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5 stories you should not have missed on the web this week
The Best Way to Land a Job? It's Still Word of Mouth; Hedging their bets; Iran: ‘Flame’ Virus Fight Began with Oil Attack; Facebook's IPO fallout and the problem with the data-as-profit model; The 1 Percent’s Problem
May 31, 2012 5:03 by kippreport
Officials, looking for an exit strategy, send family and cash overseas. The phrase “naked official”, or luo guan, was coined in 2008 by a bureaucrat and blogger in Anhui province, Zhou Peng’an, to describe officials who have moved their family abroad, often taking assets with them. Mr Zhou says the issue has created a crisis of trust within the party, as officials lecture subordinates on patriotism and incorruptibility, but send their own families abroad.
Although the job market is slowly mending, it remains grim for young college graduates. The unemployment rate for graduates aged 21 to 24 averaged 9.4 percent over the past year (ending in March 2012), while the underemployment rate was a steep 19.1 percent, according to calculations by the Economic Policy Institute.
Computer technicians battling to contain a complex virus last month resorted to the ultimate firewall measures – cutting off Internet links to Iran’s Oil Ministry, rigs and the hub for nearly all the country’s crude exports.
Excitement about the value of data-gathering fed Facebook’s amazing valuation – but it looks unlikely to be such a goldmine
Why won’t America’s 1 percent—such as the six Walmart heirs, whose wealth equals that of the entire bottom 30 percent—be a bit more . . . selfish? As the widening financial divide cripples the U.S. economy, even those at the top will pay a steep price.