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Tuesday, April 1, 2014

No Need To Cry!

Unless you're crying from laughter looking at this "Reasons My Kid Is Crying" book preview.

Don't be cry.

You might have missed...

From BuzzFeed Video...

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What I Learned Being Killed Off On “Scandal”

Dan Bucatinsky — who won an Emmy for his role as James Novak — explains.

what Dan Bucatinsky learned

11 Things I Learned Being Killed Off On “Scandal”

This is what it feels like when you learn that creator Shonda Rhimes is going to have your character be brutally murdered and finally come to terms with what happened.

— by Dan Bucatinsky

Elsewhere in Entertainment

Don't take selfies with elephants. Kim Kardashian tried it. It didn't end well.

Lady Gaga's biggest haters won't reveal who they are — and they won't go away, either.

Cameron Diaz and Jason Segel had a lot of fake sex for their new movie. And 9 other things we learned from the trailer to "Sex Tape."

Giuliana and Bill Rancic played "He Said/She Said." The competition got heated.

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Guilty Motors?

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In the first three months of 2014, GM has recalled 6.3 million cars. Among those recalled are all 2005-2010 Chevy Cobalts, whose ignition switches have been faulted for 13 deaths so far.

GM CEO Mary Barra told Congress today that she "cannot tell you why it took years for a safety defect to be announced".

Heidi Moore thinks the reason lies in the company's sclerotic and hubristic corporate culture. The company never really changed after its 2009 bankruptcy, Moore says, and "all of that talk – of the reborn American automaker, of bets paid and dollars won – seems like a hollow spectacle". James Pethokoukis agrees: "There is not much a $50 billion government check can do about a dysfunctional corporate culture except temporarily paper over it".

GM's internal safety and quality control procedures certainly look inadequate. The company knew about the ignition switch problem in 2001 and decided not to fix it in 2005 because it would have cost too much. GM was also aware of numerous other other problems with the Cobalt, the NYT reports based on state data. Before the ignition issues became public, "it was already seen as a lemon": owners reported problems as farcical as windows falling out.

Federal regulators don't look much more competent. The regulator charged with ensuring that America's 248 million cars are defect-free has just 51 employees and a paltry $10 million budget. The result, the head of the National Consumer League tells Bloomberg, is ineffective oversight by the National Highway Traffic Safety Administration Office of Defects Investigation:

They're getting information, and they're not following up. They're not capturing the information in a way that's useful. They're not responding quickly to a litany of similar complaints.

When the NHTSA does have the time and manpower to look into complaints, it seems to have in the case of GM to have missed a worrying trend in warranty data. NHTSA looked into the issue behind the recall and declined in both 2007 and 2010 to open formal investigations.

GM faces a series of investigations by federal authorities, but its financial liability may be limited. A provision in the company's 2009 bankruptcy means the so-called new GM isn't liable for the actions of the old GM. – Ben Walsh

On to today's links:

Your Retirement Plans
"Make regular, automated investments in boring, low-cost funds. Sell in a similarly bloodless fashion" - Tim Harford

Yikes
NFL cheerleaders make less than $5 an hour - the Guardian

Primary Sources
Paul Ryan's 2015 budget: $5 billion in cuts over a decade - WaPo
Paul Ryan's budget is a "personal manifesto on government austerity" - WaPo

Charts
Mandatory motorcycle helmet laws are a good idea - NYT

Remuneration
Mark Zuckerberg forfeits income equal to 0.0019% of his net worth - Bloomberg
It's time to get rid of the minimum wage for tipped workers - the Nation

Please Update Your Records
Fact-checking Michael Lewis on US stock ownership - Ben Walsh

Shocking
Movies with women talking to each other (about something other than men) do better financially - FiveThirtyEight

So Hot Right Now
Milk futures are up 23% this year - Bloomberg

FWIW
The FBI is investigating HFT - WSJ
"Michael Lewis is a lucky guy to have the FBI promoting his book" - Jonathan Weil

Data Points
Detroit has as many local hot dog restaurants as chain fast food outlets - Bloomberg

Right On
"Good explanatory journalism... steers readers away from bullshit" - Andrew Leonard

Just an FYI
Gmail was "the ultimate April Fools' joke" - Time

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Business Today: GM CEO says idea cost may have delayed ignition fix 'disturbing'

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04/1/2014
Reuters Election 2012 Daily round-up of the day's top news from the campaign trail, the White House and all the politics in between
GM CEO says idea cost may have delayed ignition fix 'disturbing'
WASHINGTON (Reuters) - General Motors CEO Mary Barra, under intense grilling by members of the U.S. Congress, on Tuesday said she found employee statements "disturbing" that cost considerations may have discouraged the prompt replacement of faulty ignition switches now linked to at least 13 fatalities.
S&P 500 closes at record after manufacturing data
NEW YORK (Reuters) - U.S. stocks rose for a third straight session on Tuesday, with the S&P 500 ending at a record close, after positive data on factory activity indicated economic growth was gaining traction following a harsh winter.
U.S. factory activity picks up, more gains eyed as winter fades
WASHINGTON (Reuters) - U.S. factory activity rose in March, with production posting its biggest increase since the recession ended in the latest indication the economy was regaining its footing after a brutal winter.
Apple again seeks decisive U.S. court ruling against Samsung
SAN JOSE, California (Reuters) - An Apple Inc attorney told jurors the company deserves about $2 billion from Samsung for copying the iPhone, but a Samsung lawyer said Apple was merely seeking to make up for losing its lead in the smartphone market.
Weather, incentives help lift March U.S. auto sales
DETROIT/SAN FRANCISCO (Reuters) - The top five automakers in the United States on Tuesday reported higher March sales, beating forecasts and raising expectations April could show an even stronger sales rebound after a long winter.
Fed to consider final leverage rules for big banks on April 8
WASHINGTON (Reuters) - The U.S. Federal Reserve said on Tuesday it would consider final leverage requirements for the biggest U.S. banks at a meeting on April 8.
U.S. public pension gap widened to nearly $1 trillion in fiscal year 2012
(Reuters) - The unfunded liabilities of public-employee pension plans rose by 10 percent in fiscal 2012 to a record $914 billion, hit by low investment returns, missed contributions and unfunded benefits, underscoring the pension funding crisis in U.S. states and cities, a report by the Pew Charitable Trusts said.
Solid U.S. job growth expected for March as winter fades
WASHINGTON (Reuters) - U.S. job growth likely accelerated in March as the winter's gloom started to lift, providing the strongest signal yet that economic growth was shifting into higher gear.
Bouygues extends SFR deadline offer, sets break-up fee
PARIS (Reuters) - French conglomerate Bouygues turned up the heat in its battle for control of Vivendi's telecom unit SFR on Tuesday by extending its offer to April 25 from April 8 and presenting a 500 million euro ($689 million) break-up fee.
Investors accuse 12 banks of forex price rigging in U.S. lawsuit
NEW YORK (Reuters) - Twelve large banks have been sued in a consolidated antitrust lawsuit by investors who claim they conspired to rig prices in the roughly $5.3 trillion-a-day foreign exchange market.
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U.S. factory activity picks up, more gains eyed as winter fades
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