That was one hell of a day yesterday. I'm anxious to see how things "go down" today! Here's this week's bananas:
1) Dow Sinks 500, Worst Day Since Dec. 2008 (CNBC) - Here's a nice, succinct wrap-up of yesterday's action. In a word? FUGLY.
2) Ex-Directors of Failed Firms Have Little to Fear (Dealbook) - Hat tip to Happy Pants (also known as @ambitiousginger to the Twitterati) for this gem. Turns out there's not a whole lot of downside to committing fraud and running a major corporation into a ditch. Who knew?
3) MSN Money) - Alright, let's get the bad news out of the way all in one banana. is letting 3,000 go after a disappointing quarter, HSBC is laying off 10,000 worldwide, and 's unit plans to cut next year's training class from 1,750 to 1,250. It ain't pretty out there right now.to cut 3,000 jobs as profit sags (
4) Buy AAPL, BITCH: Jesse Pinkman Says Apple’s Going Higher (MarketSqueeze) - If meth dealers published research recommendations, this is what they'd look like. Despite the ghetto tone, he makes some pretty solid points. And there's no shortage of AAPL fanbois on WSO.
5) US charges ex-Reuters) - Sucks to be Gian Gisler. You try to do right by your clients, and this is the thanks you get. Unsatisfied with the $780 million in fines the IRS extracted from , the feds are now going after individual bankers with criminal charges.banker over $215 mln tax fraud (
6) Bugatti's $1.4 Million, 800-hp Sedan A Hybrid?! (Yahoo! Autos) - Now this is one bad ass grocery-getter. A 4-door with a big trunk and 800 horsepower? Sick. They're even going to offer a hybrid model with an electric-only range of...wait for it...wait for it... 25 miles. Greenpeace be damned.
7) The Bordeaux Bubble (Planet Money) - While we're on the subject of luxury goods, this story hits a little closer to home for me. Bordeaux futures are on the rise in a big way, with some bottles fetching thousands of dollars before the wine is even in the barrel. Interesting side note: Galeries Lafayette across town has bottles on the shelf that go as high as €17,000 ($24,000 USD). How bummed would you be if bumped one of those off the shelf?
8) What Your "Drink" Says About You On a Date (Zagat) - While we're on the subject of booze (we were, weren't we?), I thought I'd share this handy guide to what your drink says about you to the opposite sex. In a nutshell? Best to play it safe and drink whiskey neat.
9) Q & A With Union Square’s Fred Wilson and Lending Club CEO Renaud Laplanche (Forbes) - We have a bunch of Lending Club investors here on WSO, and you'll all be pleased to know that Fred Wilson (@fredwilson) has seen the value and committed to late-stage venture funding of $25 million, valuing Lending Club at $275 million - up from just $80 million last year. P2P lending is definitely a wave of the future.
10) When Reality-TV Fame Runs Dry (Daily Beast) - If we can veer into the realm of salacious gossip for just a minute, this is a refreshingly honest interview with former The Hills stars Spencer Pratt and Heidi Montag. Before you jump all over me about the irrelevance of these two famewhores to the world of Wall Street, I think their story is illustrative of the point that it is all so easy to lose. These two were bona-fide multi-millionaires and now they're F.A.B. (flat-ass broke) and living in a garage. I find those kinds of reversals of fortune fascinating. Sue me.
After yesterday, and going into today's non-farm payroll numbers (and the fact that it's a Friday in August), there can really only be one Video of the Week. Let's be careful out there, kids.