Panhandle Truth Squad Announces Massive 4th Quarter Losses

Amarillo, TX - Amarillo-centric blog Panhandle Truth Squad, at a press conference held at their headquarters at 10th and Burr, left, announced massive 4th quarter losses today, citing turmoil in the housing and credit markets as prominent factors. "We regret that we have been forced to write down $10 billion in assets," said PTS spokesblogger blogarillo, "however, we can assure our readers they will still have access to the highest quality smart-ass commentary available in the Texas Panhandle."

In an effort to recoup losses PTS has stated between 30,000 and 50,000 employees will be let go. The layoffs were described by PTS as "regrettable." Blog watchdogs have been sharply critical of the layoffs, noting the large executive compensation packages enjoyed by the senior blogger staff. PTS defended its policy, noting that millions a year in salary, along with stock options, platinum health care, private jets, yachts, second homes, ranches, teenage strippers and mountains of top-notch Columbian blow were all in line with current executive compensation standards.