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David G. Klein

October 17, 2010

Editorial cartoon

 

Income Inequality: Too Big to Ignore

The New York Times

16.10.2010

http://www.nytimes.com/2010/10/17/business/17view.html

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 

 

Gerald Scarfe

Editorial cartoon

 

Sunday Times

January 20, 2008

http://www.timesonline.co.uk/tol/comment/article5414229.ece

 

UK Prime Minister Gordon Brown (PM 2007-2010)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

company

 

https://www.economist.com/special-report/2005/12/20/the-very-bottom-line

https://www.economist.com/business/2005/12/20/life-after-lee

 

 

 

 

 

 

 

megacompanies        USA

 

https://www.nytimes.com/2018/08/02/
business/apple-trillion.html

 

 

 

 

 

 

 

USA > Silicon Valley companies        UK / USA

 

http://www.npr.org/2016/06/09/
481377115/in-hbos-silicon-valley-the-comedy-is-inspired-by-real-life-tech-culture

 

http://www.theguardian.com/technology/2013/aug/09/
nsa-surveillance-apple-google-obama

 

 

 

 

social networking company > Facebook        USA

http://www.nytimes.com/2013/07/25/
technology/facebook-beats-expectations-on-strong-mobile-growth.html

 

 

 

 

concern

 

 

 

 

corporation        USA

http://www.nytimes.com/2015/04/03/
opinion/timothy-egan-the-conscience-of-a-corporation.html

 

 

 

 

General Electric, the nation’s largest corporation        USA        2011

http://www.nytimes.com/topic/company/general-electric-company

 

http://www.nytimes.com/2011/10/22/
business/ge-profit-up-despite-volatile-economy.html

http://www.nytimes.com/2011/03/25/
business/economy/25tax.html

 

 

 

 

global corporations        UK

http://www.theguardian.com/commentisfree/2014/jun/02/
control-nation-states-corporations-autonomy-neoliberalism

 

 

 

 

corporate America        USA

http://www.gocomics.com/clayjones/2016/12/04

http://www.gocomics.com/nickanderson/2016/12/02

http://www.npr.org/2016/11/17/
502437435/sanders-trump-will-have-an-ally-with-me-if-he-stands-up-to-corporate-america

 

http://www.nytimes.com/2015/06/18/
business/dealbook/jimmy-lee-investment-banking-force-dies.html

 

 

 

 

corporate crimes        USA

http://www.nytimes.com/2015/02/20/
business/in-corporate-crimes-individual-accountability-is-elusive.html

 

 

 

 

corporate spying        UK

http://www.guardian.co.uk/commentisfree/cifamerica/2011/feb/15/
activism-protest

 

 

 

 

corporate brand names        UK

http://www.theguardian.com/media/shortcuts/2014/jun/03/
nike-how-to-pronounce-correctly-brand-names-audi-adidas-porsche-yvessaintlaurent

 

 

 

 

bellwether        USA

http://www.nytimes.com/2009/10/14/
technology/companies/14chip.html

 

 

 

 

behemoth        USA

https://www.nytimes.com/2018/07/02/
opinion/facebook-silicon-valley-regulation.html

 

 

 

 

listed companies

 

 

 

 

Exxon, the world's largest listed oil company

 

 

 

 

Procter & Gamble        USA

http://www.nytimes.com/2011/11/21/
business/john-g-smale-procter-gamble-chief-dies-at-84.html

 

 

 

 

subcontracting company

 

 

 

 

commodity-related companies

 

 

 

 

consumer electronics company

 

 

 

 

financial services company

 

 

 

 

private equity firms        USA

http://dealbook.blogs.nytimes.com/2010/10/28/
cheap-debt-fuels-private-equity-revival/

 

 

 

 

outsourcing company        UK

http://www.theguardian.com/society/2004/oct/02/
privatefinance.schools 

 

 

 

 

technology companies

 

 

 

 

tech bellwether IBM

 

 

 

 

computer hardware and services

 

 

 

 

at Apple        USA

http://www.nytimes.com/2011/01/18/
technology/18apple.html

 

 

 

 

banks and insurance companies

 

 

 

 

start-up / startup        USA

http://www.npr.org/sections/thesalt/2016/05/19/
476492503/why-one-startup-is-offering-meals-made-by-home-cooks-and-middle-schoolers

 

http://www.nytimes.com/2014/08/24/
magazine/delivery-start-ups-are-back-like-its-1999.html

 

 

 

 

Lloyd's Names        UK

http://www.theguardian.com/money/2006/oct/21/
insurance.business 

 

 

 

 

drugs giant

 

 

 

 

food giant        USA

http://www.npr.org/blogs/thesalt/2015/03/25/
395345479/heinz-and-kraft-before-the-were-food-giants-they-were-men

 

 

 

 

drugstore giant > CVS        USA

http://www.usatoday.com/money/industries/health/drugs/2006-11-01-
caremark-cvs_x.htm

 

 

 

 

tourism industry        UK

http://www.guardian.co.uk/travel/2007/aug/21/
travelnews.weather

 

 

 

 

City of London / Square Mile        UK

http://www.guardian.co.uk/business/2011/apr/26/
city-bonuses-shrink-pay-rise

 

 

 

 

 

 

 

 

 

 

 

 

 

 

competition        USA

http://www.nytimes.com/2014/01/01/
opinion/preserving-wireless-competition.html

 

 

 

 

competitive        USA

http://www.nytimes.com/2014/01/01/
opinion/preserving-wireless-competition.html

 

http://www.usatoday.com/money/autos/2006-11-10-
ford-ceo-interview_x.htm

 

 

 

 

anti-competitive behaviour        UK

http://www.theguardian.com/business/2006/may/26/
transportintheuk.travelnews

 

 

 

compete

 

 

 

 

monopoly        USA

https://www.nytimes.com/2017/04/22/
opinion/sunday/is-it-time-to-break-up-google.html

 

 

 

 

 

 

 

 

 

 

 

 

 

 

corporate America        USA

http://opinionator.blogs.nytimes.com/2013/01/09/
the-obama-coalition-vs-corporate-america/

 

http://www.nytimes.com/2012/05/22/
opinion/brooks-how-change-happens.html

 

http://www.nytimes.com/2010/06/25/
business/25norris.html

 

 

 

 

big business > lobbying        UK

http://www.theguardian.com/politics/2014/mar/12/
lobbying-10-ways-corprations-influence-government

 

 

 

 

Big Ag        USA

http://www.npr.org/sections/thesalt/2016/10/18/
498308185/farmers-antitrust-activists-are-worried-that-big-ag-is-only-getting-bigger

 

 

 

 

Big Business        USA

http://www.npr.org/2017/04/17/
523763826/big-business-pushes-coal-friendly-kentucky-to-embrace-renewables

 

http://www.nytimes.com/2015/04/04/
opinion/big-businesss-critical-role-on-anti-gay-laws.html

 

http://www.nytimes.com/2013/07/02/
opinion/justice-for-big-business.html

 

 

 

 

big business        USA

http://www.npr.org/sections/health-shots/2017/04/10/
523005353/how-u-s-health-care-became-big-business

 

 

 

 

Big Coal        USA

http://www.gocomics.com/chrisbritt/2016/12/14

http://www.nytimes.com/2016/06/10/
opinion/will-big-coal-pay-to-clean-up-its-messes.html

 

 

 

 

Big Oil        USA

http://www.gocomics.com/chrisbritt/2016/12/14

 

http://www.nytimes.com/2010/07/12/
opinion/12mon1.html

 

http://www.usatoday.com/news/washington/2007-01-17-
dems-energy_x.htm

 

 

 

 

Big Pharma        UK

https://www.theguardian.com/news/audio/2018/nov/23/
is-big-pharma-ignoring-the-poor

 

 

 

 

Big Pharma        USA

http://www.nytimes.com/2015/01/06/
opinion/stop-subsidizing-big-pharma.html

 

 

 

 

Big Tech        USA

https://www.nytimes.com/2020/03/24/
opinion/tech-companies-covid.html

 

 

 

 

Big Tobacco        UK / USA

http://www.nytimes.com/2009/09/07/
opinion/07mon1.html

 

http://www.nytimes.com/2009/01/14/us/14florida.html

 

http://www.nytimes.com/2008/12/16/
opinion/16tue1.html

 

https://www.theguardian.com/business/2004/jul/17/china.
smoking 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

United States Tobacco Company        USA

http://www.nytimes.com/2010/10/18/
business/18bantle.html

 

 

 

 

Plc

 

 

 

 

firm

 

 

 

 

law firm

 

 

 

 

legal industry

 

 

 

 

confectionery firm

 

 

 

 

conglomerate

 

 

 

 

media conglomerate

 

 

 

 

chaebol

 

 

 

 

small and medium sized firms

 

 

 

 

retailer        USA

http://www.nytimes.com/2008/11/07/
business/07retail.html

 

 

 

 

 

 

 

 

 

 

 

 

 

 

business (plural: -es)        UK

https://www.theguardian.com/uk/business

 

http://www.guardian.co.uk/business/gallery/2008/dec/24/
1?picture=341072478

 

 

 

 

business (plural: -es)        USA

http://www.npr.org/2016/11/10/
501537263/donald-trumps-businesses-pose-new-conflict-of-interest-questions

 

 

 

 

small business        USA

http://www.nytimes.com/2014/02/16/
business/small-business-joining-a-parade-of-outsourcing.html

 

http://www.nytimes.com/2011/12/09/
opinion/the-real-way-to-help-small-business.html

 

 

 

 

start a small business        UK

http://www.guardian.co.uk/small-business-network/2013/jun/27/
start-small-business-inspiration

 

 

 

 

businessman        UK

http://www.guardian.co.uk/world/2011/may/17/
donald-trump-presidential-race

 

 

 

 

businessman        USA

http://www.npr.org/2017/04/28/
525875211/trump-the-president-who-hasn-t-stopped-being-a-businessman

 

 

 

 

businesswoman        UK

http://www.guardian.co.uk/football/2011/apr/10/
karren-brady-interview-having-it-all

 

 

 

 

business optimism

 

 

 

 

business as usual

 

 

 

 

monkey business

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Private Eye        c. 2003
http://www.private-eye.co.uk/

 

 

 

 

 

 

 

 

 

 

 

 

 

 

deal    UK

http://www.theguardian.com/media/2013/aug/05/
washington-post-sold-jeff-bezos-amazon

 

 

 

 

deal        USA

http://www.nytimes.com/2010/05/22/
technology/22admob.html

 

http://www.nytimes.com/2009/12/04/
business/media/04nbc.html

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

industry consolidation        USA

http://www.npr.org/sections/thesalt/2016/04/06/
472960018/big-seed-consolidation-is-shrinking-the-industry-even-further

 

 

 

 

acquisition

 

 

 

 

form a 50-50 joint venture

 

 

 

 

venture capitalist        USA

http://www.nytimes.com/2013/11/27/
technology/in-silicon-valley-partying-like-its-1999-again.html

 

 

 

 

 

 

 

 

 

 

 

 

 

 

bid        USA

http://dealbook.nytimes.com/2014/05/18/
pfizer-raises-bid-for-astrazeneca/

 

 

 

 

contract bid

 

 

 

 

bid

http://www.guardian.co.uk/business/2008/feb/01/
microsoft.useconomy

 

https://www.reuters.com/article/us-microsoft/
microsoft-bids-44-6-billion-to-buy-yahoo-idUSWNAS894220
080201 

 

 

 

 

bidder

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

takeover        UK

http://www.theguardian.com/business/2007/apr/06/
privateequity.supermarkets 

 

http://www.theguardian.com/business/2006/oct/20/india.
money

 

 

 

 

takeover / merger        USA

https://www.npr.org/2020/02/11/
804848534/judge-rules-in-favor-of-t-mobile-takeover-of-sprint

 

 

 

 

takeover bid        UK

http://www.theguardian.com/business/2007/apr/25/
royalbankofscotlandgroup 

 

 

 

 

reject a takeover bid by N        USA

http://dealbook.nytimes.com/2013/01/25/
compuware-rejects-elliotts-2-3-billion-bid/

 

 

 

 

bidder        UK

http://www.theguardian.com/media/2007/may/04/
reuters.citynews 

http://www.theguardian.com/business/2007/apr/20/
privateequity.retail 

 

 

 

 

take over

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

merge

https://www.npr.org/2019/08/13/
750896132/viacom-and-cbs-agree-to-merge-in-30-billion-deal

http://www.nytimes.com/2015/03/26/
business/dealbook/kraft-and-heinz-to-merge.html

 

http://www.usatoday.com/money/industries/banking/2006-05-07-
wachovia-golden-west_x.htm

 

 

 

 

merger / tie-up        USA

https://www.npr.org/2018/06/12/
614092532/u-s-judge-approves-at-ts-85-billion-merger-with-time-warner

 

http://www.npr.org/sections/thetwo-way/2016/10/22/
498996253/timeline-at-ts-merger-with-time-warner-follows-decades-of-industry-deals

http://www.npr.org/sections/thesalt/2016/04/06/
472960018/big-seed-consolidation-is-shrinking-the-industry-even-further

 

http://www.nytimes.com/2014/05/27/
opinion/a-cable-merger-too-far.html

 

http://www.nytimes.com/2013/07/28/
business/media/omnicom-and-publicis-are-said-to-merge.html

 

http://www.nytimes.com/2011/09/01/
technology/us-moves-to-block-merger-between-att-and-t-mobile.html

 

http://www.usatoday.com/money/media/2007-05-15-
reuters-thomson_N.htm

 

http://www.usatoday.com/money/industries/telecom/2006-10-10-
fcc-usat_x.htm

 

 

 

 

friendly merger        USA

http://www.nytimes.com/2010/01/20/
business/global/20kraft.html

 

 

 

 

megamerger        USA

http://www.npr.org/sections/thetwo-way/2015/10/16/
449157409/as-airline-mega-mergers-wrap-up-us-airways-flies-into-history

 

 

 

 

 

 

 

 

 

 

 

 

 

 

buy

 

 

 

 

acquire        USA

http://www.npr.org/2015/05/12/
406139138/verizon-acquires-aol-for-4-4-billion

 

 

 

 

 

 

 

 

 

 

 

 

 

 

go overseas

 

 

 

 

commercial paper        USA

https://www.nytimes.com/topic/subject/commercial-paper 

 

 

 

 

invest

http://www.nytimes.com/2013/01/19/
opinion/nocera-investing-in-guns.html

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Jean-François Martin

 

A Lender Failed. Did Its Auditor?        NYT        13 April 2008

http://www.nytimes.com/2008/04/13/business/13audit.html

 

 

 

 

 

 

 

 

 

 

 

 

 

 

accounting

 

 

 

 

accounting practices / methods / rules / profession        USA

http://www.nytimes.com/2008/04/13/
business/13audit.html

 

 

 

 

accounting firm        USA

http://www.nytimes.com/2008/04/13/
business/13audit.html

 

 

 

 

books

 

 

 

 

bookkeeping        USA

http://www.nytimes.com/2008/04/13/
business/13audit.html

 

 

 

 

set aside

 

 

 

 

controller

 

 

 

 

auditor        USA

http://www.nytimes.com/2008/04/13/
business/13audit.html

 

 

 

 

auditing firm

 

 

 

 

assess the financial health of enterprises        USA

http://www.nytimes.com/2008/04/13/
business/13audit.html

 

 

 

 

 

 

 

 

 

 

 

 

 

 

reporting season        USA

http://www.nytimes.com/2010/01/16/
business/16morgan.html

 

 

 

 

falling sales

 

 

 

 

revenue

https://www.npr.org/sections/thetwo-way/2018/02/08/
584220408/twitter-announces-a-profit-for-the-first-time

 

 

 

 

earnings

 

 

 

 

Q4        USA

http://www.usatoday.com/money/economy/housing/2007-02-15-
home-sales_x.htm

 

 

 

 

Q4 earnings        USA

http://www.usatoday.com/money/companies/earnings/2007-01-19-
ge_x.htm

 

 

 

 

report a better-than-expected 61 percent jump

in quarterly revenue        USA

http://www.nytimes.com/2016/03/04/
business/smith-wesson-says-news-events-drove-firearm-sales-higher.html

 

 

 

 

report flat first-quarter earnings

 

 

 

 

report strong first quarter sales

 

 

 

 

report bumper third-quarter profits

 

 

 

 

report an 18 percent rise in quarterly revenue

and a near doubling of profit

 

 

 

 

report a 27 percent rise

in quarterly earnings

 

 

 

 

report better-than-expected quarterly earnings

http://www.npr.org/sections/thetwo-way/2017/05/10/
527715624/espn-troubles-cloud-disney-earnings-apple-surpasses-800-billion-mark

 

 

 

 

in the current quarter

 

 

 

 

report earnings

 

 

 

 

report strong third-quarter results        USA

http://www.nytimes.com/2010/11/19/
technology/19dell.html

 

 

 

 

financial results        USA

https://us.blackberry.com/content/dam/bbCompany/Desktop/Global/PDF/
Investors/Documents/2013/Q3_FY2014_Press_Release.pdf 

 

http://www.nytimes.com/2010/10/20/technology/20yahoo.html

 

 

 

 

poor results        USA

http://www.nytimes.com/2013/01/30/
technology/amazon-earnings.html

 

 

 

 

operating margings        USA

http://www.nytimes.com/2013/01/30/
technology/amazon-earnings.html

 

 

 

 

in the first quarter

 

 

 

 

profitable quarter        USA

http://www.nytimes.com/2010/10/27/
business/27auto.html

 

 

 

 

in the second quarter

 

 

 

 

Q2        USA

http://www.usatoday.com/money/economy/gdp/2006-09-28-
gdp-jobless_x.htm

 

 

 

 

in 4th Quarter        USA

http://www.nytimes.com/2008/12/05/
technology/business-computing/05chip.html

 

 

 

 

during the quarter

 

 

 

 

 

 

 

 

 

 

 

 

 

 

revenue        USA

http://www.nytimes.com/2016/03/04/
business/smith-wesson-says-news-events-drove-firearm-sales-higher.html

 

http://www.nytimes.com/2014/01/31/
technology/revenue-and-profit-rise-at-google-but-mobile-struggles-continue.html

 

http://www.nytimes.com/2013/10/25/
technology/amazons-revenue-soars-but-no-profit-in-sight.html

http://www.nytimes.com/2013/07/25/
technology/facebook-beats-expectations-on-strong-mobile-growth.html

 

http://www.nytimes.com/2012/07/27/
technology/amazon-delivers-on-revenue-but-not-on-profit.html

 

http://www.nytimes.com/2011/01/19/technology/19apple.html

 

http://www.nytimes.com/2010/10/29/technology/29soft.html

http://www.nytimes.com/2010/10/20/technology/20yahoo.html

 

 

 

 

fourth-quarter revenue        USA

http://www.nytimes.com/2008/12/05/
technology/business-computing/05chip.html

 

 

 

 

full year revenues

 

 

 

 

weak revenue        USA

http://www.nytimes.com/2008/12/05/
technology/business-computing/05chip.html

 

 

 

 

flat revenue        USA

http://www.nytimes.com/2013/01/23/
technology/ibm-continues-its-profit-growth.html

 

 

 

 

post significant growth in revenue and profits

for the second quarter        USA

http://www.nytimes.com/2014/07/24/
technology/facebooks-profit-soars-past-expectations-fueled-by-mobile-ads.html

 

 

 

 

report a 56 percent drop in revenue

in its latest quarter        USA

http://www.nytimes.com/2013/12/21/
technology/blackberry-posts-huge-loss.html

 

 

 

 

interim results

 

 

 

 

third quarter results from N

 

 

 

 

turnover

 

 

 

 

earnings        USA

http://www.nytimes.com/2010/11/19/
technology/19dell.html

 

 

 

 

strong earnings outlooks

 

 

 

 

double-digit earnings growth

 

 

 

 

better-than-expected earnings

 

 

 

 

outlook

 

 

 

 

profit outlook

http://www.nytimes.com/reuters/business/business-us-markets-stocks.html

 

 

 

 

earn

http://www.npr.org/blogs/thetwo-way/2013/04/02/
176011012/fannie-mae-posts-record-profit-paid-taxpayers-11-6-billion-in-2012

 

http://www.nytimes.com/2010/01/16/
business/16morgan.html

http://www.exxonmobil.com/Corporate/Files/news_release_earnings2q09.pdf

 

 

 

 

record earnings

http://www.nytimes.com/2008/08/01/
business/01oil.html

 

 

 

 

make money

http://www.nytimes.com/2013/01/19/
opinion/nocera-investing-in-guns.html

 

 

 

 

third-quarter earnings report

 

 

 

 

earnings target

 

 

 

 

income        USA

http://www.nytimes.com/2010/04/23/
technology/23soft.html

http://www.nytimes.com/2010/04/17/
business/17electric.html

 

 

 

 

net income        USA

http://www.nytimes.com/2009/07/31/
business/global/31oil.html

 

 

 

 

full year operating income

 

 

 

 

full year operating income

before depreciation, amortization,

and stock-based compensation expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

full-year earnings forecast        USA

http://www.nytimes.com/2010/11/17/
business/17shop.html

 

 

 

 

beat forecasts        USA

http://www.nytimes.com/2010/11/19/
technology/19dell.html

 

 

 

 

forecast

 

 

 

 

forecast

 

 

 

 

 

 

 

 

 

 

 

 

 

 

first-quarter profit and revenue        USA

 

http://www.nytimes.com/2010/10/29/technology/29soft.html

 

 

 

 

net income        USA


http://www.nytimes.com/2010/10/29/technology/29soft.html

 

 

 

 

Apple Computer Inc.'s quarterly net income

 

 

 

 

growth

 

 

 

 

earnings        USA


http://www.nytimes.com/business/businessspecial3/

 

 

 

 

double-digit earnings growth

 

 

 

 

better-than-expected earnings

 

 

 

 

in the black


http://www.guardian.co.uk/business/2010/oct/29/british-airways-back-black-profit

 

 

 

 

profit / net earnings


http://www.nytimes.com/2013/10/25/technology/amazons-revenue-soars-but-no-profit-in-sight.html


http://www.nytimes.com/2012/07/27/technology/amazon-delivers-on-revenue-but-not-on-profit.html


http://www.guardian.co.uk/business/2011/feb/28/hsbc-profits-double-almost-twelve-billion-pounds


http://www.nytimes.com/2011/01/29/business/29ford.html


http://www.nytimes.com/2010/11/24/business/economy/24econ.html


http://www.nytimes.com/2010/11/17/business/17shop.html


http://www.nytimes.com/2010/10/20/technology/20yahoo.html


http://www.nytimes.com/2010/04/23/technology/23amazon.html


http://www.nytimes.com/2009/10/21/technology/companies/21yahoo.html


http://www.nytimes.com/2009/04/24/technology/companies/24microsoft.html


http://www.guardian.co.uk/business/2008/oct/28/oil-oilandgascompanies


http://www.independent.co.uk/news/business/news/bp-announces-pound37maday-profits-879641.html


http://www.usatoday.com/money/companies/earnings/2008-02-01-exxon_N.htm


http://www.guardian.co.uk/business/2008/jan/31/royaldutchshell.oil1

 

 

 

 

earnings / profits


http://www.nytimes.com/roomfordebate/2014/09/14/pocketing-profits-or-reinvesting-them


http://www.reuters.com/article/2011/04/13/us-jpmorgan-idUSTRE73C0LU20110413

 

 

 

 

give a positive outlook for the upcoming business year

 

 

 

 

raise one's profit forecast

 

 

 

 

windfall


http://dealbook.nytimes.com/2011/01/18/study-points-to-windfall-for-goldman-partners/

 

 

 

 

bumper year

 

 

 

 

 

 

 

 

 

 

 

 

 

sales

http://www.nytimes.com/2008/11/07/
business/07retail.html

 

 

 

 

slump in sales

 

 

 

 

sluggish

 

 

 

 

 

 

 

 

 

 

 

 

 

 

charge

 

 

 

 

goodwill amortisation

 

 

 

 

wipe out

 

 

 

 

debt write-off

http://www.theguardian.com/politics/2005/jun/11/uk.g8 

https://www.theguardian.com/business/2005/apr/27/transportintheuk 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

markdown

http://www.nytimes.com/2008/12/17/
business/17goldman.html

 

 

 

 

value        UK

https://www.theguardian.com/media/2006/oct/20/
smg.radio 

 

 

 

 

wipe $18bn (£9.4bn) from the value of N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

be medium return

 

 

 

 

overheads

 

 

 

 

book value -- assets minus liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

cost

 

 

 

 

costs

 

 

 

 

cost cutting

 

 

 

 

cost-saving move

 

 

 

 

slash costs

 

 

 

 

 

 

 

 

 

 

 

 

 

 

go into administration        UK

http://www.guardian.co.uk/business/2008/dec/24/
zavvi-administration-jobs

 

 

 

 

administrations

 

 

 

 

go bust

 

 

 

 

to the wall

 

 

 

 

file for bankruptcy protection /  file for Chapter 11 protection        USA

http://dealbook.nytimes.com/2012/01/19/
eastman-kodak-files-for-bankruptcy/

http://www.reuters.com/article/newsOne/idUSTRE4A936V20081110

 

 

 

 

USA > file for bankruptcy        UK

http://www.theguardian.com/media/2006/oct/16/
business.usnews

 

 

 

 

file for bankruptcy        USA

http://www.npr.org/2015/06/15/
414689862/american-gun-manufacturer-colt-files-for-bankruptcy

 

 

 

 

call in the administrators / the receivers        UK

http://www.theguardian.com/uk/2005/apr/08/
motoring.business

 

 

 

bankruptcy

http://www.theguardian.com/money/2006/feb/03/
creditanddebt.business 

http://www.economist.com/agenda/displayStory.cfm?story_id=3860106

 

 

 

 

bankruptcy court

 

 

 

 

Carey Street        UK

https://www.theguardian.com/observer/comment/story/0,,1237564,00.html

 

 

 

be liquidated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

philanthropy        USA

http://www.usatoday.com/news/nation/2007-02-26-
big-donations_x.htm

 

 

 

 

charity        USA

http://www.usatoday.com/money/economy/services/2008-10-26-
fundraising-crisis-donations-charities_N.htm

 

 

 

 

sponsor        USA

http://www.theguardian.com/society/2007/jun/21/
childrensservices.politics1

 

 

 

 

 

 

 

 

 

Income Inequality:

Too Big to Ignore

 

October 16, 2010

The New York Times

By ROBERT H. FRANK

 

PEOPLE often remember the past with exaggerated fondness. Sometimes, however, important aspects of life really were better in the old days.

During the three decades after World War II, for example, incomes in the United States rose rapidly and at about the same rate — almost 3 percent a year — for people at all income levels. America had an economically vibrant middle class. Roads and bridges were well maintained, and impressive new infrastructure was being built. People were optimistic.

By contrast, during the last three decades the economy has grown much more slowly, and our infrastructure has fallen into grave disrepair. Most troubling, all significant income growth has been concentrated at the top of the scale. The share of total income going to the top 1 percent of earners, which stood at 8.9 percent in 1976, rose to 23.5 percent by 2007, but during the same period, the average inflation-adjusted hourly wage declined by more than 7 percent.

Yet many economists are reluctant to confront rising income inequality directly, saying that whether this trend is good or bad requires a value judgment that is best left to philosophers. But that disclaimer rings hollow. Economics, after all, was founded by moral philosophers, and links between the disciplines remain strong. So economists are well positioned to address this question, and the answer is very clear.

Adam Smith, the father of modern economics, was a professor of moral philosophy at the University of Glasgow. His first book, “A Theory of Moral Sentiments,” was published more than 25 years before his celebrated “Wealth of Nations,” which was itself peppered with trenchant moral analysis.

Some moral philosophers address inequality by invoking principles of justice and fairness. But because they have been unable to forge broad agreement about what these abstract principles mean in practice, they’ve made little progress. The more pragmatic cost-benefit approach favored by Smith has proved more fruitful, for it turns out that rising inequality has created enormous losses and few gains, even for its ostensible beneficiaries.

Recent research on psychological well-being has taught us that beyond a certain point, across-the-board spending increases often do little more than raise the bar for what is considered enough. A C.E.O. may think he needs a 30,000-square-foot mansion, for example, just because each of his peers has one. Although they might all be just as happy in more modest dwellings, few would be willing to downsize on their own.

People do not exist in a social vacuum. Community norms define clear expectations about what people should spend on interview suits and birthday parties. Rising inequality has thus spawned a multitude of “expenditure cascades,” whose first step is increased spending by top earners.

The rich have been spending more simply because they have so much extra money. Their spending shifts the frame of reference that shapes the demands of those just below them, who travel in overlapping social circles. So this second group, too, spends more, which shifts the frame of reference for the group just below it, and so on, all the way down the income ladder. These cascades have made it substantially more expensive for middle-class families to achieve basic financial goals.

In a recent working paper based on census data for the 100 most populous counties in the United States, Adam Seth Levine (a postdoctoral researcher in political science at Vanderbilt University), Oege Dijk (an economics Ph.D. student at the European University Institute) and I found that the counties where income inequality grew fastest also showed the biggest increases in symptoms of financial distress.

For example, even after controlling for other factors, these counties had the largest increases in bankruptcy filings.

Divorce rates are another reliable indicator of financial distress, as marriage counselors report that a high proportion of couples they see are experiencing significant financial problems. The counties with the biggest increases in inequality also reported the largest increases in divorce rates.

Another footprint of financial distress is long commute times, because families who are short on cash often try to make ends meet by moving to where housing is cheaper — in many cases, farther from work. The counties where long commute times had grown the most were again those with the largest increases in inequality.

The middle-class squeeze has also reduced voters’ willingness to support even basic public services. Rich and poor alike endure crumbling roads, weak bridges, an unreliable rail system, and cargo containers that enter our ports without scrutiny. And many Americans live in the shadow of poorly maintained dams that could collapse at any moment.

 

ECONOMISTS who say we should relegate questions about inequality to philosophers often advocate policies, like tax cuts for the wealthy, that increase inequality substantially. That greater inequality causes real harm is beyond doubt.

But are there offsetting benefits?

There is no persuasive evidence that greater inequality bolsters economic growth or enhances anyone’s well-being. Yes, the rich can now buy bigger mansions and host more expensive parties. But this appears to have made them no happier. And in our winner-take-all economy, one effect of the growing inequality has been to lure our most talented graduates to the largely unproductive chase for financial bonanzas on Wall Street.

In short, the economist’s cost-benefit approach — itself long an important arrow in the moral philosopher’s quiver — has much to say about the effects of rising inequality. We need not reach agreement on all philosophical principles of fairness to recognize that it has imposed considerable harm across the income scale without generating significant offsetting benefits.

No one dares to argue that rising inequality is required in the name of fairness. So maybe we should just agree that it’s a bad thing — and try to do something about it.

 

Robert H. Frank is an economics professor

at the Johnson Graduate School of Management

at Cornell University.

Income Inequality: Too Big to Ignore,
NYT,
16.10.2010,
http://www.nytimes.com/2010/10/17/business/17view.html 

 

 

 

 

 

Exxon’s Second-Quarter Earnings

Set a Record

 

August 1, 2008

The New York Times

By CLIFFORD KRAUSS

 

HOUSTON — Exxon Mobil reported the best quarterly profit ever for a corporation on Thursday, beating its own record, but investors sold off shares as oil and natural gas prices resumed their recent decline.

Record earnings for Exxon, the world’s largest publicly traded oil company, have become routine as the surge of oil prices in recent years has filled its coffers. The company’s income for the second quarter rose 14 percent, to $11.68 billion, compared to the same period a year ago. That beat the previous record of $11.66 billion set by Exxon in the last three months of 2007.

Exxon’s profits were nearly $90,000 a minute over the quarter, but it was less than Wall Street had expected. Exxon’s shares fell 4.6 percent, to close at $80.43. (The company calculates that it pays $274,000 a minute in taxes and spends $884,000 a minute to run the business.)

The disappointment from investors is bound to put added pressure on Exxon Mobil’s chairman and chief executive, Rex Tillerson, to search for new fields in politically precarious areas of Africa and the Middle East.

The sell-off in Exxon stock, as well as other oil company stocks, continued a trend of recent weeks as oil and natural gas prices have fallen sharply from record levels. But investor disappointment was also a response to problems that surfaced in the company’s report, particularly a 10 percent drop in oil production and a 3 percent decline in natural gas production from the second quarter of 2007.

The production decrease, the second quarterly drop in a row, was viewed with concern by energy analysts, especially since the company spent $7 billion to find and produce from new fields, nearly 40 percent more than in the same quarter last year.

“It raises the question of whether the company has been underinvesting the last few years,” said Brian Youngberg, an energy analyst at Edward Jones, an investment firm. “High commodity prices are driving the record earnings, not growth in production volumes of oil and gas.”

Crude oil prices in the second quarter averaged more than $124 a barrel, 91 percent higher than the same quarter in 2007, according to a recent report by Oppenheimer & Company, an investment bank. Natural gas prices averaged $10.80 for every thousand cubic feet, up 43 percent from the quarter a year ago. After spiking even higher in early July, prices settled on Thursday at $124.08 for oil and about $9.18 for natural gas.

Despite its production problems, Exxon earned $10 billion in the quarter from exploration and production, up from $6 billion in the same period a year ago. But the company’s $1.6 billion in profit from refining was less than half that in last year’s quarter because of lower worldwide refining margins. Earnings from its chemical business of $687 million were down $326 million from last year.

Company officials said they were working hard to increase production with new projects in Africa, the Middle East and the Gulf of Mexico. The company reported that it intended to disburse $125 billion in capital spending over the next five years in an effort to produce more oil and natural gas.

Royal Dutch Shell, Eni and Repsol, three of Europe’s largest oil companies, also reported strong profits on Thursday, although their production results disappointed analysts. Shell reported its output had declined by 1.6 percent in the quarter, and Repsol’s production fell by nearly 20 percent. Eni’s production was slightly higher.

Nevertheless Shell, Europe’s largest oil company, reported a 33 percent increase in second-quarter profit, to $11.56 billion, from $8.67 billion in the period a year ago.

Oil companies are under pressure to find new reserves as their traditional fields age and they face increasing competition from state-run oil companies in Russia and the Middle East. Shell is also looking to make up for production lost in Nigeria, where militants attacked an offshore production vessel in June, and in Russia, where it had to sell its share in the Sakhalin Island oil and natural gas project to the state-controlled energy company Gazprom last year.

Adding together the output of all the major international oil companies, including Chevron, Conoco, BP, Shell, Total and Exxon, this appears to be the fourth straight quarter of production declines, according to Barclays Capital analysts. Barclays said the total decline might exceed 600,000 barrels a day, reflecting the difficulties the oil companies had in gaining access to new regions to make up for the decline of mature fields. (Total will report its results on Friday.)

Exxon’s oil and natural gas production tumbled in the second quarter because of Venezuela’s expropriation of Exxon’s assets last year, labor and political strife in Nigeria and declining production in many fields around the world.

Meanwhile, under the terms of Exxon’s contracts, governments in Russia, Angola and other places where it operates gained a larger share of production from Exxon and other international companies as crude oil prices rose. With prices now declining, Exxon may show higher production levels in future quarters even if profit is not as robust.

Democrats in Congress were quick to criticize Exxon’s profit, hoping that the resentment felt by many drivers over high gasoline and diesel prices could help them in an election year.

“Inside the boardrooms at the major oil companies, it’s Christmas in July,” said Senator Charles E. Schumer, Democrat of New York. “What’s shocking is that Big Oil is plowing these profits into stock buybacks instead of increasing production or investing in alternative energy.”

The company purchased $8 billion of its own shares over the quarter, reducing shares outstanding by 1.7 percent.

Kenneth Cohen, an Exxon vice president, said oil companies needed the profits to search for more oil and gas. He also challenged Congress to open up waters in the Gulf of Mexico and off the Atlantic and Pacific coasts to drilling, as well as other federal lands where drilling is prohibited.

“Our Congress needs to give us access to those areas that are currently off limits to the industry,” he said.

Exxon’s income of $2.22 a share compared with $10.26 billion, or $1.83 a share, in the same quarter a year ago. Revenue rose 40 percent, to $138.1 billion, from $98.4 billion in the quarter a year ago.



Julia Werdigier contributed reporting from London.

Exxon’s Second-Quarter Earnings Set a Record,
NYT,
1.8.2008,
http://www.nytimes.com/2008/08/01/business/01oil.html

 

 

 

 

 

Write-Down Is Planned at Merrill

 

July 29, 2008

The New York Times

By LOUISE STORY

 

Only 10 days after stunning Wall Street with a huge quarterly loss, Merrill Lynch unexpectedly disclosed another multibillion-dollar write-down on Monday and sought to bolster its finances once again by selling new stock to the public and to an investment company controlled by Singapore.

Moving to purge itself of the tricky mortgage-linked investments that have brought the once-proud firm to its knees, Merrill said that it had sold almost all of the troublesome investments, once valued at nearly $31 billion, at a fire-sale price of 22 cents on the dollar.

As a result, Merrill expects to record a write-down of $5.7 billion for the third quarter. Such an outcome could push Merrill into the red for a fifth consecutive quarter if revenue remains weak and would bring its charges since the credit crisis erupted last summer to more than $45 billion.

The problems at Merrill, the nation’s largest brokerage, underscore how bankers and policy makers are struggling to contain the damage to the financial system and the broader economy caused by the collapse of housing-related debt. The latest news came on a day when the International Monetary Fund said there was no end in sight to the housing slump, a forecast that depressed financial shares as well as the broader market.

To shore up its finances, Merrill said it would raise $8.5 billion in new capital from common shareholders, including $3.4 billion from the investment arm of the Singapore government, Temasek Holdings, which, with an 8.85 percent stake as of June 30, is already Merrill’s largest shareholder. Those shares and a conversion of preferred securities into common stock will dilute the value of stock held by current shareholders by about 40 percent.

John A. Thain, who has struggled to turn Merrill around since becoming chief executive in December, said the sale of the worrisome investments, known as collateralized debt obligations, or C.D.O.’s, was “a significant milestone in our risk reduction efforts.”

The C.D.O.’s have plunged in value over the last year, forcing Merrill to take one write-down after another and sapping investors’ confidence. Merrill’s share price fell 11.6 percent on Monday, before the news of the write-down and stock sale were announced after the close of trading. Merrill is trading near its lowest level in a decade.

But the sale of the C.D.O.’s, to an investment fund based in Dallas, may enable Merrill to move on, investors said.

“What they sold, from a headline standpoint, is certainly constructive because they have reduced risk in a very sensitive area,” said Thomas C. Priore, chief executive of Institutional Credit Partners, a $12 billion hedge fund and C.D.O. manager in New York.

Merrill had been working on the C.D.O. sale and the effort to raise capital before its earnings call but did not finalize the actions until recent days.

Merrill’s sales could cause further write-downs at other Wall Street firms with C.D.O. exposure. If those companies — the likes of Citigroup and Lehman Brothers — have similar C.D.O.’s valued at prices higher than those at which Merrill sold, the firms may be forced to take additional charges to reflect the difference.

Merrill recently moved to raise money by selling its 20 percent stake in Bloomberg L.P., the financial news and data company, for $4.425 billion. Mr. Thain hinted at the C.D.O. sale in the quarterly earnings call, in response to a question from Meredith Whitney, an analyst with Oppenheimer & Company.

“Why not, at this point, be the first to purge assets and get it over with? And, if that means raising capital, raise capital,” Ms. Whitney said.

Mr. Thain responded that Merrill had been selling assets but had not yet sold any C.D.O.’s.

“Your question is a very leading one, and that would certainly be something that we would hope that we could do,” Mr. Thain said.

Merrill sold the investments at a steep loss. The United States super senior asset backed-security C.D.O.’s that Merrill sold were once valued at $30.6 billion. As of the end of second-quarter, Merrill valued them at $11.1 billion — or 36 cents on the dollar. And Merrill sold them for $6.7 billion to an affiliate of Lone Star Funds, the Dallas private equity firm.

Merrill provided 75 percent financing to Lone Star Funds, which means Merrill lent the private equity fund about $5 billion to complete the sale.

The discounted sales will cause the majority of Merrill’s write-down in the third quarter.

Merrill also said it had settled a battle with the reinsurance company XL Capital Assurance, which had insured some of the firm’s C.D.O.’s.

Write-Down Is Planned at Merrill,
NYT, 29.7.2008,
http://www.nytimes.com/2008/07/29/
business/29merrill.html

 

 

 

 

 

 

Related > Anglonautes > Vocapedia

 

economy, money, taxes,

housing market, shopping,

jobs, unemployment, retirement,

debt, poverty, homelessness

 

 

industry, energy, commodities