Business News of the Day

Like the Wall Street Journal, only not for complete tools.

Ruh-Roh, Tax-Fraud
No, I don't know why Scooby Doo is saying that. I just had it pop up in my head.

In the actual story, it seems Fed-Ex has been cheating on its taxes for the drivers it uses in its Ground service, while simultaneously cheating said drivers out of benefits they're supposed to get. The IRS has taken a dim view of this, and fined them 319 million dollars for 2002 alone, in back taxes and penalties. They're facing similar audits for 2004, 2005 and 2006; why not 2003, I have no idea.

They could be looking at a billion dollars in IRS penalties alone by the time this is over. The Teamsters have been trying to unionize the Ground drivers and see this as a major victory.

Source: Reuters

Circuit Shi... Nah, That Pun is Too Easy
So the executives who ran Circuit City into the ground and made it lose 75% of its share price in a year have gotten big fat 'retention' bonuses in time for Christmas. This is the end result of their disastrous plan to fire all their senior employees and hire cheaper salespeople to replace them.

Great job, guys. Not that the ruling class is ever held accountable for anything.

Source: The American Prospect

The Business of, Err, Supercars
Just a comparison of the former Knight Rider KITT and the new one from oh-so-serious journalists at Popular Mechanics. Kind of boring and stupid, except to note that the new KITT lacks grappling hooks, flamethrowers or oil slicks.

No grappling hook!? An outrage good sirs.

Also, the car is being designed by the idiot who did the Batmobile in Batman and Robin.

Designer Harald Belker, who has created the Batmobile for Batman and Robin and a next-gen space shuttle for Armageddon, came onboard to give the new KITT. a unique look. "The goal was to make it look more aggressive without being hokey or garish," Belker says. "Maintaining as much of the original beauty of the Shelby as possible was important—and not just because of the Ford connection. It had to be simple yet believable as a superhero."

Yeah, like he knows anything about avoiding garish designs.

Source: Popular Mechanics