We extend your Money Senses
Primitive Banks
At this stage there were no coins. Instead, the value of metal was judged by its weight. The legacy of this can be seen in words such as the English “spend”, which is derived from the Latin verb expendere, meaning “to weigh”.
Before coins (and later, bank-notes) could come into existence, the institution […]
Money, money, money: The history of cash
Some say that it makes the world go round, others call it the root of all evil. But what exactly is money? Why do we need it? And where did it come from? As economists herald the advent of a cashless society, Johnny Acton tells the story of man’s […]
By ERIC DASH
Published: October 16, 2007
Citigroup acknowledged yesterday that its risk management models did not function properly during this summer’s credit crisis, contributing to the company’s 57 percent drop in third-quarter profit.
The bank suffered heavy blows to its fixed-income business, causing it to write off $3.55 billion from deteriorating securities prices, leveraged loans and bad […]
Man and robot at a factory making cars for Maruti Suzuki, which already has a $5,000 model.
By HEATHER TIMMONS
Published: October 12, 2007
NEW DELHI, Oct. 11 — A revolution is taking place in India that could change what most of the world drives.
Next fall, the Indian automaker Tata Motors is scheduled to introduce its long-awaited People’s […]
A rendering of the MGM Grand Atlantic City. The property will include a 1,500-seat theater, a spa, and up to 500,000 square feet of retail space.
By GARY RIVLIN
Published: October 10, 2007
An otherwise dismal year for the Atlantic City casino industry turned a bit brighter today when MGM Mirage, the gambling giant, announced plans to build […]
By MARK HULBERT
Published: October 7, 2007
THERE is no discernible difference between the performance of mutual funds run by teams of just men or just women, but when you mix the sexes in fund management, a new study has found, fund performance often suffers.
The problem is not gender diversity, the study’s authors and other researchers […]
By ANDREW ROSS SORKIN and MICHAEL J. de la MERCED
Published: October 9, 2007
The SLM Corporation, parent of the student lender Sallie Mae, filed a lawsuit yesterday against a group of firms that had agreed to buy it for $25 billion but now are trying to renegotiate the deal.
The suit, filed last night in Delaware Chancery […]
By ANDREW ADAM NEWMAN
Published: October 8, 2007
The New York Times
Last month on Craigslist.com, someone who described herself as a “spectacularly beautiful” 25-year-old placed a personal ad seeking a husband who made at least $500,000 a year, because “$250,000 won’t get me to Central Park West.”
As her post hit the blogs, it received a scathing response […]
By JEFF LEEDS
In a crucial legal victory for record labels and other copyright owners, a federal jury yesterday found a Minnesota woman liable for copyright infringement for sharing music online and imposed a penalty of $222,000 in damages.
The verdict against Jammie Thomas of Brainerd, Minn., brought an end to the first jury trial in the […]
By SHERYL GAY STOLBERG and CARL HULSE
Published: October 4, 2007
WEST HEMPFIELD TOWNSHIP, Pa., Oct. 3 — President Bush on Wednesday made good on his promise to veto a bill that would have expanded government health insurance for children, but then said he was open to compromising with Congress by spending more money on the program […]