From NPR News, this is ALL THINGS CONSIDERED. I'm Melissa Block.
Billionaire Steven Cohen is fighting back. He faces federal charges that he didn't do enough to prevent insider trading at his hedge fund SAC Capital. As The Wall Street Journal reported this morning, Cohen's firm issued a rebuttal, claiming that he never saw an email that's an important part of the government's case.
Get Howard Buffett into the cab of a big ole' farm tractor and he's like a kid — albeit a 58-year-old, gray-haired one. He's especially excited when it comes to the tractor's elaborate GPS system, which he describes as "very cool."
"I'm driving hands-free," says Buffett, the son of billionaire investor Warren Buffett.
He says that the tractor has been automatically set to plant 16 perfect rows of seeds, "so it makes everything more efficient. And it's going to give you a better crop in the end."
I'm Michel Martin and this is TELL ME MORE from NPR News. Coming up, it's the Muslim holy month of Ramadan. And wouldn't you know, there's an app for that. Our regular contributor Arsalan Iftikhar, founder of the blog TheMuslimGuy.com, will tell us more about them in just a few minutes. But first, to matters of personal finance. You might remember that last week we talked about how the summertime is a good time to do a mid-year check-in on your personal finances.
The number of part-time workers has roughly doubled in the last few years. For most of those employees, that means short hours, erratic schedules and low pay. Host Michel Martin talks with NPR's Marilyn Geewax, and fast-food worker Amere Graham, about the high costs of part-time work.
Last fall, Hurricane Sandy damaged homes, buckled boardwalks and ruined much of the infrastructure of the small vacation spot of Fire Island, just off the coast of New York. The storm also destroyed many of the island's copper phone lines. But the island's only traditional phone company has no plans to replace them. Instead, Verizon is offering customers a little white box with an antenna it calls Voice Link.
"It has all the problems of a cellphone system, but none of the advantages," says Pat Briody, who has had a house on Fire Island for 40 years.
From NPR News, this is ALL THINGS CONSIDERED. I'm Melissa Block.
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And I'm Robert Siegel. Britain's largest drug maker GlaxoSmithKline said today that some of its senior executives may have broken the law in China. The company faces allegations that it bribed Chinese doctors and hospitals to buy its drugs. NPR's Jim Zarroli has the story.
GlaxoSmithKline says that some of its executives appear to have violated Chinese laws. In response, the company is pledging changes in the way it operates — which would bring down the prices of some of its drugs in China. Chinese authorities accuse the company of bribing doctors and officials to boost sales and raise the price of medicines.
A century ago, New York could claim that much of its liquor was local, thanks to distilleries large and small that supplied a lot of the whiskey, gin and rum that kept New York City (and the rest of North America) lubricated. Then Prohibition arrived and the industry largely dried up, before trickling back to life in the 21st century.
Now, distillers in New York state are toasting a revival 80 years in the making.
When a young Indian-American woman walked into the funky L.A. jewelry boutique Tarina Tarantino, store manager Lauren Twisselman thought she was just like any other customer. She didn't realize the woman was actress and writer Mindy Kaling.
"I hadn't watched The Office,"Twisselman says. Kaling both wrote and appeared in the NBC hit.
Detroit this week became the largest American city ever to file for bankruptcy. Host Jacki Lyden talks with NPR business reporter Sonari Glinton about what Detroit's fiscal woes means for the nation's auto industry, which is famously linked to the city.
Three of the four major wireless companies are out with new plans for those who want the latest smartphone sooner. The plans, with names like Verizon Edge and AT&T Next, essentially let you rent a phone for six months or a year and then trade it in for a new one — but there's a catch.
"You're paying essentially twice," says Avi Greengart, who is research director for consumer devices at Current Analysis and does some consulting for the industry.
Friday, the Securities and Exchange Commission accused billionaire hedge fund manager Steven Cohen of failing to supervise two of his employees who have been charged with insider trading. Cohen is the founder of SAC Captial Advisors. Audie Cornish speaks with NPR's Chris Arnold.
It's been 30 years since Trading Places came out. And, to be honest, I never really understood what happened at the end of that movie. Sure, Louis Winthorpe (Dan Aykroyd) and Billy Ray Valentine (Eddie Murphy) get rich, and the Duke brothers lose all their money. But what actually happens? How does it work?
I recently talked to Tom Peronis, a guy who has spent years trading OJ options. He walked me through every step of Winthorpe and Valentine's plan.
Originally published on Fri July 19, 2013 11:25 am
So much fascinating tech and culture news, so little time. But we certainly think you should see the journalism that's catching our curiosity each week, so each Friday we'll round up the week that was — the work that appeared in this blog, and from our fellow technology writers and observers at other organizations.
This is TELL ME MORE from NPR News. I'm Michel Martin. Later we'll head into the barbershop as we do just about every Friday. We'll hear from the guys on why financial planning advice from McDonald's to its employees fell flat and other news of the week, that's later. But first, we turn to Detroit. The city declared bankruptcy yesterday, making it the largest municipal bankruptcy in this country's history. It all comes after decades of decline from the city's bloom years as the center of the nation's auto industry.
Photographer Kirk Crippens says you can't. But that hasn't stopped him from trying. Since 2009, he has been documenting the city of Stockton, Calif., which last year became the largest city in American history to file for bankruptcy — until Detroit filed yesterday. Before bankruptcy, Stockton was the epicenter of the foreclosure crisis. But before that, Crippens says, it "was an all-American city — Boomtown, USA — housing going up everywhere."
China's central bank announced that it was removing some controls on the interest rates charged by banks for the loans it issues clients.
Reuters explains that the People's Bank of China said in a statement that it was removing the floor "on lending rates for commercial banks, meaning that banks will now be able to cut rates as much as they see fit to attract borrowers."
Detroit has become the biggest American city ever to file for bankruptcy, seeking Chapter 9 protection from creditors and unions owed some $18.5 billion in debt and liabilities. What's ahead for debt-ridden Detroit? Quinn Klinefelter WDET.