In a move that is sure to create ill will from music lovers, U2 manager Paul McGuinness has called for illegal music file-sharers to have their service cut off by their ISPs if they download music without paying for it. McGuinness also said ISPs should face prosecution if they don’t participate in the crackdown.
“A simple three strikes and you are out enforcement process will see all serial illegal uploaders who resist the law face a stark choice: change or lose your ISP subscription”, said McGuinness.
The group is also calling upon their friend Steve Jobs to help with the situation. Bono and crew recently allowed Apple to release a U2 branded ipod…and they’re hoping that Jobs can use some of his ipod, iphone, Mac Air magic to help craft a solution to the music industry’s biggest revenue challenge. Read.
Jim Donald, who was forced out this month as CEO of Starbucks Corp., will receive a $1.25 million severance payment. At an average of $4 per cup, that equates to 312,500 cups of Joe. And he might need it. Donald will not be opening up his own Coffee shop or going to work for any coffee purveyors anytime soon…as he has agreed not to compete against his former employer for 18 months, according to a securities filing released Monday. Read.
In a move that has skeptics wondering whether the announcement was a result of taking the moral high ground or simply a cover-up…Countrywide CEO Angelo Mozilo says he is forfeiting some $37.5 million in severance pay, fees and perks he was scheduled to receive upon his retirement as part of the proposed buyout by Bank of America.
In a statement, Countrywide said that Mozilo, however, will still retain retirement benefits and deferred compensation that he has already earned.
In addition to $36.4 million cash severance payments, Mozilo is also walking away from $400,000 per year he was to be paid under an agreement to serve as a consultant to the company following his retirement, as well as other perks including the use of a private jet. Read.
Today Sears Holdings Corp. announced that Chief Executive Aylwin Lewis will leave the company by February 2. The news is the latest in a series of shake-ups at Sears Holdings which owns both Sears and Kmart retail chains.
“The board has determined that now is the right time to put in place new leadership to take the company forward,” said majority stakeholder & Hedge Fund Manager Edward Lampert in statement earlier today. Read.
According to the Wall Street Journal, In an effort to show investors that he is serious about cutting costs Sprint Nextel’s CEO is preparing to cut thousands of jobs.
Exactly how many people could lose their jobs is not yet known. Last year the company cut about 5,000 jobs. At the end of the last quarter Sprint reported it had roughly 60,000 employees. Read.
