Financial News 7/24/12 – Phone Hacking Scandal, Moody’s Downgrades Germany?, Apple vs. Samsung
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24. Jul, 2012
British prosecutors announced, that a total of 19 charges are being brought against 8 people, including Rebekah Brooks and Andy Coulson, relating to the phone hacking scandal, that had left Britain gasping for air. And it is actually quite horrendous what they did — among other similar scenarios, the two ex- News of the World editors are charged with accessing the murdered school girl Milly Dowler’s phone messages. A total of 600 victims, including Hollywood greats Brad Pitt and Angelina Jolie, seem to have been at the mercy of the News of the World phone hacking activities. Mrs Brooks pleads not guilty stating she had no way been authorizing phone hacking, nor did she know anything about it. Mr Coulson, the former communications chief of Prime Minister David Cameron, is also accused of being directly involved in the accessing of Milly’s texts. The accused could be facing massive fines or up to two years in jail. Are fines really gonna do anything? Just saying…stay tuned for more updates.
As if the German people have not suffered enough at the hand of its fellow euro zone slackers, Moody’s is now changing Germany’s triple A rating to negative, which is one step away from a downgrade. Moody’s, the extremely reliable ratings agency especially during its credit ratings failure, stated that the euro zone may lose Greece to the Greek god Bacchus ( that’s the god of wine, orgies and slacking for those who didn’t know), also known as exit from the euro zone, and that Germany is not doing enough to pull Spain out of the quicksand. Germany retaliated, stating that it would remain strong, and that Moody’s was only assessing the short term risk. Yeah shut up Moody’s, giving toxic credit products triple AAA ratings and then unloading the negativity on poor Germany, who is busting its chops to pull everyone out of this mess. Go stand in the corner and just be quiet Moody’s! And take S&P with you! Shame on you!
Samsung and Apple are going head to head in THE patent trial of our times. Samsung recently overtook Apple in smart phone sales, by taking 29% of the market, but Apple, who was left with a 23% market share, argues, that not all was fair and clean in Samsungs ascend to the top. Apple claims Samsung blatently copied its iPad and iPhone design, to get ahead in the race to outdo Apple. Samsung argues, that Apple’s design is not that unique as they think it is, and that in fact Apple is infringing on some of Samsung’s patents. In the UK a judge had previously ruled, that Samsung did not copy Apple’s design and that in fact Apple products are much “cooler” than Samsung. A federal courthouse in San Jose, Cali, will now decide, who the true innovator and champion of the smart phone and tablet market is. May best man win!