Monday, Jan. 5, 2009
President-elect Obama pushed for a larger-than-expected $300 billion tax cut Monday to help the country get out of recession. This includes $500 tax cuts for individuals ($1,000 for couples) and $100 billion total for businesses.
There have been quite a few scares over Apple (AAPL) CEO Steve Jobs’ health this last year. He has appeared very thin and frail at events and rumors have been spread that he may have had a recurrence of pancreatic cancer, which he had overcome a battle with years ago. It wasn’t too reassuring that the company just kept saying his health is a “private matter” when questioned, and Apple’s stock price has suffered markedly since rumors began spreading.
Finally, Steve Jobs explained to the public that he is not sick, but that his striking weight loss is due to a hormone imbalance that is being corrected.
Bernard Madoff, the man charged with running a huge Ponzi scheme that went unnoticed for decades, was probed eight times over the last 16 years, according to a Wall Street Journal report. The Securities & Exchange Commission received emails from a New York hedge fund that said Madoff’s practices were “highly unusual.” And in 2007 the Financial Industry Regulatory Authority said parts of his firm seemed to have no customers.
Congress began its review over how Madoff’s scheme could have gone on for so long without regulators catching on. It was noted by Rep. Spencer Bachus (R-Ala.), that an investment advisor, Harry Markopolos, had actually warned the SEC about Madoff long before it was exposed.
Auto sales were very poor in December, plunging over 30%. Big surprise, right? But what’s interesting is that it wasn’t just the Big Three auto makers, who were begging Congress for a bailout last month that were affected, but foreign car makers as well. Toyota’s (TM) sales were worse than Ford's (F) and General Motors's (GM), down 37%.
In an unfortunate event for collectors around the world, china and crystal maker Waterford Wedgwood filed for bankruptcy after failing to restructure or even find a buyer.
Exclusive: Madoff Leaving Apt
Madoff investor commits suicide
Former investor charged with fraud
FOXBusiness.com’s Week in Review: Dec. 15-19, 2008
