Latest Business News

Anyone who has watched television, particularly during weekday hours, or who has taken public transportation, is familiar with the advertisements of for-profit colleges. The University of Phoenix – most of its students are actually online – ITT Technical Institute, DeVry University and others offer salvation to the unemployed or frustrated, those trying to get out of debt and those trying to change careers. Some former students, journalists and advocates, though, say that some of the colleges treat students as cash machines, saddling them with expensive loans and failing to deliver on their educational promises. Full Post…

As the verdict was read in Tampa’s federal court, the 32-year-old looked stunned and exchanged glances with his mother, 1980s best-selling author Marilyn Diamond Schnell.

Diamond faces 20 years in prison, according to sentencing experts.

Robert Barnes, Diamond’s well-known attorney, promised an appeal, saying the trial was the most unfair he had ever participated in.

Earlier this week, Barnes sought a two-week continuance, saying he needed more time to review the prosecution’s evidence and to prepare his client to testify.

Barnes only presented two witnesses, investors who said they still believed in Diamond and thought he lost their money through trading and not as the result of a Ponzi scheme.

That had been Barnes tack in the trial: that his client merely failed at his foreign exchange trading efforts and did not run from investors even after he revealed their money was gone.

But prosecutors contended that Diamond showed a consistent pattern of lying to his investors at the same time that he was offering them even higher rates of return to draw in more money.

Starting in spring 2006, Diamond Ventures took in $37 million from 200 investors.

Full Post…

PRESIDENT BARACK OBAMA meets Britain’s prime minister, David Cameron, for talks in Washington on July 20th. The BP oil spill in the Gulf of Mexico and allegations over the company’s involvement in an “oil-for-terrorists” deal with Libya are likely to be on the agenda. BP is under pressure to satisfy government officials that the containment cap placed on the leaking well on July 15th is holding. Using the government task force’s upper estimate, as many as 4.4m barrels of oil have escaped into the Gulf. This would make it the largest accidental oil spill in history (military attacks have created far bigger spills). Despite that, this quantity of refined oil is enough to keep America’s cars and trucks on the road for just a quarter of a day. BP

Full Post…

Worried the European Union could crumble like Feta cheese? Merle Hazard is.

The credit crunch’s favourite country singer has taken on the thorny issue of Greece. The stetson-toting singer is behind such gems as Bailout and In the Hamptons, a parody of the Elvis Presley hit In the Ghetto about the fate of a mortgage bond trader. He now has some suggestions for how Greece can clamber out of financial meltdown.

The global recovery has failed to stem a rise to worldwide internet fame for Merle – also known as Nashville-based money manager Jon Shayne. N

Full Post…

A Utah business is offering local entrepreneurs full access to office space on one of four campuses for just $50 per month. The Davinci Emerging Business Program gives budding entrepreneurs a professional location to start their business, in one of four Utah locations: Cottonwood, Sandy, Southvalley or Sugarhouse.

Davinci offers a full package of services with the program, including a permanent business address, live telephone receptionists, Wi-Fi access, a dedicated number, call forwarding and access to private offices and conference rooms.

“Our new Emerging Business Program offers a tremendous value and provides you with everything you need to help you become successful,” said Sam Souvall, president of Davinci Suites. Full Post…