Cracking Finance
Your only stop for Business, Finance, Jobs and Insurance news.
Why should we worry about US’s AAA rating downgrade?
As you might be fully aware by now, United States of America has, for the first time in history, lost it’s AAA rating. US has held this rating since 1917. Standard and Poor (S&P) reduced US’s rating from AAA to AA+. This move was made by S&P due to concerns …
Federal Reserve slashes card fees for merchants
For all you business owners with merchant accounts, there is a very good news. The Federal Reserve Board has decided to cut down the fees from 44 cents to 21 cents. The fees that I am talking about are the ones that banks and credit card companies collect for each …
AT&T about to buy T-mobile
Ladies and gentleman, we have a major acquisition taking place at the moment. AT&T, U.S. mobile service, has managed to strike a deal with Deutsche Telekom AG’s T-Mobile worth $39 billion.
This is so far the biggest deal this year and has already gained a lot of attention for numerous reasons. …
How to prepare yourself for another recession
While the worst part of the recession may have passed, the truth is that the American economy is still in deep trouble. Thousands lost their jobs, houses, cars and are still struggling to recover financially and economically. However, I wonder how many of them truly learned a lesson. For many, …
Ernst & Young blamed for hiding Lehman Bros. ill condition
As we know, the recession in United States of America was mainly triggered when one of the most prestigious investment bank, Lehman Brothers, went bankrupt. So far the government has not been able to clearly blame someone for this.
Recently, Attorney General Andrew Cuomo has accused Ernst & Young, a reputed …
Citigroup heads for reverse stock split
According to Citigroup Inc, it wishes to execute a reverse stock split and also wants to increase its common shares outstanding in order to have a conversion from preferred shares to common shares. In terms with its announcement last month, Citi wants to exchange around $27.5 billion, due to its …
AIG recieves $170 Million as taxpayer bailout!
With $170 billion received by AIG as taxpayer bailout money, the company has decided to pay around $ 165 million as bonuses to executives in the same business unit. As the news regarding the bonuses spread last week, Timothy F Geithner who is the Secretary of Treasury stated that the …
Google executive Tim Armstrong moves to AOL
Tim Armstrong, the executive of Google is soon going to adopt a new role of AOL’s chief executive. This has fueled the rumors regarding the separation of AOL from the parent Time Warner Inc. The idea of an independent AOL has been supported by Google also for some time now.
Google …
Wells Fargo Bank Cuts Its Dividend By 85%
On March 6, 2009, Wells Fargo bank announced that it would slash 85% of its dividend which would reduce the price to a nickel per share. According to Wells Fargo, this move will save them approximately $5 billion per year. Wells Fargo is a San Francisco-based bank which took over …
Blockbuster: Is It Going Bankrupt?
Rumors are flying all over the place about the possible bankruptcy of Blockbuster Inc. in the coming year. These rumors caused a fall of 77% for its shares. The shares doubled on Wednesday when the company made it clear that they aren’t going to file for bankruptcy.
Karen Raskopf, Blockbuster spokeswoman, …
Minnesota (MN) unemployment rate climbs to 7.6%
The unemployment rate is rising at an alarming rate in Minnesota. The situation is becoming worse day by day. Since January 20,700 jobs have been lost in Minnesota as indicated by The Department of Employment & Economic Development. The current Minnesota unemployment rate is 7.6% which is quite high as …
Google fights against Microsoft’s Internet Explorer
European Union’s case that it filed in January 2009, against Microsoft has got another supporter in form of Google. Google has confirmed that it wishes to join EU in the antitrust case against Microsoft regarding Internet Explorer, the famous web browser of Microsoft.
The case filed by EU in January has …
What Happens During A Recession?
With the recession currently on in most economies around the world, it is appropriate to present information about recession. With a series of recession, we wish to explain what happens during a recession, what exactly it is, what can be its impact and how to fight it.
So, what really is …
Obama Pledges To Cut Deficit In Half
Obama administration has pledged to cut the deficit that they have inherited since they moved into office to half by the end of their first term in office. This is a public and quite an ambitious pledge looking at the deficit which happens to be of 1.3 trillion dollars. This …
Obama implements tax cuts
With President Obama trying his best to fight the current recession, here is good news for American public. The President has announced the implementation of tax cuts for 95 % of Americans. This step is one of the steps of the 787 billion dollar plan of Obama to bring the …
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