Horde of fraudulent lawyers tie up payment of BP oil spill claims

The $20 billion BP oil leak fund was established after the Macondo well blowout. A small portion of the money has been paid to people claiming damages from the spill 365 days after the catastrophe began. Shady attorneys are buggering up a process that has come to be criticized by those seeking a jackpot as a cluster rack.

BP oil leak claims process

A year after the 2010 oil leak in the Gulf of Mexico, the Gulf Coast Claims Facility has paid $3.8 billion in BP oil spill claims — just 19 percent of the $20 billion in seed money set aside by the oil company. Kenneth Feinberg said that 201,261 claims were paid as the Obama administration appointed person to distribute the BP oil leak fund. There have been several more claims made though. Over 857,000 were made total. In five states there are 35 offices for the Gulf Coast Claims Facility. The BP oil leak claims could be paid by it until 2013, in August. A lot of people like to criticize Feinberg for his position though. They say the claims process is confusing, slow and unfair to most people.

Showing there really were damages

Feinberg made a statement on Tuesday about the BP oil spill fund management saying “Amounts requested by claimants very often bear no reasonable relationship to the damages actually proven,” since $20 billion was requested by one applicant. About 72 percent of the claims from the BP oil leak have had payments or offers made. Claims were denied also. Not all could possibly be accepted. There are pending claims also. Typically they just need some documentation. Fishermen not used to paperwork in deals and generally working in cash are having trouble figuring out the BP oil claims process. The payments were disputed by 574 individuals. None of these have been overturned by the Coast Guard though.

Getting the money is all that matters

Residents in the Gulf Coast have not even realized when some lawyers sign them up for claims or get misled into thinking they can get money, especially the populations with cultural and language barriers. Feinberg spoke on the fraudulent activity. He said it was “an obstacle to the efficiency and speed in getting the checks out.” The New York Times states that several law firms have targeted Vietnamese fishermen to con them onto their client lists. With all the clients on the list, an attorney can get lots of cash. When BP settles, it pays based on the clients involved. There were thousands of Vietnamese listed on a San Antonio law firm’s list according to the New York Times. The claims were rejected, and several individuals were surprised to discover their names on the list.

Articles cited

CNN Money

money.cnn.com/2011/04/18/news/companies/BP _spill_claims/?npt=NP1

24/7 Wall Street

247wallst.com/2011/04/19/the-BP -20-billion-gulf-claims-facility-has-paid-nearly-nothing/

Los Angeles Times

latimes.com/news/nationworld/nation/la-na-gulf-spill-claims-20110419,0,2595018.story

New York Times

nytimes.com/2011/04/19/us/19spill.html?_r=1

Ten minutes and higher prices - simple methods to get more online

Getting as much cash as possible online from selling a product could be done relatively very easily. No matter if it is expensive real estate or a basic bauble, a few additional minutes can definitely be worth your time. It can feel like your ad might get lost in a sea of online ads. By taking a few basic steps, though, you are able to improve the price you get when you sell online. Article source – Four easy ways to get more money for what you are selling by MoneyBlogNewz.

1. Check photography out

Online buyers look at photos first. This is how the search begins. In fact, more than 83 percent of home buyers will determine whether to visit a house depending on photos online. While snapping a quick picture with your cellular phone camera is easy, good photography has been shown to increase sales price between 5 and 30 percent. The lighting in the home should be really well for the picture. Also, stay away from blur with a fast shutter speed. The $100 to $300 in photography that is professional might be worth it when you have a high-dollar item to sell.

2. Clear language is advices

When marketing an item, be very clear over it. This can help a lot. Don’t say it is a “seriously awesome camera that will make your photos 1 billion times better.” Instead, say it is a “10 megapixel camera with full manual settings to control the photo.” It sounds better, and it will sell better. Most people should be specific. Use numbers if needed. Avoid too many adjectives. Not more than three per sentence is allowed. It could be worth having a friend look over your listing or even paying $50 to $100 for a professional.

3. The importance of research

Are you hopeful about costs? That’s just fine as long as you do not scare any person off with a high price. The item’s price can be looked at. Research it. Make sure you explain why you need a rate higher than the going rate if you are selling. Explain why you want less than the going rate also on some goods. Buyers might be very interested in your listing if you just explain yourself instead of go from the norm.

4. Don’t become spammers

Don’t post the item for sale more than once in a day. You may want to in order to make sure it is seen. There’s search functionality in most online services. Posting your item multiple times just gets annoying to viewers and makes you look desperate. Only re-post your item if you make change to the price or the terms. It takes effort and cash to list something more than once in one place. Stay away from this.

Citations

MSN Real Estate

realestate.msn.com/article.aspx?cp-documentid=13108474

Small Biz Trends

smallbiztrends.com/2010/04/5-tactics-to-improve-online-sales.html

Free term life insurance is accessible now

Life insurance is a proven source of financial security for loved ones after your death. For most people, term life insurance (aka term assurance) is among probably the most affordable packages, as low as a few hundred dollars per year for $250,000 worth of coverage. However at MassMutual Financial Group of Massachusetts, customers can do even better. The business has put free of charge term life insurance on the table, states Bankrate. Source of article – Free term life insurance is available now by MoneyBlogNewz.

Stay healthy to keep free of charge term life insurance

Life insurance experts advise potential customers that if they’re interested in a policy, the time to buy is when you’re young and healthy, as rates is substantially lower. Life insurance is a good choice if you have dependents.

In general, term life insurance provides coverage at a fixed rate for a limited time frame – the term period. Without additional coverage, the coverage expires at the end of a term. If the insured dies mid-term, death benefits are paid to the beneficiary.

MassMutual LifeBridge can help you

The education of children could be funded with MassMutual Financial Group if a policyholder dies. This is $50,000 that could be set aside for free. Bankrate.com states that it is not a truck; MassMutual is not lying. The free insurance coverage is for anyone that meets the qualifications for MassMutual’s LifeBridge program. This is money to help in the future.

The $50,000 is placed in a 10-year trust. During the life insurance term, the policyholder can die while the children will be taken care of. Whether it is college, trade school, pre-school or private school, the child will get the money for tuition, fees, books and room and board. The child has 10 years, or until the child turns 35 years old, to use the money. It depends on which comes later for them.

Free insurance coverage needs

The following are required of everyone doing the MassMutual LifeBridge program:

• Be at least 19 but not older than 42
• Be the parent or legal guardian of one or more dependent children younger than 18
• Be a permanent legal resident of the U.S.
• Be employed full or part time and have a family income between $10,000 and $40,000
• Be the only parent or guardian in your household to apply
• Be in good health in the view of MassMutual underwriters
• Have not been diagnosed with heart disease, cancer, HIV or Type 1 diabetes
• Have not abused drugs or alcohol at any time within the past 10 years
• Are not currently on probation

Tests are required before approval for free insurance. This can be done with blood and urine. Suicide within two years of the policy’s effective date voids the policy. Additional information is available at MassMutual Financial Group’s website.

Articles cited

Bankrate

bankrate.com/financing/insurance/free-term-life-from-massmutual/

MassMutual Financial Group

massmutual.com/

MassMutual LifeBridge Brochure

massmutual.com/mmfg/pdf/lifebridge_eligibility.pdf

MassMutual LifeBridge FAQ

massmutual.com/mmfg/pdf/LifeBridge_FAQ.pdf

Wikipedia

en.wikipedia.org/wiki/Term_life_insurance

MassMutual LifeBridge program testimonial

youtube.com/watch?v=-cB40ili9og

Investigation of gas prices gets double the power

Gas prices are almost at $4 per gallon. This is the second time in three years that this particular mark has been reached. Dual federal agencies have agreed to cooperate with investigations ensuring the gasoline industry isn’t really being manipulated. The effects of this increased enforcement, however, could possibly be difficult to discern. Source of article – Federal agencies agree to cooperate on gas price investigation by MoneyBlogNewz.

Federal Trade Commission tries to address gas prices

There was a huge increase in gas in 2008. It got over $4 a gallon by the end of the year. A “Final Rule” got signed by the Federal Trade Commission a year later saying there was not allowed to be “fraud or deceit in wholesale petroleum markets, and omissions of material information that are likely to distort petroleum markets.” After the rule started, investigations started by the Federal Trade Commission. This was to look into the cost of oil going up so much. Despite these investigations, the Federal Trade Commission has not officially charged or fined any business with manipulation.

The agreement to cooperate with the Federal Trade Commission And CFTC both

The Commodity Futures Trading Commission (CFTC) is a smaller agency than the Federal Trade Commission, with a much narrower focus. Financial investments are made in physical goods, not businesses with Commodities and Futures. The 2 agencies will share information about the fuel industry not accessible to the public with the “Memorandum of Understanding” that the CFTC and FTC signed. In order to help stop abuses in the industry, the information is being shared between the businesses.

The way fuel costs are determined

There are many factors that attribute to the gas and fuel prices. It takes a few months before the oil price change reaches the market. Conflicts may change the fuel price. Also, the demand and cost of refining make a difference. The way the consumer feels has an effect on oil costs also. It will go up when consumers are nervous. There are often accusations of oil businesses gouging on fuel costs, though the FTC and CFTC rarely find enough evidence to prosecute perceived offenders.

Articles cited

The Price of Fuel

thepriceoffuel.com/whataffectsfuelpricing/

FTC

ftc.gov/opa/2009/08/mmr.shtm

CFTC

cftc.gov/

Chinese inflation a grave concern in a global economy

The central financial institution of China announced over the weekend that its biggest banks must hold more cash in reserve, the fourth time in 2011 the reserve ratio has been increased. The move is a try to curb Chinese inflation that is emerging as a significant threat to a global economy reliant on cheap Chinese exports. Meanwhile, Donald Trump, pandering for a presidential bid, proposed a 25 percent tariff on Chinese imports that was roundly ridiculed by economists.

Control is being lost

By requiring that banks once again raise their deposit reserve ratio, China’s central bank has been trying to cool down the nation’s overheating economy by raising rates of interest and reducing the amount of cash accessible for loans. The reason for the announcement appears to be from the report on China’s economy. It is growing at the fastest rate in the world at 9.7 percent annually. The economy growing has created inflation. The Chinese government doesn’t like that. The price for food or for gas went up a lot. Also, the home costs have become too high. The food price increase has been controlled by Beijing by threatening the companies not to raise costs. There have also been more subsidies given for agriculture. The government has also raised wages, which has contributed to China’s mounting inflation issue.

The world worried about Chinese rising prices

Too much of China’s economic growth, according to analysts, is due to inflationary government spending on real estate development and multi-billion dollar infrastructure projects for instance roads and railways. Some predict that regardless of the government’s tries to douse the flames, China faces a rate of inflation approaching 5 percent for the next decade. Such high inflation threatens China’s position as the dominant global source of manufactured goods. For things shipped overseas, companies are starting to want more due to the increase in Chinese wages and production. The U.S. and Europe will not purchase from these companies with more costly things. Instead, other countries could be looked to. A contracting Chinese economy could hurt lots of companies that count on China. This would contain both General Motors and General Electric.

U.S. and China would not get along so well

China has failed to stop the economy from overheating. Now, the pressure to have the yuan to rise in value is coming down even harder than ever on Beijing. Donald Trump, posturing for a possible GOP presidential bid, is pushing a 25 percent tariff on Chinese imports. Most suggest this can be a bad idea. Tariffs are not the right answer. Trump’s tariff would most likely set off a trade war between the U.S. and China that would damage the global economy. The U.S. inflation would go up even more with a 25 percent tariff making Chinese goods more costly in the U.S. It might make China really angry. This might mean no more trading for the U.S. with China, hurting the economy. A Chinese appeal to the World Trade Organization would get rid of the tariff easily anymore.

Information from

New York Times

nytimes.com/2011/04/18/business/global/18yuan.html?_r=1&emc=eta1

Associated Press

money.msn.com/business-news/article.aspx?feed=AP&date=20110418&id=13322016

CNN Money

money.cnn.com/2011/04/17/news/economy/trump_china_trade_war/index.htm

Legal spat over FPB continues

The Consumer Financial Protection Bureau has brought on members of Congress to battle back and forth for months. The Consumer Financial Protection Bureau does not technically exist yet, as it doesn’t start operating until July. The bureau could have regulatory authority over consumer finance and financial products. The Bureau doesn’t have a director yet, and Congress has not yet finalized the rules over what it is legislatively allowed to do. Post resource – Legal spat over financial protection bureau continues by MoneyBlogNewz.

Republicans try to rip apart the bureau

On July 21, the Consumer Financial Protection Bureau is set to begin operating. Republicans, according to CNN, try to diminish the powers of the CFPB. Rules have been introduced to congress on how the agency will carry out their function. Some of the proposed improvements would be to keep the Consumer Financial Protection Bureau from conduction operations until a director is appointed, and having a five member committee rather than a single director.

Lack of oversight being objected

The current method calls for financial institution fees paid to the Fed to be how the Consumer Financial Protection Bureau is funded; according to MarketWatch. However, the formation of the organization has been repeatedly held up in Congress for numerous reasons. The biggest concern is that too much power would be given to the director and that Warren was not appointed by congress to set up the CFPB. Warren is essentially an adviser that was handpicked by the president to help with the Consumer Financial Protection Bureau. The bureau congressional hearings are restricted and the Treasury Secretary and Chairman of the U.S. Senate Banking Committee have both voiced concerns about this. Forming a federal regulatory body will always bring up server rejections form several people.

Small banks against further regulation

Reuters believes the new regulations will make it near impossible for smaller banks and credit unions to stay open. Profit margins seem to shrink as bank sizes do. Your local small banks will have a difficult time paying the fines, while Bank of America and Wells Fargo would have no problems. Small banks depend on sources of revenue for instance account fees and interest on personal installment loans just as much as large banks do, and higher costs of compliance will make operation more difficult for them. Not everybody wants to financial institution with corporate Goliaths..

Articles cited

CNN

money.cnn.com/2011/04/06/news/economy/republicans_consumer_bureau/index.htm

Market Watch

marketwatch.com/story/gop-democrats-clash-over-consumer-protection-2011-04-06?pagenumber=1

Reuters

reuters.com/article/2011/04/06/usa-banks-regulation-idUSN0510234220110406?pageNumber=1

Bloomberg

bloomberg.com/news/2011-04-05/senate-banking-chief-says-he-opposes-change-to-consumer-bureau.html

Bizarre tax deductions to brighten your tax day

Many people are loading up to fire some strange tax write offs at the IRS this tax season. Whether it is sperm donations or some other less than savory "business" expenditure, don’t expect such things to go undetected. Do not take these as examples, but marvel at the ingenuity – or laziness, or lunacy – that went into these crazy attempts at tax deductions. Source for this article – Bizarre tax deductions to brighten your tax day by MoneyBlogNewz.

Not business expense

Dallas CPA Ken Sibley told Bankrate of one client – a minister – who attempted to claim travel and entertainment expenses as tax deductions. Evidently, the minister was looking for real estate investment properties however never found his promised land after years of trying. Hence, it could not qualify as business expenditure.

Wedding expenses don't count

Even if you are using business travel and entertainment expenditures, you can never deduct wedding expenditures. Massachusetts CPA explained that it isn’t business expenditure, even if clients are attended. And remember: your betrothed isn’t a charity, so there’s no way you could count wedding expenditures as charitable contributions, either.

Recover over 30 years time

There was business manager who purchased a $2 million office building, according to a New Jersey CPA Don Meyer. The business manager was planning on deducting it as business expenditure in that tax year. The recovery would take over 30 years to get. This was what Meyer told the man. Even a suitcase full of money and an ominous admonition to "make it work" couldn’t change the tax law.

Do not try to count a dog

Business expenses are tax deductions at home. This does not contain pets for security though. Home security systems in general don’t fly with the IRS, either, claims the Hunter Group of Fair Lawn, N.J. One client tried to declare a security system under the rationale that if her home was invaded and she was slain, she’d no longer be able to pay taxes.

Deducting adult magazines won’t take place

Dues and subscriptions for professional and trade publications may be listed as tax deductions, so long as you are a professional in an approved field. According to Quizlaw, these would go under miscellaneous as long as the 2 percent floor rule is met. This means it must account for 2 percent or more of the adjusted gross income.

Business strategy for a self-employed real estate agency should not consist of adult magazines in business deductions. A Massachusetts CPA Explained this isn’t something you should be doing.

Once, Don Meyer had a prostitute client. That was different. Declaring her income was important to her. She said her job was in "public relations."

Articles cited

Bankrate

bankrate.com/finance/taxes/10-craziest-tax-deductions-for-2011-1.aspx

IRS

irs.gov/businesses/small/article/0,,id=204169,00.html

Quizlaw

quizlaw.com/federal_income_tax/can_i_deduct_dues_and_subscrip.php

On deducting haircuts and sperm donations

youtube.com/watch?v=uW6HWOekZ3M

Executive compensation increasing as wages flat line

Payment for chief executive officers at United States corporations increased 12 percentage points in 2010 to reach a median figure of $9.6 million. Not since before six decades have gone by did corporate profits accelerate at such a rate as they did in the last 90 days of the previous year. CEOs have been seeing outsize pay increases while at the same time the rank and file has worked increasingly harder for the same amount of money. Source for this article – CEO pay soars as flat middle class wages erode with inflation by MoneyBlogNewz.

CEO pay increases
coming from the hard workers

At a time when millions of Americans simply hope they keep their jobs, average CEO pay has risen to surpass pre-recession amounts. Even as employment is increasing, employee pay is not, but CEO pay is. The pocket book of CEO’s is growing daily as stock prices rise, rather than hiring more of the 13 million people out of work. CEO’s have no reason to hire employees when they’re making do with who they have. CEOs from almost every economic sector bailed out by taxpayers’ averaged 12 percent raises in 2010. Yet, private sector pay rose by about 2 percent. In March, unemployment was around 8.8 percent. Most economists predict the jobless rate will continue to remain high for years.

Stock options for CEOs increasing

Phillipe Dauman of Viacom took home $84.5 million in only nine months last year, making him the highest paid CEO. The increasing price of oil and gas has been good to Ray Irani of Occidental Petroleum, who was the runner up with $76.1 million, a 142 percent pay increase over 2009. Larry Ellison of Oracle, the third-richest American with a net worth of $39.5 million according to Forbes, took home $70.1 million. CEOs are gaining the largest raises since 2007, with stock choice thanks to Wall Street. Several CEOs played the stock market well by taking stock possibilities when they had no value, knowing the market would one day recover. Thanks to taxpayer bailouts and interest-free leverage offered by the Federal Reserve, the stock market has recovered spectacularly and the CEOs are cashing in. USA Today states that several of the CEOs cashing in their stock possibilities were making well over $20 million.

Middle-class hit hard by commodity price increases

The huge CEO pay increases are hard to swallow for the American middle-class, who has watched wages stagnate for a generation. The Bureau of Labor Statistics states the average hourly wage for workers hasn’t increased by a penny in so-much-as five months. While U.S. workers who still have jobs aren’t getting raises, employers in developing nations are hiring new customers who are pushing up demand and costs for food, oil, cotton and other commodities. Prices of commodities and wages are basically going in opposite directions. Gas is the biggest thing hurting the American worker. An average of 12 gallons of gas a week is used by the average employee. Individuals have reported that filling a gas tank is costing $40 more per month than it did last year. Meanwhile, the average weekly wage is up just $18 from past year.

Articles cited

New York Times

nytimes.com/2011/04/10/business/10comp.html?_r=2#38;ref=business

USA Today

usatoday.com/money/companies/management/2011-04-04-1Aoptions04_ST_N.htm

NPR

npr.org/2011/04/10/135272006/paychecks-cant-keep-up-with-rising-prices

Nasdaq rebalancing reduces volatility potential of Apple

Nasdaq, a stock exchange, has indicated that its index known as the Nasdaq-100 will be rebalanced to more accurately reflect the ratio to which Apple shares relate to the other 99 businesses accompanying it on said index. Apple stock, in its rapid growth, has begun to weigh too heavily on the index. Nasdaq rebalancing cuts the ratio of Apple stock to the total value of the Nasdaq-100 by 50 percent. Hedge funds won’t be as tempted to punk other investors with Apple rumors and those other investors may be more open to betting on Apple stock with the expectation that the payoff in the long term is ensured because unpredictability risk is diminished currently. Source for this article – Nasdaq rebalancing reduces hedge fund manipulation of Apple stock by MoneyBlogNewz.

The Nasdaq to be remade with Apple dropping

An increase in Apple stock has also been an increase in the Nasdaq-100 in the last few years. There has been over a 250 percent increase in Apple shares since the 2009 industry crash due to the Mac, iPhone and iPad. Apple stock went up since then another 150 percent. That is more than 20 percent of the Nasdaq-100 total value. In accordance with Nasdaq officials, Apple stock has ballooned to more than twice the weight it should have on the index. Apple shares will be less than 12 percent of Nasdaq-100 shares after the May 2 Nasdaq rebalancing. The adjustment to correct for Apple realigns the ratio for the company's stock and outstanding shares with the way the Nasdaq-100 is calculated. The change also lessens weighting for 81 many businesses. Some Apple rivals will gain. Microsoft will rise from 3.4 percent up to 8.3 percent. Oracle will rise to 6.7 percent, Google will rise to 5.8 percent, and Intel will climb to 4.2 percent.

All the Apple rumors change things

Due to the lower Apple share ratio, the Nasdaq-100 will be protected. Any manipulation by hedge fund traders will be stopped. Recently, there was an instance where Apple stock swung in price because of Apple rumors, in accordance with Jason Schwartz at Seeking Alpha. In February, when Apple was trading at $360, hedge fund Yuanta Securities floated a rumor depending on “supply chain contacts” that the iPad 2 would be postponed until June. The rumors spread very quickly. Soon, Apple shares were shorted by Yuanta Securities to make money. It only took 2 days to lower Apple stock. It had a $20 decrease. Shortly afterward, Steve Jobs, who was given six weeks to live by bloggers, declared the iPad would go on sale March 10. Investors who should have known better felt duped, and Yuanta padded its returns. The Nasdaq-100 was affected due to this.

Can't even see the impact anymore

It will be another month before the Nasdaq rebalancing occurs. Still, money managers are rebalancing what they have. A drop occurred on Tues in Apple stock during this. It caused a $4.19 decrease from $337 to $341.19. The ability of hedge funds to manipulate the market using Apple already has been diminished. Analysts don’t expect the latest iPhone delay rumors (which would freeze the iPhone market and hurt Apple if they were true) to work because Apple stock remains about $15 below its high and is trending upward again. A window has been opened for average investors and traders to get into Apple shares and the company is expected to exceed expectations again when it states first quarter earnings this month.

Information from

Fortune

tech.fortune.cnn.com/2011/04/05/a-good-day-to-buy-aapl/

Mac Observer

macobserver.com/tmo/article/nasdaq-100_to_cut_apples_index_share_nearly_in_half/

MSN Money

money.msn.com/market-news/default.aspx?feat=e52a3c86-3053-48e5-91eb-970765febdcc

Seeking Alpha

seekingalpha.com/article/260887-hedge-funds-bloggers-and-the-origin-of-apple-rumors

Companies might be hiring again as new jobless claims drop

The federal government has recently declared that brand new jobless claims have started to drop recently. Long term joblessness claims dropped also, so it may not be a fluke. It's possible the unemployment rate could greatly improve this year.

Layoffs and joblessness claims drop in weekly surveys

There was some information released by the United States Department of Labor. This was job market information by the week. CNN reports that a 6,000 decrease in initial jobless claims were filed in the week that ended on March 26. These are brand new applications for joblessness benefits. There was a 3,000 increase in unemployment benefits in the four-week average of initial jobless claims. The number of brand new individuals claiming unemployment benefits was increasing for few weeks, however then turned right around and dropped. Private companies are having fewer layoff announcements. This is also a decreasing number, USA Today states.

Slow however steady winning the race

Short term unemployment claims aside, long term unemployment claims — the number of people continually filing for unemployment benefits — fell by 51,000 during the week that ended March 19. There was a 31,000 decrease in the four-week average. That means that in March, fewer people are unemployed. The private sector is hiring again. This mostly just involves smaller businesses. Automatic Data Processing, Inc., is a payroll administration company. It explained the private sector had over 201,000 new jobs on payrolls added. Manufacturing jobs are also starting to increase, in accordance with Reuters, as more factory jobs were observed to have been created in the Midwest. Huge firms are also ready to hire again according to a survey of large corporate CEOs. Over half of responders said the companies would be hiring in the next year more employees.

Productivity up in America

There is good news that came from the few years of high unemployment. MSNBC reports that it brought on Americans workers to become more productive. Employment has not been increasing although output in America is almost too where it was before the recession. The same amount of work is getting down with fewer individuals. That also means they’re being paid less for it. However, if the recent trends in employment data are signs of growth returning, that means some of the overworked and underpaid may become less overworked in coming months. Getting paid more is unlikely. It could happen though.

Articles cited

CNN

money.cnn.com/2011/03/31/news/economy/initial_claims/index.htm

USA Today

usatoday.com/money/economy/2011-03-30-hiring-picking-up.htm

Reuters

reuters.com/article/2011/03/31/us-usa-economy-idUSN3027570820110331?pageNumber=1

MSNBC

msnbc.msn.com/id/42349181/ns/business-world_business/

BBC slapped with lawsuit by Tesla Motors because of Top Gear show

Tesla Motors is suing the BBC and one of the hosts of the popular series “Top Gear” for libel. The electric vehicle manufacturer alleges the show made detrimental and false claims during an episode which was supposed to put the Tesla Roadster through its paces. The allegations of the suit are being denied by the British Broadcasting Corporation. Source of article – BBC and Top Gear slapped with lawsuit by Tesla Motors by Car Deal Expert.

Response from Tesla Motors to Jeremy Clarkson’s stunt

The Tesla Roadster was tested based on its range claims in a “Top Gear” episode on BBC2 in Dec. 2008. Tesla Motors was not amused with the outcomes of the tests or the events of the episode, and is suing the British Broadcasting Corporation for what Tesla considers false and malicious assertions by the program, according to The Guardian.

The Roadsters are designed to get over 200 miles on an electric charge although the Tesla Roadster only ran for 55 miles in accordance with “Top Gear” host Clarkson. The “Top Gear” crew was shown in the show pushing the car from the “Top Gear” test track because the Roadster supposedly had motor and brake problems. This made Tesla angry. The business lost business.

Tesla Motors refuses to admit truth

Tesla maintains the Roadsters in the “Top Gear” show never actually ran out of charge. Tesla was electronically monitoring the two automobiles loaned to the show for testing, in accordance with USA Today, and asserts neither car fell below 25 percent charge. Tesla also asserts the brakes did not fail on one car as the show claimed, but a fuse controlling a component in the braking system failed, and the brakes would nevertheless have been sound.

The Tesla Roadster is "an electric vehicle you would actually want to buy," That has "a motor the size of a watermelon, with one moving part," in accordance with host Clarkson on the show. He also said it was great that the car was able to, in less than four seconds, get from 0 to 60 miles per hour.

Tesla isn’t seeking much in monetary damages, but does not want the show broadcast again. BBC would not talk to Tesla about the show concerns which started the legal proceedings. Forbes states Tesla had only started the suit because of this.

Comments tend to trigger trouble

In the past, “Top Gear” has gotten into some trouble. It has been involved in some controversy. Hosts Clarkson, Richard Hammond and James May have been accused of making or tolerating homophobic and racist behavior and remarks, and the show is known for baiting the environmentally conscious. This show is just like every other automotive television program. It wants the automobiles with horsepower that guzzle a lot of gas. Bloomberg states that about 6 million individuals in Britain watch “Top Gear” while over 300 million individuals across the world watch it.

Citations

The Guardian

guardian.co.uk/environment/2011/mar/30/tesla-sue-top-gear

USA Today

content.usatoday.com/communities/driveon/post/2011/03/tesla-top-gear-jeremy-clarkson-elon-musk-lawsuit/1

Forbes

blogs.forbes.com/hannahelliott/2011/03/30/tesla-sues-top-gear-for-libel/

Bloomberg

bloomberg.com/news/2011-03-30/carmaker-tesla-sues-bbc-s-top-gear-over-electric-roadster-test.html