INTERNET NEWS

Greenspan said the U.S. economy is indeed still growing despite the dramatic impact of a loss of $8 trillion in stock market wealth, a contraction in capital investment and the Sept. 11 attacks. "These episodes suggest a marked increase over the past two or three decades in the ability of modern economies to absorb unanticipated shocks." (source: CNN Money)

Comcast, the cable television company that started four decades ago with 1,200 subscribers in Mississippi, completed the acquisition of AT&T's cable division yesterday for $29.2 billion in stock to become the nation's largest cable operator. (source: Boston Globe)

Citigroup is a blockbuster money machine. It will probably make $16 billion this year, almost certainly beating out all other companies in the world. It deals in figures that boggle the mind, having spent, for example, about $20 billion in the past five years just buying its own stock. Amazing figures all. Yet the public emotions that Weill and his top management have most recently been displaying are contrition and a recognition that the business model that has produced these glossy results must be spruced up into something more "socially acceptable." (source: Fortune)

Is an MBA worth much during an economic slump when many companies are laying off large numbers of employees? Apparently yes. Turns out 88 percent of 1,247 people who graduated with MBAs in 2000 and 2001 are currently employed, and 76 percent are still working for the companies that hired them after graduation. (source: CFO.com)

Argentina's decision to default on its loan payments to the World Bank will worsen the country's economic predicament. And, amid continuing political confusion, it will not make it easier for the government to reach a deal with the International Monetary Fund. (source: The Economist)