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| First Droid, then AdMob: Google goes for Apple's jugular in mobile business
November 9, 2009 at 7:20 pm
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| Filed under: Company News, Technology, Google , Microsoft, Motorola, Apple, AT&T, Verizon, Palm  The $750 million acquisition of mobile advertising network AdMob by search giant Google (GOOG) signals a new stage of the battle for the soul of the mobile Internet between Google and its arch-rival Apple (AAPL). The acquisition gives Google the strongest player in the fast-growing market for putting advertisements on smartphones. And it's the latest brawny move by Google in an unspoken war that has broken into pitched battle in the past two weeks.
On Friday, Google for the first time put an advertisement on its home page, a spot for Motorola's (MOT) Droid smartphone. The Droid, offered exclusively by wireless behemoth Verizon (VZ), is powered by Google's own Android mobile operating system. Early indications suggest the Droid will be the strongest competitor to Apple's iPhone to date. Real estate on Google's landing page is a priceless gift from the Google gods, letting Verizon easily reach millions and millions of users who go to Google.com to search.Continue reading First Droid, then AdMob: Google goes for Apple's jugular in mobile business First Droid, then AdMob: Google goes for Apple's jugular in mobile business originally appeared on DailyFinance on Mon, 09 Nov 2009 19:20:00 EST. Please see our terms for use of feeds. Permalink | Email this | Comments |
| Stocks sail to year highs as weak dollar, low interest rates buoy investors
November 9, 2009 at 6:50 pm
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| Filed under: Investing  The Dow Jones industrial average stormed to its highest level in more than a year Monday as a falling dollar boosted prices for gold, oil and other commodities. Stocks also jumped as investors grew more confident that governments around the world will keep interest rates low to help the global economy.
Energy and materials stocks led the market. The major indexes rose 2% and the Dow jumped 200 points for the second time in three days, reaching its highest level in 13 months.
Continue reading Stocks sail to year highs as weak dollar, low interest rates buoy investors Stocks sail to year highs as weak dollar, low interest rates buoy investors originally appeared on DailyFinance on Mon, 09 Nov 2009 18:50:00 EST. Please see our terms for use of feeds. Permalink | Email this | Comments |
| Parent groups have a cow over campaign pushing chocolate milk as 'health food'
November 9, 2009 at 6:20 pm
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| Filed under: Company News  When it comes to comfort foods, chocolate milk ranks right up there with meatloaf and mac n' cheese. But a campaign to market the sweetened milk as a healthy choice for kids is leaving parent groups anything but comforted.
As we know, sugar may be a huge contributor to our obesity crisis and other chronic diseases. The American Heart Association in fact recently recommended children limit their intake of sugar to 16 grams a day. The association might, then, be surprised that pediatricians, dieticians, celebrities and a whole social media campaign are fighting the good fight for chocolate milk, calling it a healthy choice for kids.
How much added sugar, you ask, does eight ounces of chocolate milk contain? Four teaspoons, 16 grams, making one serving the maximum a child should consume every day.Continue reading Parent groups have a cow over campaign pushing chocolate milk as 'health food' Parent groups have a cow over campaign pushing chocolate milk as 'health food' originally appeared on DailyFinance on Mon, 09 Nov 2009 18:20:00 EST. Please see our terms for use of feeds. Read | Permalink | Email this | Comments |
| Goldman Sachs proves the lord works in mysterious ways
November 9, 2009 at 6:15 pm
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| Filed under: Columns, JP Morgan Chase, Goldman Sachs , Morgan Stanley  Did Goldman Sachs Group (GS) Chief Executive Lloyd Blankfein invoke the lord's name in vain when he said Wall Street's most successful bank was doing "God's work?" Experts are divided.
"The question of whether the CEO of Goldman Sachs is doing God's work is at one level a very complex one," says Dr. Andrew Abela, chairman of the Department of Business & Economics at the Catholic University of America. Abela, who is working on a book, Catechism for Business, says, "The vast size of the bank and its extensive influence on markets and on government policy, means that it is operating at all times in a moral minefield."Continue reading Goldman Sachs proves the lord works in mysterious ways Goldman Sachs proves the lord works in mysterious ways originally appeared on DailyFinance on Mon, 09 Nov 2009 18:15:00 EST. Please see our terms for use of feeds. Read | Permalink | Email this | Comments |
| Walmart levies lifetime ban against gay couple
November 9, 2009 at 5:30 pm
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| Filed under: Company News, People, Media, Wal-Mart Stores  Walmart (WMT) may position itself as the store for the common man, but sometimes it can act downright elitist. In fact, it even goes so far as to issue lifetime bans on certain customers. The most famous recipient of the ultimate shunning is actress Megan Fox, who, according to some sources, was permanently banished from Wally World because of a shoplifting incident when she was a teenager. Now, thanks to a pack of lighters, two upset children and a ham-handed response from the store's employees, a Chicago-area gay couple, Joe Paolucci and Thomas Hitchcock, have also been blacklisted.
According to a report in the South Bend Tribune, the couple, both of whom are attorneys, were shopping at a Niles, Ill. Walmart with their two adopted sons like they had many times before. Hitchcock shepherded the boys through a checkout line while Paolucci picked up a few last-minute items at a self-service register. Store video surveillance shows, Paolucci scanned all the items in his possession, put them in a grocery bag, paid and left. As he met up with Hitchcock and the boys on the way out of the store, the group was stopped by security. The in-store guards asked Paolucci if he had purchased a pack of lighters. Paolucci said yes, handed over the bag, and showed his receipt, the newspaper reported. Although things didn't end there.Continue reading Walmart levies lifetime ban against gay couple Walmart levies lifetime ban against gay couple originally appeared on DailyFinance on Mon, 09 Nov 2009 17:30:00 EST. Please see our terms for use of feeds. Permalink | Email this | Comments |
| Colgate-Palmolive looks like a bright and shiny weak-dollar play
November 9, 2009 at 5:15 pm
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| Filed under: Investing, Stock Picks  As the U.S. dollar continues to swoon anything denominated in greenbacks is getting a boost. Just witness what's happening in the commodity markets, where gold topped $1,100 an ounce Monday and oil is back flirting with 80 bucks a barrel.
That's made mining and energy stocks popular bets on the flaccid greenback -- but also kind of a crowded trade these days. For an alternative, longer-term wager on a weak dollar (and emerging-market growth), consumer products stalwart Colgate-Palmolive (CL) looks good.Continue reading Colgate-Palmolive looks like a bright and shiny weak-dollar play Colgate-Palmolive looks like a bright and shiny weak-dollar play originally appeared on DailyFinance on Mon, 09 Nov 2009 17:15:00 EST. Please see our terms for use of feeds. Permalink | Email this | Comments |
| News Corp. to boycott Google? Don't make me laugh (or wear a dress)
November 9, 2009 at 4:50 pm
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| Filed under: Google , News Corp.  A lot of publishers have been making angry noises recently about news aggregators, which have been profiting from content they played no part in creating while the content producers themselves go begging. But no publisher has yet shown the slightest willingness to take the incredibly simple step that would disrupt this state of affairs: block Google (GOOG) from indexing its stories.
Until now.
Of course it would be Rupert Murdoch, that pugnacious iconoclast, vowing to lead the charge. In a recent interview with his own Sky News Australia, the News Corp. (NWS) chairman said his company's news sites will most likely make their stories invisible to Google once they've adopted a pay-to-read model, something he has promised is coming. Murdoch says he's willing to sacrifice the millions of clicks his websites get from Google News and Web searches if it will help persuade readers to subscribe to WSJ.com, nypost.com and foxnews.com, to name a few.Continue reading News Corp. to boycott Google? Don't make me laugh (or wear a dress) News Corp. to boycott Google? Don't make me laugh (or wear a dress) originally appeared on DailyFinance on Mon, 09 Nov 2009 16:50:00 EST. Please see our terms for use of feeds. Permalink | Email this | Comments |
| Advanta files for bankruptcy -- more bad news for small-business borrowers
November 9, 2009 at 4:30 pm
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| Filed under: Economy  A deep recession isn't a great time to be in the business of lending to entrepreneurs. First CIT Group had to seek bankruptcy protection last month when it failed to strike a deal with bondholders to rework its debt. And now Advanta (ADVNB), a credit-card company specializing in lending to small-business owners, will follow, it announced today.
The news comes five months after Advanta cut off borrowing by its cardholders, citing a surge in delinquencies. It's still hoping to collect $2.7 billion in balances from 360,000 customers.Continue reading Advanta files for bankruptcy -- more bad news for small-business borrowers Advanta files for bankruptcy -- more bad news for small-business borrowers originally appeared on DailyFinance on Mon, 09 Nov 2009 16:30:00 EST. Please see our terms for use of feeds. Permalink | Email this | Comments |
| For Obama and congressional Democrats, it's create jobs ... or else
November 9, 2009 at 4:00 pm
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| Filed under: Economy  The universal health care debate has dominated President Barack Obama's legislative agenda so far, and with good reason: Cost-containing health care reform is a prerequisite for balancing the federal budget. But assuming he gets a signed health care reform bill in December, what should Obama's top three legislative priorities be from there? Jobs, jobs and more jobs.
No issue other than jobs, (outside of an unexpected major domestic/international crisis or a major scandal), has so great a political capacity to short-circuit both the Democratic Party's majority party status in Congress and the Obama administration's tenure.Continue reading For Obama and congressional Democrats, it's create jobs ... or else For Obama and congressional Democrats, it's create jobs ... or else originally appeared on DailyFinance on Mon, 09 Nov 2009 16:00:00 EST. Please see our terms for use of feeds. Permalink | Email this | Comments |
| Google buys AdMob for $750 million as mobile ads get ready for prime time
November 9, 2009 at 1:50 pm
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| Filed under: Company News, Technology, Google  What would you do if you had $10 billion in cash to play with? If you're Google (GOOG), you drop $750 million on AdMob, a leader in mobile display advertising.
The search giant announced a deal to do just that on Monday, in a clear indication of where it sees the future of its business. Company CEO Eric Schmidt has been explicit in his belief that Google can earn "many times" in mobile advertising what it earns in conventional Web advertising. This move looks like a major bet on that conviction.
The $750 million deal, a stock transaction, is one of the search giant's largest ever, and is further evidence of renewed vigor in the technology and Internet markets.Continue reading Google buys AdMob for $750 million as mobile ads get ready for prime time Google buys AdMob for $750 million as mobile ads get ready for prime time originally appeared on DailyFinance on Mon, 09 Nov 2009 13:50:00 EST. Please see our terms for use of feeds. Permalink | Email this | Comments |
| Manufactured homes may need more than tax breaks to spur sales
November 9, 2009 at 1:30 pm
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| Filed under: Columns, Economy, Berkshire Hathaway  President Barack Obama's recently extended homebuyers' tax credit may help revive the flagging fortunes of the manufactured home industry -- and not a moment too soon.
According to the Manufactured Housing Institute, about 55,000 prefabricated homes will be sold in the U.S. in 2009, down from 81,000 a year earlier. Improvement could come in 2010 thanks to the tax credit, but expectations appear to be modest. The industry's woes extend beyond the current economic crisis, with one executive talking of "10 tough years."Continue reading Manufactured homes may need more than tax breaks to spur sales Manufactured homes may need more than tax breaks to spur sales originally appeared on DailyFinance on Mon, 09 Nov 2009 13:30:00 EST. Please see our terms for use of feeds. Read | Permalink | Email this | Comments |
| Metropolitan Home magazine becomes latest recession victim
November 9, 2009 at 12:50 pm
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| Filed under: Media  The good news: Magazine ad pages are actually up in the fourth quarter for the first time in a dog's age. The bad news: Metropolitan Home won't be around to enjoy it. Hachette Filipacchi Media just announced that it's shutting down the shelter title following publication of its December issue, choosing to focus its limited resources on Elle Decor, its last remaining home-design magazine. A company spokeswoman says 13 editorial staffers have been let go, including editor-in-chief Donna Warner, along with a yet-to-be-determined number of business-side employees.
Shelter publications have been hit especially hard by the advertising downturn of the past couple years -- not surprisingly, considering that the recession was precipitated by the collapse of the housing bubble. Preceding Met Home into extinction were Home, another Hachette Filipacchi title, Conde Nast's Domino and House & Garden, and Hearst's O at Home, a spinoff of O, The Oprah Magazine.Continue reading Metropolitan Home magazine becomes latest recession victim Metropolitan Home magazine becomes latest recession victim originally appeared on DailyFinance on Mon, 09 Nov 2009 12:50:00 EST. Please see our terms for use of feeds. Permalink | Email this | Comments |
| Comcast, GE near agreement valuing NBC Universal at $30 billion
November 9, 2009 at 12:20 pm
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| Filed under: Company News, Media, General Electric , Comcast  Comcast (CMCSA), the nation's largest cable company, and GE (GE), the giant industrial conglomerate, are nearing agreement on a deal that would value NBC Universal, the huge entertainment company, at around $30 billion, sources familiar with the matter tell DailyFinance. If successful, the pact would pave the way for a distribution and content behemoth sure to attract attention from regulators. The new entity would dramatically alter the competitive landscape of a media world already wracked by Internet-driven disruption and the ever-increasing penetration of high-speed broadband service.
Comcast, already a corporate giant, clearly sees the long-lusted-after golden chalice of a unified content and distribution system within its grasp.Continue reading Comcast, GE near agreement valuing NBC Universal at $30 billion Comcast, GE near agreement valuing NBC Universal at $30 billion originally appeared on DailyFinance on Mon, 09 Nov 2009 12:20:00 EST. Please see our terms for use of feeds. Permalink | Email this | Comments |
| Boeing's move to South Carolina cuts 787's costs, but risks labor turbulence
November 9, 2009 at 11:20 am
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| Filed under: Boeing  As I posted, Boeing (BA) is opening a plant in South Carolina to help build its 787 Dreamliner -- the up to 330-passenger aircraft whose scheduled delivery date has been delayed six times. BusinessWeek reports that Boeing is investing $750 million in that plant and expects to pay the workers there $15 an hour, 42% less than its unionized Washington state workers get. With 850 Dreamliner orders worth $110 billion on the books, Boeing can hardly afford more problems with this plane. Is this move by the company short-sighted?
The answer depends on whether Boeing can train those South Carolina workers to do what those in Washington can. Lately, things haven't worked out so well for Boeing in its relationship with those Washington workers. About a year ago, Boeing's 27,000-member machinists union there went on strike for 57 days, which contributed to one of those six 787 delays and cost the company $2 billion. Continue reading Boeing's move to South Carolina cuts 787's costs, but risks labor turbulence Boeing's move to South Carolina cuts 787's costs, but risks labor turbulence originally appeared on DailyFinance on Mon, 09 Nov 2009 11:20:00 EST. Please see our terms for use of feeds. Permalink | Email this | Comments |
| McDonald's sees slack U.S. demand, so it's cooking up dollar breakfast deals
November 9, 2009 at 11:00 am
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| Filed under: Company News, Economy, Investing, Earnings, McDonald's  It seems McDonald's (MCD) is more popular overseas than at home. The iconic fast-food chain reported Monday that sales at outlets open at least 13 months rose 3.3% overall last month as diners flocked to its restaurants in Europe, Asia and Africa.
In the U.S., however, customers were less enthusiastic. Domestic same-store sales for the Oakbrook, Ill., company were basically flat in October, slipping 0.1%. The slack demand in the U.S. may be a primary reason the ubiquitous burger chain plans to offer a dollar menu for breakfast items beginning in January, the Wall Street Journal (subscription required) reported.Continue reading McDonald's sees slack U.S. demand, so it's cooking up dollar breakfast deals McDonald's sees slack U.S. demand, so it's cooking up dollar breakfast deals originally appeared on DailyFinance on Mon, 09 Nov 2009 11:00:00 EST. Please see our terms for use of feeds. Permalink | Email this | Comments |
| Fiat pulls the plug on Chrysler's electric car program
November 9, 2009 at 10:30 am
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| Filed under: Company News, Technology, Green  After announcing some impressive plans to develop electric cars earlier this year, Chrysler has provided few details lately, and now we know why: the company has disbanded its crash program to produce vehicles running on electrons. Chrysler has also backed off a bold January 2009 pledge to manufacture 500,000 conventional and plug-in hybrid electric vehicles by 2013. Reuters reported the sad news late Friday in an interview with Fiat CEO Serigo Marchionne.
Fiat, reportedly aghast at the horrific condition of its newly acquired U.S. subsidiary, decided to pull the plug on the speculative but exciting effort to add some green to Detroit's also-ran brand. The move is another step in Marchionne's efforts to shake up personnel and organizational structure at Chrysler. Marchionne declared U.S. car sales "a disaster" in September, according to the Daily News in New York.Continue reading Fiat pulls the plug on Chrysler's electric car program Fiat pulls the plug on Chrysler's electric car program originally appeared on DailyFinance on Mon, 09 Nov 2009 10:30:00 EST. Please see our terms for use of feeds. Permalink | Email this | Comments |
| Fewer home mortgages are underwater as values stabilize
November 9, 2009 at 10:10 am
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| Filed under: Economy, Investing The percentage of Americans owning homes that are underwater is falling, according to Zillow's third-quarter Real Estate Market Reports, which focus on 156 metropolitan areas. The other good news is that home values were relatively flat between the second and third quarters, so the price declines may be over for most homeowners. Zillow found that 21% of homeowners with single-family homes were underwater on their mortgages at the end of the third quarter, down from 23% in the previous quarter. Two factors play into the drop. One is that many underwater homeowners have already lost their homes to foreclosure. The second is that home values have stabilized in some areas of country and have even started going back up in other areas. Continue reading Fewer home mortgages are underwater as values stabilize Fewer home mortgages are underwater as values stabilize originally appeared on DailyFinance on Mon, 09 Nov 2009 10:10:00 EST. Please see our terms for use of feeds. Read | Permalink | Email this | Comments |
| G20 nations agree to continue stimulus, split on financial transactions tax
November 9, 2009 at 9:50 am
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| Filed under: Economy, Investing  Markets soared worldwide following the announcement of the decision by the G20 finance leaders to maintain stimulus measures as long as U.S. employment figures remained weak. They agreed the stimulus is needed until the recovery is assured.
But G20 members were split on how to assure that there will never again be a need for a similar bailout. U.K. Prime Minister Gordon Brown (pictured) shocked many attendees when he announced support for a tax on financial transactions. This tax would be used to pay for future bailouts. Germany and France have been pushing the idea, but this is the first time the U.K. had come out in favor of it.Continue reading G20 nations agree to continue stimulus, split on financial transactions tax G20 nations agree to continue stimulus, split on financial transactions tax originally appeared on DailyFinance on Mon, 09 Nov 2009 09:50:00 EST. Please see our terms for use of feeds. Read | Permalink | Email this | Comments |
| Kraft finally makes Cadbury bid official and the war over value begins
November 9, 2009 at 9:30 am
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| Filed under: Economy, Kraft Foods  It has been expected for some time now. U.K. business authorities told Kraft (KFT) some weeks ago that it would need to make an official bid for Cadbury (CBY) or make no bid at all. Cadbury has been clever about maneuvering itself into a position to either stay independent or fetch a high price from Kraft. It increased its guidance two weeks ago. Last week, Kraft's position to make the acquisition was hurt when it missed Wall Street revenue estimates.
None of that past is more than prologue now: Kraft made its much-anticipated official bid for Cadbury at a price of 717 pence a share or 9.8 billion pounds ($16.5 billion). Cadbury shares fell 1% to 750 pence just after the news was released. Shares had traded as high at 768 pence on hopes that Kraft would be more aggressive with its bid. Continue reading Kraft finally makes Cadbury bid official and the war over value begins Kraft finally makes Cadbury bid official and the war over value begins originally appeared on DailyFinance on Mon, 09 Nov 2009 09:30:00 EST. Please see our terms for use of feeds. Permalink | Email this | Comments |
| Stocks in the news: Kraft, Cadbury, Comcast, General Electric, Clearwire
November 9, 2009 at 9:00 am
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| Filed under: Company News, Investing, General Electric , Intel, Kraft Foods, Research In Motion, salesforce.com, Sprint Nextel Corp., Berkshire Hathaway, Comcast, Time Warner Cable, McDonald's Kraft Foods Inc. (KFT) has made a 9.8 billion pound ($16.4 billion) cash-and-stock offer for Cadbury PLC (CBY). Unable to seal a friendly deal and as the deadline for Kraft to make an offer was today, the bid has been expected to turn hostile. Kraft indeed went directly to shareholders with a lower offer than its previous rebuffed approach, but many of the shareholders are hedge funds with perhaps different interests. Cadbury advised its shareholders to reject the offer, saying it is "derisory" and represents a worse deal than when Kraft made its original approach in September. CBY shares traded over 1% higher in premarket trading.
Comcast (CMCSA) and GE (GE) have reportedly agreed on the worth of NBC Universal, thus clearing another hurdle. The value is reportedly around $30 billion. CMCSA shares were 2% higher, GE's nearly 3% higher ahead of the bell.Continue reading Stocks in the news: Kraft, Cadbury, Comcast, General Electric, Clearwire Stocks in the news: Kraft, Cadbury, Comcast, General Electric, Clearwire originally appeared on DailyFinance on Mon, 09 Nov 2009 09:00:00 EST. Please see our terms for use of feeds. Permalink | Email this | Comments |
| Daily Blogwatch: What happened the last time we hit 10% unemployment?
November 9, 2009 at 8:00 am
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| Filed under: Company News, Technology, Columns, Economy, Investing, Amazon.com, Inc. Michael Milken thinks the next big crisis is in sovereign debt. _________________ Freakonomics is curious why flight attendants don't get tips. _________________ Wow. Amazon (AMZN) is upgraded again. Here's why. _________________ Continue reading Daily Blogwatch: What happened the last time we hit 10% unemployment? Daily Blogwatch: What happened the last time we hit 10% unemployment? originally appeared on DailyFinance on Mon, 09 Nov 2009 08:00:00 EST. Please see our terms for use of feeds. Permalink | Email this | Comments |
| Stocks set for a strong open with several deals in the works
November 9, 2009 at 7:45 am
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| Filed under: Investing  U.S. stocks are set for a sharply higher open following gains in overseas stock markets after the Group of 20 meeting. Finance ministers of the major countries agreed to maintain stimulus measures as unemployment in the U.S. and overseas keeps rising. With little in the way of economics data and earnings, investors mostly are following news of several potential deals.
More here: Before the bell: Futures climb as Wall Street eyes dealsStocks set for a strong open with several deals in the works originally appeared on DailyFinance on Mon, 09 Nov 2009 07:45:00 EST. Please see our terms for use of feeds. Permalink | Email this | Comments |
| Nokia recalls 14 million cell phone chargers due to shock risk
November 9, 2009 at 7:34 am
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| Filed under: Company News, Technology, Nokia  Nokia Corp. (NOK) announced Monday that some 14 million mobile phone chargers could be dangerous for users and said it will replace them free of charge.
The chargers, bearing Nokia's name and made by Chinese battery and auto part maker BYD Co., are models AC-3E and AC-3U, made between June 15 and Aug. 9 this year; and AC-4U, manufactured between April 13 and Oct. 25, 2009. They were mostly sold in Europe and North America.Continue reading Nokia recalls 14 million cell phone chargers due to shock risk Nokia recalls 14 million cell phone chargers due to shock risk originally appeared on DailyFinance on Mon, 09 Nov 2009 07:34:00 EST. Please see our terms for use of feeds. Permalink | Email this | Comments |
| More IPOs in the pipeline as Macau casino stocks surge, Japanese insurance companies gain
November 9, 2009 at 7:00 am
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| Filed under: Economy, Investing  Shares in Asia rose Monday with Hong Kong's Hang Seng Index climbing 1.7% to end the session at 22,208. In China, the Shanghai Composite Index added 0.4% to close at 3,176 and in Japan the Nikkei Index was up 0.2%, ending the day at 9,809.
In Hong Kong, banks led the rise with both Industrial and Commercial Bank of China Ltd. (IDCBF) and China Construction Bank Corp. (CICHF) moving up 3.1%. As the banking sector remains strong in the territory, China Minsheng Banking Corp. is planning to sell up to $4 billion in an upcoming Hong Kong IPO.
Continue reading More IPOs in the pipeline as Macau casino stocks surge, Japanese insurance companies gain More IPOs in the pipeline as Macau casino stocks surge, Japanese insurance companies gain originally appeared on DailyFinance on Mon, 09 Nov 2009 07:00:00 EST. Please see our terms for use of feeds. Permalink | Email this | Comments |
| Goldman Sachs CEO Blankfein says firm is doing 'God's work'
November 9, 2009 at 5:10 am
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| Filed under: Company News, Earnings, Goldman Sachs Lloyd Blankfein, the CEO of Goldman Sachs (GS) has put an unusual spin on the bank's activities. He says his firm is doing "God's work." This may seem like an audacious statement coming from a man whose company has been harshly criticized for planning to give many of its employees multi-million pay packages just a bit more than a year after the collapse of the credit markets. Blankfein told The Times of London, "We help companies to grow by helping them to raise capital. Companies that grow create wealth. This, in turn, allows people to have jobs that create more growth and more wealth. We have a social purpose." That is, of course, a social purpose that comes at a very steep price; it charges huge fees for raising money and handling M&A transactions, even if they eventually fail. Continue reading Goldman Sachs CEO Blankfein says firm is doing 'God's work' Goldman Sachs CEO Blankfein says firm is doing 'God's work' originally appeared on DailyFinance on Mon, 09 Nov 2009 05:10:00 EST. Please see our terms for use of feeds. Permalink | Email this | Comments | 
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Whether it's the "irrational exuberance" of the last decade or the apocalyptic view that prevailed last winter, investor psychology tends to be shortsighted and veer toward extremes. But investors need to overcome myopia and getting lost in the moment, Michael Mauboussin, the chief investment strategist of mutual fund giant Legg Masson Asset Management argues. And in his 
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