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Gadhafi Shot to Death as Libya Cheers

gadhafi dead photo

Financial News Story of the Day – Libyan leader Moammar Gadhafi Shot and Killed

Moammar Gadhafi was killed today by Libyan revolutionaries after a reign of 42 years. As Libya cheered the ruler’s death, soldiers sent videos around the internet showing him alive and later dead by a fatal gun shot to the head (source: WallStJournal.com)

Excerpt: “Late in the day, interim Prime Minister Mahmoud Jibril said a slightly wounded Gadhafi had been pulled from a hiding place in a sewage pipe, shot in the arm, and later killed by a shot in the head by crossfire.

Olympus Stock Drops 44% After Company’s First American President Exits

olympus stock drops

Financial News Story of the Day – Olympus Stock Plummets

Olympus, a famous Japanese imaging and medical devices company, sees its stock drop 44% since letting go of its first American President, Michael C. Woodford. According to reports, Woodford asked the entire board to step down and blew the whistle on a number of the company’s questionable decisions with shareholder money.…

Bank Transfer Day All the Rage on Facebook

bank transfer day facebook november 5

Financial News Story of the Day – Bank Transfer Day Goes Viral

All the big bank PR departments are probably thinking the same thing today: Uh-oh. Bank Transfer Day, hot on the heals of Occupy Wall St. and other similar movements are all about the people being fed up with big bank shenanigans, including new fees and high bonuses for executives (source: ABCNews.com).…

Dow Jones Officially Negative for the Year Today

dow jones industrial average in the red

Financial News Story of the Day – DJIA Goes Red

The DJIA ended the day with a loss and caused the index to go negative into red territory for the year, losing 247 points and ending at 11,397. The main cause for the drop? It’s Europe again. This time, Germany stated quite firmly that it did not have a plan and the European countries would not be solving any of their debt issues by the end of October as many predicted (source: MarketWatch.com).…

Harrisburg, PA Files for Bankruptcy Protection – Which U.S. Cities are Next?

Financial News Story of the Day – Harrisburg, Pennsylvania is Bankrupt

Pennsylvania’s capital city, Harrisburg, today filed for bankruptcy. This is the second city to do so this year after Central Falls, Rhode Island filed for it as well. For those of you not paying attention, many U.S. cities now face overwhelming pension and retirement health care costs that current workers simply cannot fund, especially in light of a deteriorating economy.…

Progressive Advocacy Group 99 New York Behind Occupy Wall St.

99 new york occupy wall st movement

Financial News Story of the Day – Who’s Behind Occupy Wall Street?

If you’ve been following Occupy Wall St and other related movements, you’ll start to realize that this was a well-planned and coordinated affair. It takes brains to organize that efficiently, and there’s finally a group stepping up to take the credit – 99 New York (source: BusinessInsider.com).…

U.S. to Tax China and Other Countries That Manipulate Currency

us senate taxes chinese imports

Financial News Story of the Day – U.S. Senate Approves Bill to Tax Certain Countries

In what may spark a trading war with China, the Senate has approved a bipartisan bill that would allow the U.S. to tax countries that subsidize their companies by keeping the currency low. The House is unlikely to pass it into law, but may approve its own similar bill that takes incremental steps.…

Netflix Puts Qwikster Back in Mail Box – Stock Soars

qwikster netflix deal over

Financial News Story of the Day – Netflix Cancels Qwikster

Netflix CEO Reed Hastings today announced that his company would be axing the entire Qwikster idea, a knee-jerk reaction to their angering loyal subscribers by raising prices 60% amid a severe recession. Nobody liked the idea – not subscribers, not investors and apparently not Netflix itself (source: YahooFinance.com).…

Spain and Italy Ratings Downgraded While Belgium Under Review

belgium currency downgraded

World Financial News: M0re European debt worries arise as Spain and Italy were both downgraded by Fitch Ratings. Belgium is also in trouble as its currency is under review by Moody’s Investors. Don’t let the complex talk fool you – it’s all about too much debt and the inability to pay it off (source: Bloomberg.com).…

Volcker Rule Online Leak May Cost Big Banks Billions

volcker online leak summary

World Financial News: A leaked proposal online for the so-called “Volcker Rule” in the Dodd-Frank act could mean that banks must shut down proprietary trading, meaning that they can only make money off of transactions and fees rather than trading. Lobbyist and lawyers for the banks are scrambling to see how their clients could potentially be affected (source: WallStJournal.com)

Personal Finance News: One of my favorite personal finance bloggers, Debt Ninja, posts in his usually hilarious way about why you should invest in your retirement before paying off your debt, even if it’s a 15% interest credit card debt (source: PunchDebtintheFace.com).…