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72% of Millionaires Don't Think They're Rich

To those with millions to invest, wealth means financial freedom

(Newser) - Having millions of dollars to invest doesn't make you rich, at least according to those who have those millions. A study by investment firm UBS has found just 28% of people with between $1 million and $5 million in investable assets consider themselves wealthy, ABC News reports. While your... More »

Ford: We'll Add 12K Jobs Over 3 Years

2,350 jobs in 2013 for Michigan alone

(Newser) - Ford announced a three-year, $6.2 billion expansion plan today, which includes adding 12,000 jobs nationally—2,350 of those in Michigan in the next year, reports the Detroit News . A variety of Michigan car and part plants will see a $773 million infusion next year, which aims to... More »

Ashton Kutcher Could Face Federal Probe

'Guest editor' actor invested in companies touted by Details ; who knew?

(Newser) - A guest editorship may land Ashton Kutcher in trouble with the feds. An online-only "Social Issue" of Details touted several tech start-ups and failed to clearly note that guest editor Kutcher is an investor in several of them, discovered Gawker . He may have even run afoul of the law.... More »

10 Bizarre Ways Google Spends Its Money

What do windmills and bees have to do with Google?

(Newser) - Google has made billions, and there are only so many YouTubes or Androids you can buy—so why not spend some of that hard-earned cash in some decidedly stranger ways? Business Insider rounds up the 10 weirdest:
  • Windmills: Yes ... windmills. Google spent $40 million on them, probably because it likes
... More »

Investors Flee Wall St., Bet on the Farm

Farmland has outperformed S&P 500 since recession

(Newser) - While Wall Street fiddles and the rest of the real estate market largely fizzles, there's a new hot commodity that has investors flocking to it: Farmland, reports the LA Times. Average farm real estate prices have doubled over the last decade, unlike, say, Florida condos, and many Americans and foreigners... More »

Oprah Hires Star Money Manager

Eli Broad's chief investor headhunted to head up Winfrey team

(Newser) - Oprah Winfrey is assembling a hotshot investment team to manage her estimated $2.4 billion fortune. Peter Adamson, currently chief investment officer for billionaire philanthropist Eli Broad, will head up Winfrey's investment office, insiders tell the Wall Street Journal . The move comes as Winfrey, already one of the richest African... More »

Brokers Ditch Big Firms, Hang Out Shingles

Exodus sees decline in big Wall Street's share of client money

(Newser) - Independent financial advisers are gaining on the big Wall Street firms in managing personal assets, as more brokers leave companies they see as unreliable or tarnished. Those heading for the exits are taking many of their clients with them, creating a net outflow in 2009 of about $188 billion in... More »

Bailout Is Bad News for Savers

Banks get trillions, fixed-income investors get screwed: Sloan

(Newser) - Not fed up enough with just putting your taxpayer dollars directly on the line to bail out the nation’s banks? Allan Sloan has latched on to some insidious “collateral damage” from the government’s rescue plan, those trillions spent “to keep interest rates down to support the... More »

Buffett Has Worst Year Ever

(Newser) - Not even legendary investors can escape this mess. Warren Buffett’s Berkshire Hathaway posted its worst year ever in 2008, the Wall Street Journal reports. A key indicator, book value per share, fell 9.6%, only the second loss since Buffett took control of the company in 1965. Berkshire reported... More »

Cramer Shares 'Obama Portfolio'

Guru picks hot stocks for 2009

(Newser) - America isn’t out of the economic woods, but savvy investors should drop some kindling on their investment fires, James Cramer writes in New York. “Obama’s swift transition and desire to spend trillions to get us moving could prove that happier days will eventually beckon, at least for... More »

Time Is Ripe to Pass Cash to Heirs

Struggling market can help you avoid paying estate tax

(Newser) - Sinking stocks offer a window of opportunity when it comes to passing your money on to heirs without incurring huge taxes, Anne Tergesen writes in the Wall Street Journal. Transferring struggling assets to the next generation can mean a big payoff for the heirs when conditions improve—without the estate... More »

Obamas Play It Too Safe With Personal Finances

Despite big new book-generated income, and youth, they're too cautious

(Newser) - Barack and Michelle Obama invest their own money “very, very safely”—perhaps too conservatively, say Sam Grobart and Tara Siegel Bernard in Slate. The Democratic frontrunner and his wife only began rolling in the money recently and their portfolio—“for the most part, a collection of run-of-the-mill... More »

Credit Suisse Warning Revives Rogue Trader Fears

'Intentional misconduct' behind billions in writedowns

(Newser) - Investment banks got a brief lift from Wall Street results this week, but surprising reports from Credit Suisse are likely to send their confidence back into the basement, the Financial Times reports. The Swiss firm issued an unexpected first-quarter profits warning yesterday—and said “intentional misconduct” from its own... More »

Rosy Realtor Ads Omit Pesky Housing Crash

NAR campaign claims slumping market is a can't-lose investment

(Newser) - Apparently, real estate is a can’t-fail investment right now. Or at least, that’s the questionable gospel the National Association of Realtors is preaching, in a blitz of new commercials claiming that home values, on average, double every 10 years, and that a home is “the key to... More »

Gay Plays Well for Maverick VC

So says Valleywag about contrarian PayPal founder Thiel

(Newser) - In Silicon Valley, where "like funds like," Valleywag thinks it's important to note that Peter Thiel, "the smartest VC in the world, is gay." Why mention it? Thiel's Founders Fund, which just raised a $220 million financing round, could reinvent the way entrepreneurs get paid, and... More »

Atlantic City Takes on Las Vegas

Four companies to invest $9 billion, open luxe mega-casinos

(Newser) - Atlantic City is about to get a $9 billion makeover, with four companies slated to build  as many new mega-casinos by 2012. The luxury resorts constitute the biggest burst of investment in the city since the start of casino gambling in 1978, the AP reports. As Atlantic City bids to... More »

China Throws $13K Tea Parties

P uer variety gains wine-like following

(Newser) - China's latest investment fad trades paper for tea leaves, the Wall Street Journal reports. A type of tea pressed into discs, puer (pronounced "poo-ahr") was once the domain of collectors. But an excess of cash and dearth of investment outlets has made the tea a hot asset. Like... More »

Exit Scrambles Fidelity Succession Picture

Mutual-fund giant loses possible heir apparent

(Newser) - A top Fidelity Investments exec has resigned her post, reigniting speculation about the closely held firm's line of succession, reports the Wall Street Journal. Ellyn McColgan, 53, who was president of a division of the largest American mutual-fund company, was seen as a front-runner in the race to succeed 77-year-old... More »

Death Threats Sent to Goldman Sachs

'We are inside. You cannot stop us,' read anonymous letters

(Newser) - Investment powerhouse Goldman Sachs has been the subject of menacing letters sent to newspapers across the country, prompting an investigation by the FBI. "Hundreds will die,"  warn the  letters that have been traced back to Queens, New York. "We are inside. You cannot stop us." More »

Clintons Sell Stock to Avoid Bonds

Couple liquidates blind trust to head off political fallout

(Newser) - Nobody wants to see Whitewater II, least of all the Clintons. As Hillary barrels towards the White House, they've liquidated a blind trust worth $5 million to $25 million in an effort to avoid potential conflict-of-interest charges. The fund, invested on their behalf since Bill took office, included live-wire investments... More »

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