MySpace Going Down!
Today MySpace stated that they will be cutting nearly 30 percent of its work force. Their claim is because they want to get more inline with Facebook. I read Facebook employs a little over 800 people, MySpace now will employ about 1,000 employees. This reduction will cost about 420 people to lose their jobs. And on top of the layoffs, Facebook finally caught up to MySpace in U.S. users. I read that both now have around 70 million users each. MySpace is falling while Facebook is growing. Facebook is a much cleaner and user friendly system. Facebook doesn’t allow all that crap that MySpace does. This is the reason why I think MySpace is getting hurt, all the junk they allow on their site.
Problems With BOA!
It seems that House lawmakers are getting a little sick and tired of deals being made by the federal government. And the main deal that their sick over is the deal that was forced onto Bank of America Corp. Bank of America was forced to sick to the deal to purchase Merrill Lynch, even though Merrill was losing billions. And on top of BOA being forced to buying Merrill, it cost us, taxpayers almost $20 billions to offset the lose that BOA took on.
Now Bank of America CEO Kenneth Lewis has testified that the U.S federal government threatened to remove management if the deal failed. The House lawmakers are looking into why former Treasury Secretary Henry Paulson and Fed Chairman Ben Bernanke forced Lewis. My guess to why they forced him was to save their own money. Lets not forget that Paulson was CEO of Goldman Sachs, which was in just as much trouble as Merrill was. So you can see that he knew a lot of people on Wall Street. I truly hope if there was something fishy going on that they all get caught and spend a little time in jail. The U.S government has played with our money long enough.
Ex CEO Of Countrywide!
Ex-CEO Angelo Mozilo of Countrywide is being charge with civil fraud and insider trading. And going down with him is former chief operating officer David Sambol and ex-chief financial officer Eric Sieracki. These three men should hang for what they did. They killed Countrywide, and now it’s time for them to hang for what they did. Countrywide was one of the big players in the subprime mortgage market, which ended up in the toilet. I really hope that the federal regulators stay after these three. The American people and the rest of the world is looking for people like them to pay for what they did. Their actions helped the crash of the U.S. markets, as well as the collapse of other world markets. So I say, don’t cut a deal with them, go for it all, put them away for a long time and take all their money.
FAO Schwarz!
What in the world happened to FAO Schwarz? I had no idea they filed for bankruptcy in 2002, and then again in 2003. Then I read today they where sold to Toys R Us Inc. I’m not sure how will Toys R Us will do with them, or if they even fit in with them. FAO Schwarz only has 2 locations, that I know of. One is their flagship store in NYC, and the other one is located in Las Vegas. They also run a catalog business, which up till today I thought they where doing very well. I guess their main customers, the rich folk aren’t buying their toys anymore. I once went to their store in NYC and saw race care their listed for over $25,000, a kids race car. Their toys are over priced only the rich shopped there. Now with Toys R Us taken them over maybe we’ll see prices come down to where everyone will be able to afford their crap.
