Wall Street

Congress hears Lehman sought millions for execs

WASHINGTON - Days from becoming the largest bankruptcy in U.S. history, Lehman Brothers steered millions to departing executives even while pleading for a federal rescue, Congress was told Monday.

As well, executives who feared for their bonuses in the company's last months were told not to worry, according to documents cited at a congressional hearing. One executive said he was embarrassed when employees suggested that Lehman executives forgo bonuses, and cracked: "I'm not sure what's in the water."

The first hearing into what caused the nation's financial markets to collapse last month, precipitating a $700 billion bailout, opened with finger-pointing and glimpses into internal company documents from Lehman's chaotic last hours.

MTV Real World X Blackthorn

iphone Kill Switch

Steve Jobs confirmed a widespread rumor in a Wall Street Journal interview today. He admitted that the iPhone has code inside it that routinely checks back with Apple to see if any downloaded software has been blacklisted. This also enables Apple to remotely disable any malicious programs at their discretion.
WSJ explains:
Apple raised hackles in computer-privacy and security circles when an independent engineer discovered code inside the iPhone that suggested iPhones routinely check an Apple Web site that could, in theory trigger the removal of the undesirable software from the devices.
Mr. Jobs confirmed such a capability exists, but argued that Apple needs it in case it inadvertently allows a malicious program — one that stole users’ personal data, for example — to be distributed to iPhones through the App Store. “Hopefully we never have to pull that lever, but we would be irresponsible not to have a lever like that to pull,” he says.

Top of Their Game !

We decided to look at five big elements of the on-premise experience and ask patrons just how important each ranks, to determine the three most important aspects. The elements we chose to include as choices were drink selection; sports, music and entertainment (which we lumped together); prices; service; and food. Twenty-eight percent of guests participating in the survey ranked service as the most important aspect of a bar to them in choosing where to spend their money. Drink selection and sports/music/entertainment tied, chosen by 22 percent of respondents respectively as the most important aspect. Twenty percent said prices were the most important factor,and a mere 8 percent chose food. Asked what they’d pick as the second most important aspect of a bar, the highest percentage chose prices. Service came in just behind that at 24 percent. As the third most important bar element, 25 percent chose prices. So, it’s safe to say that service and entertainment are the most important elements to guests, and prices are pretty close behind in most minds. We’ve touched on this again and again in our Buzztime Report findings, but it bears repeating: Service is king. Price is important, but if people wanted to save money they’d stay at home. They don’t want to get fleeced either, so price is important, but not the top concern. Make absolutely sure your staff is executing the kind of stellar service that makes patrons feel special and pampered. If that’s not already your standard, consider making it the standard. Service sells !

Drink Up

WELLINGTON - A restaurant in New Zealand's tourist hub of Queenstown was convicted Monday for accidentally serving dishwashing liquid as mulled wine.
A customer and a barmaid were hospitalised after drinking the liquid in July last year.
The barmaid may suffer health problems after the inside of her throat was scarred by the liquid containing sodium hydroxide, the court was told.
The court ordered the restaurant pay 1,000 dollars (750 US) to both women for emotional harm caused by the poisoning.
The customer had asked the barmaid for a sample of mulled wine, but spat it out immediately after feeling her lips and mouth burn.
Then the barmaid tried some, suffering scarring to her throat after swallowing some of the detergent.
A worker at the restaurant had filled an empty mulled wine container with detergent -- which was the same colour -- leading to the accident, the court was told.

DECK IV

Guinness News

DUBLIN: For two-and-a-half centuries St James’ Gate has been the home of Guinness. Diageo, the famed Irish stout’s British-based parent company and the world’s largest producer of alcoholic drinks, brews a billion pints a year of the “black Stuff”. Recent weeks were abuzz with press speculation that Diageo would sell the world brand’s historic birthplace and build a new brewery outside the city. Irish Guinness drinkers had taken it hard. “If Guinness pulled out of St James’s Gate, I’d never drink Guinness again — and I have been drinking Guinness for 38 years, with an average of 40 pints a week,” said Martin O’Mahony, a 59-year-old engineer in Cork city on Ireland’s south coast. But the speculation has — in part at least — proved wrong. Diageo said it plans to invest e650 million in the St James’ Gate brewery — and also a new production plant at a location yet to be announced outside Dublin. “Our ambition is to create a brewing hub which will meet the highest standards of technology, efficiency and environmental management,” said Diageo’s chief executive Paul Walsh. Guinness brews its distinctive stout not only in Ireland but also at global locations that include Nigeria, which has the company’s third best-selling market after Britain and Ireland. Beside Guinness, Diageo offers many international known brands like Smirnoff vodka, Johnnie Walker whisky, Captain Morgan rum and Baileys liqueur. Guinness’ plans include an investment of e 70 million in parts of the existing brewing facilities at St. James’s Gate, a Diageo spokesman said. After upgrading, about 50% of the existing brewing facilities at St James’ Gate would be sold, the spokesman said. The new plant would produce Guinness to meet growing export demand, plus other ales and lagers, from 2013 onwards. St James’ would produce Guinness primarily for the Irish and British markets. Simultaneously, Diageo plans to close down two breweries in smaller towns in Ireland’s north, and southwest of Dublin, involving a net reduction of 250 employees in Ireland. The labour union has already announced adamant opposition to any redundancies. Guinness workers can look back on a long history. The first to brew beer at St James’ Gate was Giles Mee in 1670. The site takes its name from one of the old gates into Dublin. In 1759, Arthur Guinness begin brewing there. West Indies Porter — a precursor to modern-day Guinness — was first brewed in 1801. In 1886, Guinness was the first major brewery listed on the London Stock Exchange, being the largest brewery in the world with annual production of 1.2 million barrels. Today, St James’ Gate site is Ireland’s biggest tourist attraction with more than 9,40,000 visitors per year, each paying a e12 entrance fee. The original storehouse, a seven-floor building constructed in 1904, serves as a visitor centre with bars, shops and a training centre. Originally, beer was stored here in huge vessels of oak and pine, later of aluminium. In the 1960s, the storehouse had an overall capacity of 39,300 barrels. Under Diageo’s current plans, the historic storehouse will continue to develop to accommodate growing visitor numbers, now expected to surpass one million people a year, the company said. Naturally, the storehouse is not the only thing foreigners are attracted to. “I like Guinness,” said Melow Bivona, a 26-year old who works for Apple in Ireland. “If you taste Guinness, it tastes like a bit of Ireland,” he said. It’s a view shared by locals. “Guinness is Ireland,” said 40-pints-a-week O’Mahony.