If you are asking that question you may find this article a bit disconcerting.

IEA slashes forecast for oil demand – again
Agency sees global demand declining by 2.4 million barrels per day in 2009 amid recession.
Continue reading Is it a good time to invest in oil?

NEW YORK (CNNMoney.com) — A federal judge sentenced Bernard Madoff, the convicted mastermind of the largest and most sweeping Ponzi scheme ever, to the maximum sentence of 150 years in federal court Monday.

Judge Denny Chin of U.S. District Court in New York announced the sentence just moments after Madoff apologized to his victims.

“I live in a tormented state for all the pain and suffering I created,” Madoff said. “I left a legacy of shame. It is something I will live with for the rest of my life.”

Turning to face some of his victims, he addressed them directly: “Saying I’m sorry is not enough. I turn to face you. I know it will not help. I’m sorry.”

Madoff said he was not asking for forgiveness and not offering any excuses for his behavior.

“How can you excuse betraying thousands of investors?” he asked. “How can you excuse deceiving hundreds of employees? How can you excuse lying to and deceiving your wife who still stands by you?”

Victims urged a judge to hand down the maximum life sentence against Bernard Madoff, the mastermind of the largest and most sweeping Ponzi scheme ever.

Michael Jackson was pronounced dead at a Los Angeles hospital Thursday after the 50-year-old pop star was found not breathing at his home earlier in the day.

His death was caused by cardiac arrest, according to his brother Jermaine. But Jermaine Jackson cautioned that the cause of the singer’s death won’t be known until an autopsy is performed. He says the singer’s personal doctor and paramedics had tried to resuscitate him at his home.
Continue reading Michael Jackson dead at 50

The bankrupt U.S. automaker plans to eliminate more than 6,000 salaried jobs in total this year, the Wall Street Journal reports.

The accelerated plan to cut jobs will be made through a combination of layoffs and job-buyout incentives, GM spokesman Tom Wilkinson said, the Journal reports. Employees on Tuesday received letters notifying them of their options.
Continue reading General Motors to cut 4,000 jobs by October

NEW YORK (CNNMoney.com) — Two key proposals to improve access to health insurance could reduce the ranks of the uninsured but cost $1 trillion over 10 years, according to preliminary estimates released Monday by the Congressional Budget Office.

The estimates are the first in a series over the next few months that will attempt to quantify the costs and benefits of various health reform options. President Obama, citing the huge part health care spending plays in the economy, has made passing reform this year a top priority.

On June 11, 2009, BlackRock announced it has agreed to acquire Barclays Global Investors (“BGI”), including its market-leading iShares ETF platform, from Barclays PLC. The combination of BlackRock and BGI would result in two market leaders in active and index strategies, forming one fully-integrated and independent asset management firm that will operate under the name BlackRock Global Investors (“BlackRock”). The transaction is expected to be completed in the fourth quarter of 2009, subject to necessary shareholder and regulatory approvals and other customary closing conditions, with the initial integration of both firms’ operations shortly thereafter.
Continue reading BlackRock Agrees to Purchase BGI

Bank of America CEO Ken Lewis heads to Capitol Hill on Thursday, and he’s likely to be grilled by lawmakers about the government’s role in ensuring that the bank complete its controversial merger with Merrill Lynch.

According to emails released Wednesday that pull back the curtain on heated negotiations, Federal Reserve Chairman Ben Bernanke had suggested to another Fed official that “management is gone,” if BofA managers tried to flee the deal and later on needed further government assistance.
Continue reading BofA CEO Ken Lewis pressured by Fed

Nearly three months after American International Group (AIG Quote) bonuses provoked an angry reaction in Congress, the Obama administration is ready to issue broad new principles on how to compensate top financial sector executives.
Continue reading Obama to set new compensation guidelines for TARP Funds

The Dow Jones industrial average is the latest Wall Street institution to be reshaped by the financial crisis. Continue reading GM and CitiGroup removed from DOW

The Treasury Department and a committee of major bondholders at General Motors have reached a deal that could give creditors a larger stake in GM than previously offered. But bankruptcy is still likely in the next few days despite the deal.

The agreement, revealed in a Securities and Exchange Commission filing by GM (GM, Fortune 500) early Thursday, would essentially give the bondholders 10% of the company but also give them the rights to buy an additional 15% of the company’s stock at a low price.
Continue reading GM Bankruptcy