Madoff fraud: Three degrees of separation

“When you meet him, you’d like him.” – Pat Fishe, professor of finance at University of Richmond’s Robins School of Business. Fishe met alleged fraud Bernard Madoff in 2000 while serving as a visiting fellow at the Securities and Exchange Commission. On occasion, Madoff provided expert insight for the SEC.

Genworth to lay off 1,000 employees

Genworth will be laying off 1,000 employees, or about 1/7th of the company’s global workforce. A company spokesman said he does not yet know how any of the 1,750 Richmond workers will be let go. But if the cuts were even across all the offices, it would amount to around 250 workers. “This move is… Read more »

Caution flag for RIR

The financial turmoil surrounding Detroit’s Big Three automakers could throw a wrench into one of the area’s biggest sports engines: Richmond International Raceway. Domestic automakers have slashed their marketing budgets, which means millions in potential losses not only for NASCAR, but also for RIR and parent company ISC Motorsports. Chevrolet, a General Motors brand, announced… Read more »

Layoffs kill productivity for remaining workers, study finds

Headlines have been blaring news about layoffs across the area. That’s obviously bad news for those who get a pink slip, but it’s also bad for the businesses that let the workers go. According to a recently released study, 74 percent of employees who survive a corporate layoff say their own productivity has dipped since… Read more »

Local NASCAR expert says sport ok

Local NASCAR expert Dr. Jon Ackley said the sport will continue even if the Big Three go under, but either way major changes are on the way. Ackley is a professor of management at the VCU School of Business and teaches a Business of NASCAR class. He also helps manage a blog about the business… Read more »

Building volume, value plummet in Henrico, Chesterfield

Construction in Richmond is entering a deep chill. Building volume is down as much as 50 percent in some parts of Richmond. And the projects that are coming out of the ground appear to be smaller than in the past, according to an analysis of building permit data. But despite a steep pullback, the permitting… Read more »

Hotel Chain with 5 RIC locations in trouble

The Wall Street Journal reported this morning that Extended Stay Hotels, Inc. is in early talks that could result in turning the hotel chain over to lenders. The hotels are geared towards business travelers who need rooms for longer than a night or two. Four of the hotels are around Innsbrook, and the bankruptcies of… Read more »

‘Small businesses really drive the train,’ says mayor-elect

As Mayor-elect Dwight Jones prepares to transition from the pulpit back to public office, Richmond BizSense sat down with him to find out his plans for economic development and fostering business growth. Jones, a Philadelphia native with a deliberate delivery, is no stranger to doing business in Richmond. He chaired the downtown development group Richmond… Read more »

Auto bailout’s local fallout

It looks like Detroit’s carmakers will get their bailout. That’s good news for the 60 new car dealerships in the metro Richmond market, which employ about 3,500 workers, according to the Virginia Automobile Dealers Association. Without federal loans, Chrysler and GM would most likely end up in bankruptcy. That could slow sales even more and… Read more »

Surf’s up, couch style

Talk about homestyle. One social networking site is providing travelers with a free alternative to staying in a hotel. That might be why about 10,000 people a week sign up to join The Couch Surfing Project matches people all over the world who have an extra couch or bed with someone looking for a… Read more »