Stock buybacks (previously) allow CEOs to drive up the company's share-price by using profits to buy shares back from investors, rather than investing the money in wages, R&D, capital or expansion. Read the rest
Germany's Volkswagen is already in a whole heap of global trouble after the car maker was caught cheating on U.S. tests for nitrogen oxide emissions. Then, we learned “Dieselgate” also involved VW subsidiary brands Audi and Porsche.
Now it gets worse. Today VW announced that an internal investigation has revealed "unexplained inconsistencies" in the carbon dioxide emissions from some 800,000 vehicles.
The company warned Tuesday it estimated the possible "economic risks at approximately 2 billion euros" due to the new problem.
It did not identify which vehicles were affected, but said the flaw in no way compromised the safety of any of the vehicles.
The statement says the company will "will endeavor to clarify the further course of action as quickly as possible and ensure the correct CO2 classification for the vehicles affected" with the responsible authorities.
GOP presidential candidate and noted scumbag Donald Trump met with a bunch of televangelists, Tea Party “teavangelicals,” and preacher profiteers at his Trump Tower office Monday afternoon.
The elite group, which included some megachurch chiefs who have previously been investigated by the federal government for misuse of donations, prayed while performing the “laying on of hands” to infuse him with the Holy Spirit. The goal: Jesus, get our man elected. Read the rest
Kashmir Hill invented a totally imaginary business -- "Freakin’ Awesome Karaoke Express" or FAKE -- and paid people on Fiverr to follow it on Twitter with thousands of fake accounts, and to flood Yelp and Facebook with positive reviews. Before long, people were calling her and asking her to take their money in exchange for a nonexistent karaoke truck. Read the rest
The EPA has accused Volkswagen of rigging its software to cheat the agency's diesel emissions standards so that its cars could be on the road while spewing 40 times the legal limit for diesel emissions. Read the rest
David Cameron tweeted it and the Telegraph published the letter on the front page, listing 5,000 businesses who endorsed the Conservative Party in the General Election, many of which weren't businesses, weren't supporting the Tories, were repeat entries, or were individual employees of businesses who were incorrectly presumed to speak for their employers. Read the rest
Former DEA agent Carl Mark Force IV and former Secret Service agent Shaun W. Bridges were charged this week with money laundering and wire fraud stemming from their involvement in the Silk Road dark web undercover investigation. Read the rest
Neil Moore was locked up in England's notorious Wandsworth Prison when he used a smuggled cellphone to send an email to the prison that appeared to come from a court clerk who was ordering his release on parole. Read the rest
It's not clear what they're investigating, but the DoJ subpoenaed everything related to the $70M program to give Ipads to all 650K kids in the district. Read the rest
In 2007, the school raised $1B, and instead of issuing bonds, it let the bankers who'd been courting it talk it into issuing a floating-rate bond that it swapped into a fixed-rate issue. Read the rest
Visa's new Paywave chip-and-PIN credit-cards have a $1M limit on foreign-currency transactions that can be verified "in-card," meaning that someone who gets close enough to your UK wallet can simply wave a phone at it and charge a megabuck to it without raising any realtime security alerts. Read the rest
The former conservative GOP senator from Idaho illegally used his campaign funds to defend himself on charges of soliciting sex in a men's toilet in the Minneapolis airport. Read the rest
While you contemplate Eric Holder's track record of surveilling, intimidating and indicting journalists, remember that he also invented the Too Big to Jail doctrine, the failed idea that the answer to breathtaking criminal activity by gigantic banks is big fines, not criminal prosecutions. Read the rest