Financial News

Financial News Story of the Day – Citi Cuts 4,500 Jobs

Citigroup plans to eliminate about 1.5% of its employees, representing 4,500 jobs, according to CEO Vikram Pandit. CEO’s don’t really seem to do that much other than living it up when things are good and firing people when things are bad – ever heard of saving for a rainy day?…

Financial News Story of the Day – George Soros Thinks Global Financial System Near Collapse

Billionaire investor George Soros thinks the global financial system is near collapsing. Among the things Soros mentioned was that developed countries are in a “deflationary death trap” and that the financial system was in a process of “self-reinforcing process of disintegration.” Ouch.…

Financial News Story of the Day – Yahoo Buyout More Likely by the Day

Yahoo, the internet search giant that notoriously passed on a Microsoft buyout of $31 a share, is set to make news again as new suitors are preparing to acquire the company. According to inside rumors, Alibaba, Softbank Corp, Blackstone and Bain Capital might make a run at buying Yahoo together.…

Financial News Story of the Day – 4 Million Home Loans Still in Foreclosure Risk

The housing market just received more bad news as a new foreclosure study by the Center for Responsible Lending predicts that we’re not even half way through the foreclosure crisis. The study, “Lost Ground, 2011,” estimates that 2.7 million homes have been foreclosed on while another 4 million remain in danger.…

Financial News Story of the Day – American Airlines Files for Bankruptcy to Avoid $800 Million Union Payouts

The American Airlines bankruptcy we all expected finally occurred today. The troubled airline’s parent company, AMR Corp., cited high union payouts and fuel costs as the major reasons for going to bankruptcy court, where American could legally reorganize and void its prior contracts with labor unions.…

Financial News Story of the Day – Mark Zuckerberg Plans Facebook IPO for 2012

The Facebook IPO everyone has been waiting for looks like it will finally happen sometime in the first 6 months of 2012. While Facebook CEO Mark Zuckerberg has yet to announce a date, sources are saying it will happen early next year and the company’s financials are ready to go.…

Financial News Story of the Day – RIM Stock Suffers Due to Apple and Android

RIM stock is down in the dumps unofficially making the Blackberry creator the new Palm. For those who don’t believe it, there’s a truckload of outperformed technology and hardware to go with the troubled handset maker, mirroring Palm’s own death spiral before a gift buyout by HP.…

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Happy Thanksgiving to you and your families! And as always, check back here daily for the most important financial news stories and best personal finance tips, all in under a minute.…

Financial News Story of the Day – Groupon Deal Costs Cupcake Business $20,000

Groupon, the hot daily deal site that recently went public, has just cost Need a Cake bakery owner Rachel Brown $20,000. Brown initially posted a deal on Groupon offering a 75% discount on a batch of cupcakes that drew in 8,500 customers.…

Financial News Story of the Day – Thanksgiving Tradition Threatened by Black Friday 2011

If you love Black Friday or Cyber Monday, you may be contributing to what some are calling the death of Thanksgiving. Traditionally a time for loved ones to gather and give thanks, Thanksgiving week is now known for shopping as much as it is for family.…