MONEY

You're only as good as Google says you are
Face it, you're going to get 'Googled'. Here's how to burnish your digital brand.

NEW YORK (Money Magazine) -- Who's Scott Burkett? A small-time actor; a family lawyer; a techie at the University of North Carolina.
But if you Google "Scott Burkett," eight of the top 10 results, and most of the next 20, point to the 38-year-old chief executive of PlayMotion, a small video-game company.
That's no coincidence. Over the past decade, video-game Scott has carefully nurtured his digital dossier. Why bother?
"Everyone is going to see this stuff," says Burkett. "It's not just customers and investors who look you up. It's everyone."
Including the person who may find you your next job. According to ExecuNet, a career-networking company for executives, more than 80% of recruiters use Google to uncover information on candidates.
While you can't completely control what appears under your name on search engines, it's not that hard to burnish your digital brand.
Start a Weblog
Blogging can quickly shoot your name from obscurity to the top of search indexes, says Robyn Greenspan, senior editor at ExecuNet. Try to update it at least three times a week and use keywords that you think searchers are likely to look for.
An aeronautical engineer might naturally use words like "aviation" and "altitude" in his blog, for example.
Blogger.com is a commonly used (and free) place to get started. The site will guide you every step of the way. You'll also want to set up a social-networking profile.
Buy your domain
Purchase your first and last name as a Web address. Even if you don't plan to set up a Web site now, it's a good idea to park it - GoDaddy.com will let you reserve a dotcom name for $9.99 a year. Don't let someone beat you to it. Buying on the secondary market can be expensive.
If your name is common, try variations like "Firstname-Lastname.com" or your name followed by your profession.
Bury the bad stuff
If you've got a reasonably high profile in a competitive field or if you've ever jilted an employee, uncomplimentary words about you may find their way onto an industry message board or blog. The poster will use a pseudonym - but he or she will make sure that the reader knows who you are.
Sweeping dirt to the second or third page of a Google search by buying your domain and blogging is usually enough. But if the stuff is really toxic, you can try having it removed.
If contact information for a Webmaster isn't readily apparent on the site where you're being maligned, go to CheckDomain.com and search for the domain name. The search will spit back the e-mail address of the site's owner and may reveal a phone number and mailing address. Ask nicely. The site can't really be forced to do anything without getting lawyers involved, a costly and often ineffective strategy.

Shoppers jam stores as Christmas nears

With just days until the Christmas holiday, retailers' hopes are high as they report stores crowded by last-minute shoppers.

NEW YORK (AP) -- The nation's shoppers -- taking advantage of deep discounts and expanded hours -- jammed stores over the last weekend before Christmas to try to grab a hard-to-find Wii or scoop up bargains on other items. But the spending surge may not be enough to offset what is shaping up to be a mediocre December for some retailers.
Based on early reports on Sunday, mall operators including Macerich Co. said they were pleased with the spending spree over the weekend, but they were still counting on Christmas Eve and post-Christmas business to meet holiday sales goals in what has turned out to be a nail biter of a season.
Meanwhile, even as shoppers continued to snap up flat-screen TVs, video game software and other gadgets, benefiting stores like Best Buy Co., the apparel business remains challenging, analysts said.
Ed Schmults, chief executive of toy merchant FAO Schwarz, which operates stores in Chicago and New York, said Sunday that pre-Christmas business is below expectations despite a sales surge this weekend.
"It's almost kind of worth waiting and shifting through the hustle and bustle," said Carly Moore, of Chicago, who was heading to Macy's on the city's State Street shopping corridor to scoop up some discounted clothing. But she was still frustrated that she couldn't find Nintendo's Wii game console, after trying at least five stores.
Credit card defaults alarmingly high
Valerie Glodowski of Stevens Point, Wis., who was with her boyfriend at Wisconsin's Wausau Center Mall, said she started holiday shopping two weeks ago and waited until the last weekend to finish out of sheer laziness.
"I am just winging it," she said.
Many merchants, which had struggled through a sluggish December after a strong start to the season, are counting even more on the final days before Christmas to make their holiday goals. With the three days prior to Christmas accounting for as much as 15 percent of holiday sales, there's a lot of business left on the table.
Macy's Inc. is keeping several of its stores in the New York metropolitan area, including its flagship store in Herald Square, open until 6 p.m. on Christmas Eve. About 1,000 of Sears Holdings Corp.'s 1,387 Kmart stores are open for 64 hours straight, beginning at 6 a.m. Saturday and ending at 10 p.m. on Dec. 24, for the first time since 2002.
Retailers' big fear: 35M procrastinators
With Christmas falling on a Tuesday, shoppers were enticed to wait even longer this season to finish their holiday shopping. A challenging economy -- higher gas prices and a housing slump -- also made some shoppers hold off until the final days before the holiday. Retailers routinely discount items deeper as Christmas draws nearer.
"The gas prices and car insurance ... is up. I would say I'm spending less and worrying more about it," said Sondra Newton, of Warren, Mich., who was at Oakland Mall in Troy, Mich., a suburb outside of Detroit on Friday. "I used to just take their (her children's) list and get the top ones on it. Now I have to think about 'what can I get at the best deal."'
Nevertheless, Michael P. Niemira, chief economist at International Council of Shopping Centers, is sticking with his December forecast for a 1.5 percent gain in same-store sales, or sales at stores opened at least a year. That would mean same-stores sales for the November-December period would be up 2.5 percent from a year ago.
Green gifts
"I think when the dust settles, stores will have met expectations, though they are modest," said Bill Martin, co-founder of ShopperTrak RCT Corp., which tracks total sales at more than 50,000 retail outlets. He said he is still sticking with his 3.6 percent forecast for the November and December period, though he added, "some retailers will do OK, and others won't."
ShopperTrak is expected to release total sales for the week ended Saturday late on Monday.
Jerry Storch, chairman and CEO of Toys "R" Us Inc., said the past weekend was strong, and that people were buying "everything," from video-game software to games. He noted that shipments of Wii are selling out as fast as Toys "R" Us gets them, while the retailer is running out of Fisher-Price's Smart Cycle, a stationary bike that plugs into the TV. The season's hot video game, "Guitar Hero 3," is also hard to find.
Karen MacDonald, spokeswoman at mall operator Taubman Center Inc., noted that on Saturday business was up in the mid-single digits based on a spot-check of malls. Gift card sales are up in the double digits, and "more men are out buying fragrance gift sets and jewelry," she said.
Ken Gillette, senior vice president of operations at Macerich, noted that the weekend was "very busy," with traffic on Saturday up 20 percent from the previous Saturday. He said while the day after Black Friday starts off the season, the most intense sales volume comes in the few days before Christmas.
Still, overall holiday sales gains could come at a cost for retailers, says Sherif Mityas, partner and central region leader at consultancy A.T. Kearney, noting that stores discounted heavily at the expense of margins. He believes that apparel merchants will see their fourth-quarter profits most hurt.
For many shoppers, it paid to wait given the plentiful offerings and good deals. The Children's Place Retail Stores Inc. was offering three graphic T-shirts for a total of $20. Pier 1 Imports Inc., which has been hit hard along with other home furnishings stores by the housing slump, was offering 50 percent discounts on candle gift sets and 35 percent price cuts on holiday potpourri.
"I got very good deals," said Nichelle Jones, of Chicago who had purchased two shirts at Lady Foot Locker, owned by Foot Locker Inc., winter boots and an iPod at Wal-Mart Stores Inc.
Edison Alberto of Miami Beach, Fla., got all of his shopping done in about an hour and a half on Friday night. He had about a dozen gifts to buy and found them all at a mall near Miami. His best deals, he said, were sneakers he bought for two cousins at Champs Sports.
"I thought they were going to be $80 or up," he said. "They were $55 each."

What a rate cut means to homeowners

How to keep ahead of rates and lower them when your card issuer hikes them up.

NEW YORK (CNNMoney.com) -- Most analysts see the Fed cutting rates for the third consecutive time tomorrow. What investors don't know is just how deep the Fed will cut. What will this mean for your mortgage? Here's what you need to know.
1: Long-term mortgages won't move much
Right now investors are split on whether the Fed will lower the funds rate by another quarter point to 4.25% or cut it by a half-point, to 4%. But the fact is, there's not much doubt that the Fed will cut rates. And because of that, the market has already priced that in, says Mike Larson with moneyandmarkets.com. 30-year fixed rates have been falling for some time.
In July, the average rate on a 30-year fixed mortgage was 6.66%. Last week, it was 5.82%. So, a rate cut won't really do very much to lower long-term rates. They're already low. So if you want to refinance, it's a good time to start shopping.
2: ARM resets not as severe
The Fed move tomorrow may be more significant to borrowers with adjustable-rate mortgages than what the government is doing in freezing subprime interest rates. That's according to Greg McBride at bankrate.com. Most resets on adjustable rate mortgages will reset in the middle of next year. And the fact that the Fed is cutting rates, will make these resets more manageable for prime borrowers, which aren't covered by the foreclosure-prevention plan announced last week.
So, if you had an adjustable rate mortgage that started at 4.5% and your rate was going to reset at 7.5%, you may only face a rate reset of 5.7%.
3: HELOCS will be cheaper
Home equity lines of credit will be cheaper if the Fed does cut rates. It may take up to three billing cycles to see the actual decrease in your bill. If you need to consolidate debts or you need money for medical bills or college expenses, you may consider shopping around for a HELOC since lenders are likely to price in the Fed's cut immediately.
4: Keep it in perspective
The take away here is that the Fed is on your side. This rate cut won't be the silver bullet that fixes the housing market. But it's apparent that Fed is in a rate cutting mode, and the cumulative effect on that will help consumers. There are a number of things the Federal Reserve can't control, like the impact of the credit crunch.
You need to look at inflation, job growth and the overall health of the economy as indicators of when this housing crisis may subside. When we get down to it, there are two issues here, according to McBride. That's inventory of houses on the market and the affordability of houses. Interest rate cuts won't do much to make that go away. Sometimes, it's just a matter of time.

PARTNERCENTER(Rates provided by Bankrate.com.

Mortgages - 15 Year Fixed 5.38%

Mortgages - 30 Year Fixed 5.82%

Mortgages - 5/1 Year ARM 5.54%

Used Car - 3 Year 7.38%

New Car - 3 Year 6.86%

Mortgage rates at lowest level in 2 years

NEW YORK (CNNMoney.com) -- Interest rates on fixed-rate mortgages slipped again this week as the glut of available homes exerted downward pressure on prices and construction activity, Freddie Mac reported Thursday.
The government-sponsored loan buyer said the rate on a 30-year fixed-rate loan fell to an average 6.10 percent for the week ended Nov. 29, from 6.20 percent the prior week. At this time last year, the 30-year FRM averaged 6.14 percent.
The 30-year rate has not been lower since the week ending Oct. 13, 2005, when it averaged 6.03 percent, Freddie Mac said.
"Interest rates for U.S. Treasury securities have been drifting lower this month over market concerns that the housing slump and stress in the credit markets could slow future economic growth," said Freddie Mac (Charts, Fortune 500) chief economist Frank Nothaft.
With home prices falling 4.95 percent in the 12-months ending September and 15 metropolitan areas showing annual declines, "the overall picture does, indeed, appear glum with no immediate relief in sight," Nothaft said.
New home prices: Worst drop in 37 years
Freddie Mac said rates on 15-year fixed-rate loans averaged 5.73 percent, down from 5.83 percent last week. A year ago, the 15-year FRM averaged 5.87 percent. The 15-year rate has not been lower since the week ending January 26, 2006, when it averaged 5.70 percent.
Five-year adjustable-rate mortgages (ARMs) averaged 5.86 percent this week, down from 5.88 percent last week. A year ago, the five-year ARM averaged 5.95 percent.
One-year Treasury indexed ARMs averaged 5.43 percent this week, from 5.42 percent last week. At this time last year, the 1-year ARM averaged 5.46 percent.

Current Mortgage Rates

30 yr fixed mtg 5.82%
15 yr fixed mtg 5.38%
30 yr fixed jumbo mtg 6.71%
5/1 ARM 5.54%
5/1 jumbo ARM 6.02%

Banks to abandon 'Super-SIV' fund

Citigroup, JPMorgan and BofA cancel plans for a mortgage backed securities rescue fund, but leave the door open in case of more credit woes.

By David Ellis and Ben Rooney, CNNMoney.com staff writers

NEW YORK (CNNMoney.com) -- The Wall Street consortium seeking to establish a bailout fund for troubled mortgage securities announced it would abandon efforts to establish the so-called "Super-SIV" fund, adding that it could revisit the solution if credit market conditions worsened.
In a statement issued late Friday, the consortium, which includes Citigroup (C, Fortune 500), JPMorgan Chase (JPM, Fortune 500) and Bank of America (BAC, Fortune 500) said the rescue fund is "not needed at this time."
In recent weeks, a number of banks that sponsor or own these SIVs, or structured investment vehicles, have developed their own solutions including selling assets or finding other sources of liquidity.
Citigroup, for example, announced late last week it would take the $49 billion in assets held by its seven SIVs onto its balance sheet.
The group, however, remained open to revisiting the "Super SIV" or Master Liquidity Enhancement Conduit, if needed.
"The consortium will continue to monitor market conditions and remain committed to work collaboratively on any appropriate solutions, including an activation of MLEC, if needed," the group said in a statement.
The news, which was first reported by The Wall Street Journal, comes just days after the three banks and BlackRock (BLK), the fund's investment manager, tried to downplay recent talk that the rescue fund was jeopardy.
The companies had said Tuesday they were committed to the rescue fund, adding it would launch in several weeks.
SIVs typically issued debt in the commercial paper market, becoming a key source for short-term financing, the proceeds of which were used to buy higher-yielding, long-term assets, such as mortgage-backed securities.
But following this summer's credit crisis, the market for these securities and notes issued by SIVs dried up, hence creating the need for a rescue fund.
With the backing of the Treasury Department, the three banks announced the creation of the "Super SIV" in October. It was designed to hold the shaky mortgage assets that were owned by these banks' off-balance sheet investment funds, or SIVs, until investors could get a better sense of the default rate of the mortgages backing these bonds and other securities.
Calls to the Treasury Department for comment were not immediately returned.
The plan, however, had plenty of critics, including former Federal Reserve chief Alan Greenspan, who suggested that the "Super SIV" could do more harm than good.
Ultimately, the rescue fund was intended to be an important first step in wooing debt investors back into the market, but some claimed that it was ultimately a bailout for these banks.

Goldman's Blankfein collects $68M bonus

Payday in restricted stock, options and cash marks biggest ever for Wall Street CEO.

By David Ellis, CNNMoney.com staff writer

NEW YORK (CNNMoney.com) -- Goldman Sachs Chairman and CEO Lloyd Blankfein will take home nearly $68 million in restricted stock, options and cash, making it the largest bonus ever given to a Wall Street CEO.
Blankfein was awarded $26.8 million in cash and $41.1 million in restricted stock and stock options, according to a company filing with the Securities and Exchange Commission issued Friday.
With this year's bonus, Blankfein shatters the record he set a year ago, when he was awarded $54 million.
News reports had originally projected that Blankfein will take home as much as $70 million, after helping to lead the company through this summer's market meltdown and the ongoing credit crisis.
Unlike some of its rivals, which have witnessed billions of dollars evaporate from their balance sheets, Goldman Sachs has proved unshakable. Just this week, the company reported better-than-expected fourth-quarter earnings, while peers like Morgan Stanley and Bear Stearns recorded steep losses.
As it stands right now, Blankfein will be among the few Wall Street CEOs to collect a bonus this year. After this week's dismal results, Morgan Stanley (MS, Fortune 500) Chairman and CEO John Mack and Bear Stearns (BSC, Fortune 500) chief James Cayne both announced they would forsake their 2007 bonuses.
While bonuses are common throughout corporate America, they are a far bigger part of overall compensation for all levels of employee pay on Wall Street than they are at a typical corporation.
Tom McMullen of the Hay Group, a human resources and management consultant, estimates that cash bonuses typically equal between 40 and 100 percent of base salary for top executives on Wall Street, while senior managers receive between 15 to 30 percent of base pay as bonus payments. Even entry-level employees might see 10 to 20 percent of their base pay in the form of a bonus.
This year was expected to be a difficult one for finance pros given the recent market turmoil and the ongoing credit crisis. Overall, financial firms were expected to cut bonuses up to 10 percent from a year ago, according to industry projections.
A year ago, bonuses on Wall Street reached a record $23.9 billion, averaging more than $136,000 per employee, according to the New York State Comptroller's office.
Facing the biggest bonus squeeze were those individuals working in mortgage-related areas, with their bonuses declining by as much as 50 percent from a year ago, according to a report published last month by the compensation research firm Options Group.
Even though dealmaking has slowed considerably on Wall Street, investment bankers are still expected to enjoy a bump in their annual bonus from a year ago given the frenetic pace of merger-and-acquisition activity in the first half of 2007.
With so many banks underperforming, many financial firms were widely expected this bonus season to shift from cash to stock in an effort to compensate employees while retaining talent. Some firms have already said they would cap their cash compensation, including UBS, which announced a limit of $750,000 for its workers.
Goldman Sachs (GS, Fortune 500) stock finished more than 3 percent higher in Friday trade.
Your bonus is safe, your boss' isn't