Saturday Odd Bits Roundup: Money: Earn, Invest, Steal
by Miki Saxon
Just three short goodies today.
Profits guaranteed. Isn’t it nice to know that some folks will make money as a result of the current disaster—and it isn’t even off stock options. All you need is a law degree and a spot at the right firm. Of course, you know who’s going to foot the bill, right?
Two other bits from Business Week; one could be considered investment intel and the other answers the question of why Ponzi schemes are popping up like mushrooms after a heavy rain.
Let Them Eat Big Macs
The swelling ranks of jobless can’t afford to dine out like they used to. While that’s bruising full-service restaurants, austerity is usually a plus for McDonald’s. The chain, which has been playing up its cheap eats, said on Jan. 26 that same-store sales jumped 7.2% worldwide in the fourth quarter, while operating income rose 11%. To pump up its numbers further in 2009, McDonald’s said it will spend $2.1 billion on construction, including 1,000 new outlets.
Ponzi, Ponzi Everywhere
Bernard Madoff may have pulled off the mother of all Ponzi schemes, but the downturn seems to be exposing lots of smaller-fry variants. On Jan. 26, for example, Nicholas Cosmo, suspected in a $380 million scam, surrendered to federal authorities on Long Island. The next day, FBI agents arrested Arthur Nadel, a Florida hedge fund adviser accused of bilking clients of tens of millions of dollars. Other cases in Florida, Georgia, Idaho, and Pennsylvania have recently come to light. Why now? Because in a downturn, investors often try to get their money out—and there’s no new cash coming in to pay them.
Image credit: flickr
