Jerry Yang decides he’s no longer the right CEO for YAHOO

This is the most unbelievable news of all time for the IT industry. Yahoo Inc. founder Jerry Yang has decided to step down as the CEO. WOW!

His emotional attachment is one of the reasons he balked at a $47.5 billion takeover offer from Microsoft Corp. six months ago. The same devotion finally led Yang to conclude he should step aside as chief executive, as the company seeks to bolster its depressed stock price and sagging earnings in an economic downturn that might prove even more wrenching than the dot-com bust of eight years ago.

Yang’s surrendering of the CEO reins, announced Monday, won’t occur until Yahoo finds a suitable replacement. The Sunnyvale-based company said it is interviewing candidates inside and outside Yahoo in a search led by its chairman, Roy Bostock, and the executive recruitment firm Heidrick & Struggles.

It didn’t take long for analysts to conclude Yang’s departure will clear the way for a major overhaul that could culminate in Yahoo’s sale to Microsoft — something Yang refused to do in May, to the great irritation of shareholders.

“We still believe Microsoft will eventually own Yahoo,” UBS analyst Benjamin Schachter wrote in a research note late Monday. “Jerry moving out of the CEO role may accelerate this.”

Microsoft declined to comment Monday. To read more click here….Yahoo Inc News

Who Will Be The Next US President? Obama or McCain?

McCain Vs Obama

November 4 is very a special day for US people and the world. It is the US president election day. Finally! After months of debates, Americans have to make their decisions today

Who will be next US president? Barack Obama or John McCain?

Americans Are Shopping For Only Essentials and Do Bargains Hunting

Bargains Hunting

With bad news happening everyday, no one is really in the spending mood. After reading how AIG spent our taxpayers on their luxious retreat, it really gets people to think thrice in our own spending.

As more and more people tighten their purses, the stores are feeling the pitch now.

Will people be spending as the holidays season is coming?

For me, I will still buy gifts for this Christmas with a smaller budget. Apparently, this economic crisis is projected to be like the Great Depression. This is so disheartening.

Ungrateful AIG Spending Taxpayers’ Money

St. Regis Resort in Monarch Beach, where AIG employees were lounging around with our tax dollars

If you read about the latest news about AIG, you will definitely know about the US$440,000 spending for  a meeting at an upscale resort inn California by their executives. That expenses includes US$23,000 for spa treatments like manicures, pedicures, massages and US$7,00 on golf outings. This is so disgusting!

Senator Barack Obama brought this up in last night’s presidential debate, stating these funds should be returned.

The flailing insurance giant explained in a letter from its chairman to U.S. Treasury Secretary Hank Paulson that it was simply a “mischaracterization.” The “executive retreat” only included 10 AIG employees, with the rest of the attendees being independent insurance agents. He also made sure to point out that the event was planned before the bailout took place.

What Edward Liddy failed to address in his letter is why the company didn’t cancel the retreat when it realized it was going to be paying for it with the public’s money.

Now, it is going to access $37.8 billion from the Federal Reserve Bank of New York, in addition to the $85 billion loan that helped it stave off bankruptcy.

My goodness! We taxpayers always have to suffer.