Archive for November 14th, 2008

Freddie Mac reported a $25 billion quarterly loss Friday that forced the mortgage finance giant to tap $100 billion in bailout money set aside by the government.

In a surprise move, FDIC Chairwoman Sheila Bair Friday unveiled details of her plan to have the government help delinquent homeowners.

Worldwide spam plummets since Tuesday when a Washington Post investigation led to a shut down of San Jose, California Web host McColo.

Software and computer networking company Sun Microsystems, Inc. announced Friday it will cut up to 18%, or 6,000, of its staff in a cost-cutting move.

Citigroup will reportedly undertake another round of massive layoffs and is poised to start raising credit card rates for a number of its customers.

Oil prices fell Friday as investors took cues from from the selloff in stocks as an indicator of weak global demand for energy.

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Dear Annie: I work in an office with about 40 peers (and 2 bosses), and rumors are rife that about 10 or 12 of us are going to get laid off as part of the latest cost-cutting drive. The situation has really brought out the worst in some of my colleagues, who are kissing up to the bosses, spreading damaging gossip about certain people, and generally acting in ways that are, in my opinion, highly unprofessional. Should I just ignore all this, or would it be smart to point out to higher-ups (discreetly) that there is a lot of self-serving behavior going on here? -Avoiding the Water Cooler

President-elect Barack Obama had plenty to say about corporate excess on the campaign trail. One place his presidency should have a direct and early impact is on so-called "say on pay" legislation that would make annual shareholder votes on senior executive compensation part of securities law.

The role of the United States as the world's economic leader will be tested this weekend when 20 significant world leaders meet in Washington to address the global financial crisis.