Drug Dealers: Experts in Recessionary Business

Downsizing could be announced this month, sources say

(NEWSER) - Another blow for struggling MySpace : The social networking site is planning massive layoffs, and could ax between a third and a half of its employees, sources tell the Wall Street Journal . The News Corp-owned company, which employs about 1,100, is expected to announce the reductions this month. Its staff was already downsized by almost 30% over the summer, but more layoffs are needed to control costs, says an insider. More»

(USER SUBMITTED) - Should it come as a surprise that those CEOs who fired the most people last year made the most money? The Institute for Policy Studies published a study today that showed that those CEOs who made the largest layoffs made about 50% more—$12 million in 2009, compared to an average of $8.4 million for all blue chip CEOs. More»

Rapper made it to $150 million thanks to business tactics, not musical talent

(NEWSER) - Believe it or not, it might do you good to take some business advice from shot-nine-times rapper 50 Cent. After all, it was business savvy more than rap music that helped build his $150 million empire. Business Insider takes a look at how he did it:

• His endorsement with Vitamin Water is his best known and most lucrative source of revenue; when Coca-Cola bought the parent company in 2007, he netted $100 million

Directors largely responsible for missteps, but keep their jobs

(NEWSER) - Recent shareholder meetings at Citigroup and the Bank of America devolved into morality plays—wronged shareholders berated executives, executives apologetically vowed to improve—with a rather curious epilogue: every member of the board of directors was reelected. The reason is that corporate boards are often filled with under-informed, over-paid yes-men who rarely pay any consequences for bungles, James Surowiecki explains in the New Yorker. More»

Free bodyguards, life insurance, travel rise despite public outcry

(NEWSER) - While average CEO compensation dropped 7% in 2008, packages of fringe benefits rose by the same amount, the AP reports. Higher-ups at big companies received perks that ranged from a personal car (complete with driver) to free life insurance to flights on the company jet. One CEO received $400,000 in financial planning services, far more than the majority of American households earn in salary. More»