Some economists not owned by Wall Street had been sounding the alarm for the past decade. e.g.:
LBO The Buyout of America Hedge Fund
JOSH KOSMAN, author, "The Buyout of America": Two of the four biggest record companies are owned by private equity firms, EMI and Warner Music. They both have a lot of debt. EMI's close to bankruptcy.
PAUL SOLMAN: Because it was purchased, says Kosman, with too much borrowed money, as was Clear Channel.
JOSH KOSMAN: They own over 1,000 radio stations [Editor's note: According to SEC documents, Clear Channel owned 894 radio stations in the U.S. at the end of 2009.] and they own a million billboards throughout the world. They are very much struggling.
PAUL SOLMAN: As is another private equity acquisition just around the corner.
JOSH KOSMAN: On 42nd Street, we see AMC Theaters, the biggest movie theater chain in the country. It's struggling with too much debt.
PAUL SOLMAN: Private equity haunts many a street in New York, including 57th, home to some of the biggest P.E. firms. And they certainly are private, says Kosman.
JOSH KOSMAN: Apollo Management, run by Leon Black, as well as Silver Lake Partners. There is not even a directory in this building. Here is where these guys bring limited partners, pension funds to close the deal to collect money from them.
PAUL SOLMAN: And the pitch is: Give us your money. We will then use that to buy a company, not putting too much of it down. We will borrow the rest. We will spiff up the company. It will be more profitable. We will sell it to other investors. We will all make out.
JOSH KOSMAN: Yes. Most of the country's pensions are severely underfunded. They need to find ways to increase their rate of return, especially right now, with interest rates near basically zero. So, they get attractive by this pitch.
PAUL SOLMAN: The problem, says Kosman, is that what private equity firms borrow, the companies they buy have to pay back. And, in the last decade, private equity has bought a huge chunk of corporate America.
JOSH KOSMAN: Since 2000, they have bought companies that employ one out of every 10 Americans in the private sector. That's about 10 million people.
PAUL SOLMAN: And many P.E.-owned, debt-ridden firms are now hurting for cash.
JOSH KOSMAN: The Boston Consulting Group last year predicted half of their companies would default. Let's say the companies that go bankrupt end up laying off a quarter of their people, a third. You know, you can easily get to more than a million people. That's a lot of people.
PAUL SOLMAN: In fact, says Kosman, half of the S&P-rated firms that went bankrupt last year, besides banks, that is, were private equity acquisitions, including Chrysler, Simmons, Six Flags, and "Reader's Digest," where retirees, including executives, had their pensions slashed by a debt-driven bankruptcy.
Ken Gordon was president.
yahoo keeled all my harmless replies. I give up but something to do with religious cs science curriculum in their school systems.
States of the 40 finalists:
CA 11 (9 of the 11 from Silicone Valley vicinity)
TX 1 (Student with Asian name)
FL 1 (Student with Asian name)
AZ 1 (Student with Asian name)
Intel STS 2015 Finalists
Congratulations to the 40 Intel Science Talent Search Finalists!
Like any other job, 20% or less of the people do 100% and more (clean up messes made by 20% Flook Ups) of the work.
Let's say a CEO is worth 10 top flight engineers and each top flight engineers is worth 10 rank and file engineers, he should theoretically be paid 100X of a regular engineer's paid, MAXIMUM. 400 to 500X is absurd and obscene since they don't paid a top flight engineer 10X that of a regular engineer in the same organization.
Old days, we have employment security and cars with heavy chrome bumpers.
In the old HP Mail days on the HP150 touch screen terminals, only engineers got Winchester memory drives, 20 Mb size. These days, you can get a TB drive at $50 retail.
Fast forward to 10 years ago, Msft or Yahoo mail limited user data size in each mail and you save the files in a mail directory in PCs until Google mail came along, offering 1GB and then ...
In a contest considered the Nobel Prizes for the nation's brightest high school students, 17-year-old Andrew Jin, of San Jose, won one of three top prizes and $150,000 Tuesday at the prestigious Intel Science Talent Search, for his work developing an algorithm that could help decipher the human genetic code.
Another Bay Area student, Saranesh (Saran) Thanika Prembabu, 17, of San Ramon, won one of three second-place $75,000 awards.
The 40 finalists, including 11 from California, were chosen from among 1,844 applicants, and they were invited to compete in Washington, D.C. The winners were announced Tuesday night at a black-tie gala at the National Building Museum. On Wednesday, the group will meet President Barack Obama at the White House.
lang, Bingo! The demise of labor unions has removed the workers' claim on the company's revenue stream.
Teachers, cops, firefighters, correction officers, libraries, college workers, municipal staffs ... etc are doing fine, thank you very much. You know how much the dock workers get paid with or without benefits? They are doing more than fine, thank you very much.
Why do you think wage collapsed (though improving with Walmart, Okea, States and Cities raising minimum wage) while CEO's have gone from making 30X to 350X more than the rank and file?
Search for the paper and extrapolated data:
Unemployment 1930's vs Today
A comparison of unemployment 1900 - 2008
Historical Unemployment In Relation to Today
By N Andrews
What is today's U-6 in comparison to the 30's, apple to apple, no birth/death, etc.? Today's social structureand economic environment are very different from what existed in the first 40 years of the 20th century in theUnited States. During the beginning of the 20th century, a large percentage of the work force still worked onfarms, women were only a small fraction of the work force, and children as young as 14 often worked theequivalent of full time jobs. To add to the situation, no standard methodology for tracking unemploymentexisted until about 1940. The methods that existed during the 30's were often changed and are not easilycompared directly to today's unemployment methodologies. However, data on unemployment was collectedsince the late 1800's and is available. The challenge is to find a way to compare potentially disparate sets of data in an approximately equivalent manner.
People do not change easily. You cannot teach old dogs new tricks. An old racist will not move into a black (jewish, asian, hispanic ...) neighborhood. A life long fundamentalist will not associate with going to hell non-Christians ...
With the Manhattan Project, NASA and DARPA (military) programs, kids and parents value math and science from K-12 and higher education. Along came Clinton, I recalled vividly, that USA did not need manufacturing but services. Parents advised their children to stay away from engineer and sciences. Future was in law and finance. Even doctors told their kids to stay away from medicine as wave of privatization in healthcare system had forced hospitals to stop paying for new doctors, nurses or overtime ... making profit for the new shareholders was all that matters.
Unfortunately the board is packed with old tech bean counters and Wall Street loved the fees in split ups, layoffs, bond offerings, M&As and inside line to the current executives.
Just like those old politicians running our country in DC, state capitals and city halls.
Katie Huberty - Morgan Stanley
Yes. Thank you. Cathie in your cash flow discussion you mentioned intermonth linearity in January as a factor impacting DSOs and therefore for cash flow. And I wonder if you can expand on that in part, because other enterprise hardware companies have said in the month of January they started to see delays in spending as global customers have to deal with the currency impact on their own business and therefore are dealing, spending and revisiting their budget. And I just wonder whether you and Meg think that could be a risk that places out this year? Thank you.
Meg Whitman - Chairman, President and Chief Executive Officer
So Katie that’s really not what we’re hearing in terms of - when we think about the quarter, it wasn’t so much that we were seeing kind of enterprise customers delaying as a result of the currency. That’s really not we are hearing. We did see some softness in January overall, in the PC business. And so it was, the quarter was a bit more frontend loaded than what would be kind of our historical norm. But when you look at overall HP in January and then you look at what we had expected and I think this is really important, because when I was talking about the cash flow implication it was really relative to our expectations and what around cash flow. We had expected a January that was better balanced first half to second half, and what we saw was actually a bit more that got shifted from the first half to the second half, and that impacted obviously DSO.
Intel -4.1% on Q1 warning; other PC industry names also fall
Intel (NASDAQ:INTC) now expects Q1 revenue of $12.5B-$13.1B, below prior guidance of $13.2B-$14.2B and a $13.7B consensus. Gross margin guidance remains at 60% (+/- 2%), with lower volumes offset by higher ASPs.
"All other expectations" have been withdrawn - that presumably includes full-year guidance for mid-single digit revenue growth. Guidance will be updated during Intel's April 14 Q1 report.
The chip giant blames the warning on "weaker than expected demand for business desktop PCs and lower than expected inventory levels across the PC supply chain." In particular, it thinks "lower than expected Windows XP* refresh in small and medium business and increasingly challenging macroeconomic and currency conditions, particularly in Europe," are taking a toll on sales. Server CPU division sales are "meeting expectations."
1 Harvard University United States
2 University of Cambridge United Kingdom
3 University of Oxford United Kingdom
4 Massachusetts Institute of Technology (MIT) United States
5 Stanford University United States
6 University of California, Berkeley United States
7 Princeton University United States
8 Yale University United States
9 California Institute of Technology (Caltech) United States
10 Columbia University United States
11 University of Chicago United States
12 The University of Tokyo Japan
13 University of California, Los Angeles (UCLA) United States
14 Imperial College London United Kingdom
15 ETH Zürich – Swiss Federal Institute of Technology Zürich Switzerland
16 University of Toronto Canada
17 University College London (UCL) United Kingdom
18 Johns Hopkins University United States
19 University of Michigan United States
20 Cornell University United States
20 New York University (NYU) United States
Because those officials have Quid pro quo emails with lobbyists and foreign governments as well.
He has lobbied for 300 companies to train STEM workers while obstructionists lobby to send our kids back to Iraq and start a war with Iran.
Initial Jobless Claims: -36K to 289K vs. 309K consensus, 325K prior (320 K prior).
Continuing Claims -5K to 2.42M.
amoulits1, You read about Sheriff Mack, an anti ACA republican who refused to buy insurance as his God given right and wound up unable to pay for his medical bills? It's too late when you've been bitten by the snake. This is the story of a guy who is all against the ACA who suffers a reversal of fortune. Now he has to go to a crowd-funding organization to bail himself and his wife out, after suffering expensive health costs. Such irony.
Caitlin MacNealPublishedFebruary 27, 2015, 6:00 AM EST 142647 views
Former Arizona county sheriff Richard Mack, a fierce opponent of Obamacare and a leader in the "constitutional sheriff" movement, is struggling to pay his medical bills after he and his wife each faced serious illnesses. The former sheriff and his wife do not have health insurance and started a GoFundMe campaign to solicit donations from family and friends to cover the costs of their medical care.
"Because they are self-employed, they have no medical insurance and are in desperate need of our assistance," reads a note on Mack's personal website.
Mack, the founder of the Constitutional Sheriffs and Peace Officers Association, suffered a heart attack in January and is in recovery. His wife fell ill late last year. Mack is on the board of Oath Keepers, a right-wing fringe group made up of police and military veterans, and is known for supporting Cliven Bundy in his standoff against the federal government. He is also an ardent opponent of Obamacare.
"The States do not have to take or support or pay for Obamacare or anything else from Washington DC. The States are not subject to federal direction," he wrote on his website, outlining how state governments can block President Obama.