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Institutionalized Fraud: How Wall Street Survives on Predicting the Past

"Bull Market - A random market movement causing an investor to mistake himself for a financial genius." Anon. Entertainers and charlatans who claim to read minds use a common trick of stating the obvious. "I feel there is someone in the audience thinking about a man named Peter." Given that Peter is a common name, most likely a few vulnerable souls in the crowd will yell "yes, yes" in rapt amazement. If the seer is unlucky that night with an unusual absence of Peters and nobody answers, he would quickly move on to find the right name in a skilled

Deciding to Decide

Deciding to Decide Once you decide to decide, life becomes very simple. You don't have to think about certain issues or questions again. You simply get on with things and don't waste time and energy rehashing -- debating and arguing -- the problems and possibilities.


U.S. jobless claims rise more than expected last week

Job seekers apply for the 300 available positions at a new Target retail store in San Francisco The number of Americans filing new claims for unemployment benefits increased more than expected last week, but the rise probably does not suggest a shift in labor market conditions as the underlying trend continued to point to strength. Initial claims for state unemployment benefits rose 24,000 to a seasonally adjusted 329,000 for the week ended April 19, the Labor Department said on Thursday.


U.S. durable goods orders rise broadly, boost growth outlook

File image of shoppers looking at durable goods appliances at a Home Depot store in New York Orders for long-lasting U.S. manufactured goods rose more than expected in March and a measure of business capital spending plans surged, bolstering views of an acceleration in growth in the second quarter. The Commerce Department said on Thursday durable goods orders increased 2.6 percent as demand rose across all categories. Durable goods range from toasters to aircraft and are meant to last three years.


Verizon 1Q profit surges on Vodafone-related gains

NEW YORK (AP) — Verizon's $130 billion deal to take over of all of Verizon Wireless is helping lift its profit.

Caterpillar 1Q profit climbs 5 pct, forecast rises

In this Friday, March 28, 2014 photo, Lou Severino moves dirt with a Caterpillar dozer around a home under construction in Pepper Pike, Ohio. Caterpillar reports quarterly earnings on Thursday, April 24, 2014. (AP Photo/Tony Dejak) Caterpillar's first-quarter earnings climbed 5 percent, and the construction equipment maker raised its 2014 forecast. But the company also said Thursday that a mining equipment sales slump is still hurting results.


Small Business Lending Plummets as Loans to Big Business Soar

Small Business Lending Plummets as Loans to Big Business Soar Studies show locally owned businesses are a primary source of net new job creation. Yet independent businesses in many sectors are losing market share, while the number of new startups has steadily fallen over the last two decades.  Insufficient capital is a key culprit driving these trends.


3M 1Q results improve, but miss Street's view

ST. PAUL, Minn. (AP) — 3M's first-quarter net income rose 7 percent, led by sales growth in its health care business.

American Airlines posts first quarter profit

The tail sections of a newly designed American Airlines aircraft, a US Airways aircraft and a traditional American Airlines aircraft are lined up at at Dallas-Ft Worth International Airport (Reuters) - American Airlines Group , the world's largest carrier formed in a late 2013 merger, on Thursday reported a profit of $480 million, or 65 cents a diluted share, for the first quarter. The profit compared with a loss of $341 million a year earlier, which reflects results of AMR Corp prior to the merger with US Airways Group. Quarterly revenue was nearly $10 billion. (Reporting by Karen Jacobs in Atlanta)


Marlboro maker Altria 1Q profit falls

FILE - This April 23, 2008, file photo, shows the Altria Group Inc. corporate headquarters in Richmond, Va. Altria reports quarterly earnings on Thursday, April 24, 2014. (AP Photo/Steve Helber, File) RICHMOND, Va. (AP) — Altria Group Inc.'s first-quarter profit dropped 15 percent as the Marlboro maker sold fewer cigarettes and its year-ago results benefited lower expenses from a longstanding legal settlement.


United loses $609M in 1Q; fares don't cover costs

FILE - In this July 17, 2013 file photo, a United Airlines jet plane landing at Los Angeles International Airport, in Whittler City Calif., passes in front of a Waxing Gibbous moon. United Airlines reports quarterly earnings on Thursday, April 24, 2014. ( AP Photo/Nick Ut, File) United Airlines is the one U.S. carrier that can't seem to get its act together.


Alstom shares jump on report of GE bid

The logo of French power and transport engineering company Alstom is pictured on a wall of the company's plant in Reichshoffen, near Haguenau By Natalie Huet PARIS (Reuters) - Shares in Alstom jumped more than 14 percent on Thursday after a report that U.S. conglomerate General Electric was in talks to buy the struggling French turbine and train maker for about $13 billion. If confirmed, a takeover offer from a foreign company would raise eyebrows among politicians and unions in France, where Alstom employs around 18,000 staff, or 20 percent of its global workforce. A deal, which would be GE's biggest ever and would hand it control of Alstom's high-speed TGV trains and rail-signal technology, has the support of Bouygues , Alstom's biggest shareholder with a 29 percent stake, the report said. Alstom, which has put its transport division up for sale in an attempt to fill a hole in its balance sheet, said on Thursday it was "not informed of any potential public tender offer for the shares of the company" and promised an update on its options when it releases annual results on May 7.


GM posts lower first-quarter profit after recall costs

The sign to a Chevrolet automobile dealership is seen down the street from General Motors World Headquarters on Jefferson Avenue in Detroit General Motors Co on Thursday posted lower quarterly profit after a massive recall due to defective ignition switches linked to at least 13 deaths, but results still topped Wall Street expectations on strong pricing for its vehicles, especially in North America. Excluding a charge mostly for the devaluation of the Venezuelan currency, GM earned 29 cents a share, far better than the 4 cents analysts expected, according to a poll by Thomson Reuters I/B/E/S. Some GM ignition switches can make vehicle engines stall while operating, stop airbags from deploying, and power steering and power brakes from operating.


GM 1Q profit dragged down by recalls

FILE - This April 1, 2014 file photo shows the ignition switch of a 2005 Chevrolet Cobalt in Alexandria, Va. General Motors reports quarterly earnings on Thursday, April 24, 2014. (AP Photo/Molly Riley) DETROIT (AP) — General Motors on Thursday reported its worst quarterly performance in more than four years as the costs of a series of recalls dragged down earnings.


Caterpillar posts higher first-quarter profit, raises outlook

A Caterpillar tractor lifts a piece of construction equipment in Somerville (Reuters) - Caterpillar Inc on Thursday posted quarterly profit that topped estimates and raised its full-year outlook on a stronger-than-expected rebound in sales to the construction industry. With restructuring costs factored in, Caterpillar made a profit of $1.44 a share. Analysts, on average, expected the company to report a profit of $1.24 a share on sales of $13.15 billion, according to Thomson Reuters I/B/E/S. Caterpillar raised its full-year earnings outlook to $6.10 per share, up from $5.85, citing growing demand from builders.


15 Captivating Works Of Art That Challenge The McDonaldization Of Society

15 Captivating Works Of Art That Challenge The McDonaldization Of Society Since its founding 60 years ago, McDonald's has played a near-ubiquitous role in pop culture. At times, it can feel like there's an ad for or reference to Ronald McDonald or the golden arches at nearly every turn. That's what's made so many criticisms of the $100 billion chain's controversial nutritional, labor and advertising practices so memorable. In protest of this overwhelming "McDonaldization" of society, a term first coined in 1993 by sociologist George Ritzer, artists around the world have created some highly vivid pieces that assail the symbols of McDonald's omnipresence. ...


Meet The Real Amazon Drones

Meet The Real Amazon Drones An employee loads a truck with boxes to be shipped at the Amazon.com, Inc. distribution center in Phoenix, Ariz., on Nov. 26, 2012. (David Paul Morris/Bloomberg via Getty Images) At least five days a week, Myron Ballard races around Washington, D.C., with a cargo van full of Amazon Prime packages. A career delivery driver with 20 years behind the wheel, Ballard typically gets paid $1.50 for each address he visits. If he delivers 150 Amazon boxes -- a fairly routine number -- he can net $225. Not bad for a day's work. That is, until he starts tallying up all


Verizon reports higher revenue after Vodafone deal

A man is silhouetted against a video screen with Vodafone and Verizon logos as he poses with a Samsung Galaxy S3 in this photo illustration taken in the central Bosnian town of Zenica NEW YORK (Reuters) - Verizon Communications Inc said on Thursday its quarterly revenue rose 4.8 percent after its acquisition of Vodafone's 45 percent share in their prior joint venture for $130 billion gave the company access to greater amounts of cash flow. The No. 1 U.S. mobile provider earned $5.98 billion, or $1.15 cents per share, in the first quarter, compared with $4.86 billion, or 68 cents per share, in the year-ago quarter. Revenue rose to $30.8 billion. (Reporting By Marina Lopes)


Time Warner Cable profit beats as demand for data services rises

The Time Warner Cable logo is displayed on the back of a van in New York (Reuters) - Time Warner Cable Inc , the second-largest U.S. cable operator, reported first-quarter profit above analysts' estimates as it added more residential subscribers than expected for its high-speed data services. The company, which is in the middle of a $45.2 billion acquisition by Comcast Corp , lost 34,000 residential video subscribers in the first quarter on a net basis, fewer than the 77,300 analysts had expected. Time Warner Cable's quarterly profit jumped 19.5 percent to $479 million, or $1.70 per share, in the first quarter ended March 31. Time Warner Cable's shares closed at $139.87 on Wednesday on the New York Stock Exchange.


Futures gain on tech results, Apple soars in premarket

Traders work on the floor of the New York Stock Exchange By Ryan Vlastelica NEW YORK (Reuters) - U.S. stock index futures were higher on Thursday, with Nasdaq futures jumping more than 1 percent following a pair of blowout results from technology stalwarts Apple and Facebook. * Apple Inc in particular will be in focus a day after the most valuable U.S. company by market capitalization posted revenue that far outpaced expectations, helped by strong iPhone sales. Shares rose 7.7 percent to $565 in heavy premarket trading. * Social media giant Facebook Inc posted a 72 percent jump in first-quarter revenue, lifted by its mobile advertising business.


Zimmer buying Biomet in deal valued at $13.35B

WARSAW, Ind. (AP) — Orthopedic device maker Zimmer is buying privately-held Biomet in a cash-and-stock deal valued at about $13.35 billion. Zimmer says the deal will expand its product offerings and services.

Aetna's 1Q profit jumps 36 pct, forecast climbs

FILE - This Jan. 30, 2012 file photo, an Aetna benefits card is photographed in Surfside, Fla. Aetna reports quarterly earnings on Thursday, April 24, 2014. (AP Photo/Wilfredo Lee, File) Aetna's first-quarter net income soared 36 percent, fueled by gains from a multi-billion-dollar acquisition, and the health insurer hiked its 2014 earnings forecast above Wall Street expectations.


FCC to propose pay-for-priority Internet standards

LOS ANGELES (AP) — The Federal Communications Commission is set to propose new open Internet rules that would allow content companies to pay for faster delivery over the so-called "last mile" connection to people's homes, but enhance scrutiny of such deals so they don't harm competition or limit free speech.

Nokia says India plant unlikely to be part of Microsoft deal

Nokia's CEO Elop gestures during a presentation at the Mobile World Congress in Barcelona Nokia said that due to an ongoing tax dispute its Indian mobile phone handset plant was unlikely to be included in a deal due to be concluded on Friday for the sale of its global handset business to Microsoft. Nokia will instead operate the factory as a contract manufacturing unit for Microsoft after the deal, a spokeswoman for the Finnish company's Indian unit said on Thursday. "It's highly unlikely that the plant will transfer, given that the (deal) closing with Microsoft is tomorrow," the spokeswoman said. "If the asset doesn't get transferred, we are entering into a service agreement with Microsoft." Nokia has yet to agree to conditions set by an Indian court, including payment of a guarantee for potential tax dues in a dispute with Indian authorities, before it transfers the plant to Microsoft.


The 4 Laziest Ways to Improve Your Credit

There are people out there who expend a lot of energy in the quest for a totally meaningless perfect credit score, which I've written about elsewhere. Most people know it's important to have good credit, but they don't want to spend too much time worrying about it. The good news is that you can be pretty lazy and still improve your credit. The difference between having good credit (generally from 700-749) and bad credit (anything below 620) can mean the difference between getting the car you want versus the car with monthly payments you can afford. A well-managed credit history

FDA proposes first regulations for e-cigarettes

WASHINGTON (AP) — The federal government wants to ban sales of electronic cigarettes to minors and require approval for new products and health warning labels under regulations being proposed by the Food and Drug Administration.

How to install and uninstall free Galaxy Gifts (for Galaxy S5)

How to install and uninstall free Galaxy Gifts (for Galaxy S5) Samsung Galaxy S5 is here and it’s here with Galaxy S5. We’ve been getting a lot of questions including ‘is it preloaded?’ and ‘how do I use it?’, so we put together a quick fact check …


Samsung to Host “Samsung Gear App Challenge” for Gear 2 Apps

Samsung to Host “Samsung Gear App Challenge” for Gear 2 Apps Summary: Samsung Gear App Challenge, a worldwide app challenge for Gear 2 apps, will be held, vitalizing the wearable app market. From May 8, developers can apply for the challenge by registering their apps developed …


Anatomy of an Overnight Success

As I know all too well, managing group activities can be difficult. Of course, in crisis there is opportunity. These days, nearly 7 million people around the world use TeamSnap to manage sports and other activities, is hitting its stride. The company raised a $7.5 million venture capital round led by the Foundry Group at the beginning of the year. It's no understatement to claim that it is becoming a must-use app for everyone involved in youth sports: "Before TeamSnap, did kids ever make it to their soccer games?" Earlier this week, I sat down with Dave DuPont, CEO of TeamSnap, to find

Business Is Nothing But the Blues

This week, I released a collection of new recordings on Amazon. While my six-song EP is unlikely to set any sales records, it's one of my biggest personal achievements -- on par with starting my own company.
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