Last 10-er of the week: These are the 10 most interesting things I spotted today.
• Bottom Lines Buoy Rebound Hopes: Though Profits Are Still Weak, Cost Cuts, Overseas Demand Help Many Companies Find Footing (WSJ)• CNBC Viewership Down 28% (ZeroHedge) According to Nielsen, CNBC has lost 28% of viewers year over year. I will have more on this next week . . .
• Bankers’ Bonuses Beat Earnings as Industry Imploded The nation’s nine largest banks handed out $32.6 billion in bonuses last year even as they ran up more than $81 billion in losses and accepted billions of dollars in emergency federal aid, New York Attorney General Andrew M. Cuomo says in a report released Thursday. (Washington Post) see also It’s Still Good To Be A Banker (The Atlantic)
• The Great Recession is Over! Long Live the Ordinary Recession . . . (The Big Picture) I try not to do this, but damn, that was a good hedline
• Tell Me Lies, Tell Me Sweet Little Lies (MacroMan) Misrepresentation in corporate earnings statements is rife; according to S&P, of the 197 SPX companies to report this quarter, only a quarter have actually earned the number reported in the headlines. Fully 63.5% stuffed “one-off” or “extraordinary” items in their income statements, while only 24 of the 197 had reported earnings that were higher than headline operating earnings.• Former Tres Secy Hank Paulson Joins Electric-Car Startup As Advisor (Green Car Reports)
• Spinning in the Grave: The three biggest reasons music magazines are dying: Readership’s down, advertising’s down, the old guard has been slow in adapting to the Internet. (Slate)
• Artist Sues Random House Over Use Of Wall St Bull Image The artist who created Wall Street’s famed “Charging Bull” statue sued Random House and the authors of a recently released book on the collapse of investment bank Lehman Brothers over their use of an image of the bull. (Dow Jones) Wait, you mean you can’t do that . . . ?
Enjoy your weekend!