Is recession behind spike in bank robberies?

A rash of bank robberies in New York has the city’s police commissioner worried that criminals have turned banks into “virtual cash machines” and some wondering whether tough economic times are fueling the trend.

On Monday alone, robbers targeted five banks in the Big Apple, some striking in broad daylight and near famous landmarks.

Unemployment and Recession taking United States of America to insolvency

A shocking report at AlterNet reveals that at least 12 states of USA are on the brink of insolvency. In 20 other states, the funds have lost value, even before the big job losses of the past two months.

Bristol-Myers Squibb to cut 800 jobs

Bristol-Myers Squibb said on Tuesday it would cut another 10 percent of its global workforce by 2010 as part of a cost-savings plan that had already targeted thousands of jobs.

The New York-based drugmaker declined to quantify the number of new job cuts, other than to say that 800 filled or vacant positions would be eliminated by the end of 2008.