| Thursday, April 16th 2015, 18:46 GMT |
World Touring Car Championship returnee Rickard Rydell will miss the second round of the championship in Marrakech this weekend due to illness
You have viewed over 15 free stories this month. Why stop there? Click here to find out how to continue reading.
| Thursday, April 16th 2015, 18:14 GMT |
DRIVERS - Sergio PEREZ (Force India), Max VERSTAPPEN (Toro Rosso), Will STEVENS (Manor), Pastor MALDONADO (Lotus), Lewis HAMILTON (Mercedes), Daniel RICCIARDO (Red Bull)
You have viewed over 15 free stories this month. Why stop there? Click here to find out how to continue reading.
| By Mark Glendenning | Thursday, April 16th 2015, 21:03 GMT |
NASCAR has upheld the penalties issued to Richard Childress Racing for tyre tampering on Ryan Newman's car at Fontana last month, although some have been reduced in severity
You have viewed over 15 free stories this month. Why stop there? Click here to find out how to continue reading.
| By Lawrence Barretto | Wednesday, April 15th 2015, 15:35 GMT |
Williams needs to understand why it has struggled to make Formula 1's soft tyre work if it is to challenge Mercedes and Ferrari, says performance chief Rob Smedley
You have viewed over 15 free stories this month. Why stop there? Click here to find out how to continue reading.
| By Mitchell Adam | Wednesday, April 15th 2015, 16:41 GMT |
Rookie Tom Blomqvist kept BMW on top in the second day of the DTM's final pre-season test at Oschersleben, leading fellow Brit Gary Paffett
You have viewed over 15 free stories this month. Why stop there? Click here to find out how to continue reading.
| By Mark Glendenning | Wednesday, April 15th 2015, 18:56 GMT |
Ryan Hunter-Reay has been docked points and placed on probation after IndyCar officials determined that the Andretti Autosport driver was responsible for the three-car accident that ended his race last weekend at NOLA
You have viewed over 15 free stories this month. Why stop there? Click here to find out how to continue reading.
| By Mitchell Adam | Tuesday, April 14th 2015, 17:05 GMT |
Reigning DTM champion Marco Wittmann led the way as BMW dominated the opening day of the final pre-season test at Oschersleben
You have viewed over 15 free stories this month. Why stop there? Click here to find out how to continue reading.
| By Mark Glendenning | Tuesday, April 14th 2015, 19:18 GMT |
Oriol Servia will renew his association with Rahal Letterman Lanigan next month after signing on to drive a second entry for the team in the Indianapolis 500
You have viewed over 15 free stories this month. Why stop there? Click here to find out how to continue reading.
| By Mark Glendenning | Tuesday, April 14th 2015, 19:52 GMT |
Sage Karam and Sebastian Saavedra will share the fourth Chip Ganassi Racing entry for the remainder of the 2015 IndyCar season
You have viewed over 15 free stories this month. Why stop there? Click here to find out how to continue reading.
| By Gary Watkins | Monday, April 13th 2015, 14:22 GMT |
Nissan is focusing on endurance testing as it resumes running its GT-R LM NISMO LMP1 prototype today ahead of its race debut in the Le Mans 24 Hours in June
You have viewed over 15 free stories this month. Why stop there? Click here to find out how to continue reading.
| By Ben Anderson and Lawrence Barretto | Monday, April 13th 2015, 14:20 GMT |
Red Bull boss Christian Horner says Ferrari's transformation back into a race-winning Formula 1 team is proof his team can turn its fortunes around too
You have viewed over 15 free stories this month. Why stop there? Click here to find out how to continue reading.
| By Edd Straw | Monday, April 13th 2015, 16:34 GMT |
Ex-Formula 1 driver Narain Karthikeyan is confident that he heads into the 2015 Super Formula season fully recovered from the major accident he suffered last year
You have viewed over 15 free stories this month. Why stop there? Click here to find out how to continue reading.
| Sunday, April 12th 2015, 20:13 GMT |
The new Lamborghini Huracan GT3 has been disqualified from its debut victory in the Monza Blancpain Endurance Series race, handing victory to the Rinaldi Ferrari
You have viewed over 15 free stories this month. Why stop there? Click here to find out how to continue reading.
| By Mark Glendenning | Sunday, April 12th 2015, 21:56 GMT |
A gamble on strategy rewarded James Hinchcliffe with victory for Schmidt Peterson in a damp, incident-filled incident-filled IndyCar race at NOLA on Sunday
You have viewed over 15 free stories this month. Why stop there? Click here to find out how to continue reading.
| Sunday, April 12th 2015, 20:54 GMT |
Honda rider Marc Marquez claimed the first victory of his 2015 MotoGP campaign in the Grand Prix of the Americas, maintaining his perfect Austin record in the process
You have viewed over 15 free stories this month. Why stop there? Click here to find out how to continue reading.
| By Edd Straw | Saturday, April 11th 2015, 19:01 GMT |
Olympic cycling legend Chris Hoy believes LMP3 is the ideal stepping stone towards the Le Mans 24 Hours after taking his first motorsport race win in the class' inaugural event
You have viewed over 15 free stories this month. Why stop there? Click here to find out how to continue reading.
| Saturday, April 11th 2015, 19:58 GMT |
Marc Marquez took one of the most extraordinary poles of his MotoGP career at Austin after sprinting down pitlane for his spare Honda with under three minutes to go
You have viewed over 15 free stories this month. Why stop there? Click here to find out how to continue reading.
| By Mark Glendenning | Saturday, April 11th 2015, 23:24 GMT |
Electrical storms forced the cancellation of qualifying for the IndyCar race at NOLA, meaning that Juan Pablo Montoya will start from pole position in a field set by entrant points
You have viewed over 15 free stories this month. Why stop there? Click here to find out how to continue reading.
"I'm obsessed with him, because he succeeded at three different things that were so different than one another," said Grazer. "He has such a unique brain and the brain of the future."
Musk is the visionary behind the Tesla (TSLA) electric car, SpaceX and PayPal.
One of Musk's biggest ambitions: To colonize Mars. That makes the venture a natural fit for Grazer and Howard, who produced the Oscar-winning movie Apollo 13, based on one of America's space missions to land on the moon.
When will it appear and where? Grazer declined to give more details.
Grazer and Howard also teamed up on a TV mini series called "From the Earth to the Moon" for HBO. The episodes focused on NASA's Apollo program, which resulted in 11 spaceflights, between 1969 and 1972, and a total of 12 astronauts walking on the moon, according to NASA's website.
Musk in January spoke about colonizing Mars in an "Ask Me Anything" session on Reddit, according to SpaceX's website. He said details of his Mars Colonial Transporter would be unveiled by the end of the year.
In addition, SpaceX, and Boeing will soon be transporting astronauts to the international space station, replacing the government's shuttle program. That operation was grounded in 2011. The government awarded contracts to the two companies last year, Musk told CNNMoney.
Grazer has a new book out, "A Curious Mind," in which he writes about what's he's learned from a series of conversations he's had with "everyone and anyone" from the doctor who developed the vaccine for Polio to Princess Diana - and yes, Elon Musk, which Grazer confirmed to us after this story was published.
Related: 5 stunning stats about Tesla
Elon Musk stars on The Simpsons
CNNMoney (New York) April 10, 2015: 6:17 PM ET
A group of undocumented New York City deli workers defy being arrested and deported to form a union and take on a corporation that had denied them benefits like a minimum wage, sick days and paid vacations. They overcome long odds to win recognition as a bargaining unit, only to see the store's owner close the store rather than bargain with them.
The workers have also told their story in a powerful new documentary called "The Hand That Feeds," which opened in New York this week.
The film had its theatrical debut in New York City's Cinema Village and will screen in Los Angeles' Laemmle Music Hall 3, beginning April 10.
Directed by Robin Blotnick and Rachel Lears, it puts a spotlight on the working conditions that many undocumented workers endure to earn a living in a city that depends on their work.
The film opens in the kitchen of a ubiquitous New York City Hot and Crusty sandwich shop. Mahoma Lopez, a soft-spoken sandwich maker from Mexico City, films his colleague counting his weekly wages: $260 -- way below minimum wage.
"You get settled in, and see the reality of how dollars are earned." Lopez says.
In January 2012, he convinces a small group of his co-workers to fight.
Related: More undocumented workers moving into management
In one of many poignant scenes, Margarito Lopez, a Hot and Crusty dishwasher, opens up about his fears, his dreams, and providing for his daughter, a university student in Mexico, that brought him to the United States. He also has strong opinions about undocumented immigrants' vulnerability of being preyed upon.
"We are undocumented. That doesn't mean they have to profit from our hunger," Lopez says.
'The Hand That Feeds,' beautifully shot and edited with New York's cacophony serving as its backdrop, recounts the tumultuous years the workers spend fighting for their rights in a David and Goliath battle against Hot and Crusty.
With the help of the advocacy group the Laundry Workers Center and Occupy Wall Street activists, the workers score their first victory: a settlement for back wages from Hot and Crusty.
Related: 5 immigration myths debunked
Emboldened, the workers seek more. They demand benefits commonly given to on-the-books employees: paid sick time, vacation time, respectful managers and a safe work environment. Hot and Crusty won't negotiate, arguing that the management is only required by law to bargain with a unionized workforce.
Undeterred, the workers go through the Federal National Labor Review Board's process, and after a tight, stressful vote, they become officially recognized as a union by the NLRB.
But it was a costly victory. Hot and Crusty decides that rather than negotiating with the newly formed union it would shutter the store.
The now unionized workers continue their fight. They march, sit-in, and struggle on, taking over and then picketing in front of the shuttered store risking arrest and deportation as their frayed nerves and their families' fears nearly tear the union apart.
Related: The activist nun reforming for profit prisons
The stories of the characters in "The Hand That Feeds" make for a powerfully emotional movie that moved the diverse audience of New Yorkers to tears at times.
The filmmakers say that Hot and Crusty refused to take part in the film. According to a person that answered the phone at one of the Manhattan locations, each store is independently owned now. Since the the documentary was shot, the store that was featured in it has closed and been re-branded. The union is still in place there and all the employees were rehired, according to the filmmakers.
CNNMoney (New York) April 10, 2015: 4:22 PM ET
The states' attorneys general are urging the government to forgive federal loans that these students and thousands of others borrowed to attend Corinthian College. They say the college preyed on low-income people with high-interest loans and misrepresented its job placement rate and what graduates earn.
The now defunct network of colleges is in a mess of trouble for its tactics and is facing lawsuits brought by the Consumer Financial Protection Bureau and attorneys general in California, Massachusetts and Wisconsin.
"Corinthian took advantage of students who were trying to build a better life for themselves and their families" said Massachusetts Attorney General Maura Healey.
At one point, Corinthian owned about 100 campuses across the country, with nearly 90,000 students. The "debt-strikers" started as a group of 15 former students refusing to pay their loans. In a month, the group has grown to more than 100.
Some of the 100 debt strikers met with the Deptartment of Education last month. Tuition and fees for some of its programs cost more than five times those at other public colleges, according to the CFPB. A bachelor's degree cost up to $75,000 and an associate's was as much as $43,000.
Corinthian was so expensive that many students needed to take out both federal loans and private loans to cover the cost. The college offered its own private loans, which came with interest rates sometimes twice as high as federal loans.
Related: 100 Corinthian students refuse to pay their loans
Former and current students who took out those private loans are already getting some relief. Earlier this year, the government struck a deal with the company acquiring some of Corinthian's campuses, forcing it to wipe out $480 million in debt. Ongoing lawsuits could increase that amount.
But Corinthian students are still on the hook for their federal loans, and that's what the attorneys general want the government to forgive.
They say the school "relentlessly pursued potential students," including veterans, single parents, and first generation college students by misrepresenting job placement numbers, what graduates earn, and the school's role in its private loan program.
Its marketing strategy was geared to prospective students who were "isolated," had "low self-esteem" and "few people in their lives that cared about them," according to a letter the attorneys general sent the Department of Education on Thursday.
The agency has yet to respond to the letter, but said it "shares the attorneys general's concern for the welfare of Corinthian students," said spokeswoman Denise Horn.
The Department of Education has the power to cancel any student's federal loans, and can do so for students who meet certain criteria and apply for relief.
One of those criteria is if a student's school closes. (About half of the Corinthian schools have done so.) The attorneys general are also asking the agency to clarify the grounds for debt cancellation.
Related: If I marry you, do I marry your student loans too?
CNNMoney (New York) April 10, 2015: 6:48 PM ET
This is because three of pop culture's biggest franchises are expanding their brands to new digital frontiers.
On Friday, Disney (DIS) and 20th Century Fox released all six of the popular "Star Wars" films for digital download -- the first time that the space saga has been available digitally.
At the same time, Netflix (NFLX, Tech30) will kick off its multiyear series deal with Marvel by premiering "Daredevil" exclusively on the service.
Then on Sunday, HBO's "Game of Thrones" returns for its fifth season. The fantasy series could reach even more viewers this season now that people can access HBO without a cable subscription via HBO NOW, which also debuted this week.
Soon fans will be able to watch "Star Wars," HBO's "Game of Thrones," and a Marvel series whenever and wherever they please. "'Game of Thrones' is the biggest show in our history, so of course it made sense to time the launch of HBO NOW to the new season," said Pam Levine, HBO's executive VP of marketing. "The opportunity to offer other platforms, and a new technology, as a way to give even more people access to 'Game of Thrones' was a natural decision."
The series was watched by 19.1 million U.S. viewers per episode last season, according to the network. This is across all platforms including original airings, replays, HBO GO, and on demand viewing. With HBO NOW, the series adds another platform for the show's avid audience.
"The 'Game of Thrones' audience is incredibly passionate," Levine said. "We're giving them now another way to [watch the show] if they didn't have access to it before. That's a great thing for the show and a great thing for the fans."
(HBO is owned by Time Warner (TWX), which also owns this website.)
For "Star Wars," this will be a weekend long remembered by fans who are looking forward to traveling to a galaxy far, far away on any device they please.
"'Star Wars' fans have been waiting for this for as long as streaming video has existed," said Eric Geller, writer for the "Star Wars" fan site, TheForce.net. "So much of fandom is about hosting big watch parties... but fans also want the ability to drop into the universe whenever they feel like it."
Geller, who is also an editor at The Daily Dot, added that making "Star Wars" digital also makes it ubiquitous, which is "incredibly valuable for Disney as it tries to keep the franchise at the top of people's minds."
Related: 'Star Wars' films available for digital download for first time ever
And it's in Disney's best interest to keep "Star Wars" on top of people's minds when its seventh episode, "The Force Awakens," debuts in December.
And Disney owns the superhero comic book brand Marvel, so it has another shot at streaming success this weekend.
On Friday, Netflix debuts "Daredevil," the company's first original series based on the blind superhero.
"Daredevil" kicks off Netflix's original Marvel content on Friday. And this is just the start for Netflix and Marvel which are also developing shows for "Luke Cage," "Jessica Jones," and "Iron Fist."
Related: 4 in 10 TV households also subscribe to Netflix, Amazon or Hulu
With 4 in 10 TV households subscribing to some form of streaming service, streaming companies already offer full network content directly to consumers. Specific branded content -- like Marvel superheroes -- is a logical next step.
This was hinted by Disney CEO Bob Iger in February when he mentioned that there could be "opportunities" with a Disney branded service in the future.
It makes sense since the move works toward two ends.
New services like HBO NOW and Netflix allow media companies to hedge their bets on the future of media consumption while fans get what they want and even expect.
"The 'Star Wars' films have been released so many times that the only option left was digital," Geller added. "It's what fans growing up in this era have come to expect."
CNNMoney (New York) April 10, 2015: 2:30 PM ET
Less than half, or 48%, of American adults have money in stocks, according to Bankrate's Money Pulse survey. Compared to that, about 61% of adults have at least a cup of coffee daily, according to the latest National Coffee Drinking Trends.
The stock-owning Americans include anyone that has money invested in pension funds, 401(k) retirement plans, IRAs, mutual funds, ETFs or those owning individual stocks like Apple (AAPL, Tech30), Ford (F) and Tesla (TSLA).
The low number is an alarming trend for America's financial future.
Daily coffee consumption has been growing in recent years, while stock ownership peaked in 2007 -- just before the worst of the financial crisis and Great Recession, according to data from the Federal Reserve.
Related: Who's getting rich off the stock market?
Missing out on the bull market: Americans who have kept their money on the sidelines are likely regretting it.
The U.S. stock market is in the midst of one of its longest surges in history. The popular S&P 500 Index, which tracks the 500 biggest and most well known publicly traded America companies, has risen over 200% since it bottomed out in March of 2009.
To put it another way, if you took roughly the $1,200 a year spent on buying a daily Starbucks (SBUX) grande caffe latte and put it in the stock market in March 2009, you would have $3,600 today.
"Despite the market hitting record highs, retail investors have dramatically increased their allocation to cash," says Suzanne Duncan, global head of research at State Street's Center for Applied Research.
The stock market gains are only making the rich richer, exacerbating the nation's inequality problems.
Related: Apple stock is making regular Americans rich
Why people don't invest: The Bankrate survey identified a number of factors that keeps people from investing. The biggest problem by far is that people don't have enough money to invest.
As CNNMoney has reported, median household income in America isn't much higher than where it was in 1995. Many families simply aren't seeing their finances improve enough to feel comfortable investing in stocks.
Related: Half of Americans are saving next to nothing
It's particularly problematic among young adults. Just over a quarter of adults under 30 reported having any money in stocks or in funds that invested in stocks, according to the Bankrate survey. Young people have the most to gain by investing in stocks since research shows that they the market is likely to rise a lot in the decades before they retire.
The next largest barriers are that people don't feel educated enough about the stock market, they don't trust stock brokers, and they think it's too risky to be in equities.
Randy Frederick, managing director of trading and derivatives at Schwab's Center for Financial Research gets a lot of inquiries from fearful investors who aren't sure they want to get into stocks or get back in.
"People often call and ask me: 'What about the flash crash?'" Federick told CNNMoney. "I tell them that's only happened once and the market came back. Let's focus on the other 99% of the time."
Related: Check your finances with CNNMoney's retirement calculator
Related: The best advice for new investors
Related: The millennial investor raking in a 250% return
CNNMoney (New York) April 10, 2015: 3:06 PM ET
BuzzFeed reposted a story about Dove soap after questions arose over why it had been deleted. "I blew it," Editor-in-Chief Ben Smith wrote in a memo that he tweeted Friday. "Twice in the last couple of months, I've asked editors -- over their better judgment and without any respect to our standards or process -- to delete recently published posts from the site."
Smith added that he "reacted impulsively when I saw the posts and I was wrong to do that" and that both posts would be reinstated with a brief note.
One of the deleted then reinstated stories was posted in February and concerned the game of Monopoly. The other was posted to the site's "Life" page on Wednesday and was critical of a Dove advertising campaign.
"This post was inappropriately deleted amid an ongoing conversation about how and when to publish personal opinion pieces on BuzzFeed," an update read on the reinstated story. "The deletion was in violation of our editorial standards and the post has been reinstated."
Gawker noticed the deletion on Thursday and raised the question whether the article was taken down due to the BuzzFeed's relationship to Unilever, Dove's owner, and a BuzzFeed advertiser.
Hasbro, the makers of Monopoly, is also an advertiser.
Smith denied that advertiser pressure was behind the Dove story deletion.
"You also have a right to ask about whether we did this because of advertiser pressure, as Gawker suggested," Smith wrote to the BuzzFeed staff on Friday. "The answer is no."
Soon after Gawker's story on Thursday, Smith posted a memo on Twitter written by BuzzFeed Life editorial director Peggy Wang and BuzzFeed Food editor Emily Fleischaker.
The memo said that the piece was pulled due to the article's voice and not its content.
"When we approach charged topics like body image and feminism, we need to show not tell," the memo read. "Using our own voices (and hence, BuzzFeed's voice) to advance a personal opinion often isn't in line with BuzzFeed Life's tone and editorial mission."
Or as Smith said in the tweet attached to the Thursday memo: "We are trying not to do hot takes."
On Friday, Smith made it clear that advertiser pressure is something he tries to shield his staff from.
"I field complaints all the time from companies and individuals, including advertisers, and I see it as my job to shield you from that pressure," he wrote.
Related: BuzzFeed wants to expand its content empire.
CNNMoney (New York) April 10, 2015: 6:14 PM ET
President Obama and First Lady Michelle Obama reported about the same amount of income in 2014 as they did in 2013. President Obama and First Lady Michelle Obama reported $495,964 in gross income last year, according to their 2014 tax returns released by the White House on Friday afternoon.
The president's salary accounted for nearly $395,000 of that, while their net business income came to $88,181 from Random House and literary management company Dystel & Goderich. They also earned about $16,000 in taxable interest.
After accounting for $17,400 in tax-deferred retirement savings and a $1,181 deduction for the self-employment payroll taxes they paid, their adjusted gross income came to $477,383, just a little less than they earned the year before.
Related: Top 400 taxpayers' average income jumps to $336 million
So how much of all that went to Uncle Sam? The Obamas' federal income tax bite came to $93,362, or 19.6% of their AGI.
A piece of that tax burden -- $2,035 -- was attributable to the Medicare surtax on high earners that was created to help fund Obamacare.
The Obamas donated $70,712, or about 15% of their AGI, to more than 30 charities.
They also paid $22,640 in income taxes to their home state of Illinois.
CNNMoney (New York) April 10, 2015: 6:33 PM ET
"Facts are stubborn things," HBO CEO Richard Plepler said in an interview with CNNMoney this week.
"Everybody's entitled to their own opinion, but they're not entitled to their own facts," he added. "I think the documentary bears up very well to any kind of scrutiny."
Sheila Nevins, the president of HBO's documentary division, had a similar comment -- "facts are facts" -- when asked about the film at a party on Wednesday held by The Hollywood Reporter.
The March 29 premiere of "Going Clear" scored the highest overnight viewership for an HBO documentary in nine years. Nevins and Plepler pointed out that the documentary is still reaching new viewers every day thanks to repeats and HBO's various on-demand services.
John Travolta isn't interested in watching HBO's Scientology documentary 'Going Clear.' "Going Clear" was back in the news this week when John Travolta, a member of the church, said he was uninterested in seeing it.
The documentary, by well-known filmmaker Alex Gibney, is based on the book of the same name by Lawrence Wright.
In an interview before the premiere, Gibney said he was well aware of the possibility that Scientology might try to strike back with lawsuits.
But, he said, "we were very rigorous in terms of how we checked our story, how we had it scrutinized extensively by lawyers -- not only my own lawyers but by HBO's lawyers," Gibney said.
Nevins once commented that there were "probably 160 lawyers" involved, but she meant that hyperbolically.
HBO's other recent documentary success was "The Jinx," a six-part series about the troubled multi-millionaire Robert Durst, a suspect in several murders.
There have been questions about the extent of filmmaker Andrew Jarecki's communication with law enforcement, particularly due to the recording of Durst apparently saying to himself he "killed them all."
"I can tell you unequivocally we did not withhold any evidence," Plepler said, calling Jarecki "very scrupulous."
"I think what's important to remember is that a 30-year -- 30-year -- murder mystery was essentially opened up" by Jarecki and his colleagues, Plepler added.
HBO and the parent of this web site, CNN, are both owned by Time Warner.
CNNMoney (New York) April 10, 2015: 6:34 PM ET
Chinese supercomputer TianHe-1A is powered mostly by Intel chips. But now neither Intel nor Nvidia may sell their chips to four institutions in China that run these colossal machines.
The U.S. government has concluded that four Chinese supercomputing centers -- including one at the National University of Defense Technology in Changsha City -- were "acting contrary to the national security... interests of the United States."
Supercomputers are typically used for predicting scenarios because of their incredible power to crunch numbers. They can create precise models of complex environments, such as simulating weather -- or nuclear explosions.
In its new rule, the U.S. Department of Commerce says "the TianHe-1A and TianHe-2 supercomputers are believed to be used in nuclear explosive activities." The agency would not say how it came to that conclusion.
China has an estimated 250 nuclear warheads, compared to the United States' 1,642 and Russia's 1,643.
The agency now requires any American company to first apply for a special permit before exporting any products to these supercomputing centers.
In reality, any products powering those supercomputers "would almost certainly mean a denial," said Kevin Wolf, assistant secretary of commerce for the agency's Bureau of Industry and Security.
The new federal rule was made official in February, but news media did not learn of it until this week.
Intel (INTC, Tech30) declined to comment in detail, but a spokesman said the company remains in compliance with U.S. laws.
Nvidia (NVDA, Tech30) declined to comment.
It's unclear what the effect of these lost sales could have on either company, if any.
TianHe-2 already houses 32,000 Intel Xeon E5 chips, worth roughly $48 million at retail prices. But Intel and Nvidia may still sell their high-power computer chips elsewhere in China.
It's possible these four Chinese supercomputing centers could buy the chips through third parties anyway. The Commerce Department noted that would be illegal, however.
Related: Under the hood of a supercomputer
Related: A supercomputer smart chef invents recipes to suit your taste
Related: CNN facts on nations and their nuclear weapons
CNNMoney (New York) April 10, 2015: 7:16 PM ET
Clinton is expected to begin her presidential campaign this weekend, yet she's stayed mum on the economy -- something she hammered on during the 2008 campaign.
"She's a blank check at this point," says Dean Baker, co-director for the Center for Economic and Policy Research. "She'll be pressed to take positions."
America's economy has come a long way from 2008. Back then, the country was headed toward a recession. The unemployment rate was climbing -- eventually on its way to 10% -- while America's housing market was collapsing. The divide between Wall Street and Main Street was just beginning to widen, some argue.
Now, unemployment is down to 5.5% -- not far from its target level. Last year was America's best year of job growth since 1999. However, some big issues remain. Inequality is worsening and most people's wages have barely grown.
How Hillary approaches inequality, as well as her relationships with Wall Street and Main Street, will be key to her success in this campaign.
Here's how Hillary may shift her approach for 2016:
Related: 'Hillary' websites going for up to $295k
1. How will she tackle Inequality?
Then: Clinton heavily criticized President George W. Bush for his handling of the economy in 2008. She zeroed in on jobs losses, rising inequality and no wage growth.
While the economy hadn't fallen off a cliff yet -- unemployment was 5.6% when she lost the primary race -- her inequality rhetoric resonated with many Americans.
A Republican president ineligible for another election presented an easy punching bag for Clinton on inequality.
"President Bush had one final chance tonight to acknowledge what the American people have known for years: that the economy is not working for middle class families," Clinton said of Bush's State of the Union address in January 2008.
Now: Those problems haven't changed much under President Obama, but Clinton is unlikely to throw the same darts at her former boss.
Inequality is arguably worse now, and wage growth remains the economy's sore spot. In 2008, median weekly wages were $796 -- the exact same amount at the end of 2014, adjusted for inflation, according to the Labor Department.
Clinton must carefully calculate an inequality message without distancing herself from Obama's economic achievements, experts say.
"It s a very different world" from 2008, says Gary Burtless, an economist at the Brookings Institution. "There's more anger out there about the economy and inequality. She'll modify the rhetoric she uses."
Related: The tough task of going through Hillary's emails
2. Too cozy with Wall Street?
Then: The stock market boomed during Bill Clinton's time in office. Hillary liked to remind Wall Street of that in 2008. The tech boom, free trade agreements and bull market were all hallmarks of President Clinton's economy.
Bill had cemented a relationship with Wall Street that Hillary benefited from in 2008, says Larry Sabato, a politics professor at the University of Virginia.
"She was the candidate of Wall Street" in 2008, says Sabato.
Now: Wall Street is still expected to doll out millions to Hillary's campaign, but she must tip-toe more carefully around that support, experts say. The recession generated a scathing image of the bankers who helped finance Hillary's run in '08.
Most recently, democratic senator Elizabeth Warren is hammering big banks for more reforms and could press Hillary and others to take stance as well.
Hillary will have to find the balance between appealing to the Warren democrats that want greater financial change and Clinton's loyal Wall Street donor base, experts say.
"She'll want the populist rhetoric but also the money," says Sabato. With the Clintons, "the money comes first and it may be completely separate from the rhetoric."
Related: He serves BBQ to Bill & Hillary Clinton
3. Can she connect with Main Street?
Then: Clinton ridiculed President Bush in 2008, telling USA Today that the "moneyed class" had reaped all the benefits of his economy.
As a New York senator -- and former First Lady -- she championed middle class jobs, minimum wage laws and pushed for health care reform.
Several years later, Clinton's relationship with the moneyed class is much more public and perhaps political dynamite for her economic policies during this campaign.
Now: Average Americans are still struggling. Inequality is a much bigger issue than it was eight years ago, propelling Thomas Piketty's 700-page book "Capital in the 21st Century" to bestseller status last year.
Experts say Clinton's problem will be connecting with typical Americans. Since leaving the State Department, Hillary has made a fortune on speeches and her book, on top of Bill's well-known wealth.
Knowing this perception, Clinton plans to hold small campaign events this week geared at giving face time to average folks. How Clinton tries to relate to Americans on hot topics like inequality, middle class jobs and the federal minimum wage could be key early on.
Clinton has already tried once to convince Americans she had it hard. One political slip-up came when she wrote in her book, "Hard Choices" that she and Bill were "dead broke" when they left the White House in 2001. The comment was widely viewed as out-of-touch with Main Street realities.
"It was just bizarre," says Baker. The Clinton's wealth "is not anyone's idea of flat broke."
Related: 'President' Hillary Clinton: Good for stocks?
CNNMoney (New York) April 11, 2015: 9:05 AM ET
| Saturday, April 11th 2015, 00:21 GMT |
Kurt Busch led an all-Stewart-Haas front row as he claimed pole for the first Texas Motor Speedway round of the 2015 NASCAR Sprint Cup season
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| By Mark Glendenning | Saturday, April 11th 2015, 00:28 GMT |
Will Power was fastest for Penske in a severely rain-shortened second practice session for this weekend's IndyCar race at NOLA
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| Saturday, April 11th 2015, 00:38 GMT |
Felix Rosenqvist has lost two of his three Silverstone European Formula 3 poles due to a technical infringement, promoting rookie Charles Leclerc
You have viewed over 15 free stories this month. Why stop there? Click here to find out how to continue reading.
| Thursday, April 9th 2015, 16:11 GMT |
Red Bull owner Dietrich Mateschitz has reiterated that his company will quit Formula 1 if his teams cannot get a competitive engine
You have viewed over 15 free stories this month. Why stop there? Click here to find out how to continue reading.
| Thursday, April 9th 2015, 18:22 GMT |
Jorge Lorenzo says the helmet problem that ruined his Qatar Grand Prix was due to a 'human error' by a staff member at his MotoGP helmet supplier.
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| By Mark Glendenning | Thursday, April 9th 2015, 19:19 GMT |
IndyCar's manufacturers have been given the green light to make structural upgrades to their aero kits ahead of this weekend's race at NOLA.
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| Wednesday, April 8th 2015, 20:38 GMT |
Former Le Mans 24 Hours winner David Brabham has been recalled to the Extreme Speed Motorsports LMP2 squad for the World Endurance Championship opener at Silverstone this weekend
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| By Gary Watkins | Wednesday, April 8th 2015, 17:20 GMT |
The Swiss Morand LMP2 team is not expected to take part in this weekend's opening round of the World Endurance Championship at Silverstone
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| By Gary Watkins | Wednesday, April 8th 2015, 20:43 GMT |
The withdrawal of the Morand LMP2 squad from the first round of the World Endurance Championship at Silverstone this weekend has been confirmed by the team
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| By Mark Glendenning | Tuesday, April 7th 2015, 17:05 GMT |
JR Hildebrand will return to IndyCar next month after securing a deal to drive a third CFH Racing entry at the Indianapolis road course race and the Indy 500
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| By Marcus Simmons | Tuesday, April 7th 2015, 17:12 GMT |
Charles Leclerc went fastest in the Formula 3 European Championship's last pre-season test day at Silverstone on Tuesday
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| By Mark Glendenning | Wednesday, April 8th 2015, 00:11 GMT |
Sage Karam and Simona de Silvestro will remain in the field for this weekend's IndyCar round at NOLA after extending their deals with Chip Ganassi Racing and Andretti Autosport respectively
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| By Mark Glendenning | Monday, April 6th 2015, 17:25 GMT |
Reigning IndyCar manufacturers' champion Chevrolet will go into this weekend's NOLA round with a negative point score after incurring several penalties for unsanctioned engine repairs following the St Petersburg race
You have viewed over 15 free stories this month. Why stop there? Click here to find out how to continue reading.
| Monday, April 6th 2015, 12:19 GMT |
On-loan BMW factory drivers Dirk Muller and Maxime Martin gave Team Brasil a very narrow victory over the lead WRT Audi in the main Nogaro Blancpain Sprint Series race
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| By Scott Mitchell | Monday, April 6th 2015, 16:01 GMT |
British Touring Car Championship drivers will no longer be involved in the draw for the series' reverse-grid races
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| By Scott Mitchell | Sunday, April 5th 2015, 13:58 GMT |
Gordon Shedden beat Andy Priaulx to hand Honda's new Civic Type-R a first British Touring Car Championship win, as Jason Plato ended a dramatic race in the Brands Hatch gravel
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| Sunday, April 5th 2015, 13:38 GMT |
The Stephane Richelmi/Stephane Ortelli WRT Audi fended off BMW factory duo Dirk Muller and Maxime Martin to win the Nogaro Blancpain Sprint Series qualifying race by just half a second
You have viewed over 15 free stories this month. Why stop there? Click here to find out how to continue reading.
| By Scott Mitchell | Sunday, April 5th 2015, 17:12 GMT |
Matt Neal made it two wins from three for Honda's new British Touring Car Championship challenger, as he held off MG debutant Jack Goff in the Brands Hatch reverse-grid race
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| By Glenn Freeman | Saturday, April 4th 2015, 20:19 GMT |
Sebastien Buemi stole pole position for the Formula E race at Long Beach in the dying moments of the final qualifying segment
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| By Glenn Freeman | Saturday, April 4th 2015, 22:36 GMT |
Sebastien Buemi has lost his pole position for the Formula E Long Beach race, dropping to 10th on the grid as a result of using too much power in qualifying
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| By Glenn Freeman | Sunday, April 5th 2015, 00:07 GMT |
Nelson Piquet Jr took a commanding first Formula E win on the streets of Long Beach to become the series' sixth winner in six races
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The new "chip & signature" program is barely an improvement on security and fraud, said Mike Cook, Wal-Mart's assistant treasurer and a senior vice president, at this week's Electronic Transaction Association's Transact conference in San Francisco. Cook said Wal-Mart would have preferred a "chip and PIN" system that Europe and Africa have, since PINs would protect cards from being stolen.
"The fact that we didn't go to PIN is such a joke," Cook told CNNMoney.
Cook said signatures on checks were sufficient 100 years ago, but they're outdated today. PINs on debit cards were a major improvement to stop thieves decades ago. They'd do the same for credit cards -- which is why banks should use them for all cards.
"Signature is worthless as a form of authentication," Cook said during a presentation at the conference. "If you look at the Target and Home Depot breaches ... not a single PIN debit card needed to be reissued in those breaches. The card number was worthless to the individual thief and fraudsters, because they didn't know the PIN."
This comes from a company that's been adamant about adopting technology to stop fraud. Wal-Mart (WMT) has been ahead of the curve -- more so than any other U.S. retailer. It started installing EMV-capable payment terminals at its stores eight years ago, and they're already active today. That means you can dip a chip-enabled card there, a safer way to pay than swiping.
New chip credit cards are using signature, instead of more secure PINs. One Wal-Mart executive isn't happy. Related: What hackers know about you
Retailers in general have been critical of the U.S. banking industry's decision to avoid PINs on credit cards, calling it a half-step in the right direction.
The United Kingdom, for example, implemented chip-and-PIN and saw a dramatic decrease in fraud stemming from counterfeit cards and stolen cards. By using chips alone, the American upgrade would only cut down on counterfeiting.
However, both companies leading this upgrade -- Visa (V) and MasterCard (MA) -- note that counterfeiting makes up the vast majority of credit card fraud anyway. So, they're tackling the biggest problem currently hurting banks and annoying shoppers, who keep getting reissued cards.
Banks don't want to add a PIN to your credit card for other reasons too. Banks fight to be your most frequently used card. A PIN-required card might annoy you enough to make you relegate it to second place. No bank wants to be card number two -- even if it's safer, said Martin Ferenczi, a top executive at one of the world's largest card makers, Oberthur Technologies.
Also, it's expensive. Attaching PINs to credit cards is an extra batch of data running along the credit card network. That tiny addition requires a multi-billion dollar software upgrade at credit card companies, banks, makers of payment terminals and merchants, experts say.
Besides, better technology has already come around, like Apple Pay and Samsung Pay, tap-to-pay features that use your phone. They hide your credit card number from retailers, and they use unique one-time codes that are useless to hackers and thieves. Banks hope these will become main payment methods in just a few years.
"We don't see a need for it," said Visa vice president of risk products Stephanie Ericksen. "[Chip-and-PIN] will have a shorter shelf life. We're moving to new technologies and innovation."
Did someone steal your tax refund? Share your story with CNN.
Related: You're about to get a new credit card - and it's an epic failure
Related: Credit card of the future could stop fraud
Related: Apple's plan to change how you pay for everything
CNNMoney (New York) April 3, 2015: 3:28 PM ET
The company said it sold 10,300 of the Model S in the first three months of the year, up 55% from the same period of last year.
Tesla (TSLA) has seen its high-priced stock fall this year after CEO Elon Musk said in January that sales in China have been weak. Musk has said that buyers in that country had "a misconception that charging was difficult." Tesla started deliveries of cars in China in 2014.
The roll-out in China, the world's largest market for car sales, has not been smooth. Last month it announced it was cutting 30% of its staff, or 180 jobs, in China, due to the early problems there.
Strong sales should help quiet concerns about problems in China.
Related: Tesla to unveil new product line
Tesla's quarterly sales announcement did not give a geographic breakdown on sales. Independent car sales tracker Autodata estimates the electric car maker has sold 3,550 cars in the United States during this period, which is down 24% from a year ago.
Related: Tesla - Now there's no excuse for running out of juice
CNNMoney (New York) April 3, 2015: 3:38 PM ET
Much has been made about the final season of the critically acclaimed drama such as a "Mad Men" style bench outside the Time-Life Building in New York City. The AMC drama is beginning the second half of its final season on Sunday. Over the years it has won 15 Emmys, including Outstanding Drama Series, four years in a row.
But in the ratings last year it ranked a lowly #21 among all the dramas on cable. Add all the dramas on broadcast TV, and it would rank even lower on the list.
During its seven episodes last spring, the first half of the final season, "Mad Men" averaged 3.7 million viewers in the Nielsen "Live+7" ratings that combine live viewership and a week's worth of delayed viewership.
The live average viewership was just 1.4 million viewers, according to Nielsen. That means more than half the audience used digital video recorders and video-on-demand systems to catch up.
With 3.7 million "Live+7" viewers, "Mad Men" ranked below shows like FX's "Fargo," BET's "Being Mary Jane," TNT's "Perception," and USA's "Suits."
Based on all the awards and press acclaim, you might have guessed its audience was a lot bigger.
What the series lacks in sheer audience size, however, it makes up for with influence and affluence, something advertisers crave.
"Mad Men" kicks off the second part of its final season on Sunday. "Mad Men" is one of the most upscale shows on ad-supported TV. 53 percent of "Mad Men" viewers ages 25 to 54 are from households with incomes that exceed $100,000.
According to AMC, no other prime time series comes close to that level of affluence. It helps the channel charge more for ads on the show.
AMC said earlier this week that ad space on the May 17 finale is sold out.
The show has been valuable for other reasons, too. It -- and "Breaking Bad" -- made AMC a real player in the cable programming business.
"'Mad Men' had an immediate impact and quickly became a calling card for AMC. It helped lay the foundation for everything that followed," Charlie Collier, AMC's president, said in an email.
"It also set a standard with respect to its ability to reach and connect with very difficult-to-reach audiences including the most upscale influencers and tastemakers across the worlds of media, music, fashion, design, politics and more," he added.
Related: 'Walking Dead' helps 'Better Call Saul' set cable record
The series has spawned fashion tastes, college courses, and Internet memes, not to mention the countless marketing materials that the network has produced to celebrate the second half of the final season.
This includes a exhibition at the Museum of the Moving Image, a "Mad Men" Dining Week, and a bench outside of the Time-Life Building with the iconic silhouette of the show's anti-hero Don Draper. And that's just in New York.
TV historian Tim Brooks affirmed that Nielsen ratings alone mask the true significance of the series.
"It paid off as a marquee program," Brooks said. "It drew a lot of attention to itself and AMC by bringing in that upscale audience and the attention and awards that came with it. It serves a different purpose."
CNNMoney (New York) April 3, 2015: 1:49 PM ET
The European Union is getting increasingly worried about the dominance of Big Tech and has launched a program to boost the European tech sector.
Apple (AAPL, Tech30), Facebook (FB, Tech30), Amazon (AMZN, Tech30) and Google (GOOG) are all feeling the pressure, finding themselves under the scrutiny of authorities.
Here is what the European watchdogs don't like:
Apple
The EU is preparing to launch an antitrust investigation into Apple's new online music streaming service, according to reports. In particular, officials are probing Apple's agreements with record labels to see if it was trying to illegally sideline its rivals.
Apple did not comment on the investigation.
Apple has also been accused of artificially lowering its European tax bill for decades through a deal with Ireland, where the company's European arm is based.
The EU is now investigating the matter. If it decides Apple breached rules, the iPhone maker could be hit with a higher tax rate and back taxes.
Related: Apple FINALLY joins Dow
European watchdogs have been looking into Facebook's privacy policy because they are concerned about the way the social network collects data from users in Europe for target advertisements.
In a separate class action against Facebook, roughly 25,000 Europeans accused Facebook of not respecting their privacy rights and sharing their data with third parties.
Facebook, which has around 300 million users in Europe, said it follows European privacy laws.
Google controls about 90% of the web searches in Europe, and Brussels officials are concerned that the search engine giant is abusing its power. Specifically, Google has been accused of promoting its own services and content over its competitors' in online search results.
The European Parliament recommended breaking up Google to weaken its dominance across the region. Experts say the European Commission is now preparing a new move against the company.
Google has already lost its battle over the "Right to be forgotten," a European law that requires the company to remove certain unwanted, inappropriate links from search results if requested.
Amazon
Just last week, the European competition commissioner Margrethe Vestager launched a probe into Amazon and other e-commerce companies.
The EU wants to investigate whether the online seller breached rules on cross-border trade, for example by charging dramatically different prices for the same product across different EU countries.
Related: The truth, according to Google
CNNMoney (London) April 3, 2015: 10:56 AM ET
The cast of "Full House." Netflix (NFLX, Tech30) is considering a remake of the 90s sitcom about a widowed father raising three daughters with help from his brother-in-law and a comedian friend in San Francisco, sources tell TVLine.
The report says Netflix is very close to ordering 13 episodes of "Fuller House," as the new series would be called.
The show will star Candace Cameron Bure, who played the role of eldest daughter D.J. in the original series, and Andrea Barber, who played her best friend.
Related: Fourth season of House of Cards confirmed
Other members of the original cast could make guest appearances, including Bob Saget, John Stamos and Dave Coulier, according to the report. Stamos, who played the uncle and would-be rock star Jesse Katsopolis, is also a producer on the remake.
The new series will be produced by the show's original creator, Jeff Franklin, and other executives involved with the original.
Netflix and Warner Brothers, the studio that produced "Full House," declined to comment.
"Full House," which ran from 1987 to 1995 on ABC, would be the latest in a string remakes from that era, including "Coach," "The X-Files," "Twin Peaks," and "Boy Meets World."
Related: Empire finale brings in high ratings
Related: Walking Dead 'Conquer' has record ratings
CNNMoney (New York) April 3, 2015: 9:34 AM ET
George R.R. Martin, the author of the bestselling book saga that serves as the basis for the hit HBO drama, posted an excerpt from his forthcoming novel, "The Winds of Winter."
The excerpt features Sansa Stark living under the guise of Alayne as the illegitimate daughter of her protector Littlefinger. The ever-plotting Littlefinger has ordered her to seduce the heir of Waynwood castle.
The book is slated to be the sixth in Martin's "A Song of Ice and Fire" series, but it remains unfinished and it still doesn't have a firm release date. That unsettled outlook has been a source of consternation among many fans who worry that Martin will never complete the enormous series. The planned series consists of seven books and each tome is more than 1,000 pages long.
Related: HBO NOW strikes first online partnership with Cablevision
Martin appears to be aware of his fans' angst. After contributing to the first four seasons of HBO's "Game of Thrones," Martin sat out season five to concentrate on finishing book six, titled "The Winds of Winter." He'll do the same for season six, which is set to premiere on April 12.
HBO adapted the "A Song of Ice and Fire" books into "Game of Thrones" in 2011. The show has been a major coup for the channel, supplanting "The Sopranos" as its most popular series ever.
Martin posted the 6,703-word excerpt on his official website.
CNNMoney (New York) April 3, 2015: 10:34 AM ET
Graham's book was more than theory. He gave directions -- actual formulas -- investors could use to find cheap stocks. The formulas were simple and they made sense. This appealed to me, as I had no idea what I was doing.
But something became clear once I started putting his formulas to use. None of them worked.
Graham advocated purchasing stocks trading for less than their net working assets -- basically cash in the bank minus all debts. This sounded great, but no stocks actually trade that cheaply anymore -- other than, say, a Chinese pharmaceutical company accused of accounting fraud, or a shell company run out of a garage in Toledo. No thanks.
One of Graham's criteria suggested that defensive investors should avoid stocks trading for more than 1.5 times book value. Following this rule in recent years would have led an investor to own almost nothing but banks and insurance stocks. In no world is this possibly OK.
Related: Twitter Stock Is a Disaster Waiting to Happen
Revise your strategy: "The Intelligent Investor" is one of the greatest investing books of all time. But I don't know a single person who has invested successfully implementing Graham's formulas exactly as they're printed. The book is chock-full of wisdom -- more than any other investment book ever published. But as a how-to guide, success is elusive.
This bothered me for years. Then, a year ago, I had lunch with Wall Street journalist Jason Zweig, who explained what was happening.
Graham was as practical as he was brilliant. This is probably because in addition to being an academic he was an actual money manager, running what we'd now call a hedge fund. He had no desire to stick with antiquated strategies that other investors had caught on to and become too competitive, rendering them less effective.
"In each revised edition of 'The Intelligent Investor,'" Zweig once wrote, "Graham discarded the formulas he presented in the previous edition and replaced them with new ones, declaring, in a sense, 'that those do not work any more, or they do not work as well as they used to; these are the formulas that seem to work better now."
Related: GoDaddy Aside, IPOs Aren't What They Used to Be
The most recent edition of "The Intelligent Investor" was published 42 years ago. Who knows what Graham's strategies would look like today if he were alive to update them?
Advice that's still good: The cornerstones of successful investing are timeless. Patience, contrarian thinking, and tax efficiency will be as important 50 years from now as they were 50 years ago.
But among specific investing strategies, things change.
Every strategy to outperform the market must be based on the logic of, "The market disagrees with me today, but it will agree with me in the future, and when it does share prices will rise and I'll profit." But what investors believe today, and what they're likely to believe tomorrow, changes.
Since the prevalence of data, social norms, and company disclosures change over time, what worked in one era might not work in another. As an investor, you have to adapt.
Just before his death in 1976, Graham was asked whether detailed analysis of individual stocks -- the kind of stuff he became famous for -- was still a strategy he believed in. He answered:
What he believed, he continued, was buying a portfolio of stocks based on a few criteria -- maybe low P/E ratios, or high dividend yields. But what matters -- and what so many overlook when studying Graham -- was that he changed his mind. He adapted.
Related: Warren Buffett Admits This Is A "Real Threat"
Another great read: In his great book "Investing," Robert Hagstrom compares financial markets to biological evolution. There's a tendency to think of markets as something that are established and rigid -- a set of numbers that get jumbled around. But they're not. Markets evolve over time. Successful strategies are selected, while those that are no longer effective -- usually because investors gain access to better information than they had before -- get pushed out.
Hagstrom looked at the last 100 years, and found that four popular investing strategies have come and gone.
If you don't know that markets have evolved and some strategies are no longer valid, you'll end up making terrible decisions.
"If you are still picking stocks using a discount-to-hard-book-value model or relying on dividend models to tell you when the stock market is over or under-valued, it is unlikely you have enjoyed even average investment returns," Hagstrom writes.
There is no reason to expect this strategy will lead to outperformance because so few investors pay attention to it anymore. Even if you find stocks trading at a discount to book value, there's no reason to believe that anyone else will agree with you ... later.
Related: The risks are rising in the stock market
The bottom line: So many investors today put tremendous faith in investing metrics showing, say, that this stock is overvalued, or that the overall market is undervalued. They back it up with a century worth of historic data, showing how well the metric has worked in the past.
I often wonder: Have things changed? Have so many people caught onto a popular metric that they're less effective than they were in the past? Should we, like Graham, be constantly tinkering with our metrics, discarding what's unlikely to work anymore?
The S&P 500 did not include financial stocks until 1976; today, financials make up 16% of the index. Technology stocks were virtually nonexistent 50 years ago. Today, they're almost one-fifth of the index. Accounting rules have changed over time. So have disclosures, auditing, and market liquidity. 401(k)s and IRAs -- which hold trillions of dollars --- didn't exist until 40 years ago. Comparing today's market to the past isn't apples to apples.
There's a mocking statement that "it's different this time" are the four most costly words in investing. And sure, investors fall for some of the same traps again and again. But for many things, it's always different this time. Things change. So should you.
•Keep investing as simple as possible
•Admit it: No one has any ideas what's going on
Morgan Housel writes for The Motley Fool. He is a two-time winner of the Best in Business Award from the Society of American Business Editors and Writers.
(New York) April 3, 2015: 11:35 AM ET
In a matter of weeks last fall, the magazine went from publishing a bombshell allegation about a gang rape in a University of Virginia fraternity house to apologizing and conceding that there were significant failures in its reporting.
The four-month long controversy over what -- if anything -- happened to the woman known only as "Jackie" will come to a conclusion this weekend when Columbia Journalism School releases the findings from an investigation into how Rolling Stone's reporters and editors allowed Jackie's unverified story to get into print.
Here's how we got there:
The story and the fallout:
Rolling Stone published the story, which was authored by contributing editor Sabrina Rubin Erdely, on November 19, 2014. In the piece, Jackie recalled how a night at the Phi Kappa Psi fraternity in the fall of 2012 went horribly wrong. She told Erdely that she was invited to the fraternity by a junior identified in the article as "Drew." Jackie claimed she was eventually lured upstairs to a darkened room where seven men took turns raping her over the course of three hours.
The response to the Rolling Stone story was swift. Days after the story ran, UVA President Teresa Sullivan suspended all campus fraternities, and police in Charlottesville, Virginia, announced an investigation into the alleged sexual assault.
The Phi Kappa Psi fraternity house at the University of Virginia The first cracks:
In a November 27, 2014 podcast interview on Slate, Erdely conceded that she did not speak to the accused frat members, but said that she reached out to Jackie's alleged attackers "in multiple ways." "They were kind of hard to get in touch with because [the fraternity's] contact page was pretty outdated," Erdely said. She said she eventually received an email from Phi Kappa Psi's "local president" and chatted with "their national guy, who's kind of their national crisis manager."
In an interview with the Washington Post a day later, Erdely wouldn't say if she knew the names of Jackie's alleged attackers, nor would she say if she approached "Drew" for comment. Erdely claimed her reticence was out of respect for Jackie, who she said was "very fearful of these men, in particular Drew."
Sabrina Erdely Story comes under fire:
The story quickly drew skeptics. Journalist and author Richard Bradley published a blog post on November 24, 2014 , saying he didn't buy Jackie's claims. "I'm not convinced that this gang rape actually happened," Bradley wrote. "Something about this story doesn't feel right."
Bradley said his skepticism stemmed from the anonymity of the central figures in the story: the attackers, the victim's friends who purportedly discouraged her from going to the police and Jackie herself.
A week later, Reason's Robby Soave wondered if the rape story was a "gigantic hoax" and questioned Erdely's failure to contact the frat suspects. "She should be able to confirm that she knows who the attackers are, shouldn't she? Again, we don't have to know who they are, but we should know that she knows—or else the story is just one long uncorroborated accusation," Soave wrote.
Rolling Stone clarifies and defends:
On December 1, 2014 Rolling Stone deputy managing editor Sean Woods confirmed that the magazine did not talk to the alleged attackers. "We could not reach them," Woods told the Washington Post.
Nevertheless, Woods claimed that the magazine "verified their existence" through conversations with Jackie's friends and said he's "satisfied that these guys exist and are real." Erdely told the Washington Post that she "corroborated every aspect of the story that I could," though she was unable to identify the alleged attackers.
The story unravels:
On December 5, 2014, the Washington Post raised questions that the magazine was unable to answer. The newspaper published a story in which Phi Kappa Psi said it "did not have a date function or a social event during the weekend of September 28, 2012," when the rape allegedly occurred.
Some of Jackie's friends expressed doubts about her claims, telling the newspaper that her account of the attack had changed over time. Drew, it turned out, actually belonged to a different fraternity. He told the Washington Post that he never met Jackie nor had he ever taken her out on a date.
Jackie told the Washington Post that her account is true.
"It's my life. I have had to live with the fact that it happened — every day for the last two years," she said.
Rolling Stone backtracks:
Within hours of the Washington Post's report, Rolling Stone published a note to its readers saying that the magazine had "misplaced" its trust in Jackie. That characterization prompted outrage, with many accusing the magazine of blaming the victim rather than owning up to its own failures. The line was soon pulled from the note, and Rolling Stone managing editor Will Dana took to Twitter to say that the "failure is on us -- not on her."
Dana said in the note that in preparing the original story, the magazine had "decided to honor [Jackie's] request not to contact the man who she claimed orchestrated the attack on her nor any of the men who she claimed participated in the attack for fear of retaliation against her."
Dana conceded that "new information" brought to light by the Washington Post and other news outlets highlighted "discrepancies in Jackie's account."
"We apologize to anyone who was affected by the story and we will continue to investigate the events of that evening," he wrote.
Columbia steps in:
Rolling Stone turned to Columbia Journalism School in late-December to find out just what went wrong with its reporting and editing. Rolling Stone publisher Jann Wenner said that the magazine will publish the report as soon as Columbia completes it. The report will be released on Sunday night, and the findings will be published in both Rolling Stone and the Columbia Journalism Review.
Rolling Stone publisher Jann Wenner, left, enlisted Columbia Journalism School to conduct a review of the botched story. Police: No 'substantive basis' to support the story:
Charlottesville police announced the findings of their own investigation on March 23, saying they found no "substantive basis" to support Jackie's claim that she was raped at the Phi Kappa Psi house. Police Chief Tim Longo qualified his remarks, however. "That doesn't mean that something terrible didn't happen to Jackie," he said at a press conference.
Longo said that Jackie did not provide police with a statement during the investigation.
Phi Kappa Psi issued a statement saying that it is "exploring its legal options to address the extensive damage caused by Rolling Stone -- damage both to the chapter and its members and to the very cause upon which the magazine was focused."
CNNMoney (New York) April 3, 2015: 2:05 PM ET
The new Galaxy S6 Edge will bend to the point that it is permanently deformed when applied with 110 pounds of pressure, according to a test conducted by mobile insurance company SquareTrade Labs. That's the same 110 pounds of pressure that it takes to bend and deform the iPhone 6 Plus -- the subject of last fall's infamous "Bendgate" controversy.
But SquareTrade found that the iPhone 6 Plus could withstand more abuse before it broke beyond repair.
The Galaxy S6 Edge would bend to the point that it stopped working at 149 pounds of pressure. You'd have to apply 179 pounds of pressure to the iPhone 6 Plus to break it so badly that it no longer functioned.
A Samsung spokeswoman did not immediately respond to a request for comment.
"As manufacturers strive for larger screens on thinner devices, they can be more susceptible to bending or snapping," said Jessica Hoffman, head of communications for SquareTrade. "Bendability may be good in the yoga studio, but it is not what you want in a mobile device."
To test the phones' breaking points, SquareTrade used a robot called the "BendBot," created by a robotics scientist from UC Berkeley. Bendbot simulates what happens to a phone when placed in a person's back pocket and accidentally sat upon.
Bendgate caused a social media storm in September, as people posted photos of their bent iPhones. A YouTube video of a man bending an iPhone 6 with his hands quickly went viral. But Apple (AAPL, Tech30) said just nine of the 10 million customers who bought iPhone 6 and iPhone 6 Plus smartphones in their first week of sale complained about bent devices.
A week later, two British teenagers filmed themselves bending an iPhone 6 Plus in an Apple Store to the point that the screen started to pop out of the case. They posted the video on YouTube.
Though both Apple and Samsung's new smartphones are somewhat easily bent, SquareTrade found that the new HTC M9 was harder to bend -- but easier to permanently break. The M9 only began deforming at 120 pounds, but that was the phone's breaking point as well. The power button popped into the phone, making it unusable.
CNNMoney (New York) April 3, 2015: 3:15 PM ET
Analysts are now saying it could make $150 million throughout North America by Sunday night.
A week ago, they were predicting $115 to $125 million for this weekend -- and even those projections were turning heads in Hollywood.
Then, after seeing some of Friday's results, the projections nudged up to $130 to $140 million.
On Saturday morning, expectations soared even higher, thanks to sellout crowds at some theaters on Friday night. $148 to $150 million now looks likely.
The film is having the biggest opening of 2015 to date, easily overtaking February's $85 million opening of "Fifty Shades of Grey."
It's also driving right past last year's $95 million opening of "Captain America: The Winter Soldier" -- which was, until now, April's biggest opening in movie history.
"Furious 7," starring Vin Diesel and Dwayne "The Rock" Johnson, marks the unofficial start of the summer movie season.
The film franchise has been hugely popular for over a decade. Its loyal following has helped it make $2.4 billion worldwide since 2001.
This time around, there's even more interest, partly because the seventh film is the last to include the actor Paul Walker.
Walker died in a 2013 car crash while the film production was still taking place.
Related: Buckle up: 'Furious 7' will be emotional for Paul Walker fans
The film is being released by Universal, a division of NBCUniversal.
Coincidentally, February's "Fifty Shades of Grey" was also a Universal picture.
Industry estimates indicate that "Furious 7" made about $16 million during special Thursday night showings.
By Friday night, it had made more than $67 million, which was even higher than originally expected.
Universal will wait to publicly celebrate until sometime Saturday or Sunday.
No matter what the final total for opening weekend, it's clear that "Furious 7" will become the biggest opening in "Fast" series history, passing the $97.3 million "Fast & Furious 6" launch in May 2013.
It will also set the template for what Hollywood hopes will be a hot season after last year's dismal U.S. summer box office.
CNNMoney (New York) April 4, 2015: 11:19 AM ET
| By Scott Mitchell | Friday, April 3rd 2015, 14:31 GMT |
British Touring Car champion Colin Turkington thinks it will be "harder than ever" to win in the series ahead of the 2015 season opener at Brands Hatch
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| Friday, April 3rd 2015, 13:53 GMT |
Red Bull junior Pierre Gasly has finished GP2 pre-season testing on top, setting the fastest time on the final day of running at Bahrain International Circuit
You have viewed over 15 free stories this month. Why stop there? Click here to find out how to continue reading.
| By Lawrence Barretto | Friday, April 3rd 2015, 15:21 GMT |
Marcus Ericsson has described his Malaysian Grand Prix weekend as a "breakthrough" in Formula 1, despite spinning out of the race
You have viewed over 15 free stories this month. Why stop there? Click here to find out how to continue reading.
| Thursday, April 2nd 2015, 21:45 GMT |
Simona de Silvestro's Andretti Autosport IndyCar deal will be extended to cover the Indianapolis 500
You have viewed over 15 free stories this month. Why stop there? Click here to find out how to continue reading.
| Thursday, April 2nd 2015, 21:30 GMT |
Richard Childress Racing is appealing against the substantial penalties imposed on it and Ryan Newman by NASCAR for tyre rules infringements at Fontana
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| Thursday, April 2nd 2015, 21:57 GMT |
Kyle Larson has been given medical clearance to return to the NASCAR Sprint Cup for the next race at Texas, and says his Martinsville health scare was probably just dehydration
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| By Scott Mitchell | Wednesday, April 1st 2015, 16:55 GMT |
The new Infiniti team will field just one car at the opening British Touring Car Championship round at Brands Hatch this weekend.
Having missed the official pre-season test at Donington Park last week due to a delayed build process, the Support our Paras-linked team completed the shakedown of its first Q50 on Wednesday at Mallory Park with Derek Palmer Jr driving.
However, its second car will not be ready for the coming weekend.
"We experienced a late technical problem today which, after detailed analysis, has unfortunately resulted in the second car now not being in a position to race at Brands Hatch," team principal Derek Palmer Snr said.
"Of course it's disappointing, but this is exactly what test sessions such as today's are intended to discover before we head into a race weekend.
"We can now take the necessary steps to ensure the same problem doesn't materialise in the other car."
The team has not decided which driver will be forced to miss the opening round of the 2015 season.
The shakedown at Mallory, where the team is based, comprised installation laps and "a number of race-pace laps".
"We completed everything we set ourselves for this first running," added Palmer Sr.
"The guys did a fantastic job preparing the car, and it was an emotional moment seeing it take to the track for the first time.
"Everyone in the team has worked tirelessly to get to where we are.
"We know we're a work-in-progress, but we know we have the team to deliver."
| By Lawrence Barretto | Wednesday, April 1st 2015, 16:48 GMT |
Red Bull development driver Pierre Gasly will drive a Formula 1 car for the first time when he gets behind the wheel of a Toro Rosso in Barcelona next month
You have viewed over 15 free stories this month. Why stop there? Click here to find out how to continue reading.
| By David Evans | Wednesday, April 1st 2015, 20:16 GMT |
World Rally Championship driver Kris Meeke has called on the Northern Irish Government to help safeguard the future of the Circuit of Ireland Rally
You have viewed over 15 free stories this month. Why stop there? Click here to find out how to continue reading.
| By Peter Mills | Tuesday, March 31st 2015, 19:27 GMT |
Matthieu Vaxiviere remained in command at Aragon as the final pre-season Formula Renault 3.5 test concluded on Tuesday with a day reserved for running the series' low-downforce set-up.
The Lotus protege recorded his fastest time of 1m40.662s during the morning session, to extend his run of quickest times to a third consecutive session after dominating Monday.
Dean Stoneman broke the Charouz-run driver's stranglehold on proceedings by setting the quickest time in a windy, and generally slower, afternoon session for reigning champion team DAMS. The Briton's time of 1m42.273s edged out Vaxiviere by 0.201 seconds.
"For sure it would have been good to continue my streak, but I was out of new tyres for the last session," said Vaxiviere, who was heighth in last year's FR3.5 standings. "To put in such a good time in the afternoon is all the same excellent.
"We've done a good job with the car, and everything went well this morning. Beyond that, testing remains relative, we now have to see how it goes in the races."
Tio Ellinas ended the day second overall for Strakka. The Cypriot, who set the pace at Jerez earlier this month, finished 0.421s in arrears of Vaxiviere.
Fortec's Oliver Rowland was third throughout the day and, despite brake gremlins and a preference for the higher downforce set-up, was satisfied with his pre-season preparations.
Series returnee Beitske Visser temporarily set the second fastest time in the afternoon, before her AVF machine was found to be underweight.
However, Visser produced a competitive showing to take a confirmed fourth, ahead of Rowland's Fortec team-mate Jazeman Jaafar and Stoneman.
Former GP3 title challenger Facu Regalia returned to action at Zeta Corse. The Argentinean had sat out the opening day of testing at Aragon, where his place was taken by the team's 2014 driver Roman Mavlanov.
Carlin was reduced to a single car for Tom Dillmann, owing to exam commitments in London for the team's second driver Sean Gelael.
Manor Formula 1 driver Roberto Merhi was only 18th and 12th but remained upbeat, having conserved several sets of tyres.
"We weren't aiming for laptimes and working in that direction today," said Merhi.
"We used half the new tyres available compared to the other teams and we have clear development plan for the season.
"We have to see whether it will pay off. Last year, I was also running at the back in testing, but fought for the title at the end of the year."
In the afternoon, several teams opted to forsake all-out attempts at flying laps in order to practice pitstops, including Lotus driver Meindert van Buuren and Draco's Bruno Bonafacio.
MORNING TIMES:
| Pos | Driver | Team | Time | Gap | Laps |
|---|---|---|---|---|---|
| 1 | Matthieu Vaxiviere | Lotus | 1m40.662s | - | 29 |
| 2 | Tio Ellinas | Strakka Racing | 1m41.083s | 0.421s | 39 |
| 3 | Oliver Rowland | Fortec Motorsports | 1m41.126s | 0.464s | 29 |
| 4 | Beitske Visser | AVF | 1m41.245s | 0.583s | 21 |
| 5 | Jazeman Jaafar | Fortec Motorsports | 1m41.254s | 0.592s | 32 |
| 6 | Dean Stoneman | DAMS | 1m41.418s | 0.756s | 41 |
| 7 | Tom Dillmann | Jagonya Ayam with Carlin | 1m41.479s | 0.817s | 41 |
| 8 | Meindert van Buuren | Lotus | 1m41.505s | 0.843s | 32 |
| 9 | Gustav Malja | Strakka Racing | 1m41.559s | 0.897s | 35 |
| 10 | Pietro Fantin | International Draco Racing | 1m41.694s | 1.032s | 41 |
| 11 | Nyck De Vries | DAMS | 1m41.723s | 1.061s | 31 |
| 12 | Egor Orudzhev | Arden Motorsport | 1m41.870s | 1.208s | 48 |
| 13 | Philo Paz Armand | Pons Racing | 1m42.395s | 1.733s | 39 |
| 14 | Nicholas Latifi | Arden Motorsport | 1m42.544s | 1.882s | 44 |
| 15 | Bruno Bonifacio | International Draco Racing | 1m42.676s | 2.014s | 44 |
| 16 | Alfonso Celis | AVF | 1m42.766s | 2.104s | 33 |
| 17 | Roy Nissany | Tech 1 Racing | 1m42.830s | 2.168s | 39 |
| 18 | Roberto Merhi | Pons Racing | 1m42.939s | 2.277s | 28 |
| 19 | Facu Regalia | Zeta Corse | 1m42.956s | 2.294s | 35 |
| 20 | Aurelien Panis | Tech 1 Racing | 1m43.439s | 2.777s | 46 |
AFTERNOON TIMES:
| Pos | Driver | Team | Time | Gap | Laps |
|---|---|---|---|---|---|
| 1 | Dean Stoneman | DAMS | 1m41.273s | - | 18 |
| 2 | Matthieu Vaxiviere | Lotus | 1m41.474s | 0.201s | 34 |
| 3 | Oliver Rowland | Fortec Motorsports | 1m41.478s | 0.205s | 33 |
| 4 | Jazeman Jaafar | Fortec Motorsports | 1m41.521s | 0.248s | 37 |
| 5 | Nyck De Vries | DAMS | 1m41.534s | 0.261s | 28 |
| 6 | Tom Dillmann | Jagonya Ayam with Carlin | 1m41.803s | 0.530s | 35 |
| 7 | Nicholas Latifi | Arden Motorsport | 1m41.809s | 0.536s | 27 |
| 8 | Pietro Fantin | International Draco Racing | 1m41.912s | 0.639s | 28 |
| 9 | Facu Regalia | Zeta Corse | 1m41.996s | 0.723s | 39 |
| 10 | Egor Orudzhev | Arden Motorsport | 1m42.028s | 0.755s | 40 |
| 11 | Gustav Malja | Strakka Racing | 1m42.143s | 0.870s | 23 |
| 12 | Roberto Merhi | Pons Racing | 1m42.151s | 0.878s | 29 |
| 13 | Beitske Visser | AVF | 1m42.196s | 0.923s | 39 |
| 14 | Tio Ellinas | Strakka Racing | 1m42.256s | 0.983s | 25 |
| 15 | Meindert van Buuren | Lotus | 1m42.326s | 1.053s | 27 |
| 16 | Alfonso Celis | AVF | 1m42.452s | 1.179s | 34 |
| 17 | Bruno Bonifacio | International Draco Racing | 1m42.479s | 1.206s | 31 |
| 18 | Roy Nissany | Tech 1 Racing | 1m42.491s | 1.218s | 42 |
| 19 | Aurelien Panis | Tech 1 Racing | 1m42.840s | 1.567s | 41 |
| 20 | Philo Paz Armand | Pons Racing | 1m42.898s | 1.625s | 29 |
