Newsfeeds 5.1.09

Now what? As the Landmark lies dormant, what’s next? (The Hook)
Just like an abandoned building, workers began boarding up the side of the hotel with plywood in late March. The Landmark’s owner, Halsey Minor, and its developer, Lee Danielson, are locked in a legal battle over who is at fault in running up the cost of the hotel from an initial budget of around $31 million to as much as $50 million, according to Minor’s suit against Danielson, and with the property mired in a bank default, the unfinished, 92,000-square-foot concrete shell could remain a fixture on the Mall for months, if not years.

Bank of Floyd whistle-blower denied appeal (Roanoke Times)
The U.S. Supreme Court has ended a seven-year legal dispute between the Bank of Floyd and its former chief financial officer by declining to hear the former executive’s appeal of his firing. David Welch initially won whistle-blower protection under the Sarbanes-Oxley Act, designed to reform corporate financial reporting. Although Welch was at first victorious, the bank successfully appealed an order to reinstate Welch, which was overturned. Despite multiple appeals, he never regained whistle-blower protection that would have entitled him to return to the Bank of Floyd.

Chrysler Gets an Italian Accent ( NY Times)
Fiat quietly ended its effort to market cars in the United States a quarter-century ago when the last of its vehicles to carry the Fiat nameplate, the 1983 Brava sedan, drove off a dealer lot. This time around, the Italian automaker is hoping to make a more favorable and lasting impression on American consumers, with much-improved, fuel-efficient cars that could roll off the assembly lines of its new partner, Chrysler, in as little as 18 months.

The Mind of the Market (Forbes)
For believers in EMH–the efficient market hypothesis–May 4 will be a fascinating day. That’s the release date for results from the Federal Reserve’s stress tests of 19 big banks. And subscribers to the theory that the stock market quickly–and mostly accurately–reflects new information in prices, are wondering how the market will react. Many are betting the reaction is going to be bizarre.

CEO pay dives in a rough 2008 (USA Today)
First, their image sank to new lows as the Wall Street and economic collapse fanned public outrage. Then most, even those far removed from the financial sector, took a blow to their wealth, as well. That’s clear now that U.S. companies are deep into the period in which they tell shareholders how much top executives earned in 2008 — a year when most Americans got a refresher course in financial pain.

Weekend Wind-down: Autoworkers Compete for Jobs on Reality TV
On Auto Warriors two Ford plants will battle it out, building to the LIVE season finale event: one plant will close, 3,000 will get the axe! More great satire from the Onion News Network.

Now what? As the Landmark lies dormant, what’s next? (The Hook)
Just like an abandoned building, workers began boarding up the side of the hotel with plywood in late March. The Landmark’s owner, Halsey Minor, and its developer, Lee Danielson, are locked in a legal battle over who is at fault in running up the cost of the hotel from an initial budget of around $31 million to as much as $50 million, according to Minor’s suit against Danielson, and with the property mired in a bank default, the unfinished, 92,000-square-foot concrete shell could remain a fixture on the Mall for months, if not years.

Bank of Floyd whistle-blower denied appeal (Roanoke Times)
The U.S. Supreme Court has ended a seven-year legal dispute between the Bank of Floyd and its former chief financial officer by declining to hear the former executive’s appeal of his firing. David Welch initially won whistle-blower protection under the Sarbanes-Oxley Act, designed to reform corporate financial reporting. Although Welch was at first victorious, the bank successfully appealed an order to reinstate Welch, which was overturned. Despite multiple appeals, he never regained whistle-blower protection that would have entitled him to return to the Bank of Floyd.

Chrysler Gets an Italian Accent ( NY Times)
Fiat quietly ended its effort to market cars in the United States a quarter-century ago when the last of its vehicles to carry the Fiat nameplate, the 1983 Brava sedan, drove off a dealer lot. This time around, the Italian automaker is hoping to make a more favorable and lasting impression on American consumers, with much-improved, fuel-efficient cars that could roll off the assembly lines of its new partner, Chrysler, in as little as 18 months.

The Mind of the Market (Forbes)
For believers in EMH–the efficient market hypothesis–May 4 will be a fascinating day. That’s the release date for results from the Federal Reserve’s stress tests of 19 big banks. And subscribers to the theory that the stock market quickly–and mostly accurately–reflects new information in prices, are wondering how the market will react. Many are betting the reaction is going to be bizarre.

CEO pay dives in a rough 2008 (USA Today)
First, their image sank to new lows as the Wall Street and economic collapse fanned public outrage. Then most, even those far removed from the financial sector, took a blow to their wealth, as well. That’s clear now that U.S. companies are deep into the period in which they tell shareholders how much top executives earned in 2008 — a year when most Americans got a refresher course in financial pain.

Weekend Wind-down: Autoworkers Compete for Jobs on Reality TV
On Auto Warriors two Ford plants will battle it out, building to the LIVE season finale event: one plant will close, 3,000 will get the axe! More great satire from the Onion News Network.

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