The Week Unpeeled
Well, the budget deadline passed and automatic sequester cuts were forced into place late last week, pushing “the nation’s economy into unchartered waters” (WSJ, Friday, March 1). Even so, the Dow managed to end the week on a high note, with the blue-chip average climbing within striking distance of its all-time high, ending on Friday at 14,089 on Friday.
- Warren Buffett released his highly read and folksy annual letter to shareholders calling his company’s $24 billion increase in net worth “subpar” (it did trail the S&P 500 by 200 basis points at 14% in 2012) and focusing a bit on his buying “spree” of newspapers, acquiring 28 dailies over the last 15 months;
- Groupon fired its CEO with a “lead parachute” (CNBC) package of 378.36 (that is a correct number) after extremely disappointing quarterly results;
- JP Morgan Chase is shedding 17,000 jobs by the end of next year;
- Pope Benedict XVI hung up his Prada papal slippers and bid adieu;
- All the Obit News Fit to Print: In a New York Times obituary last week, an Israeli-born local resident said that he “loved his family, his birth and adopted countries, finance . . . Loved everything about NYC except The New York Times”:
- Not yet an obit: The State of Michigan said it will appoint a financial manager to oversee Detroit in a tough turnaround assignment for a city $14 billion in debt; and
- WTF on WFH: Yahoo CEO Marissa Mayer put the kabosh on “working from home,” which was revealed in a leaked email message that got – no surprise – lots of media coverage, from bloggers who no doubt were.