Hackers Hit Adobe Hard, Plus 6 More Things You'll Want to Know Today
Here's a quick rundown from the world of business and economics this morning: the things you need to know, and some you'll just want to know.
• Software maker Adobe revealed today that had been hacked back in August, and that the cyber criminals made off with a huge chunk of data about 2.9 million of its users, including encrypted credit card data, as well as source code for the company's products. Adobe, best known for its Photoshop and Acrobat applications, didn't notice the breach until an outside security expert spotted some of their data on a server that had been used by hackers.
• House Speaker John Boehner has reportedly told Republicans that he will not let the U.S. default, and he's allegedly willing to ignore the so-called "Hastert rule" to increase the debt ceiling if he has to. Boehner's now hoping to swing a combined deal that passes a budget bill and raises the debt limit.
• Could one man -- besides John Boehner -- resolve our debt limit problem? Maybe: For a brief time, an East Texas man was the world's richest person, with a bank balance of more than $4 trillion. Naturally, this bank error in his favor was rapidly remedied.
%VIRTUAL-article-sponsoredlinks%• Speaking of the debt ceiling -- and a lot of people are speaking about the debt ceiling -- you'll hear over and over from politicians and pundits that "The United States has never defaulted on its debts." Not true. This is not our first trip down Default Lane.
• Ford (F) sold just 2,049 fewer vehicles in the U.S. than General Motors (GM) in September, putting it within a hair of beating the market leader. It's only outsold GM four times in the past two decades, but it may just pull it off again in October.
• In today's economy, a lot of people are working more than one job to make ends meet. Jamie Dimon, the CEO and chairman of JPMorgan Chase (JPM), is moving in the other direction: He has given up the job of chairman of its main bank subsidiary, JPMorgan Chase Bank. Nothing to see here, just getting into compliance with a new internal policy on employees holding multiple roles.
• And finally, big law firms took a huge personnel hit in the years after the Great Recession hit, with layoffs running high and hiring essentially on hiatus. Some predicted it was the end of an era. But big law is back, and hiring at large law firms around the nation has revived.