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Money in the News: When The Big Guns Lose Money

The Consumerist posted a story last month about how Perkins & Marie Callender’s Inc. filed for Chapter 11, and how one restaurant had to abruptly kick everyone out.

With more than $440 million in debt and less than $300 million in assets, the company plans on closing 65 of its 600 restaurants and firing 2,500 employees nationwide as part of its reorganization efforts.

The Consumerist also posted a story about how the state of California spends 308 million dollars per execution (oh my goodness).

A study by a California judge and his law clerk, a law professor suggests that the state should do away with the death penalty in order to save money. The state has spent $4 billion on capital punishment since 1978, but has only executed 13 convicts in that span. And costs are projected to increase to $9 billion by 2030.

The New York Times posts about the sale of Myspace and how much money was lost from the initial purchase in the sale (Wow this is a doozy of a money drain).

MySpace, the long-suffering Web site that the News Corporation bought six years ago for $580 million, was sold Wednesday to the advertising network Specific Media for roughly $35 million.

Wallet Pop posts about how the U.S. Government has made a sh*t-ton of coin money that’s just sitting in storage doing nothing.

A billion dollars in unwanted American dollar coins sits in specially-made vaults the size of soccer fields in Texas and Baltimore and other undisclosed locations.

Seems like a waste.

About Crystal Groves, Google+

Crystal Groves is a farmer, web developer, musician, blogger, and personal finance enthusiast from the back hills of Maryland and Pennsylvania. She started Money Drain as a project to encourage people interested in fixing their financial situation to share their stories and learn from the stories of others. We all make mistakes, but in order to change we have to make changes.

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