You Bacon Believe It! It’s Getting A Lot More Expensive; Tesla’s Going Through Some Changes – Whether You Care or Not; Hip-Hop Mogul Takes Rap for Debit Card Glitch;

This little piggy…

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Image courtesy of artur84/FreeDigitalPhotos.net

Savor that bacon while you can. Or rather the price of it. The price of pork belly increased 20% just in the first three weeks of January. It seems the supply of frozen pork belly, which is essentially bacon, is shrinking. Rapidly. In fact, according to U.S. agricultural data, pork belly levels are at a fifty year low, having fallen from 53.4 million pounds in December of 2015 to 17.8 million pounds in December of 2016. But what’s weird is that pig farmers are actually producing more pigs.  Apparently, supply is dwindling because demand is pretty big, not just in the U.S., but also outside the U.S., as pig farmers here find themselves exporting 26% of their product. Bon appetite!

Say my name…

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Image courtesy of pakorn/FreeDigitalPhotos.net

A Tesla by any other name might not be a Tesla. Or might it? Hmmm. According to a regulatory filing, Tesla Motors CEO Elon Musk changed the name of his company from Tesla Motors to…wait for it… Tesla Inc. Really. That’s it. Anti-climactic, huh? Musk decided to drop the word “Motors” lest people think the company only makes cars. Because it doesn’t. It also has a whole big solar power business too. If you recall, Musk brought in his other company, SolarCity, into the Tesla family back in November, to the tune of $2 billion. It was undoubtedly a big bonus for Musk that he already owned 20% of both companies, which probably helped the deal close more swiftly. He wants Tesla to be the known as a one-stop shop for products that utilize clean, renewable energy.  And he’s well on his way towards achieving that goal.

No need to rush…

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Image courtesy of Stuart Miles/FreeDigitalPhotos.net

Hip hop mogul Russell Simmons is making some headlines today in the finance world. It seems the debit card company he founded called “RushCard” was just slapped with a very nasty $3 million fine following a 2015 outage that left its customers unable to access their cash.  But RushCard, together with its payment processor, MasterCard, also has to pay about $10 million in restitution to the customers who were left in a very big lurch because of the system failure.  The Consumer Financial Protection Bureau explained that back in 2015, RushCard wanted to switch its payment processor to MasterCard which would require a simple software upgrade. Except it didn’t work out so simply and the system went down leaving thousands of RushCard holders unable to access their cash, make deposits or get their balance information. What’s worse is that because many RushCard holders tended to be in a low-income bracket, and they couldn’t even afford to buy basic necessities nor access their money for days, or in some cases, weeks.  Of course, nobody should point the finger at Russell Simmons because it’s not like he was the one installing the software. But that hasn’t stopped him from taking personal responsibility and even using his own funds to help out some of the affected RushCard customers. Affected customers will receive awards based on the transactions they made, deposit delays, returned deposits and incorrect balance information.  In the meantime, RushCard has since been scooped up by pre-paid debit card company GreenDot for $147 million. And no, GreenDot will not be paying any of  RushCard’s fees and fines.

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