7/23/2015 Ikea, the Swedish furniture icon, along with the Consumer Product Safety Commission (CPSC), has recalled seven million dressers from its popular Malm collection, along with 20 million other dressers and chests of drawers following the deaths of two children who were crushed in 2014. Although technically considered a recall, the CPSC and the company’s
7/22/2015 Tom Wheeler, the chairman of the Federal Communications Commission (FCC), announced his support on Tuesday of AT&T’s $48.5 billion merger with DirecTV. The announcement makes it very likely that the deal will pass any forthcoming regulatory obstacles involved with completing such a massive consolidation. Wheeler’s approval is conditional however; contingent on the willingness of
7/20/2015 Auto safety became political last week on Capitol Hill as lawmakers debated a series of attachments to a transportation bill to be presented next month. Much of the debate went along partisan lines, with the Republican majority blocking several key measures surrounding the massive auto recall epidemic that has plagued the industry over the
7/20/2015 It appears that a major piece of Americana will be gone within a short period of time. The Great Atlantic and Pacific Tea Company, better known for over 150 years as A&P, is likely going out of business for good. The company filed papers late Sunday night for Chapter 11 bankruptcy protection in U.S.
On Friday, banking giant JP Morgan Chase agreed to a $388 million settlement to resolve a class-action lawsuit claiming that the company misled investors regarding the stability of $10 billion worth of mortgage-backed securities (MBS). The lead plaintiff in the case was the Fort Worth employees’ retirement fund, along with others including the Northern and Southern
7/17/2015 Deputy administrator David Friedman, who oversaw the National Highway Transportation Safety Administration (NHTSA) through the majority of its most challenging year ever, left the agency on Friday to take a position at the U.S. Energy Department. Former NHTSA head David Strickland left the agency in January 2014 to join Venable LLP, a law firm
7/16/2015 On Wednesday, Toyota announced that it was recalling over 625,000 hybrid vehicles, the large majority of them Prius models, due to a flaw in the software that controls the power converter. The defect could cause the vehicles to shut down and come to a complete stop. The recall affects the Prius V wagon/minivan, which
The U.S. Food and Drug Administration (FDA) is joining famous environmental and consumer activist Erin Brockovich in its skepticism of Bayer’s popular birth control device, Essure. Bayer claims that the coil-like device is the only non-surgical permanent form of birth control on the market. The FDA announced last month that it will be conducting a
7/12/2015 Embattled Japanese airbag manufacturer Takata has roiled some lawmakers by announcing that the company will not set up a victim’s compensation fund similar to that for the General Motors’ ignition switch recall. Takata’s North American senior vice-president Kevin Kennedy made the announcement in a letter penned to Senator Richard Blumenthal (D-CT), who had strongly
7/10/2015 It’s been a busy 48 hours for National Highway Transportation Safety Administration (NHTSA) chief Michael Rosekind. On Wednesday, the agency released the list of vehicles affected by the massive Takata airbag recall. In addition to the list that is published at the end of this posting, the NHTSA has created a vehicle identification number