Word: summer
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Dates: during 2000-2009
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...been under investigation by the Department of Justice since last summer for allegedly helping wealthy Americans hide $20 billion in undisclosed offshore accounts to evade taxes. To absolve itself of criminal charges, the bank, one of the world's largest wealth managers, agreed to pay a $780 million penalty and release the names of 250 clients whom the Internal Revenue Service suspected of evading taxes. (See pictures of tea-party tax protests...
...Gist: It's rare that a summer intern gets to author a report under the masthead of Morgan Stanley. But such is the luck of Matthew Robson. When the research arm of the vaunted financial giant asked the 15-year-old Brit to explain exactly how teenagers are using all these shiny new gadgets like cell phones, video games and the Internet, Robson gave them a concise summary that's impressive coming from a teen - but not exactly groundbreaking. Except, perhaps, to the financial set: an inexplicably enthused Morgan Stanley published Robson's anecdotes online under the lofty title...
During these dog days of summer, the nation's department stores are still cold. According to the retail-sales statistics released by the Commerce Department on July 14, June department store sales dipped 1.3% compared to sales in May of this year, and were down 9.4% compared with June of 2008. So to prop up sales before the back-to-school season, one major player is asking Santa, of all people, for some help...
...With temperatures simmering and families spending summer days at the shore, most customers aren't exactly in the Christmas spirit. So what convinced Sears, which has seen nothing but annual same-store sales declines at both its namesake and Kmart stores over the past four years, that skeptical shoppers want to open up their wallets for Christmas gifts now? "After the last holiday season, customers told us that they wish they had seen some of our merchandise earlier," says Natalie Norris-Howser, a Sears spokeswoman. "People are buying earlier today. Also, customers have grown accustomed to the Christmas-in-July...
...move, however, may also send a more downbeat message to some shoppers. "It looks more like desperation than inspiration," says retail consultant Burt Flickinger III, managing director of Strategic Resources Group. "It may be a sign that Kmart's spring and summer inventory is not selling through." And Santa certainly isn't going to save Sears and Kmart, retailers that seem increasingly irrelevant in the Walmart/Target/Home Depot world. For example, as Morgan Stanley analyst Gregory Melich writes in a recent equity research report, "Sears Holdings' underinvestment in stores has degraded its ability to withstand the magnitude of the current pullback...