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JC Penney CEO: America Believes in Ellen Degeneres

Editor - Finance Top Stories — Sat, 11 Feb 2012 23:23:43 +0000

The new marketing campaign hasn’t even launched yet, but just about every American knows Ellen DeGeneres is JC Penney’s new spokesperson.

A group called One Million Moms organized a Facebook campaign protest this week in response to JC Penney’s decision to hire DeGeneres, who is openly gay.

JC Penney is “jumping on the pro-gay bandwagon,” the One Million Moms organization declared, suggesting “the majority of JC Penney shoppers will be offended and choose to no longer shop there.”

After Bill O’Reilly defended her and JC Penney on Fox News, DeGeneres spoke about the protest at length on her show “Ellen” this week.

Despite potential controversy, “there wasn’t ever any doubt” JC Penney was going to stick with DeGeneres, Ron Johnson, CEO of JC Penney, tells me in the accompanying video. “We believe in Ellen. She shares our values and America believes in Ellen.”

So enamored is Johnson with DeGeneres that he says

How the major stock indexes fared on Friday (AP)

Editor - Stock Markets News — Sat, 11 Feb 2012 23:23:14 +0000

Stocks had their worst day of the year Friday after Greece hit a roadblock on its way to a critical bailout. The SP 500 index had its first down week of the year.

The Dow Jones industrial average closed down 89.23 points, or 0.7 percent, at 12,801.23.

The Standard Poor’s 500 finished down 9.31 points to 1,342.64.

The Nasdaq composite closed down 23.35 points at 2,903.88.

For the week:

The Dow is down 61 points, or 0.5 percent.

The SP 500 is down 2.26 points, or 0.2 percent.

The Nasdaq is down 1.78 points, or 0.1 percent.

For the year so far:

The Dow is up 583.67 points, or 4.8 percent.

The SP 500 is up 85.04 points, or 6.8 percent.

The Nasdaq is up 298.73 points, or 11.5 percent.

Summary Box: Stocks fall as Greek deal is held up (AP)

Editor - Stock Markets News — Sat, 11 Feb 2012 23:23:02 +0000

BAILOUT BLUES: U.S. stocks took their biggest slide so far this year on news that European countries that share the euro with Greece want it to make deeper spending cuts in exchange for bailout money. Stocks had risen just a day before on hopes the bailout was imminent.

EVERYONE DOWN: The declines were broad with all ten industry groups in the SP 500 stock index down. Materials stocks fell the most, 1.8 percent. Jeans maker True Religion Apparel plunged 28 percent after its earnings fell far below what analysts were expecting.

GOLD DID WHAT?: The safe-haven metal usually rises when stocks fall, but on Friday it fell 1 percent. “People are speculating, and so the drop could get bigger,” said Mark Matson, CEO of Matson Money.

SEC looks into private equity industry practices: WSJ (Reuters)

Editor - Stock Markets News — Sat, 11 Feb 2012 23:22:50 +0000

(Reuters) – The Securities and Exchange Commission has launched an inquiry into how the private equity industry values its investments, how those investments are marketed, and other practices, the Wall Street Journal reported on Saturday.

Federal regulators sent letters to numerous private equity firms in December in an “informal inquiry” into the $1.2 trillion industry, which historically has not been a major focus of scrutiny by the SEC, the newspaper said.

It was unclear which firms received the SEC letter which “requested information related to 12 broad areas, including fund raising and fund formation,” it said.

One focus of the SEC inquiry will be how private equity firms value investments and discrepancies in valuations from firm to firm, it said, citing the letter and people familiar with the matter.

The SEC has increased resources policing private equity as the industry has grown since the 2008-2009 financial crisis. Regulators have several cases involving private equity

Greece’s grim choice: deep budget cuts or default

Editor - Finance Top Stories — Sat, 11 Feb 2012 19:31:52 +0000

WASHINGTON (AP) — Why would Greece accept more pain when unemployment is at 21 percent, the economy is enduring its fifth year of recession and rioters are hurling gasoline bombs in the streets of Athens?

Because the alternative might be worse.

Greek leaders are gritting their teeth as they move forward with a plan to further slash spending in return for a bailout of about $172 billion (€130 billion) from other countries in Europe and around the world. The Greek Parliament is scheduled to vote on the plan Sunday.

Greece is trapped in a lose-lose predicament: It

Greece’s grim choice: deep budget cuts or default

Editor - Finance Top Stories — Sat, 11 Feb 2012 19:31:52 +0000

Because the alternative might be worse.

Greece is trapped in a lose-lose

7 Ways the U.S. Government Wastes Money

Editor - Finance Top Stories — Sat, 11 Feb 2012 19:31:26 +0000

You don’t have to look very far to find the U.S. government wasting money. It’s everywhere. It’s where you think it is and in places where you’d never even think of looking. The government’s wasteful spending habits go way beyond the infamous “Bridge to Nowhere” in Alaska.

With a federal debt north of $15 trillion and projected annual deficits exceeding $1 trillion as far as the eye can see, it’s clear that the federal government has difficulty controlling costs or living within a budget. If it can’t cut the low-hanging fruit listed in this article, how can anyone expect the politicians to make tough reductions in spending?

These are seven ways that the U.S. government wasted tax dollars in 2011. For a more lengthy view, discover all 100 ways in Sen. Tom Coburn’s Wastebook.

$175,587 – Study on Cocaine and the Risky Sex Habits of Quail
Why quail? The

JC Penney CEO: America Believes in Ellen Degeneres

Editor - Finance Top Stories — Sat, 11 Feb 2012 19:31:14 +0000

The new marketing campaign hasn’t even launched yet, but just about every American knows Ellen DeGeneres is JC Penney’s new spokesperson.

A group called One Million Moms organized a Facebook campaign protest this week in response to JC Penney’s decision to hire DeGeneres, who is openly gay.

After Bill O’Reilly defended her and JC Penney on Fox News, DeGeneres spoke about the protest at length on her show “Ellen” this week.

So enamored is Johnson with DeGeneres that he says

JC Penney CEO: America Believes in Ellen Degeneres

Editor - Finance Top Stories — Sat, 11 Feb 2012 19:31:14 +0000

The new marketing campaign hasn’t even launched yet, but just about every American knows Ellen DeGeneres is JC Penney’s new spokesperson.

A group called One Million Moms organized a Facebook campaign protest this week in response to JC Penney’s decision to hire DeGeneres, who is openly gay.

After Bill O’Reilly defended her and JC Penney on Fox News, DeGeneres spoke about the protest at length on her show “Ellen” this week.

So enamored is Johnson with DeGeneres that he says

A look at economic developments around the globe (AP)

Editor - Stock Markets News — Sat, 11 Feb 2012 19:30:31 +0000

A look at economic developments and activity in major stock markets around the world Friday:

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ATHENS, Greece — Greece’s future in the eurozone faced more uncertainty as protests again turned violent and dissent grew among its lawmakers after European leaders demanded deeper spending cuts.

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BERLIN — The German Parliament is set to hold a special session on Feb. 27 to vote on the second bailout for Greece, a senior lawmaker said.

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LONDON — Stock markets and the euro fell sharply after Greece’s crucial bailout was put on hold by its partners in the 17-nation eurozone and the leader of a small partner in the country’s coalition government said he would vote against the new austerity measures.

The benchmark index in Athens close 3.2 percent lower. The FTSE 100 index of leading British shares ended 0.7 percent lower while Germany’s DAX slid 1.4 percent. The CAC-40 in France lost 1.5 percent.

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TOKYO — In Asia, Japan’s