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Wednesday, December 17, 2008

Breaking the sound barrier / News Workers laid off, executives paid off, Bernard Madoff

Posted By on Wed, Dec 17, 2008 at 4:36 PM

The global financial crisis deepens, with more than 10 million in the United States out of work, according to the Department of Labor. Unemployment hit 6.7 percent in November. Add the 7.3 million "involuntary part-time workers," who want to work full time but can't find a position. Jobless claims have reached a 26-year high, while 30 states reportedly face potential shortfalls in their unemployment-insurance pools. The stunning failure of regulators like the Securities and Exchange Commission was again highlighted, as former NASDAQ head Bernard Madoff (you got it, pronounced "made off") was arrested for allegedly running the world's largest criminal pyramid scheme, with losses expected at $50 billion, dwarfing those from the Enron scandal. The picture is grim -- unless, that is, you are a corporate executive. Read the full article

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