Archive for January, 2010
A few specs on Ford’s new Explorer
Ford has made the announcement that the next generation Explorer will be built at its Chicago Assembly Plant. Reports of the move have been swirling about for some time, so the announcement shouldn’t come as much surprise to most.
A major change on the “new” Explorer, is that it will be built on a car-based platform [...]
Peter Madoff under fire from Manhattan U.S. Attorney’s office
Another member of the Madoff family has found themself on the hot seat.
The New York Post reports that Peter Madoff, brother of the infamous Ponzi Schemer, Bernard, is under federal investigation by the Manhattan U.S. Attorney’s office.
Peter Madoff was the former Chief Compliance Officer at Bernard L. Madoff Investment Securities. According to Irving Picard, the trustee for Madoff victims, [...]
Honda issues a recall for the Fit
Honda is recalling 646,000 Fit hatchbacks to fix a defective master switch.
Ok, so it’s not as impressive as Toyota’s recent mess, but still it’s worth an un-honorable mention.
Basically, water is able to get into the power window switch and can actually cause a fire.
140,000 of the recalled vehicles will come from the US, the rest [...]
Kurland pleads guilty to two counts of securities fraud
The Wall Street Journal reports that Mark Kurland, former New Castle Funds executive, has agreed to a plead guilty to two counts of securities fraud. Details of the plea bargain include Kurland handing over $900,000 and promising not to challenge a sentence of 30-37 months.
Seeing as though he was facing up to 25 years in prison, Kurland would have to [...]
2009 equals “worst year” for airlines
Giovanni Bisignani, head of the International Air Transport Association, recently pointed out that 2009 saw the biggest fall off in air passenger traffic.
“In terms of demand, 2009 goes into the history books as the worst year the industry has ever seen,” said the group’s boss Giovanni Bisignani.
In respect to the numbers from last year, passenger traffic [...]
Novartis taps Joe Jimenez to become next CEO
A bit of surprising news comes from Swiss-based Novartis as it announced yesterday morning that current CEO Daniel Vasella will be replaced by Joe Jimenez.
Novarits noted in their press release that the swap, while it may be surprising to some, is actually something they had been working on for some time. The company has been [...]
Verizon Wireless to cut 13,000 more jobs
After putting up a $653 million Q4 loss, Verizon Communications, Inc. announced yesterday that they will be cutting 13,000 jobs this year. At this time one year ago, they were boasting a fourth quarter profit of $1.24 billion.
Bob Varettoni, a Verizon spokesman:
“We have reduced headcount in many ways: by reducing the number of contractors we use, by offering [...]
