the wires.
The online glasses retailer has thrived with a unique business model: low prices, hip vintage frames, and a promise to donate glasses to people in the developing world.
Warby Parker’s first office was inside cofounder Neil Blumenthal's apartment, where the fledgling company's glasses samples were displayed across his dining-room table. Soon after, the startup took the plunge for a real office, in New York’s Union Square, and was promptly kicked out when an endless flow of customers broke the building’s one elevator.Three years since four Wharton School of the University of Pennsylvania students conceived of the idea, Warby Parker has defied expectations.
To sell software online
Another icon goes all-digital. Adobe Systems will no longer offer new versions of its creative software in stores but, rather, will focus on selling its products online. While a risk for a company whose revenue comes in large part from its packaged software, Adobe is making the bet that savings on labor costs and a smoother delivery of products will keep creative professionals happy with its products.
To combat counterfeiters.
Now the solution is just a click away. Viagra, one of the most counterfeited drugs in the world, will now be sold online by Pfizer. As of Monday, the drug, worth more than $2 billion in sales a year, is available online via CVS/pharmacy. If successful, drugs that may be seen as embarrassing, such as those for weight loss or skin conditions, may follow suit.
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After a University of Massachusetts student found significant errors in a study beloved by budget cutters world over by Harvard economists Kenneth Rogoff and Carmen Reinhart, Stephen Colbert does what he does best -- leaves them in the dust.
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