By Phil Hollows
Another week has gone by, and it seems as though they go by more quickly every time you turn a page on the calendar, doesn't it?
Well, of course it does.
Think about it: When you were a kid, and you'd only lived a few hundred days, a day was basically an eternity compared with what you'd already experienced. But now that we've all racked up thousands of days, they move comparatively quickly!
Ok, that's enough philosophical ramblings for one day. Let's get on to the news of the week, in case you missed it while those days were ticking past.
Let's get started!
Bank of America Admits a Big Accounting Blunder
Have you ever miscalculated how much money you have in your bank account? Maybe you forgot to account for a purchase, or got the date wrong on an auto draft?
It happens to everyone from time-to-time. But this accounting error by Bank of America takes the cake: They've uncovered a mistake that means they have $4 billion less capital than they thought.
Yes, that's billion with a B. And apparently the mistake went undiscovered for several years.
As LinkedIn editor Isabelle Roughol said in her news roundup, the New York Times account of how the accounting mixup happened gives real insight into "just how convoluted financial 'innovation’ has become."
Is Google+ Dying? Maybe.
Well, TechCrunch certainly turned some heads with its article predicting the death of Google+, and the fallout and conversation continued well into this week.
In case you missed the original article, here's the gist: According to TechCrunch, Vic Gondotra's announcement that he's leaving Google is just one part of a major shift at Google, and the change will essentially mean the death of Google+.
Citing anonymous sources, the article said, "Google+ will no longer be considered a product, but a platform — essentially ending its competition with other social networks like Facebook and Twitter."
Google denied the claim, but people still spent plenty of time this week talking about it.
A forbes.com article on the Google+ dustup didn't put too much stock in the "walking dead" predictions.
Columnist Jason DeMers suggests that we continue to invest in Google+ for marketing and SEO.
"Author rank, enabled by Google+, continues to be a strong indicator of quality content. So, for now, I don't see Google+ dead, walking dead, or dying," DeMers said.
Who Will Be the Next Owner of the Clippers?
One story, more than just about any other, has dominated headlines this week: The saga of Donald Sterling and his inflammatory remarks about race.
NBA commissioner Adam Silver made a bold move this week, handing down a lifetime ban on Sterling, a $2.5 million ban (which is a lot of money, but considering that he's worth a reported $1.9 billion, it might not hurt him as much as you'd think), and moving to force Sterling to sell the team.
The financial story related to selling the Clippers is as interesting as the sordid tale behind the recordings, and what's really fun is the speculation about who might end up buying the team.
That's it for this week! Hope you all have a terrific weekend!
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