Yesterday the Federal Reserve cut interest rates by a half-percentage point. This was the first rate cut in the past four years. Toll Brothers CEO Robert Toll said the rate cut may signal that the economy is worse than previously thought and likely doesn’t indicate the U.S. housing market has hit bottom.
“I would have done a quarter instead of a half because it signals we’re in deep doodoo,” said Toll, speaking at the Credit Suisse Homebuilder Conference. He went on to say that the current housing market downturn is worse than the ones we saw between 1980 and 1982 and between 1987 and 1991.
Toll Brothers is the nation’s leading builder of new luxury homes, new home construction, golf communities, retirement communities, resort homes and other high end real estate development. Read.
About a month ago we reported that Apple Co-Founder Steve Wozniak was dating Comedian Kathy Griffin. At the time the couple seemed to be playing cat and mouse. But apparently the games are over.
Woz and Griffin attended the Emmy’s together where Griffin won a creative arts Emmy.
Her acceptance speech was edited when the event was shown Saturday on the E! channel. The AP reports that some of her language had to be bleeped.
In her speech, Griffin said ” A lot of people come up here and thank Jesus for this award. I want you to know that no one had less to do with this award than Jesus.”
She went on to hold up her Emmy, make an off-color remark about Christ and proclaim, “This award is my god now!”
Her remarks were condemned Monday by Catholic League President Bill Donohue, who called them a “vulgar, in-your-face brand of hate speech.”
Dennis Michael Nouri, CEO of Smart Online Inc., his brother and four brokers were arrested yesterday in connection with an alleged scheme to artificially inflate their company’s stock price. The men have been charged with Securities fraud and conspiracy.
They each face a maximum of 20 years in prison on the securities fraud charge. In addition however, the Securities and Exchange Commission brought civil charges against the men.
Smart Online Inc. is a Durham North Carolina based software company that offers a private-label syndicated online business platform that enables on-demand Web delivery of applications and services used to start and manage small businesses.
Their software solutions are designed to automate and streamline business processes, reduce operating costs, and improve internal controls.
Angelo Mozilo, CEO of financially troubled Countrywide Financial is about to pull a Donald Trump on 12,000 of his employees. Mozilo has announced that Countrywide plans to fire 10,000-12,000 people within the next three months.
In a letter to employees, Mozilo said, “The current downturn in the U.S. housing and mortgage markets is certainly the most severe in the contemporary history of our industry.”
Weak housing demand, rising foreclosures and tightening credit markets are being blamed for the cuts.
The company said cuts would be mainly in mortgage production and general and administrative support. Banking, insurance and loan servicing operations are unlikely to be affected.
A 12,000 person reduction would amount to approximately 20 percent of Countrywide’s work force.
In response to the boiling anger resonating across the country over the drop in the iPhone prices, an Apple spokesperson says that the company is offering $200 refunds for opened iPhone devices and full refunds for unopened devices to anyone who purchased the iPhone at the original $600 price tag…as long as they purchased the phone within the past 14 days.
For those of us who purchased the iPhone between June 29th and August 21st…well we’re screwed. Apple CEO Steve Jobs is quickly earning the nickname “Screw Em” Jobs. Because that seems to be what he does time and time again…only this time his loyal customers are the ones taking it up the rear.
From screwing over his company’s business partners(i.e. no AT&T name on the iPhone) to overcharging his best Customers (the Apple faithful who stood in line for 48 hours or more to purchase the iPhone at the original $600)…you can count on one thing…that the only person who’s going to come out ahead will be Steve Jobs.
Update:
In another open letter to his people, Jobs states that he’s giving all iPhone owners a $100 Apple gift certificate (details to follow in the next week — it goes without saying this will only apply to people who bought before the price drop) Read.
According to Valleywag, in a real life case of Californication, married Google CEO Eric Schmidt is known throughout Silicon Valley as an adulterer with multiple girlfriends who help keep him in married bliss.
Now the tech gossip rag is reporting that one of Schmidt’s mistresses might now be on the Google payroll.
A call to the phone directory at Google’s New York Office confirms that Schmidt’s girlfriend, Marcy Simon is indeed listed. The jury is still out as to whether she is simply occupying precious office space or if she is an actual Google employee. Whatever the case, Ms. Simon apparently passed her Google interview with flying colors. Read.
