February 22, 2013 - Helaine Olen has had it with self-proclaimed personal finance gurus offering glib advice. In her new book, "Pound Foolish," she describes how middle-class families are being buried by stagnant wages, and the rising costs of housing, education and health care emergencies. Meanwhile, she argues, the replacement of pensions with 401(k)s means financial firms found millions of new customers, but workers ended up worse off. The "personal finance and investment industrial complex" profit while half of Americans live paycheck to paycheck.
Across the Standard & Poor’s 500 Index of companies, the average multiple of CEO compensation to that of rank-and-file workers is 204, up 20 percent since 2009, according to data compiled by Bloomberg. The numbers are based on industry-specific estimates for worker compensation.
David Graeber likes to say that he had three goals for the year: promote his book, learn to drive, and launch a worldwide revolution. The first is going well, the second has proven challenging, and the third is looking up.
“Occupy Wall Street” protesters lost a bid to overturn their eviction and the removal of tents and structures from a lower Manhattan park where they had been demonstrating 24 hours a day for eight weeks.
Pfizer Inc. will try to introduce a nonprescription form of Lipitor, its top-selling drug, to help cushion tumbling sales of the cholesterol pill as generic versions reach the market, Chief Executive Officer Ian Read said.
A few hundred protesters briefly tied up Wall Street on the weekend of Sept. 17, some wearing face paint and many holding homemade signs. In weeks since the Occupy Wall Street movement has spread to San Francisco, Philadelphia, Dallas, Washington, and elsewhere.
Not all reaction to the Occupy Wall Street movement has been predictable. Jim Chanos, a hedge-fund chief, and Bill Gross, the highest profile bond-fund manager in America, expressed sympathy for the protesters.
Zuccotti Park, headquarters of Occupy Wall Street, is Manhattan's newest open-air exhibit, home to hundreds of populist protesters. While some people heap scorn on the group, others donate their time, passion, services, goods--and a lot of money.