Toyota Announces Recall of Over 400,000 Prius Hybrids and Return to Genchi Genbutsu
February 9, 2010
(ChattahBox)—-Toyota president Akio Toyoda announced a global recall of over 400,000 Prius vehicles and other hybrids for faulty brake systems, during a lengthy press conference on Tuesday, in which Toyoda apologized for the recent quality control problems, but declared that his company was not “omnipotent.” This latest recall comes on the heels of the recall of nearly eight million vehicles for lethal accelerator problems. Despite Toyota’s insistence that the sticky gas pedal problem was not due to electronics, the Prius hybrid recall is indeed attributed to the vehicles’ computer, pointing to a software glitch. Read more
Google’s Gmail to Add Social Networking Features?
February 9, 2010
(ChattahBox) – Google Inc. is reportedly enhancing its Gmail program to add social-media tools similar to those found on social network Facebook. Seeking to capitalize on the increasing popularity of status updates, the search giant will be able to post quick messages about their activities, similar to the status updates of other social networking tools and will incorporate photo and video sharing within the Gmail application, for a comprehensive communications hub. Gmail users can already chat and make video calls. Google is expected to host a launch event later Tuesday at its Mountain View, Calif., headquarters, according to reports. It remains to be seen whether Google will link the Gmail features to Facebook, Twitter and other tools.
CIT Awards Top Position To Disgraced Merrill Lynch CEO
February 8, 2010
(ChattahBox) – Despite the controversy over his authorized billions in bonuses prior to the takeover of Merill Lynch by Bank of America last year, John Thain has been selected by CIT to save their institution.
Toyota to Recall 2010 Prius After Brake Problems Emerge
February 8, 2010
(ChattahBox)—-With the news of yet another recall for Toyota, the stock of the beleaguered Japanese automaker took a tumble on Monday, with shares falling 1.1 percent. After numerous reports of problems with the braking system of its 2010 Prius hybrid, Toyota is poised to issue a recall of about 311,000 of the vehicles. This new expected recall comes on the heels of a massive recall of Toyota vehicles with lethal accelerator problems. Read more
Goldman Sachs’ CEO Gets ‘Only’ $9M Stock Bonus
February 6, 2010
(ChattahBox) – Well it isn’t exactly a lump of coal nor the miniscule 6 figures that were rumored, but Goldman Sachs’ CEO Lloyd Blankfein has announced he’s only taking a $9 million bonus this year. He got nothing last year.
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BAE Systems Pleads Guilty, Fined $400 Million
February 5, 2010
UK (ChattahBox) – British defense company BAE Systems has admitted to two criminal fines and will pay the United States £286 million after ‘willfully misleading’ about payments to score contracts.
Foreign Stock Drop Sends Dow Into 268 Point Slide
February 5, 2010
(ChattahBox)—For the first time since November, the Dow Jones industrial average fell below 10,000 on Thursday, and ended the day with a decline of 268.37 points to 10,002.18. The slide was due to a rout in European markets, which spread to Asia before hitting Wall Street. With struggling foreign markets that use the Euro, including Greece and Portugal vainly trying to emerge from a lingering global recession, the aftershocks are about to affect the entire global market, including Wall Street. Read more
Toyota President ‘Deeply Sorry,’ Prius Recall Possible
February 5, 2010
(ChattahBox)—-Toyota President Akio Toyoda publicly spoke today for the first time, since millions of his company’s vehicles were recalled for dangerous accelerator problems. Toyoda apologized for the sticky gas pedal problems, saying he was “deeply sorry” for the recalls and acknowledged that Toyota faced “a moment of crisis.” Toyoda added that he “deeply regretted” the consumer anxiety over the recalls and he claimed “personal responsibility” to fix the problem. He also indicated that his company is investigating the possibility of recalling about 270,000 Prius Hybrids, which have experienced problems with the brake systems. Read more
Transportation Chief: Take Recalled Toyotas to Dealer for Fix ‘as Soon as Possible’
February 3, 2010
(ChattahBox)—-The problems with Toyota’s sticky gas pedals took another turn today, as Ray LaHood head of the Transportation Department increased the pressure on the beleaguered automaker, urging owners of the recalled vehicles to stop driving them and take them to their dealership for repair. But LaHood later clarified his remarks, saying that he meant to encourage Toyota owners to seek a repair as soon as possible. “I want to encourage owners of any recalled Toyota models to contact their local dealer and get their vehicles fixed as soon as possible,” said Lahood.
News of problems with a faulty brake pedal on some models of its hybrid Prius, also was reported on Wednesday, raising new questions about Toyota’s computer systems. Read more
Bank of America Pays Out Near-Record $4 Billion Bonuses
February 3, 2010
(ChattahBox)—-As Americans struggle to obtain loans to purchase homes, while others lose their homes to foreclosure. And small businesses continue to fail, due to the drying up of bank credit and consumers become hit, during a rescission with increasing bank and credit card fees, it’s good to see that Bank of America executives are not feeling the pinch like the rest of us. According to the Wall Street Journal, Bank of America is about to pay out more than $4 billion in year end bonuses, with investment bankers and traders each receiving about $300,000 to $500,000. The massive payout nearly reaches the record-busting bonuses of 2006, when a total of $6.5 billion was paid, representing 27 percent of total revenue. The bonus payout for 2009 represents about 19 percent of Bank of America’s revenue. Not to worry though, under the conservative theory of trickle down economics, we should all be benefiting soon, with more jobs and an increase in hiring, right? Read more