BOSTON— Boston- based Legal Sea Foods is facing two lawsuits alleging the restaurant chain violated state wage laws by forcing servers and bartenders to share tips with workers who rolled silverware in napkins. Legal Sea Foods chief executive Roger Berkowitz told The Boston Globe the "lawsuits are ludicrous and we will vigorously defend."» Read More
The bizarre story of the NASA astronaut who is charged with trying to kill a romantic rival over a love triangle is unfolding almost as if it were the plot of a TV soap opera. The love-struck mother of three is back in Texas today, a day after being charged in Florida with trying to murder the woman she believed was her romantic rival for a space shuttle pilot's affections. But this true story brings up an interesting real world question; if this can happen at NASA, (which has arguably the best talent in the world) what is keeping it from happening in corporate America?
As CNBC.com reported earlier today, the U.S. Securities and Exchange Commission is investigating whether or not some Wall Street banks are leaking privy information from one client to gain favor with another. But is this illegal? Depends upon whom you talk to.
Now that President George W. Bush has submitted his $2.9-trillion, fiscal-2008 budget, Congress will debate just how much money will actually be spent – and which programs will get that money. But as legislators search for ways to finance their spending agendas, more and more of them are looking to the “tax gap” as the pot of gold they need. But is it?
Gov. Rick Perry of Texas recently ordered that all girls entering the sixth grade in that state be vaccinated against cervical cancer. The mandate has become a source of controversy from more than one angle. Does a governor have the right to make such an order? Is the vaccine safe? Could it promote sexual promiscuity? What role does Merck – the company that developed and produces the vaccine – play in all this?
Steve Jobs’ Apple Inc. and the Beatles’ Apple Corps. have settled their 25-year trademark dispute. Now there’s speculation of a deal between the two that would put the legendary rock group’s songs on iTunes. CNBC’s Jim Goldman appeared on “Power Lunch” to fill us in.
Opening statements are scheduled in a trial over the failed film 'Sahara. In fact, the trial is over the fact that it's failed. Producer Philip Anschutz is suing author of the book Sahara, Clive Cussler, claiming that he wildly inflated the amount of his book sales, inducing Anschutz to make a deal he wouldn't have otherwise.
A controversial U.S. Senate bill on minimum wage is set to be voted on later today – it includes a provision that is designed to reign in executive pay by capping tax-deferred compensation at $1 million or a 5 year average of taxable salary, whichever is less.
Apple Chief Executive Steve Jobs was questioned by U.S. investigators last week about stock options backdating at the company, a person close to the situation told CNBC's Mary Thompson.
We all remember the headlines that came out of last year’s State of the Union address: America is addicted to oil. It’s been a year and the federal government has made little progress in ending our “oil addiction.” But is there even anything the government or the President can do about it? Karen Wayland of the Natural Resources Defense Council..
Shares in European online gaming companies fell as much as 14% Monday on news that U.S. prosecutors had launched a probe into Internet gambling.
At this hour, as crude oil futures are trading below $50 per barrel for the first time since May 2005, the U.S. House of Representatives is voting on a controversial bill that targets the oil industry with higher taxes, fees and royalties. The bill is expected to pass the House with ease. “Power Lunch” covered all the bases of the proposed legislation...
House and Senate Democrats are certainly trying to shake things up on Capitol Hill. Both chambers are expected to push an energy package through for some $15 billion in fees, taxes and royalties on big oil (we'll have another post on this subject). But--they're doing a lot more says CNBC's John Harwood on "Power Lunch."
The new Democratically controlled U.S. Congress is in the middle of its 100-hour agenda, and one hot item up for legislation today is a proposal to cut student loan interest rates in half – to 3.4%. The proposal is likely to pass easily but some critics say the plan does nothing to make college more affordable to low and middle-income students.
For the third consecutive day--investors are talking about Apple’s iPhone. This time the buzz is about a lawsuit. California based Cisco Systems is suing Steve Jobs and company for trademark infringement, claiming they’ve owned the name iPhone since 2000. Who knew Cisco had an iPhone? CNBC’s Jim Goldman did, he first reported it weeks ago, and on today's “Squawk on the Street” he revealed more about the potential fist fight brewing in the Bay area.
What a stunning turn of events for two of the best known names in technology, squaring off over the same name: iPhone. Weeks ago, I covered the naming controversy surrounding the impending announcement of Apple Inc.'s long-anticipated mobile device. For the past year, just about everyone referred to Apple's cell phone as the "iPhone." Go to Google, and the "i's" are certainly in Apple's favor: type in "Apple" and "iPhone" and you get 8.7 million results. Do the same with "Cisco" and "iPhone" and you only get 1.7 million results. Seems just about everyone is reaching the same connection that iPhone and Apple go together like chips and salsa.
Apple's report that "cleared" CEO Steve Jobs of any irregularities in the stock options backdating issue--is not sitting well with some stockholders. A lawsuit has been filed against Apple and Jobs as a result. Mark Molumphy is a partner in the law firm of Cotchett, Pitre, Simon & McCarthy. They're the lead firm filing the suit. Molumphy appeared on "Squawk Box" to discuss the action.
According to American Insurance Association Senior Vice President Julie Rochman, trucking accidents cause 5,000 deaths a year in the U.S. She was on “Power Lunch” talking to Sue Herera about the need to enforce the rules in place – let alone enact new ones.
The S.E.C. is meeting right now to vote on a key proposals that could have a major impact on the hedge fund industry. CNBC’s Hampton Pearson had all the details on today's "Power Lunch." Hampton said essentially the S.E.C. is looking to raise the bar on hedge fund investment. Currently hedge funds need to have $200,000 income or $1 million in net worth.
The power shift on Capitol Hill, sparked by the mid-term elections, means the government will likely move in new directions when the new U.S. Congress is sworn in this January. How will that affect the nation's energy issues? On “Morning Call,” New Mexico Democratic Senator Jeff Bingaman revealed what’s to come when he takes over as Chairman of the Energy and Natural Resources Committee.
In an earlier post we talked about the issue of hedge fund returns vs. index funds. That's one battle for the massive hedge fund industry--but there's another that's maybe more important: The issue of transparency. Hedge funds might not be publicly traded, but the U.S. Securities and Exchange Commission requires that money managers overseeing more than $100 million disclose their holdings...