On the Street

General Electric – Halloween Hobgoblins from Past

When he was climbing the corporate ladder at General Electric at the end of the last century, former Chairman Jack Welch earned the nickname Neutron Jack because of his policy of eliminating the ‘bottom’ 10% of his employees and selling or closing entire companies that were not in the top 2 of their industries. When he became Chairman, Jack Welch ...

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American Unemployment Drops to its Lowest Level Since the 1970’s

According to the latest report from the Labor Department, the number of Americans that filed for unemployment is at its lowest it has been in the last 44 years.  MarketWatch and Reuters had forecasted that 240,000 Americans would file for unemployment benefits during this time period, but the Labor Department announced that the number was closer to 222,000 in the week ...

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‘Asleep at the Wheel’ Equifax CEO Steps Down

Equifax CEO Richard Smith is stepping down amid public outrage in response to the massive data breach announced earlier this month. This is a good decision in terms of reputation for Equifax, but Smith should be up on charges and the company should be subject to a class action suit. “The cybersecurity incident has affected millions of consumers, and I ...

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EU Takes Aim at American Tech Giants

Silicon Valley tech giants are flourishing, and the European Union wants a slice of the pie. Targets include Facebook, Amazon, Apple, Netflix, and Google – a group of companies collectively known as “FAANG.” At least 9 of the EU’s 28 member states support a movement to tax large digital corporations on their turnover rather than on their profits. Such a ...

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Equifax CyberSecurity Chief was a Music Major with No Technical Training – Attempted a Coverup

Equifax CEO Richard Smith prepares to face the music.

New problems arising for Equifax after it was revealed that their cybersecurity chief responsible for securing 143 million stolen records was a music major with no technical training. Equifax chief security officer Susan Mauldin retired on Friday amid widespread accusations that her company could have done more to prevent the massive data breach that has exposed more than 140 million ...

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Class-Action Suit Against Google – Gender Pay Discrimination?

Three former female Google employees are suing the tech giant claiming that the company pays women less than men in similar roles, while also purposely putting women in career paths with lower pay potential. The official complaint was filed last Thursday in the San Francisco Superior Court by Plaintiffs Kelly Ellis, Holly Pease and Kelli Wisuri, all of which worked ...

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Congress Acts to Investigate Equifax’s Massive Cybersecurity Leak

On September 7, the credit-monitoring company Equifax announced a cybersecurity breach that potentially impacted 143 million Americans. “It was a painful announcement because of the concern and frustration this incident has created for so many consumers. We apologize to everyone affected. This is the most humbling moment in our 118-year history,” wrote Richard F. Smith, CEO of Equifax, in a ...

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Great Expectations in Defense and More

President Trump ran on a platform that included increased defense spending by both the US and its NATO allies and stocks in this sector already reflect this positive backdrop. However, the market also appreciates that there is many a slip ‘twixt the cup and the lip and that expectations are not reality. A case in point is the stock of ...

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Equifax Attack Exposes 140+ Million to Identity Theft – Stock Drops Like a Rock

Credit card reporting agency Equifax was hacked this summer, and we’re just now finding out about it. The attack, which is the third major cybersecurity threat for the agency since 2015, reportedly exposed personal information – including Social Security numbers – of an estimated 143 million people. Lenders rely on data collected by credit bureaus like Equifax to make decisions ...

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