Murdoch’s Myspace bet gone sour

In 2007 News Corp. believed it could do a deal with Yahoo that would have valued MySpace at $25 billion. Now, thanks to Facebook, few people believe MySpace is worth more than the $580 million News Corp. paid for it. What will Rupert Murdoch do with this dud?

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The Olympics bankrupted Greece

Greece's federal government had historically been a profligate spender. But the Olympics broke the bank. Government deficits rose every year after 1999, peaking at 7.5% of GDP in 2004, the year of the Olympics, thanks in large part to the €9 billion price tag for the Games. The cost of hosting the Games equalled roughly 5% of the annual GDP of the country.

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Huge hacking attack detected

Hackers in Europe and China successfully broke into computers at nearly 2,500 companies and government agencies over the last 18 months in a coordinated global attack that exposed vast amounts of personal and corporate secrets to theft, according to a computer-security company that discovered the breach.

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