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Data Lost on 650,000 Credit Card Holders
Personal information on about 650,000 customers of J.C. Penney and up to 100 other retailers could be compromised after a computer tape went missing. GE Money, which handles credit card operations for Penney and many other retailers, said Thursday night that the missing information includes Social Security numbers for about 150,000 people. The information was on a backup computer tape that was discovered missing last October. It was being stored at a warehouse run by Iron Mountain Inc., a data storage company, and was never checked out but can't be found either, said Richard C. Jones, a spokesman for GE Money, part of General Electric Capital Corp.
Jones said there was "no indication of theft or anything of that sort," and no evidence of fraudulent activity on the accounts involved. More>>
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To buy, sell or hold will be on investors' minds this week
Economists who state things like "market adjustments, two full quarters of negative growth, mild economic slowdown." The problem with this is that by the time they admit to a situation they are overstating the obvious. So am I doom and gloom? No. I am simply protecting my own as best I can against the self serving greed of business and financial market interests.
Business isnt greedy? Time to rewrite The Merchant of Venice.
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Tax Planning for Tough Times
But most seasoned company builders know that rapid growth comes at a price. Consider the painful experience of Tom and Julie Stewart, siblings who run SportSheets International Inc., a Costa Mesa, Calif., manufacturer of so-called adult novelties. A few years ago their company took off like wildfire. In the mid-to-late 1990s, sales grew by 30% to 50% a year. Profits also swelled in just the way the Stewarts had hoped. They gleefully reinvested every dime of the business's spare cash in growth activities. What a mistake. Sudden leaps in profits led to large tax liabilities, and Uncle Sam reared his ugly head. "We hadn't planned ahead for our tax bill," says Julie Stewart. As the pair scrambled to find ways to pay the IRS nearly $20,000, they were forced to put all nonessential expenditures on hold and rely on their personal credit cards to help pay company expenses. More>>
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