Johnson & Johnson Hip Implant Recall

Johnson Hip Implant RecallIt’s been over two years since the FDA started getting complaints about the failure of a hip replacement implant manufactured by DePuy Orthopaedics, a division of Johnson & Johnson.  Over 93,000 people worldwide have had hip implant surgery with these devices, and the FDA has had over 400 complaints about it since 2008.  Apparently, the failure happens early after surgery and a second, painful surgery is then required.

The high early failure rate of these implants (called ASR implants) has been known of for some time.  ASR implants are part of a category of implants called metal-on-metal implants that cause debris from wear, inflammation and sometimes even tissue damage.

This is one of many recalls of many of Johnson & Johnson’s best-selling products.  The giant pharmaceutical company is clearly in trouble – if you can call any pharmaceutical company whose earnings are down “in trouble.”  The fact is, Big Pharma cleans up on meds and products.   Last year, DePuy Orthopaedics had sales of almost $5.4 billion – and it’s just a division of J&J!   I wonder if when asked what they wanted to be when they grew up in class, the leaders of these giants said, “I want to be the CEO of a huge pharmaceutical company that sells defective products and dangerous medications, and make a fortune doing it.”

For the full story, click "CONTINUE READING" below.

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Woe is me, woe is me, JD didn't put me on the path to riches!

Lawyers have forever said that public service is as important as their "hourly" service.  Recently, some students at Harvard and Stanford have put the "idea" to the test.

Am Law 100 is again finding itself adrift in the hiring pool.  So...big firms like Latham & Watkins offered top prospects, folks from top 10 law schools with top grades, up to a year off!  That is so long as they defer starting as "real" associates for up to a year.  Now what in the world would make a super achiever do such a thing?  It turns out - public service! 

No kidding, the nation’s best and brightest (at least as they relate to law school admittees) are not just trying out public service jobs, some of them are keeping them!  Listen, when 36 of the 180 Stanford law students indicate a commitment to public service, we owe a large standing applause to each of them! 

You see, I told you all lawyers aren't bad.  Especially the young ones!

Mebane Faber Continues to Prove That He's a Savvy Investor

Mebane FaberThe latest edition of Forbes magazine contained another spot-on article by Meb Faber, Chief Investment Officer of Cambria Investment Management, Inc. ("CIMI").  Under the heading of full disclosure, I'm an investor and principal in CIMI. 

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Push, push, alas another "illegal" baby is born! Birthright citizenship must be stopped?

News today from the New York Times and the Wall Street Journal report that 1 in 12 births is the U.S. are illegal!  Let's put it another way.  "Undocumented" women account for 1 in 12 U.S. births.

Wow, if that "statistic" doesn't cry out for Federal comprehensive immigration reform, I don't know what does.  The demographic facts are simple.  Like it or not, undocumented women are younger and more likely to give birth to multiple babies.  Hence, 8% of U.S. babies are born to undocumented, mostly Hispanic women.

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Partnership between AdvisorShares and Cambria Investment Management

Jun 23, 2010 13:30 ET

AdvisorShares Announces Partnership With Cambria Investment Management to Develop a Global Tactical Asset Allocation ETF

Partnership Will Create an Actively Managed ETF That Will Take a Quantitative Approach to Global Tactical Asset Allocation ("GTAA")

BETHESDA, MD--(Marketwire - June 23, 2010) -   AdvisorShares Investments, LLC, a developer of and investment adviser to actively managed Exchange Traded Funds, announced today a partnership with Cambria Investment Management, Inc., a Los Angeles based investment manager, to create a GTAA strategy in an actively managed ETF. The proposed ETF would join AdvisorShares' growing stable of innovative actively managed ETFs which includes the Dent Tactical ETF (NYSE: DENT).

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iPhone Four Fatal Flaw?

iPhone ProblemsToday marked another day of consumer techno-hype with the release of Apple’s highly-anticipated iPhone 4. The buzz on blogs around the world quickly turned from craze to critique though as real-world use proved the device wasn’t quite ready for prime time.

Much improved camera – check. High resolution screen – check. Sleek design – check. Ability to consistently maintain a strong signal – well, Mr. Jobs will have to get back to you on that. Turns out the uber-phone encounters reception problems when held in certain positions.

The question that immediately comes to my mind though is:  If bloggers found this flaw on day one of use, did Apple know (of course) and why did they release what seems like a majorly defective product?

Time will soon tell.  For now, read this article for a little more insight.

Mortgage Modifications Not Working

Home OwnershipThe flagship effort by the Obama administration to help people stay in their homes is not working.  Studies note that more than a third of the folks who enrolled in the program have dropped out.  Recently, 150,000 borrowers threw in the towel and left the program.  That number is on top of the almost 300,000 borrowers who left the program in 2009.  Most analysts believe the majority of people who applied for a mortgage modification will eventually end up in foreclosure.  The reasons for this are manifold.  Suffice to say that most borrowers who sought a mortgage modification were struggling with more than just mortgage debt.  Many of those borrowers were facing mountains of other debt such as credit card and auto loans.  Expect another wave of foreclosures as borrowers fall out of the mortgage modification program.  The only silver lining is that once the people who truly can’t afford their homes go through the foreclosure process, home prices might stabilize and the economy may indeed turn around. 

Johnson & Johnson Kids' Drugs Recall Update

Johnson Johnson RecallJ&J continues to suffer fallout for the manufacturing problems discovered at its McNeil Consumer Healthcare plant in Fort Washington, PA.  The FDA reported that the maker of Tylenol, Benadryl, Motrin, and Zyrtec failed to safeguard the manufacturing process and allowed impurities into its products.  Most of these products were made for infants and kids.

The recalled chidlrens medicines are all sold over the counter.  This was J&J's 5th recall since last September.  For now, J&J agreed to close the plant and fix the problem.   

Click "CONTINUE READING" below for the full Wall Street Journal story.

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Summer Pool Safety

Summer Pool SafetyThe U.S. Consumer Product Safety Commission (CSPC) just launched its national campaign to get people to think about pool safety. Check out the website at www.poolsafely.gov. With summer coming on strong, the USPC is out to educate the public about child drownings and other serious injuries that occur in and around pools and spas. It turns out that hundreds of kids under age five drown every year in pool tragedies. Hundreds more are injured in near-drowning accidents. Perhaps a parent’s best bet is to teach their kids how to swim at a very young age. Pediatricians are now suggesting that parents teach kids even under four years old how to swim. As summer approaches, it behooves everyone to pay attention to pool and spa safety tips.
 
Click CONTINUE READING below to read the CSPC release and study highlights.

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Miley Cyrus, Hannah Montana, Brain Damage and Kidney Failure

Wal-Mart Jewelry DangerWal-Mart recently was forced to pull an entire line of Miley Cyrus and Hannah Montana bracelets and necklaces from its store shelves.  The problem?  Cadmium, which can be ingested by kids when they bite, chew, or suck on jewelry.  Ingesting cadmium is even worse than lead.  Cadmium is a known carcinogen that can cause brain damage and kidney failure.  For some reason, girls ages 6 to 11 are at a greater risk for suffering from cadmium exposure.  Hence, the actions taken by Wal-Mart to remove all Miley Cyrus and Hannah Montana jewelry from its shelves.  If you have any Miley Cyrus or Hannah Montana jewelry in your home, you should throw it away or take it back to Wal-Mart and get a refund of your money. 

Image: Wal-Mart Jewelry Danger

Click "CONTINUE READING" below for the full AP Story.

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