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Latest blog posts from Idiot Inc

JPMorgan chases away 9,200 WaMu employees
More layoffs are on the way for the poor slobs still working for WaMu. The troubled bank’s new owner, JPMorgan Chase, has announced that it will be laying off 9,200 jobs as part of a “transition period.” 4,000 employees will be cut by the end of January while the other 5,200 will be axed...
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Published 9 hours ago

Citi eliminates severance pay in internal memo
Beginning in January, laid off Shittygroup Citigroup employees will no longer be getting severance pay according to this company memo. Know what this means? 53,000 layoffs wasn’t enough, and more axings are probably on the way… To: U.S. Citi employees From: Paul McKinnon, Head of Human...
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Published a day ago

Pilgrim’s Pride files for bankruptcy
Just after word leaked that they would lose $800 million in the fourth quarter, poultry company
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Published a day ago

Pilgrim’s Pride pegs profits at negative $800+ million
Perpetually-failing chicken producer Pilgrim’s Pride has announced that its fourth-quarter losses will be over $802 million. The company has blamed its losses on the rising costs of animal feed and an acquisition which cost PP $500 million over the quarter. The embattled company has had to deal...
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Published 2 days ago

Idiot Links: November 27, 2008
Suspicious Minds: The Democrats are investigating the investigation of Eliot Spitzer. [NY Times] Nuts: The guy who broke the ad agency cubicle sex tape has been fired. [Asylum] Thanksgiving Gambling: Check out the lines on Turkey-day football games. [Bodog] That’s it for updates today �"...
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Published 6 days ago

LandAmerica lands its ass in bankruptcy
Title underwriter LandAmerica Financial Group has filed for bankruptcy with $2.8 billion in debts. The company has pointed the finger at Fidelity for pulling out of a $126 million takeover offer. Shares of the company �" which peaked last year at $106 �" are currently trading around 90 cents....
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Published 6 days ago

RBC Bank posts $103 million quarterly loss
The U.S. wing of the Royal Bank of Canada has put up a big red $103 million for the third quarter as the bank sets aside money for bad loans. Last year, the bank made a profit of $18.4 million. Welcome to the U.S. guys. [Atlanta Biz Journal] RBC Bank swings to $103M loss
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Published 6 days ago

Idiot Links: November 25, 2008
Three strikes: Vikram Pandit has one more screw-up left at Citi. What’s it going to be? [Dealbreaker] Dumbass: A British juror sent out a Facebook message asking her friends how they would vote in a criminal case. [Techdirt] Mad Men Material: The already-infamous video that shows two ad...
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Published 7 days ago

Bayer buys its way out of bribery case �" $97.5 million settlement
German medical giant Bayer will pay the U.S. government $97.5 million in order to settle charges that it bribed diabetic supply companies to use its products rather than those of its competitors. The $2.5 million in kickbacks to companies like Wilford Brimley-endorsed Liberty Medical were...
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Published 7 days ago

Starbucks expects 2009 to suck
Starbucks execs have gone on record in their latest annual report saying that 2009 will be “extremely challenging” for the company. They also predicted that same-store sales would drop, but assured investors that they would be “disciplined in [their] approach to new store openings.” The...
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Published a week ago

Eclipse Aviation tailspins into bankruptcy
Jet-maker Eclipse has filed for Chapter 11 bankruptcy with $1 billion in debts. The company will continue to operate as it goes through court-administered restructuring, and their 945 employees “should see no major changes.” The problem with the company according to the CFO Mark Borseth was...
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Published a week ago

Texas homebuilder DR Horton barbecued $799.9 billion last quarter
Fort Worth-based homebuilder DR Horton, which bills itself as America’s builder, has just posted a Texas-sized loss of $800 million. The company’s revenues plunged by 44 percent, but this number still beat analysts’ expectations. For the full-year, the company has lose $2.63 billion �"...
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Published a week ago