Tag Archives | Business

Alamo Drafthouse: She Texted During The Movie So We Kicked Her Out (And Here’s Her Stupid Response)

Via the Alamo Drafthouse:
Recently, we had a situation where a customer persisted in texting in the theater despite two warnings to stop. Our policy at that point is to eject the customer without a refund, which is exactly what went down that night. Luckily, this former patron was so incensed at being kicked out, she quickly called the office and left us the raw ingredients for our latest "Don't Talk or Text" PSA:
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McDonald’s Accounted For Half Of May’s Job Growth

3876843822_fc4d31ab52If you’re looking for a job, McDonald’s is the place to go. No really, it’s the only place for you to go. The Atlantic Wire writes:

We were joking when we wrote that McDonalds was singlehandedly reviving the U.S. economy by hiring 62,000 employees in a single day in April. At the time, it didn’t feel like the recovery hinged on the creation of low-paying, temporary McJobs. Well, on the heels of today’s pessimistic report saying that just 54,000 jobs were added in May, the fast food chain’s effect on the economy is looking impressive to MarketWatch.

Seasonal adjustment will reduce the Hamburglar impact on payrolls. (In simpler terms — restaurants always staff up for the summer; the Labor Department makes allowance for this effect.) Morgan Stanley estimates McDonald’s hiring will boost the overall number by 25,000 to 30,000.

Those 25,000 to 30,000 McJobs that Morgan Stanley estimated were the net additions that would amount to half of the jobs added in May.

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Can You Get Paid $100,000 To Not Go to College?

School's OutNadine Bells writes on Yahoo News:
It sounds like a teenager's dream and a parent's nightmare. Peter Thiel, PayPal's co-founder, is paying 24 college-aged students $100,000 to just say no — to college. For two years, winners of the 20 Under 20 Thiel Fellowship have focused on developing business ideas instead of heading to class. The fellows will work in Silicon Valley with a network of more than 100 mentors where they "will pursue innovative scientific and technical projects, learn entrepreneurship and begin to build the technology companies of tomorrow," the press release states.
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7 Ways The Hedge Fund Industry Is Built On Fraud, Lying, And Stealing

matthew-tannin-in-handcuffs-accompanied-by-federal-agent-getting-placed-into-black-carCould the entire hedge fund industry rest upon tens of thousands of instances of lying, cheating, and stealing? Well, at least they’re immensely generous (with their political donations). Via Guernica:

1. Insider Trading. If the Feds could tape every hedge fund we’d get an earful of how hedge funds use “expert networks” to transfer bits of illegal information that provide hedge fund managers with knowledge of events that are sure to move markets and make them a bundle.

2. Ponzi Schemes. Madoff isn’t the only one. Hedge funds and Ponzi schemes are made for each other since the funds are designed to evade so many disclosure regulations. It’s virtually a sure thing that every new year will reveal another Ponzi scheme through which a hedge fund steals money from investors and then uses new investor money to pay returns to the old investors.

3. Tax Evasion. No surprise here. Wherever you find billionaire financiers, you’ll find schemes to move money around the globe to dodge taxes.

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Bank Of America Pays $410 Million To Settle Accusations Of Charging Illegal Overdraft Fees

2845694549_b181546fc7Can we charge Bank of America an overdraft fee?  The San Francisco Gate writes:

Bank of America has agreed to pay $410 million to settle a lawsuit in which the lender is accused of manipulating debit transactions to maximize overdraft fees. The agreement is believed to be the first financial settlement by a large bank in a case alleging deceptive overdraft practices. It may presage the outcome of related claims against 30 other lending institutions, including Wells Fargo, Citibank, Chase, Union Bank and U.S. Bank.

San Francisco’s Wells Fargo is embroiled in a separate lawsuit in federal court in San Francisco brought by California customers. That case started before the multistate legal action, but has not concluded because Wells has filed an appeal.

In August, U.S. District Judge William Alsup issued a scathing ruling ordering Wells Fargo to pay its California clients $203 million. He said the bank’s goal was to “maximize the number of overdrafts and squeeze as much as possible” out of customers.

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The U.S. Congress Does ‘Abnormally’ Well in the Stock Market

Monopoly ManThis should be more troubling, but it feels like business as usual in Washington. Dan Foomkin writes on the Huffington Post:

Members of the House of Representatives considerably outperform the stock market in their personal investments, according to a new academic study.

Four university researchers examined 16,000 common stock transactions made by approximately 300 House representatives from 1985 to 2001, and found what they call “significant positive abnormal returns,” with portfolios based on congressional trades beating the market by about 6 percent annually.

What’s their secret? The report speculates, but does not conclude, it could have something to do with the ability members of Congress have to trade on non-public information or to vote their own pocketbooks — or both.

A study of senators by the same team of researchers five years ago found members of the higher chamber even better at beating the market — outperforming it by about 10 percent, an amount the academics said was “both economically large and statistically significant.”

Read More: Huffington Post

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German Insurer Munich Re Rewards Salesmen With Prostitutes

Munich ReBBC News reports:
One of the biggest insurance companies in the world held a party for salesmen where they were rewarded with the services of prostitutes. Munich Re is the world's biggest re-insurer — in other words, the company acts as an insurance company for other insurance companies. One of its divisions, Ergo, told the BBC that the party had taken place to reward salesmen in 2007. A spokesman said the people who organised it had since left. The gathering was held at a thermal baths in the Hungarian capital Budapest as a reward to particularly successful salesmen.
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Disney Trademarks ‘Seal Team 6′

Disney's Seal Team 6Alex Weprin writes on FishBowlNY:
In a perfect example of a big media company looking to capitalize on current events, The Walt Disney Company has trademarked “Seal Team 6,” which also happens to be the name of the elite special forces team that killed Osama Bin Laden. The trademark applications came on May 3rd, two days after the operation that killed Bin Laden… and two days after “Seal Team 6″ was included in thousands of news articles and TV programs focusing on the operation. Disney’s trademark applications for “Seal Team 6″ cover clothing, footwear, headwear, toys, games and “entertainment and education services,” among other things.
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Ten Years From Now, Facebook Will Be Your Bank

bankoffacebook-erica_glasier“Why is its important to have a Facebook profile? They are going to start using that to determine what your credit worthiness is.”

The tin-foil-hatted nuts at BusinessWeek explain how and why Facebook will become the largest bank in the United States. (Perhaps most disturbing is the thought of a universal currency called ‘the zuckerberg’.)

Becoming a financial powerhouse would help Facebook avoid the fate of many once-popular networks. AOL, Friendster, Second Life, and MySpace all dreamed of growing forever, too. To survive, Facebook must become more than glorified e-mail. Sharing photos and gossip with friends might make Facebook hard to leave. But upload your checking account and Facebook may just be forever.

Nongamers may have missed Facebook’s clever foray into the world of “virtual currency,” where Facebook Credits cost 10 cents each and can be exchanged for game points or cartoony gifts. Those dimes are adding up—the U.S. market for virtual goods will reach $2.1 billion in 2011.

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