Parent Company of Columbia House Records files for Bankruptcy

Much like A&P supermarkets and that company’s bankruptcy announcement last month, another piece of Americana is close to officially entering its historical enshrinement. Nearly everyone of a certain age has at least once in their life taken advantage/been taken advantage of the Incredible Deal™, 8 cassette tapes or CDs for a penny, by subscribing to

Congress Considers Lifting Oil-Export Ban

According to U.S. Representative Joe Barton (R-TX), Congress is expected to vote on legislation that would lift a 40 year-old crude-oil export ban for U.S. producers. In an August 6th phone interview with Bloomberg, Barton said “We’ve got green lights in the House all the way,” saying that “The whip, the majority leader, the speaker

Medtronic Issues Recall for Newly-Approved Heart Device

Leading medical device manufacturer Medtronic has issued its second recall in as many weeks involving recently developed technology. Coming off of the European recall of its MiniMed 640 insulin pump last week, which is scheduled for a Pre-Market Approval (PMA) review in the U.S. later this year, the company has recalled nearly 7,000 EnVeo R

Railroads will not Meet Congressional Deadline for Safety Technology Implementation

According to a Federal Railroad Administration report released to the House and Senate Appropriations Committee on Friday, only three freight and commuter railroad companies have submitted safety plans for the implementation of new technology, required to be finished by a December 31st deadline. The technology, Positive Train Control (PTC), depends on GPS technology to automatically

DOJ Subpoenas Allergan as Generics Antitrust Probe Widens

In the wake of a buying and selling frenzy, Irish drugmaker Allergan has been subpoenaed by the Department of Justice (DOJ) over antitrust concerns regarding the pricing of its generic drugs. Last week, the company announced a $40.5 billion selloff of its generics unit to the global generic market leader, Israeli-based Teva Pharmaceuticals. That deal

SEC Approves Rule Mandating Companies to Compare Worker and Executive Pay

Dodd-Frank strikes again, as the Security and Exchange Commission (SEC) adopted a rule on Wednesday to require most public companies to report the comparison of pay between employees and Chief Executive Officers. The commission voted 3-2, with the two Republican commissioners objecting the mandate to include the comparison in a company’s annual audited financial statement

Goldman Sachs Tentatively Agrees to $270 Million Settlement as Mortgage Security Litigation Winds Down

Another domino has reportedly fallen in the aftermath of the mortgage-backed securities (MBS) meltdown that was mostly responsible for the worst economic downturn since the Great Depression. Multiple media outlets are reporting that Goldman Sachs will settle a class-action lawsuit led by the NECA-IBEW’s Health and Welfare Pension Fund of Illinois, among other investors, to