• 140 number of banks that closed in 2009, that’s a depressing record
• 30 number of banks that have closed already in 2010, which is high
• 152 number of banks that could close this year if that rate keeps up source

• Among the toxins discovered was something called Repo 105. … Even if Repo 105 wasn’t lethal it was certainly poisonous.
• Reuters columnist Antony Currie • Regarding the accounting trick that seems to have done in Lehman Brothers, among other things. An autopsy of the company’s corpse suggests that many of the top leaders – including CEO Richard Fuld – were responsible for a culture of ineptitude that allowed the company to fall apart, especially in its last year. Need a face for the financial crisis? Here’s a good one. source

• -6,000 decrease in jobless claims this week, which is fairly modest
• +37,000 increase in continued claims this week, which is high source

• Carlos Slim is on top this year. But look deeper. Forbes’ billionaires list, a cultural touchstone, usually only focuses on the top of the list, mainly because it makes a good headline. But Forbes has a TON of information about the billionaires on their list. Here are some of our favorite details from doing a little research:

A good year for rebounds

• 1,011 billionaires are on this year’s list, which is way up from last year
• 164 billionaires returned to the list after losing much of their value in 2008
• 89 billionaires came from China, the largest non-U.S. total source

Extremes in rich bastards

• youngest Mark Zuckerberg, who, at 25, has more money than you’ll ever dream of, with assets worth $4 billion. Just think how much he’d be worth if Facebook took the IPO plunge. Or actually, just sulk. source
• oldest Fellow technology maven Walter Haefner is the real-life Mr. Burns at age 99. Except, instead of a nuclear plant, he owns 24 percent of information technology firm Computer Associates. source

• poorest Actually, trick question: There are 75 billionaires on the list with EXACTLY $1 billion in hand.
• leaper Brazilian oil baron Elke Batista wins, jumping $19.5 billion in a single year, to $27 billion.
• stars Oprah’s leaving her TV show soon, but she doesn’t need it; she’s worth $2.4 billion.

Schadenfreude-worthy subject

• Raj Rajaratnam is in big trouble. One of the guys who lost his billionaire club card, Rajaratnam’s hedge fund, Galleon Group, was caught in a major insider-trading scandal, which caused the fund to lose value quickly this past October, and as a result Rajaratnam is no longer a billionaire (and is probably going to prison!). source

• good Bank of America, which has made millions of dollars in profit off of people not having much in their bank accounts, will end the often-pricey practice of automatically charging fees at retail this summer.
• better Consumers will have more flexibility when deciding when to accept overdrafts elsewhere – they have to accept the charge at ATMs and can still set it up for automatic payments or checks. source

• We blame Lee Abrams, right. Our friends at the Newport News, Va. Daily Press got some awful news this week, when they found out that much of their paper’s copy-editing and design facilities would be outsourced to the Tribune Corp. mothership in Chicago. 10 percent of their newsroom staff will get laid off as a result of this. Lee Abrams, above, is responsible for starting something similar with the radio industry. So, here’s a brief explanation of what’s up with the Daily Press:

• Tribune is bankrupt The iconic media company, which owns the Chicago Tribune, the Baltimore Sun, the Hartford Courant and a ton of other major regional newspapers, is trying to cut costs whereever they can. So as a result, they’re trying to outsource where they can.
• slippery slope Tribune has already been down this road with many of their papers – they started doing a modular system for many of the inside pages of their papers last year. The result of what’s happening to the Daily Press is something of an extreme case of the process.
• Abrams is the point guy As the Chief Innovation Officer of Tribune, many of these changes happened due to his influence. He’s done this before. He invented the tools used to eventually turn radio into a soulless wasteland. Sure, he has XM under his belt, but his story’s already been written.

Turning news into Clear Channel

• This is a model that, particularly in smaller markets, although I can see it in larger markets as well, can change the economics of the newspaper business the same way Clear Channel changed the economics of … the radio business.
• Daily Press President and Chief Executive Digby Solomon • Regarding the changes, which are in the midst of taking hold. Many of the employees who followed Sam Zell to Tribune used to work for Clear Channel, which should give you an idea of what the company is trying to do. It’s everything you hate about radio, in newspaper form. Great. Hope you guys don’t succeed at sucking the life out of news. source

• We like the meme machines that Ben Huh’s “I Can Has Cheezburger” network provides. They’re goofy, they’re funny at times, and they often drive some pretty interesting trends online. What we don’t like, however, are his wages. What’s essentially a job in a profitable niche media industry is treated as if it’s a struggling startup. Gawker has been all over this the last few days, after Huh himself backed his company into a corner thanks to a frank admission.

What “Cheezburger” makes in revenue

• $4 million in yearly revenue off
  of user-submitted content source

The “Cheezburger” employee picture

• 30 employees work for Ben Huh’s
  cat-loving empire source

• $8.55 the starting rate (40 hr./week, no benefits) at one of Huh’s sites for an office admin or a junior designer – that’s minimum wage in Washington
• $17,784 the amount that brings home for potential employees each year, before taxes of any sort – that’s just $7,000 above the poverty line source

• » A notable wrinkle: These jobs are contract jobs without benefits starting out. Contract jobs that don’t take out taxes, just an FYI, are the ones that Joe Stack railed against when he crashed that plane into the IRS building. And while Huh claims that people move up in the company, the fact of the matter is that this is a near-poverty level job starting out.

How that compares

• $30k starting rate for an entry-level office administrator source
• $29k starting rate for a Web-based graphic designer source
• $20k starting rate for a “blogger” – so Huh is even low for that source

Can you live off that? No

• $17,784the entry-level pay (before taxes) at Cheezburger Network, with the possibility of wage increases
• $18,337the living wage (after taxes) in the Seattle area, where the network is located source

The justification for low wages

• We advertise lower wages for entry-level positions because the worst candidates focus on money the most. Believe it or not, advertising lower-than-market wages actually helped us yield better candidates.
• Cheezburger Network CEO Ben Huh • In an article discussing how a recent ad drew candidates who were upset that he was offering so little for what are in reality jobs that require a college education. While passion is one thing, it’s another thing entirely to force low wages on college-educated people. He lists three reasons why he feels employees who ask about compensation aren’t desirable. The first? “The candidate’s inability to control their personal expenses, which inevitably leads to drama and demands at work.” He goes further, noting: “If you have high financial requirements in order to absolutely survive, I don’t really know what to say than go get a job at a bank (you know what I mean).” Know what would help them control personal expenses, Ben? A living wage. Well, maybe they could get one (and health insurance!) if they worked at a Starbucks instead. source

But wait, they’re not alone

• Look, it’s easy to focus on them. But the real problem we’re starting to see with user-generated content is that nobody’s really paying enough, and preying on passion. Lots of companies are guilty of this. Examiner.com is a great example. Journalists have for years been able to make a decent, if not great, wage by working at newspapers and other print publications. Will this go away? Will we even be able to buy cheezburgers? Just a thought.

• 43% of workers have less than $10k saved up source

• I pushed the gas pedal to pass a car and it did something kind of funny … it jumped and it just stuck there. As it was going, I was trying the brakes … it wasn’t stopping.
• James Sikes • Whose Toyota Prius wouldn’t stop on a San Diego interstate, but was miraculously stopped with the help of police. Sikes’ Prius, by the way, was one of the cars recalled because of possibility of the floor mat accelerator getting stuck in the accelerator. No word on if he took advantage of the recall. source

• Police had to help them stop their vehicle. Everyone’s favorite barrel fish to shoot, the broken Toyota accelerator, reared its ugly head again tonight when someone in one of the hybrids could not stop their vehicle, at one point going as fast as 94 miles an hour. While the Prius in the past hasn’t suffered from the sticking pedal problems that Toyota’s other cars do, it does suffer from braking system issues (the 2010 model), along with a gas pedal that can get caught in the floor mat (the 2004-2009 models). source