Broadcasters don’t stop transmitting television programs during a recession. That’s why Tom Bulford says ContentFilm (LON:CFL) could be a great penny stock for this downturn. The company has a low-risk business model and is trading at a huge discount today. But Tom says investors need to watch out for a £9 million preferred shares liability due in March 2009.

This week saw Lehman Brothers replace two of its top executives: CFO Erin Callan and COO Joseph Gregor. The two will remain at the bank in lesser roles.

“As recently as a month ago,” says Justice Litle in Taipan Daily, “Erin Callan was on top of the world.”

The WSJ did a glowing piece on her rise through the ranks. Condé Nast’s Portfolio magazine dubbed her the most powerful woman on Wall Street.

There is a 95% chance that the US economy will enter a recession, according to a report in BusinessWeek magazine.

Jennifer Yousfi in Money Morning gives some background and examines strategies for recession proof investing:

U.S. Federal Reserve policymakers cut the benchmark interest rate by less-than-expected three-quarters of a percentage point at their last meeting, a move that was designed to energize a badly flagging economy without causing inflation to spike or exacerbating the greenback’s decline.