July 08, 2009
There Are No Green Shoots
...says the chairman/CEO of American Express. (And the Obamacans are gonna have a hard time calling his views a racist distraction.)
But I'd be VERY wary of the bus that was taking me back to the resort if I were him.
UPDATE: Wowsers! I can't believe what I've been hearing, but CNBC has been all NObama, ALL day. The latest CEO to jump on the Beat Up the 'Bama Bus is CKE's [Hardee's, Carl's Jr., etc.] Andy Pudzer, who just said:
..."What we need is someone to get scared. 9.4% unemployment would scare me. but I guess it doesn't scare the government. It just scared them into spending more money. They need to do something to stimulate business.Spending on roads and bridges don't get it."
It's been an astonishing smack-down, from floor traders speaking their mind to CEO after CEO. Recently acquitted former AIG head Hank Greenberg ("Greenberg has criticised AIG since his ouster [2005], which was unrelated to the company's massive financial problems over the past year...During the trial, he continued his attacks on the managers who succeeded him, saying, "Things do change when you have a management that does not adhere to principles that would be good for AIG stock.") said...
"...government involvement [forcing officer removals/installations, etc.] in private business is un-American..."
'Twould appear there's quite a few folks who didn't get the Hope 'n Change memo...
Posted by tree hugging sister at 03:30 PM | Comments (2)
Passing Wind
Forget all those commercials: T. Boone's becalmed
NEW YORK (CNN) -- Billionaire oil man T. Boone Pickens is shelving plans to build the world's largest wind farm. T. Boone Pickens says the capital markets will not support his plans to build the world's largest wind farm.The chairman of BP Capital Management announced Tuesday that his plans for the Pampa Wind Project, designed to generate 4,000 megawatts of electricity using thousands of wind turbines, is on hold.
"I had hoped that Pampa would be the starting point, but transmission issues and the problem with the capital markets make that unfeasible at this point," Pickens told CNN's Ali Velshi. "I expect to continue development of the Pampa project, but not at the pace that I originally expected."
No surprise, really. With the global recession and subsequent drop in the oil markets wind power makes very little economic sense, and when combined with NIMBYism most of these projects generate nothing more than smug press from politicians about how they're "making a difference for the children."
There was one little interesting point in the article, though:
Renewable energy is the source of only a small portion of electricity used today, but in 2008, the United States became the world's leading provider of wind power.
Damn you, Chimpy! How'd you let that happen on your watch?
Posted by Mr. Bingley at 07:15 AM | Comments (3)
July 06, 2009
Stock Futures Lower Again
Obama's "false Spring" may be ending
(Reuters) - Stock futures pointed to a lower open on Wall Street on Monday following a long weekend, as oil tumbled nearly $3 a barrel on mounting doubts over a quick economic recovery.At 4:54 a.m. EDT, futures for the S&P 500 were down 0.9 percent, Dow Jones futures were down 0.9 percent and Nasdaq 100 futures were down 0.9 percent.
Oil sank to a five-week low near $64 a barrel on Monday, as investors remained cautious over the prospects of a speedy global economic turnaround, while the dollar gained ground in the wake of last week's grim U.S. jobs data.
When the only sector of the economy that has added jobs...is the government, then you know you're screwed.
Posted by Mr. Bingley at 06:54 AM | Comments (4)
June 30, 2009
I Hope They Have Seating For 300 Million
Posted by Mr. Bingley at 11:39 AM | Comments (1)
June 17, 2009
That's a Shame
Eddie Bauer files for bankruptcy protection
As I said in this post about A&F:
FYI: Eddie Bauer used to be as revered. At one time they were THE outfitters for all the major Himalayan expeditions and the quality was unsurpassed. I still have my circa 1972, goose-down Karakorum -40º mummy bag. The label says "For the rest of your life" and they meant it.
I'd hoped they were starting the transition back to QUALITY expedition gear when one of their emails touted "Return to Everest!"
SEATTLE, WA - On the morning of May 19, two legendary mountaineers on the First Ascent "Return to Everest" expedition reached the highest point on Earth. Ed Viesturs and Peter Whittaker stood on the summit with members of their production crew before descending to High Camp at 26,000 feet. Forced to spend an extra 24 hours in the "death zone" while waiting for high winds and whiteout conditions to improve, the team began their final summit push around 11:00 p.m. on the evening of May 18. Their successful summit comes 46 years and 18 days after Whittaker's uncle, Jim, became the first American to do so, on May 1, 1963.
The common thread between the two expeditions besides the Whittaker name: Eddie Bauer was the outfitter, then and now. First Ascent marks Eddie Bauer's return to its heritage as America's original expedition outfitter.
Why does every beancounter in the world want their store to be the GAP?
Posted by tree hugging sister at 02:21 PM
June 09, 2009
Quote of the Day
CNBC regular on the union's turning down the Boston Globe offer:
"They forgot the first rule of a parasite: NEVER kill the host."
Posted by tree hugging sister at 04:18 PM | Comments (4)
June 02, 2009
How Do You Say "Hummer"...
...in Mandarin?
NEW YORK (CNNMoney.com) -- General Motors Corp. has signed a deal to sell its Hummer truck unit to a Chinese industrial company, a person with knowledge of the deal said Tuesday.The news comes a day after GM (GMGMQ) filed for bankruptcy in New York. The company did not identify the buyer nor name a price, saying only that the deal would close by the end of September.
But a source identified the buyer as Sichuan Tengzhong Heavy Industrial Machinery Company Ltd. in China.
Your tax dollars at work.
Posted by Mr. Bingley at 12:50 PM | Comments (12)
June 01, 2009
Here's Something Else That Is Not Good
The dollar is in the toilet. Some are calling it "the next crisis" and I'd agree. Of course, we can all take comfort in the fact that the Most Smartest Treasury Department Ever, led by Noted Tax Cheat Timmeh Geithner, is confuzzled by what's going on
WASHINGTON (Reuters) - The Federal Reserve is studying significant moves in the U.S. government bond market last week that could have big implications for the central bank's strategy to combat the country's recession.But the Fed is not really sure what is driving the sharp rise in long-dated bond yields, and especially a widening gap between short and long term yields.
Do rising U.S. Treasury yields and a steepening yield curve suggest an economic recovery is more certain, meaning less need for safe haven government bonds and a healthy demand for credit? If so, there might be less need for the Fed to expand the money supply by buying more U.S. Treasuries.
Or does the steepening yield curve mean investors are worried about the deterioration in the U.S. fiscal outlook, or the potential for a collapse in the U.S. dollar as the Fed floods the world with newly minted currency as part of its quantitative easing program. This might be an argument to augment to step up asset purchases.
Ever get the feeling that Treasury relies more on their Magic 8 ball than anything else?
There's this bold and innovative new theory out there that says when you insanely increase the supply of something its value goes down. Pretty cutting edge, eh?
And when you spend far far more than you can possibly take in the 'easy' way out of it is for you to print lots more money and inflate your way back.
Everything old is new again
Last week, I delivered a message on inflation. Since then, the dollar has dropped in value, the stock market has sustained record losses, and the whole sale price index increased 0.9%. In other words, our economic system is screwed, blued and tattooed! We just have to face the fact that there is simply no way to fight inflation in a capitally-intensive, highly-technological, conflict-riddled, anything-for-a-thrill world of today. That's why, tonight, I want you to try to look for in inflation, an entirely new word: Inflation is our friend.For example, consider this: in the year 2000, if current trends continue, the average blue-collar annual wage in this country will be $568,000. Think what this inflated world of the future will mean - most Americans will be millionaires. Everyone will feel like a bigshot. Wouldn't you like to own a $4,000 suit, and smoke a $75 cigar, drive a $600,000 car? I know I would! But what about people on fixed incomes? They have always been the true victims of inflation. That's why I will present to Congress the "Inflation Maintenance Program", whereby the U.S. Treasury will make up any inflation-caused losses to direct tax rebates to the public in cash. Then you may say, "Won't that cost a lot of money? Won't that increase the deficit?" Sure it will! But so what? We'll just print more money! We have the papers, we have the mints.. I can just call up the Bureau of Engraving and say, "Hi! This is Jimmy. Roll out some of them twenties! Print up a couple thousand sheets of those Century Notes!" Sure, all these dollars will cause even more inflation, but who cares? Everyone will be a millionaire!
In my speech last week, I said that America would have to undergo an austerity program, but since this revolutionary new approach welcomes inflation, our economy will be free to grow, and we can spend, spend, spend! I believe the watchwords for the 80's should be "Let's Party!"
Can anyone tell me there's a serious difference between this and Treasury's policy?
Posted by Mr. Bingley at 07:32 AM | Comments (1)
May 28, 2009
"We're Already Seeing Results"
Why, yes we are
(CNN) -- President Obama marked another 100-day anniversary Wednesday -- this time the anniversary of the enactment of his $787 billion economic stimulus package.Addressing a crowd of military servicemen and women at Nevada's sprawling Nellis Air Force Base, Obama said that "we are already seeing results" from the federal government's economic boost.
Among other things, he said, the spending has saved or created roughly 150,000 jobs while providing sorely needed infrastructure repairs and fueling increased demand for businesses.
I love how they pull these jobs saved/created numbers out of the air. According to the BLS here's the unemployment rate data for 2009:
Jan 7.6%
Feb 8.1%
Mar 8.5%
Apr 8.9%
How many jobs "saved " do you see there? While I don't doubt that Obama has in fact created a bunch of new government jobs I fail to see how growing employment in that particular sector of the economy helps the recovery in any way, shape or form.
Going purely by anecdotal evidence I see *no* increased business demand what-so-ever. Every one I talk to says business is down and they don't see any sign of recovery, and with the banks that were bailed out using taxpayer money now effectively declaring war on us folks who pay off our bills...well, I frankly have no desire to use my credit card at all. Screw the banks. If I'm going to buy something I'll pay for it in cash...but chances are I will simply cut my spending way back and not buy anything. And if I'm right I think that there are a lot of folks feeling the same way, which tells me that we are a long long way from seeing the economy improve.
Add to that the deadly combination of falling IRS tax revenue, the exploding deficit
and the corresponding explosion in interest rates that the Treasury has to pay to borrow all this money to spend. Multiply a debt of several trillion dollars by even just a few tenths of a percent and it soon adds up to real money, my friends. The only ways out of it are either to drastically cut spending or print lots of money.
So yes, we're already seeing results of Obama's policies: they're putting us well along the road to 1980's Argentina.
Posted by Mr. Bingley at 07:39 AM | Comments (6)
May 05, 2009
Quote of the Day
The President's attempted diktat takes money from bondholders and gives it to a labor union that delivers money and votes for him. Why is he not calling on his party to "sacrifice" some campaign contributions, and votes, for the greater good? Shaking down lenders for the benefit of political donors is recycled corruption and abuse of power.I hope he doesn't pay too dearly for this...
...because you KNOW he's gonna pay.
Posted by tree hugging sister at 06:12 PM | Comments (3)
A Gloomsday Scenario
...that makes very depressing sense.
With stocks rallying and early signs the economy is stabilizing, when will the employment situation improve? The answer for many may be never.This is because the "natural" rate of unemployment, the level at which the economy is running at full steam, could move higher as entire sectors of the economy, such as automobile manufacturing or financial services, are permanently downsized. These jobs are just not coming back -- which means people will either need to retrain, seek low-skilled employment, or drop out of the workforce.
According to Edmund Phelps of Columbia University, and winner of the 2006 Nobel Prize in economics, the natural rate could rise from 5.5% to as high as 7% as this process runs its course. If this is the case, millions of Americans will be left out of the immediate recovery.
The ranks of the non-taxpayers will swell, through no fault of their own. I can't wait to see what our President will do then to fund his adventures in governance.
Posted by tree hugging sister at 09:35 AM | Comments (3)
The "Obully Pulpit"?
I like the sound of that.
...The assault on hedge funds, derided by the Bully in Chief as a small band of "speculators" seeking a "bailout", was more than President Obama's usual opportunistic populism - it's a signal of the pernicious effect of the increasingly intrusive federal role in the private sector.To set the record straight, some investors in Chrysler debt are asserting their legal rights - in fact, their legal obligation to shareholders - by electing to make their case in bankruptcy court.
Posted by tree hugging sister at 07:45 AM
I Watched This Yesterday
It was painful.
Posted by tree hugging sister at 07:38 AM | Comments (2)
April 30, 2009
Quote of the Day
CNBC's Maria Bartoromo grilling Chrysler CEO Bob Nardelli just now.
"Are you comfortable with the unions running this company when we've seen that's been a failure in the past?"
And:
"If the government owns 50% of GM, how are YOU going to be competition to the American taxpayer?"
Posted by tree hugging sister at 04:20 PM
April 27, 2009
I Have to Call "Foul" and "Au Contrare"
Watching CNBC this morning, the Power Lunch crew ~ especially Sue Herera ~ WERE vociferously snortin' fire about the fly-over photo jaunt. And I told Bingley as much when he called (on his way to the bus) to say he was surprised it wasn't getting more play and oh, well. It seems that things had quickly calmed and he said the bulls of Wall Street were once again reaping their erotic share of tourista genital petting.
Somehow that's fitting.
UPDATE: Oh, thank God they did that before someone could link it to a memo from the Bush WHite House.
Director of White House Military Office apologizes for photo shoot with low-flying plane that rattled some in Manhattan.
Of course, once they realize they had an out, whoever jumped the gun will be told to report to the basement in shorts with a board and a baggie...
Posted by tree hugging sister at 04:57 PM | Comments (3)
April 24, 2009
That Sucking Sound You Hear
...isn't just the Obama administration.
...Ethisphere, a research think tank that examines whether companies can benefit from using ethical practices, created a TARP Index in December to track losses taxpayers are taking under the TARP program. Since TARP's inception on Oct. 7, 2008, the government has lost $104.2 billion [as of Apr. 10]. The Treasury Dept. did not respond to questions about the losses so far.
The index was created out of skepticism about a remark by Senator Judd Gregg [R-N.H.] that TARP would turn out to be profitable for the government. "It rang hollow for us. [Gregg] was taking into account the imputed interest averaging across these investments," says Alex Brigham, Ethisphere's executive director."You can get paid interest, but if you don't get your principal back, who cares?"...As a result of the plunge in Citigroup's stock since February, Ethisphere has marked down the value of the government's $45 billion investment in the bank, says Linssen. In February, Citi converted $25 billion in preferred shares the government had received into common equity, which translated to a 36% stake in the company. That, plus the conversion of an additional $27.5 billion of other publicly held preferred shares, diluted existing shareholders and sparked a sell-off in Citi's shares. The government's stake is now worth just $13 billion, estimates Linssen.
The calculated losses don't include the potential hit the government could take on assets that it has guaranteed for some of these banks, such as $300 billion of Citigroup's assets. "By all indications, it sounds like the government doesn't know what they have in the TARP program," says Linssen. "It doesn't know how much [it has] made. My opinion is they don't know how much they're guaranteeing."
And no one in the current administration nor Democratic Congress will bother with this little nugget:
Bailouts Don't Create Jobs: Startups Do...Consider these stats: From 1980 to 2008, startups, defined in this case as companies less than five years old, accounted for all net job growth in the U.S., according to the Kauffman Foundation's Business Dynamics Statistics, a series of reports that rely on newly released data from the Census Bureau. The reports show that average annual net employment growth rate for startups was about 3% a year while the growth of the rest of the U.S. private sector for the same period was about 1.8%.
So, without these startups, the U.S. net employment growth rate would actually be negative.In other words, if President Barack Obama wants to foster a recovery, a good way to do so through the private sector is to focus on creating and supporting new companies. The current approach of pouring money into decrepit, poorly managed companies is actually a way to reverse job and productivity growth in the U.S.
Sorry. That doesn't fit the descriptive narrative they've chosen. We're doomed.
How's that whole Taliban/Pakistan thing going?
Posted by tree hugging sister at 07:44 AM | Comments (1)
April 23, 2009
I Found the Bulk of Art Cashin's Points on Video
Listen and learn, children.
And weep.
Posted by tree hugging sister at 05:34 PM | Comments (2)
In New Jersey, We Don't Call Leaning on Someone "Pressure"
It's more "making him an offer he can't refuse" (since "saying no" is interchangable with "garbage"). There seems to be quite a lot of that Barack Soprano negotiating method going on.
Federal Reserve Chairman Ben Bernanke and then-Treasury Department chief Henry Paulson pressured Bank of America Corp. to not discuss its increasingly troubled plan to buy Merrill Lynch & Co. -- a deal that later triggered a government bailout of BofA -- according to testimony by Kenneth Lewis, the bank's chief executive.
Uh huh. Yup.
Just a day before President Barack Obama announces his plans to help General Motors and Chrysler LLC, Rick Wagoner has resigned his position as Chief Executive Officer of GM. According to a report by Reuters, Wagoner resigned after being pressured from the Obama administration on Sunday as the government prepares to announce the second round of bailout money for the Detroit automaker.
Then here...
.... . While the Obama administration might not want to have the pricetag for its foreclosure efforts look too big, the reason regulators may have pressured Fannie to understate the cost of the program is pretty simple: both Obama and Geithner said publicly that it wouldn’t have a material financial impact on Fannie or Freddie.
...and now bodies are starting to surface.
...Mr. Kellermann, 41, began working nonstop, sometimes returning home only to change clothes, colleagues say. He was losing weight and telling friends that it seemed impossible to appease everyone — regulators, lawmakers, investors and other executives — given their competing demands. Someone was always angry with him, he told one friend. And no matter how many hours everyone worked, it seemed as if the economy and homeowners were still slipping farther into the abyss....Early on Wednesday, Mr. Kellermann went to the basement of his brick home and hanged himself...
I'm just sayin' it sounds familiar.
Tony: That's not it. That motherf*cker's full of sh*t. He's shaking me down.
Carmela: No, he's not.
Tony: Oh, yeah? Who knows more about extortion, me or you?
Apparently there're a lot of people in
UPDATE: Just detected: An Instalanche, for which I must immediately and profusely tank my Blogfaddah and den welcome all his friends.
Posted by tree hugging sister at 07:59 AM | Comments (9)
April 22, 2009
BREAKING NEWS
Reports: Freddie Mac Acting CFO Found Dead in Apparent SuicideWASHINGTON — DEVELOPING: Reports say the acting chief financial officer of Freddie Mac has been found dead in an apparent suicide.
WUSA-TV and WTOP Radio are reporting that David Kellermann was found dead in his Northern Virginia home Wednesday morning.
The 41-year-old Kellermann has been Freddie Mac's chief financial officer since September.
Begs the question "Why?"
UPDATE: Hmmm. He's not one of those outside replacement types. Curiouser and curiouser.
...Kellermann was named acting chief financial officer in September 2008, after the resignation of Anthony "Buddy" Piszel, who stepped down after the September 2008 government takeover. The chief financial officer is responsible for the company's financial controls, financial reporting and oversight of the company's budget and financial planning.Before taking that job, Kellerman served as senior vice president, corporate controller and principal accounting officer. He was with Freddie Mac for more than 16 years.
Posted by tree hugging sister at 08:14 AM | Comments (6)
April 21, 2009
I Guess Art Cashin Didn't Get the 30 Rock Invite
You know ~ the one where NBC poobahs told the CNBC guys to "cool it" and quit dissing Obama's big plans?
He's pretty much eviscerating those very same plans at the moment.
I love that old guy. I can guess why he wasn't invited.
Posted by tree hugging sister at 08:53 AM | Comments (4)
April 09, 2009
The Good Ideas Just Keep Coming
GM: Subprime lending? Great idea!While General Motors (GM) surely has a hangover from the credit crisis and faltering economy, it's hoping to cure some of the effects of that hangover with the hair of the dog that bit it.
GM’s finance division, GMAC Financial Services, is cutting financing costs and reviving subprime lending to speed up car sales and entice people back into GM showrooms. Subprime lending is the very thing that helped sink GMAC, and in turn, helped accelerate the parent company’s decline.
...GMAC’s loans will be made available for buyers of both new and used cars. Buyers can have credit scores under 620 -- this crowd being the subprime gang. Just the term strikes fear into the hearts of past and present derivatives traders.
What's next in this big, bold, brainiac Barack bowin' world ~ blocking the sun? I tell you, the sky's the limit.
And I, for one, am thrilled. To death.
Posted by tree hugging sister at 07:34 AM | Comments (1)
April 08, 2009
The More You Learn, the More "Buy American"
...sounds like a quaint sentiment from a forgotten age. I don't think we have anything left to buy.
Pernod Ricard to cut debt, sell Wild TurkeyFrench drinks company Pernod Ricard SA on Wednesday unveiled a debt reduction plan that includes raising euro1 billion ($1.3 billion) in fresh capital and selling off its Wild Turkey bourbon brand to Italy's Gruppo Campari.
Gruppo Campari has agreed to pay $575 million in cash for the Lawrenceburg, Kentucky-based Wild Turkey, Pernod Ricard said in a statement.
Really?
Posted by tree hugging sister at 07:13 AM | Comments (7)
April 06, 2009
An Interesting Observation in the Comments
I wonder what the Obama administration will do to quash this spirit of independence.... This will not be tolerated for long.He could be SO right, considering Ford's doing everything...right.
Ford Motor Co. reduces debt by $9.9 billionFord Motor Co. said it reduced its debt by $9.9 billion, lowering its annual interest expense by more than $500 million as the struggling auto maker continues to resist going to the U.S. government for aid. Ford and Ford Credit will use $2.4 billion in cash plus 468 million shares of Ford common stock to reduce Ford's outstanding debt by $9.9 billion from $25.8 billion at Dec. 31.
..."Ford is taking another step toward creating an exciting, viable enterprise," said Ford President and CEO Alan Mulally.
Well, we can't have that, now can we?
Posted by tree hugging sister at 09:44 AM | Comments (11)
March 27, 2009
It Ain't Rocket Science
"PJTV is looking for the best method or tool..."I gotcher
Frodo: We scare him off, we're lost!
Sam: I don't care! I can't do it, Mr. Frodo! I won't wait around for him to kill us!
Frodo: I'm not sending him away!
Sam: You don't see it, do you? He's a villain.
Frodo: We can't do this by ourselves, Sam. Not without a guide. I need you on my side.
Sam: I'm on your side, Mr. Frodo.
Frodo: I know, Sam. I know.Trust me.
Posted by tree hugging sister at 08:27 AM | Comments (3)
March 25, 2009
The Law
...and unintended consequences.
FedEx threatens to cancel Boeing jet orders: reportFedEx Corp is threatening to cancel the purchase of billions of dollars worth of new Boeing Co cargo planes if Congress passes a law that would make it easier for unions to organize at the package-delivery company, the Wall Street Journal said.
...FedEx's actions raise the stakes in an increasingly bitter battle involving chief rival, United Parcel Service Inc, and the Teamsters union, which has been trying for years to organize at FedEx, the Journal said.
"Look for the union label".
Or will it be "libel"?
Posted by tree hugging sister at 11:34 AM | Comments (12)
Politicians: Why Not Bail Out Newspapers?
Hey, they've always been there to bail out certain politicians
WASHINGTON (Reuters) - With many U.S. newspapers struggling to survive, a Democratic senator on Tuesday introduced a bill to help them by allowing newspaper companies to restructure as nonprofits with a variety of tax breaks."This may not be the optimal choice for some major newspapers or corporate media chains but it should be an option for many newspapers that are struggling to stay afloat," said Senator Benjamin Cardin.
It seems to me the reason they are "struggling" is because they have already in fact become "non-profits." We have an old joke in my office: "we're a non-profit corporation; we didn't intend to be..."
If you are losing money because people aren't buying your product, well, either you change or go under; don't expect to be transformed into some quasi-governmental agency. This is crap.
A Cardin spokesman said the bill had yet to attract any co-sponsors, but had sparked plenty of interest within the media, which has seen plunging revenues and many journalist layoffs.
Ooh, there's a shocker. Expect lots of investigative stories about government corruption now.
Not.
Posted by Mr. Bingley at 07:21 AM | Comments (4)
March 20, 2009
Talk About Depression
Fluke? Credit crisis was a heistIt was no accident.
The folks in power in Washington and on Wall Street want to pretend that the current global financial crisis -- you know, the one that reduced household net worth in the United States by $11.2 trillion in 2008, according to the Federal Reserve -- was an accident caused by some unfortunate confluence of greed and asleep-at-the-switch regulators.
What we're now living through, though, is the result of a conscious, planned looting of the world economy. Its roots stretch back decades. And it wouldn't have been possible without the contrivances of the bought-and-paid-for folks who sit in Congress.
Of course, just because the plan blew up on the looters, taking off a financial finger here and a portfolio hand there, you shouldn't have any illusion that they've retired. In fact, in the "solutions" now being proposed -- by Congress -- to fix the global and U.S. financial systems, you can see the looters at work as hard as ever.
Well, I'm depressed.
Posted by tree hugging sister at 09:39 AM | Comments (6)
March 18, 2009
WHAT in the SAM HELL?
...Obama was informed of the bonuses on March 12, before they were paid. After the funds were disbursed, the president ordered his economic and legal teams to determine if there was a way to recoup the money, according to the aide.(AAAAAAAAAAAAAAhhhhhhhhhhhhhhhhhhhhhhhhhhhhh!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!)
So why are we beating up Frodo Geithner for "not doing something"? He TOLD the boss in time. And, if Obama KNEW days before, why didn’t our Action Jackson Crisis Opportunity President…ACT ?!?
(In 6 months, will anyone even ADMIT to voting for this f*cking incompetent, clueless POS?)
We're doomed.
UPDATE: Via Instapundit, this story with some Gibbsian tap dancing:
...Gibbs was peppered with questions at his daily briefings Monday and Tuesday on why the administration didn't act earlier -- like when it was offering another $30 billion to the company in early March.Gibbs said Monday, "Based on what I read in the newspaper," the administration learned about the bonuses last week. He declined to offer a timeline on Tuesday.
Oh, I'll BET he declined! Because he probably found out Monday night that the PRESIDENT had known about it as well!
"WHAT did he KNOW, and WHEN did he KNOW it" ring a bell?
Posted by tree hugging sister at 11:35 AM | Comments (7)
The NewsHour Had Some Fireworks Last Night
It was vastly entertaining.
...RAY SUAREZ: Well, Robert Kuttner, earlier today, the CEO of AIG, when asked that same question, said, "We can't attract and retain the best and brightest talent to lead and staff the company if employees believe their compensation is subject to continued review by the U.S. Treasury."
ROBERT KUTTNER: Yes, can you imagine that? I mean, the U.S. Treasury, by the way -- which is to say, the U.S. taxpayers -- owns 80 percent of the company. So it might as well start behaving like an owner.And "the best and the brightest"? "The best and the brightest"? These are the worst and the dumbest.These are the people who took down the whole economy.So as far as I'm concerned, these 300 people in this unit in London that lost tens of billions of dollars that they now want the U.S. taxpayer to make up, far from getting bonuses, they should be sharing a cell with Bernie Madoff.
And if the Obama administration doesn't realize that the average American feels that way, then he's going to get on the wrong side of a populist backlash.
And the Republicans, who are ordinarily a lot closer to Wall Street, are going to eat his lunch.
I can't stop smiling.
Posted by tree hugging sister at 09:47 AM | Comments (2)
March 17, 2009
Here's a Little Song I Wrote
You might want to sing it note for note( Should we be worried about Goldman Sachs?)
Don't worry, be happy.(But...but..."Increasingly, it looks like an AIG collapse might have cripped or -- worse -- killed Goldman Sachs. And that might have ended the global financial system right then and there"!?!?!)
In every life we have some trouble
But when you worry you make it double
Don't worry, be happy
Posted by tree hugging sister at 10:33 AM | Comments (4)
March 06, 2009
Jobs Data
Crappy, as you would expect:
WASHINGTON, March 6 (Reuters) - U.S. employers axed 651,000 jobs in February, pushing the unemployment rate to its highest in 25 years, as companies buckled under the strain of a recession that is showing no signs of ending, according to a government report. While that figure was near economists' expectations for a 648,000 drop in non-farm payrolls, January and December job losses were revised sharply higher. The Labor Department on Friday said the unemployment rate surged to 8.1 percent in February, the highest level since December 1983. That was above market forecasts for a rise to 7.9 from January's 7.6 percent. January's job cuts were revised to show a steep decline of 655,000, while December's payrolls losses were adjusted to 681,000, the deepest since October 1949. Since the start of the recession in December 2007, the economy has purged 4.4 million jobs, with more than half occurring in the last 4 months. Job losses in February were broad based, with only government, education and health services adding jobs. "Since the recession began, the rise in unemployment has been concentrated among people who lost jobs, as opposed to job leavers or people joining the labor force," said Bureau of Labor Statistics Commissioner Keith Hall The manufacturing sector shed 168,000 jobs in February, after eliminating 257,000 positions the prior month. Construction industries bled 104,000 jobs in February after losing 118,000 in January. The service-providing industry slashed 375,000 positions after shedding 276,000 in January. (Reporting by Lucia Mutikani; Editing by Neil Stempleman)
Key here are, as always, the revisions: Dec and Jan were worse than they had previously reported. I'm shocked and stunned.
Only in the government could you keep revising reports month after month and keep your job; hell, you probably get a staffing increase.
Posted by Mr. Bingley at 08:50 AM
March 04, 2009
We're Swimmmmmmmming In The Oil
A-Just swimmmmmmming in the oil!
What a glorious feeling!
NEW YORK (AP) - Supertankers that once raced around the world to satisfy an unquenchable thirst for oil are now parked offshore, fully loaded, anchors down, their crews killing time. In the United States, vast storage farms for oil are almost out of room.As demand for crude has plummeted, the world suddenly finds itself awash in oil that has nowhere to go.
It's been less than a year since oil prices hit record highs. But now producers and traders are struggling with the new reality: The world wants less oil, not more. And turning off the spigot is about as easy as turning around one of those tankers.
I hope those producing countries in the Middle East choke and drown on this excess capacity. They have made uncounted trillions over the past two decades...and have what to show for it? Rampant corruption, beheadings and car bombs.
Posted by Mr. Bingley at 06:28 AM | Comments (3)
March 03, 2009
A Dead Cat Bounce
It would appear to be.
Markets came back today, after taking one of their worst beatings in years on Monday. But investors will have to overcome some hurdles if the rally is to be sustained, including testimony from administration officials in Congress, a call for bailout help from Toyota Motor (TM, news, msgs), a report expected to show a steep drop in automobile sales, and a data release indicating declining home sales.
Posted by Mr. Bingley at 10:28 AM | Comments (4)
March 02, 2009
A Blizzard Buries Stocks
I'm home thanks to the 8+ inches of global warming that fell over night, but it's the equity markets that are getting snowed under
Global stocks have fallen sharply on fears the global financial sector could take a further turn for the worse.In Europe, the UK's FTSE 100 fell by 4.2%, while Germany's Dax was down 2.8% and France's Cac 40 lost 3.6%.
Earlier in Asia, Japan's Nikkei index closed down 3.8% at 7,280.15, and Hong Kong's Hang Seng index fell 3.9%.
Confidence was hit by a fresh $30bn bail-out of US insurance giant AIG, and news that UK bank HSBC aimed to raise £12.5bn from its shareholders.
I thought this AIG news was in the market last week? No matter; everything is taken as bad news right now. Consumers...aren't, so the vicious death spiral has begun: people are spending less because they're over-extended and concerned about their jobs, which means companies make less money so they have to fire people. A nasty feedback loop is set up, and it will only get worse for a while, I fear.
Posted by Mr. Bingley at 09:19 AM | Comments (8)
February 23, 2009
Tonight We're Gonna Party Like It's 1997
But, hey! Wasn't Clinton President then? Life's grand again!
Stocks continued to slide today, with the Dow Jones industrials and the Standard & Poor's 500 Index falling to their lowest levels since 1997, as worries mounted that the deepening recession will overwhelm efforts to shore up the ailing financing system.At 2:25 p.m. ET, the Dow was down 119 points, or 1.6%, to 7,247. The S&P 500 was off 13 points, 1.7%, to 757. The Nasdaq Composite Index was off 31 points, or 2.2%, to 1,409, its lowest level since 2003.
As of 3:20 pm, the Dow is now down 209 to 7,156...change you can believe in!
Posted by Mr. Bingley at 02:58 PM | Comments (8)
February 20, 2009
Dow Futures Down 130
"Change you can believe in" is now "small change is all you've got left."
Time to start drinking.
Shock: Bank lied, got billions.
Posted by Mr. Bingley at 07:47 AM | Comments (2)
February 18, 2009
Sorry Guys: No More Hummers
or Saturns or Saabs either
Say goodbye to Saturn. And Saab and Hummer, for that matter. Pontiac, too, for all intents and purposes.Unless buyers (a few million of us -- or maybe just a couple of really adventurous billionaires) step forward, three of General Motors’ eight brands are now destined to join Oldsmobile in the history books. A fourth will be relegated to “niche” status, says GM. The company, until last year the world’s largest automaker, announced plans Tuesday that would drastically scale back its operations in order to stay alive.
Production of Saturn cars would stop in 2011 if the brand hasn’t been sold, GM said. Execs will decide whether to pull the plug on Hummer at the end of March, though rumors of Chinese interest have emerged (and been discounted) several times. The company says Saab will be an “independent business entity as of Jan. 1, 2010.” Take that to mean “dead” unless a reluctant Swedish government can be convinced to step in.
We had a 93 Saturn wagon. It was a very reliable, fuel efficient car. Sure, a chipmunk with emphysema would have provided more power than it's little engine, but so what? It did everything we asked of it...eventually.
Unfortunately the Saturn and I got into a head-on with a garbage truck one morning. The Saturn was totaled, I walked away completely unharmed and the garbage truck got the tiniest piece of red plastic embedded in it's front bumper. I would have gotten another one in a second, but by then GM had already folded Saturn back into their arms and it was now merely a re-branded Opel. Blech.
Posted by Mr. Bingley at 06:16 AM | Comments (10)
February 11, 2009
In Other Words...
Like, whatever, Mr. President
..."I have no friggin' clue what to do but give me lots of money anyway"
"Our challenge is much greater today because the American people have lost faith in the leaders of our financial institutions, and are skeptical that their government has -- to this point -- used taxpayers' money in ways that will benefit them."..."... I want to be candid: this comprehensive strategy will cost money, involve risk, and take time.
"We will have to adapt it as conditions change. We will have to try things we've never tried before. We will make mistakes. We will go through periods in which things get worse and progress is uneven or interrupted.
"But we will be guided by the principles of transparency and accountability...
And that, ultimately, we can still blame everything on Bush."
Stock up on beans and dry goods, folks.
It's going to be a long time before Spring comes.
Posted by Mr. Bingley at 07:21 AM | Comments (9)
February 03, 2009
Warms the Cockles of My Union-Hating Heart
...now don't it?
The United Steelworkers union on Tuesday said it reached a tentative agreement with a unit of Royal Dutch Shell......The move effectively averts a possible strike at facilities that handle the majority of the U.S.'s crude oil refining.
..."With the USW completely understanding the severe economic crisis the nation finds itself in, we certainly didn't want to contribute to the economic struggles of the American public by calling a national strike and possibly seeing the spiking of gas and diesel prices, home foreclosures of our members, or any other hardships," the union said.
Posted by tree hugging sister at 05:45 PM | Comments (4)
No Bailout Moulah For The Mets
I'm thinking this is probably a wise move on ShCitigroup's part
Citigroup (C, news, msgs) is considering putting an end to its $400 million agreement for marketing the New York Mets, The Wall Street Journal reported today.The Mets' new stadium was due to be named after the bank, but the club could have to find a new moniker.
The reason for the bank's pullout is reportedly because Citigroup doesn't want to be seen as using government bailout funds to sell a baseball team. Citigroup, which has had total net losses of $28.5 billion since 2007, received $45 billion in bailout aid from the Treasury's Troubled Assets Relief Program last fall. The government also agreed to guarantee bad loans for the bank up to $301 billion.
With Citigroup CEO Vikram Pandit due to appear before a House Committee next week to justify their use of the TARP funds, the bank's executives are reportedly not eager to explain the sponsorship deal with the Mets.
Although it must be said there are a lot of similarities between the Mets' collapse this Fall and the Banking Industry's...
Posted by Mr. Bingley at 07:22 AM | Comments (2)
January 30, 2009
Glory Days ~ ANOTHER "Mistake" ?!?!?!
From a guy who, ya'd think, SHOULD BE "MISTAKE" proof, with all his years doing what he does. All his years being a "man o' the people" AND an OUTSPOKEN advocate for those same "people". A "MISTAKE" that ~ coincidentally ~ concerns the garnering of a shitpot of buckaroos. Imagine that.
The Boss is owning up to a mistake.In an interview with The New York Times, Bruce Springsteen says he shouldn’t have made a deal with Wal-Mart. This month, the store started exclusively selling a Springsteen greatest-hits CD.
"Mistake", my tax paying, blue collar ass. And damned if it 'was only discovered after
Give the filthy WalMart "mistake" money to charity, a WalMart employee health fund ~ to TARP, why doncha ~ and I might think about ceasing the massive, disgusted snorts emanating from my flared nostrils, à la any of your repetitive, clenched teeth performance induced poses.
As for you and the SoopahBo: I will be tuned to Animal Planet's Kitten Half Time Show, where the mewling "p-words" on stage will have honestly been born to run.
Posted by tree hugging sister at 11:25 PM | Comments (9)
Oh, HELL, Yes!
Just the call I'd expect the UNION representatives entrusted with my well-being to make.
Boeing's engineer union in Wichita to reject new contractUnion leadership at Boeing Co.'s Wichita, Kan., aircraft facility are asking its engineer membership to reject a proposed labor contract.
Is there an underground contentious/pretentious asshole cloning facility funded by dues that provides ALL unions with the SAME quality of leadership, regardless of their individual affiliations?
Has to be. No other explanation for it.
Posted by tree hugging sister at 01:24 PM | Comments (1)
January 26, 2009
Please, Uncle Sam...
...may I have some more?
$100 billion just isn’t what it used to be.
Over the weekend, Freddie Mac (FRE) requested a second draw on its Treasury Department credit facility, saying $30-35 billion would suffice to keep its net worth above zero, thank you very much. After taking $14 billion in the third quarter of last year, Freddie has now chewed through almost half its $100 billion taxpayer-provided safety net in just 5 months.
Posted by tree hugging sister at 04:43 PM | Comments (5)
January 22, 2009
More on Merrill's Recently Departed
This just broke this morning, courtesy of intrepid CNBC reporter Charlie Gasparino. When you read it, I believe you will GASParino as well.
In early 2008, just as Merrill Lynch CEO John Thain was preparing to slash expenses, cut thousands of jobs and exit businesses to fix the ailing securities firm, he was also spending company money on himself, senior people at the firm say.According to documents reviewed by The Daily Beast, Thain spent $1.22 million of company money to refurbish his office at Merrill Lynch headquarters in lower Manhattan. The biggest piece of the spending spree: $800,000 to hire famed celebrity designer Michael Smith, who is currently redesigning the White House for the Obama family for just $100,000.
The other big ticket items Thain purchased include: $87,000 for an area rug in Thain's conference room and another area rug for $44,000; a "mahogany pedestal table" for $25,000; a "19th Century Credenza" in Thain's office for $68,000; a sofa for $15,000; four pairs curtains for $28,000; a pair of guest chairs for $87,000; a "George IV Desk" for $18,000; 6 wall sconces for $2,700; six chairs in his private dining room for $37,000; a mirror in his private dining room for $5,000; a chandelier in the private dining room for $13,000; fabric for a "Roman Shade" for $11,000; a "custom coffee table" for $16,000; something called a "commode on legs" for $35,000; a "Regency Chairs" for $24,000; "40 yards of farbric for wall panels," for $5,000 and a "parchment waste can" for $1,400.
The documents also show that Thain signed off on the purchases personally. "Labor to relamp the six wall sconces" cost $3,000, and Thain authorized the payment of another $30,000 to pay the expenses Smith incurred in doing the work.
I guess if you've paid $35,000, you DON'T want to call it a "toilet". But it does beg the question ~ in this case ~ if the REAL shit was in or on that regal throne.
It was also noted during the Larry Kudlow/Gasparino/Becky Quick round table that Thain paid his DRIVER $230 GRAND a year. His driver.
How come I never get these gigs? They wouldn't even have to last any length of time
Posted by tree hugging sister at 12:33 PM | Comments (3)
More on Merrill's Recently Departed
This just broke this morning, courtesy of intrepid CNBC reporter Charlie Gasparino. When you read it, I believe you will GASParino as well.
In early 2008, just as Merrill Lynch CEO John Thain was preparing to slash expenses, cut thousands of jobs and exit businesses to fix the ailing securities firm, he was also spending company money on himself, senior people at the firm say.According to documents reviewed by The Daily Beast, Thain spent $1.22 million of company money to refurbish his office at Merrill Lynch headquarters in lower Manhattan. The biggest piece of the spending spree: $800,000 to hire famed celebrity designer Michael Smith, who is currently redesigning the White House for the Obama family for just $100,000.
The other big ticket items Thain purchased include: $87,000 for an area rug in Thain's conference room and another area rug for $44,000; a "mahogany pedestal table" for $25,000; a "19th Century Credenza" in Thain's office for $68,000; a sofa for $15,000; four pairs curtains for $28,000; a pair of guest chairs for $87,000; a "George IV Desk" for $18,000; 6 wall sconces for $2,700; six chairs in his private dining room for $37,000; a mirror in his private dining room for $5,000; a chandelier in the private dining room for $13,000; fabric for a "Roman Shade" for $11,000; a "custom coffee table" for $16,000; something called a "commode on legs" for $35,000; a "Regency Chairs" for $24,000; "40 yards of farbric for wall panels," for $5,000 and a "parchment waste can" for $1,400.
The documents also show that Thain signed off on the purchases personally. "Labor to relamp the six wall sconces" cost $3,000, and Thain authorized the payment of another $30,000 to pay the expenses Smith incurred in doing the work.
I guess if you've paid $35,000, you DON'T want to call it a "toilet". But it does beg the question ~ in this case ~ if the REAL shit was in or on that regal throne.
It was also noted during the Larry Kudlow/Gasparino/Becky Quick round table that Thain paid his DRIVER $230 GRAND a year. His driver.
How come I never get these gigs? They wouldn't even have to last any length of time
Posted by tree hugging sister at 12:33 PM | Comments (3)
Quote of the Day
The Obama administration is less than a week old, but we're already being asked to accept some sacrifice in our lives: the double standard that the rich and powerful can skate on their obligations while the rest of us suffer the hard consequences.
Posted by tree hugging sister at 12:27 PM
Quote of the Day
The Obama administration is less than a week old, but we're already being asked to accept some sacrifice in our lives: the double standard that the rich and powerful can skate on their obligations while the rest of us suffer the hard consequences.
Posted by tree hugging sister at 12:27 PM
One WHALE of a Chicken Apparently
...is in his pot.
H-P chief's family sure likes to eatThe excellent Footnoted blog digs up a curious item in Hewlett-Packard's (HPQ) new proxy filing. CEO Mark Hurd was reimbursed $80,000 for taxes on meals eaten last year while on business travel with family members.
Lemme repeat: $80K on JUST the meal TAXES. I have also appropriated the picture accompanying the article...
...since one of the comments following the article is so...pithy.
Nothing says 240K worth of food like a picture of corn dogs...
Indeed.
Posted by tree hugging sister at 12:10 PM | Comments (5)
January 21, 2009
Who's Yer Buddy, Who's Yer Pal?
Nice to know someone's lookin' out for us...
...If you were one of the many of us who thought that government's eminent domain powers only applied to real property, I have some bad news to report. As it turns out, our government now seems able to condemn intangible property as well. That includes your rights as a shareholder.
BREAKING NEWS UPDATE: I guess the B of A head bubba is pissed at the former Merrill head's fuzzy math.
Thain quits Bank of America: reportsJohn Thain, former chief executive of Merrill Lynch & Co, has resigned from Bank of America Corp , just three weeks after the companies merged, The Wall Street Journal and CNBC television said.
Posted by tree hugging sister at 04:47 PM | Comments (6)
Quote of the Day
"Capitalism without bankruptcy is like religion without Hell."
Posted by tree hugging sister at 04:30 PM
January 13, 2009
Can You Say "Blow..."
..."Jo"...wait. (I have to rephrase. My niece reads this. Got it.)
..."Me Down. That's Just WRONG."
...In October 2008 a judge in the Bayou case, Adlai Hardin Jr., ruled that investors who cashed out their interests within two years of the scheme's exposure had to hand back their principal as well as their profits—even though they were innocent victims of the swindle—if there was evidence that they got out because they suspected, or had been warned, there was something amiss. (The court also ordered profits made within the last six years to be surrendered.)......Mitchell Banas, a lawyer who represents an endowment for Christian Brothers High School in Memphis—which got its money out of the Bayou fraud before it collapsed but now must return both profits and principal—says the outcome is "extremely unfair." His client, he says, withdrew its money from the scheme on the advice of financial advisers who smelled a rat; now the school is left "between a rock and a hard place."
So your financial advisors do the right thing and get you the Hell outta Dodge...and shame on you. You get to pay for the folks who schmaybe wouldn't listen to reason and greedily stayed, only to lose it all.
Oh, yeah. My kinda good thing.
Posted by tree hugging sister at 06:07 PM | Comments (6)
Can You Say "Blow..."
..."Jo"...wait. (I have to rephrase. My niece reads this. Got it.)
..."Me Down. That's Just WRONG."
...In October 2008 a judge in the Bayou case, Adlai Hardin Jr., ruled that investors who cashed out their interests within two years of the scheme's exposure had to hand back their principal as well as their profits—even though they were innocent victims of the swindle—if there was evidence that they got out because they suspected, or had been warned, there was something amiss. (The court also ordered profits made within the last six years to be surrendered.)......Mitchell Banas, a lawyer who represents an endowment for Christian Brothers High School in Memphis—which got its money out of the Bayou fraud before it collapsed but now must return both profits and principal—says the outcome is "extremely unfair." His client, he says, withdrew its money from the scheme on the advice of financial advisers who smelled a rat; now the school is left "between a rock and a hard place."
So your financial advisors do the right thing and get you the Hell outta Dodge...and shame on you. You get to pay for the folks who schmaybe wouldn't listen to reason and greedily stayed, only to lose it all.
Oh, yeah. My kinda good thing.
Posted by tree hugging sister at 06:07 PM | Comments (6)
The Most Manipulative of CARtels
..."No one wants to see GM go down the tubes," said picketing Jim Brown. "But we have to keep our standard of living, and GM is going to have to cooperate."
Extortion: A lesson in how to continually bite the hands that feed you and STILL come out smelling like a rose...well...something we could all identify at first whiff.
...On Sept. 24, 2007, a year during which GM lost an average of $3.2 billion per month, the United Auto Workers launched a national strike against the company, ordering the shutdown of 80 GM plants in the United States.I got your "union seat" right here, pal......On Feb. 26, 2008, a UAW strike at five American Axle plants, a key GM supplier and the sole axle supplier for the Chevrolet Tahoe and GMC Yukon, stopped or slowed production at 30 of GM's North American factories and crippled GM's pickup truck and SUV production throughout the United States.
...April 17, a UAW-ordered work stoppage over a work rule dispute at GM's Lansing Delta plant in Michigan halted production of the Saturn Outlook, GMC Acadia and Buick Enclave.
...May 5, 2008, workers walked off the job at GM's Kansas City plant over work rules and seniority disputes...."...at the automaker's Kansas City factory that builds the fast-selling Chevrolet Malibu, already in tight supply,"...
...General Motors, in short, had finally produced a car that the public really wanted and the guys walked out.
...On July 16, 2008, the UAW called a strike against a Johnson Controls plant in Tennessee that supplies GM with consoles and seats for the Chevrolet Traverse crossover vehicle.
"We want a flawless launch for this vehicle," UAW Local 1853 President Mike O'Rourke told Reuters, "but it's going to be with union seats and union consoles."
Posted by tree hugging sister at 05:31 PM | Comments (2)
The Most Manipulative of CARtels
..."No one wants to see GM go down the tubes," said picketing Jim Brown. "But we have to keep our standard of living, and GM is going to have to cooperate."
Extortion: A lesson in how to continually bite the hands that feed you and STILL come out smelling like a rose...well...something we could all identify at first whiff.
...On Sept. 24, 2007, a year during which GM lost an average of $3.2 billion per month, the United Auto Workers launched a national strike against the company, ordering the shutdown of 80 GM plants in the United States.I got your "union seat" right here, pal......On Feb. 26, 2008, a UAW strike at five American Axle plants, a key GM supplier and the sole axle supplier for the Chevrolet Tahoe and GMC Yukon, stopped or slowed production at 30 of GM's North American factories and crippled GM's pickup truck and SUV production throughout the United States.
...April 17, a UAW-ordered work stoppage over a work rule dispute at GM's Lansing Delta plant in Michigan halted production of the Saturn Outlook, GMC Acadia and Buick Enclave.
...May 5, 2008, workers walked off the job at GM's Kansas City plant over work rules and seniority disputes...."...at the automaker's Kansas City factory that builds the fast-selling Chevrolet Malibu, already in tight supply,"...
...General Motors, in short, had finally produced a car that the public really wanted and the guys walked out.
...On July 16, 2008, the UAW called a strike against a Johnson Controls plant in Tennessee that supplies GM with consoles and seats for the Chevrolet Traverse crossover vehicle.
"We want a flawless launch for this vehicle," UAW Local 1853 President Mike O'Rourke told Reuters, "but it's going to be with union seats and union consoles."
Posted by tree hugging sister at 05:31 PM | Comments (2)
December 23, 2008
Defensive Postures
...I guess.
Fifty eight percent of Wall Street office workers surveyed say they would take valuable company data with them if faced with a layoff, if they knew could get away with it....The survey found that many office workers are downloading sensitive company secrets right now under their bosses noses in anticipation they could lose their jobs.
Among the survey’s findings:
• More than half the workers surveyed who admitted to already downloading competitive corporate data said they would use it as a negotiating tool to secure their next post because they know the information will be useful to future employers.
• Top-of-list of desirable information being extracted from employers is customer and contact databases. Plans and proposals, product information, and access and password codes are also popular choices.
• HR records and legal documents were the least favored data employees were interested in taking.
• Sixty-two percent of workers admitted it was easy to sneak company information out of the office.
Memory sticks are the weapon of choice for stealing corporate data, the survey found. Other methods included photocopying, e-mailing, CDs, online encrypted storage Web sites, smartphones and DVDs.
But in a culture where taxpayer billions are going for bonus money to keep the "best and brightest" at these firms ~ the VERY "best and brightest" whose brilliance f*cked over national economy, their firms and these snuffies' jobs, mind you ~ I guess it's every Third World Dog for himself.
Posted by tree hugging sister at 09:06 AM | Comments (9)
December 18, 2008
So OPEC HAs Cut Production By 4 Million Barrels A Day...
...and crude right now is down $1.91 to 38.21 per barrel.
Hot Damn! Why don't you cut it by 10 million a day to really teach us a lesson?
Posted by Mr. Bingley at 10:39 AM | Comments (2)
December 15, 2008
Greed. It's A Sin We All Can Partake Off
But some of us more than others
New potential victims emerged of Wall Street veteran Bernard Madoff's alleged giant Ponzi scheme, with international banks, hedge funds and wealthy private investors among those sorting out what could amount to tens of billions of dollars in losses.New York Mets owner Fred Wilpon, GMAC LLC Chairman J. Ezra Merkin and former Philadelphia Eagles owner Norman Braman were among the dozens of seemingly sophisticated investors who placed money on what could prove to be history's largest financial scam.
Giant French bank BNP Paribas, Tokyo-based Nomura Holdings Inc. and Neue Privat Bank in Zurich are also exposed, according to people familiar with the matter.
...The alleged fraud has "swept up some of the most prominent and wealthy Americans, along with many people who thought they were embarking on a comfortable retirement and have now been left destitute," says Brad Friedman, a lawyer at Milberg LLP, which with Seeger Weiss LLP represents more than 30 investors with losses they believe could total more than $1 billion.
And the overseas folks are no smarter
Royal Bank of Scotland and Man Group on Monday outlined potential exposures of £400m and $360m, respectively, to Wall Street trader Bernard Madoff’s alleged $50bn fraud.HSBC is also facing a potential loss of about $1bn because of Mr Madoff’s “giant Ponzi scheme”, where old investors were paid with money raised from new ones.
...HSBC’s exposure is believed to be about $1bn in loans provided to clients, mainly funds of funds, which invested some $500m of their own funds in Mr Madoff’s venture.
On Sunday, France’s BNP Paribas said its maximum potential loss on Mr Madoff’s funds was about €350m. Spain’s Banco Santander said it had exposure of €17m, while clients of its hedge funds had €2.3bn at risk in Mr Madoff’s funds.
Japan’s Nomura said on Monday it had Y27.5bn of exposure but that the impact on its capital would be limited and BBVA, Spain’s second biggest bank, said it had no direct exposure but its clients face a loss of up to €300m and its international operations were facing a €30m loss.
Nicola Horlick’s Bramdean Alternatives has $25m invested with Mr Madoff’s venture.
Here's a more complete list based on what we know at this point.
And of course there are some nice ties to NJ politicians
“Senator Lautenberg was an investor in Bernard Madoff’s investment fund, primarily in the form of his family’s charitable foundation,” Lautenberg spokesman Scott Mulhauser said....“I'm hesitant to make any bold statements, because there may be some current accounts in the hands of others, but the bulk of the foundation money was in the hands of Madoff,” said Michael Griffinger, the Newark attorney asked to look into the matter for Lautenberg.
And shockingly lots of that money has made its way back into the hands of...NJ politicians!
Since 1986, Madoff and family members connected with the firm also made at least $419,000 in contributions to federal candidates in New Jersey, including the Senate campaigns of Lautenberg and Jon Corzine, and the presidential campaign of former Sen. Bill Bradley, according to CQMoneyline.com.Madoff, a former chairman of the Nasdaq stock exchange, was among the first contributors when Corzine entered the 2000 U.S. Senate campaign.
Madoff and Ruth Madoff, who has the same address on Federal Election Commission reports, provided $2,000 of the first $31,000 Corzine raised in August 1999, according to commission reports.
Corzine, a millionaire and former Goldman Sachs chairman who is now governor, eventually raised $2.7 million from contributors and put $60.2 million of his own money into that campaign.
A spokesman for Corzine said Friday that the governor did not have any personal investments with Madoff.
Madoff and relatives also gave $8,000 in 1999 to Bradley's campaign for president, and $13,600 to Lautenberg’s 2008 reelection campaign, according to FEC reports.
Bradley did not return a call seeking comment.
Mulhauser said Lautenberg would dispose of the contributions, but exactly how would be determined later. Typically, campaigns donate questionable contributions to charity.
The biggest recipient of Madoff’s contributions was the Democratic Senatorial Campaign Committee, which received $100,000 in the past four years. The DSCC chairman during that time was Sen. Charles Schumer, D-N.Y., who also got $39,000 for his own campaign account from Madoffs since 1998, according to reports filed with the FEC.
The current chairman of the DSCC is Sen. Bob Menendez, D-N.J.
Greed, greed, greed. You've got a guy promising 8-12% per year, guaranteed, no questions asked; in fact, if you ask questions you don't get invited to "play." So some very smart people prove to us once again that high intelligence is not indicative of any semblance of wisdom.
Greed.
Avarice.
Oh, and political payoffs.
And these people want us to re-elect them?
Posted by Mr. Bingley at 07:18 AM | Comments (1)
December 12, 2008
Please, Don't Panic And Reach Into Our Pockets Again
Oh, this is just grand
NEW YORK (CNNMoney.com) -- The Bush administration said Friday that it will consider using the money set aside to help banks and Wall Street to rescue the auto industry.The statement -- a change in the administration's long-held position -- might be the last best chance to keep troubled automakers General Motors (GM, Fortune 500) and Chrysler LLC out of bankruptcy.
The defeat of a $14 billion bailout plan in the Senate late Thursday left the administration little choice but to tap the $700 billion bailout approved by Congress in October, the Troubled Asset Relief Program or TARP, according to White House Press Secretary Dana Perino.
"Given the current weakened state of the U.S. economy, we will consider other options if necessary -- including use of the TARP program -- to prevent a collapse of troubled automakers," Perino said in a statement. "A precipitous collapse of this industry would have a severe impact on our economy, and it would be irresponsible to further weaken and destabilize our economy at this time."
I feel sick.
Posted by Mr. Bingley at 10:30 AM | Comments (6)
Re: Bingley's Bail Out Failure Post ~ I Think the Phrase
...is "See Ya!".
Auto bailout talks collapse over union wagesWASHINGTON (AP) — A $14 billion emergency bailout for U.S. automakers has collapsed in the Senate after the United Auto Workers refused to accede to Republican demands for swift wage cuts. Senate Majority Leader Harry Reid said he was "terribly disappointed" about the demise of an emerging bipartisan deal to rescue Detroit's Big Three.
I know a boatload of folks who'd be willing to take their place at what the Japanese are paying in their American plants. Plus, there'll soon be 35,000 BofA employees, some of whom might also be grateful for a pretty well paying job.
And WHY is the UAW head being treated like a Big Three CEO? THERE'S your problem in the FIRST place. Gettlefinger needs to get over his Hugo Chavez impression and actually live in the day. As a make believe Marine once famously said: "Improvise, adapt, overcome"...
...or else.
Posted by tree hugging sister at 09:11 AM | Comments (10)
Lest We Forget The Last Bailout
Remember that beauty? The $700+ billion discretionary fund given to Paulson, the one with no oversight? Here's one of the folks he can give our money to
Dec. 11 (Bloomberg) -- Bernard Madoff, founder and president of a New York firm that invested funds for wealthy individuals, hedge funds and other institutions, was charged with operating what he told employees was a long-running $50 billion Ponzi scheme in what may be one of the largest frauds in history....“It’s all just one big lie,” Madoff told his employees on Dec. 10, according to the government. The firm, Madoff allegedly said to them, is “basically, a giant Ponzi scheme.”
...Bernard Madoff served as vice chairman of the National Association of Securities Dealers, a member of its board of governors, and chairman of its New York region, according to the SEC Web site. He was also a member of Nasdaq Stock Market’s board of governors and its executive committee and served as chairman of its trading committee.
He was chief of the Securities Industry Association’s trading committee in the 1990s and earlier this decade, where he represented brokerage firms in discussions with regulators about new stock-market rules as electronic-trading systems and networks gained prominence.
A freakin' pillar of the industry.
Not One Dime More to any of these bastards.
Posted by Mr. Bingley at 07:46 AM
Here's A Great Plan To Revive The US Economy
I just can't wait
POZNAN, Poland (Reuters) - The U.S. Senate will let President-elect Barack Obama sign up to a U.N. pact to fight global warming in late 2009 even if U.S. climate laws are not yet in place, U.S. Senator John Kerry predicted on Thursday.But Kerry, designated head of the Senate Foreign Relations Committee, said on the sidelines of U.N. climate talks in Poland that China, India and Russia would also have to promise to cut greenhouse gas emissions to win Senate blessing of any pact.
"It will be like the difference between night and day," Kerry, of Massachusetts, said of Obama's enthusiasm for action against climate change after what he said were eight years of inaction under President George W. Bush.
He told Reuters support in the United States for climate action was strong enough to let Obama sign up for emissions cuts under a U.N. pact to be agreed in Copenhagen in late 2009 even if the Senate had not by then agreed matching U.S. climate laws.
"We can have commenced the (domestic) legislative process, we don't have to have completed it," before agreeing to cuts under a U.N. treaty, he said.
President Bill Clinton agreed in 1997 to the U.N.'s existing Kyoto Protocol for cutting greenhouse gases until 2012 but never tried to get the pact ratified by a hostile Senate.
And by letting the Big 3 carmakers go belly up, why, just think of the carbon savings!
Hmm, and since JFK is over in Poland working on his carbon footprint I'm guessing all the Massachusetts employees of Chrysler, Ford and GM really appreciate his "fighting for their jobs" in the Senate, eh?
Posted by Mr. Bingley at 07:36 AM
Auto Bailout Fails To Pass
And now they're hoping Bush bails their sorry butts out
WASHINGTON (AP) - Their efforts in Congress squashed, U.S. automakers are depending upon a reluctant White House to quickly provide a multibillion lifeline to help them avoid imminent collapse.General Motors Corp. and Chrysler LLC, which have said they could run out of cash within weeks, have few options left after the dramatic defeat in the Senate of a $14 billion bailout for the domestic auto industry.
Its demise late Thursday prompted immediate calls from lawmakers in both parties for the Bush administration to tap into the $700 billion Wall Street bailout to rescue the beleaguered auto industry. The bill failed after talks broke down over the refusal of the United Auto Workers union to meet Republican demands for aggressive wage reductions.
I really hope they don't do that. If any or all of these companies go under there will still be people buying lots of cars made here in the US, right now.
It's just the sticker says "Honda" or "Toyota."
And I like their cars better.
So the Dow is due some 300 lower this morning. We'll just have to see how things pan out. But these bailouts need to stop; I'm glad folks are finally taking a stand against this reckless, mindless government spending.
Posted by Mr. Bingley at 06:16 AM | Comments (6)
December 08, 2008
How Much Is That Barrel in the Window?
OPEC's planning a "shock and awe" campaign of their own. Apparently they haven't noticed that we're already all a bit stretched in the wallet.
OPEC president Chakib Khelil says oil markets should prepare for a "surprise" output cut after the organization's Algeria meeting."A consensus has formed for a significant reduction of production levels" by the 14-member Organization of Petroleum Exporting Countries, Khelil told AP on Saturday.
The OPEC head's warning comes as markets have already been expecting an output reduction; however, Khelil said that it could be "severe," suggesting cuts of as much as 2 million barrels per day.
A decision that startles markets would help bolster slumping oil prices, Khelil said.
"The best way is to surprise them,"...he said. "I hope it (the decision) will."
I saw this early this morning on CNBC and then it dropped off the face of the earth, and none of the big blogs have it yet.
I don't know about you, but it pisses me off royally. I'd love to give OPEC a big surprise of our own. Or, at the very least, a big sumpthin' they won't soon forget.
Posted by tree hugging sister at 07:34 PM
December 04, 2008
Breaker-Breaker, Looks Like We Got Us A Convoy
So the CEO of GM made his pilgrimage via auto back to DC to genuflect and kiss Pelosi's ring (for his sake, I certainly hope he bathed and splashed on a extra dose of Paco Rabanne before coming within olfactory range of Harry Reid)
Two weeks ago Rick Wagoner flew to Washington on a corporate jet. This time the chief executive of General Motors Corp. made the trip in one of his company's black hybrid Chevrolet Malibus, driving part of the way.
and the other CEOs will be there today, so the Three Wise Men will be together again, except in a twist on the conventional telling of that tale our modern versions will be looking to get gold from the New Born King
Wagoner will be back in the spotlight Thursday and Friday, along with fellow CEOs Alan Mulally of Ford Motor Co. and Robert Nardelli of Chrysler LLC, when they appear before the Senate Banking Committee and the House Financial Services Committee to appeal for financial aid totaling up to $34 billion. Wagoner's plea will be the most desperate. GM submitted a plan to Congress on Tuesday that called for $18 billion in loans and warned that the 100-year old iconic American company won't have enough money to run its business without an immediate cash infusion of $4 billion.All three CEOs made the trip to Washington in high-mileage hybrid vehicles—the types of cars critics say the Detroit Three should have been making more of instead of becoming enamored of higher-profit, less fuel-efficient vehicles like SUVs and Hummers.
Will one of our brilliant Solomonaic leaders in DC ask these "executives" how they can possibly plan to return to profitability when they've spent billions of dollars to develop a "high-mileage hybrid vehicle" that gets a scant 2 mpg better than it's gas-powered counterpart?
And they want at least $34 billion of my money?
Posted by Mr. Bingley at 07:56 AM | Comments (6)
December 03, 2008
No Wonder This Guy Isn't Popular!
Nobody I know wants to hear any of this finger pointing stuff...when the finger points back.
...You know the rest. Eighteen months later, our down payment has been wiped out and we owe more on the house than it’s worth. We’re still able to make the payments, but our mortgage rate is about to reset. And we’ve already heard rumors about coming layoffs at our jobs. How on Earth did we get into this mess?The exact answer is different in every case, of course. But let’s round up the usual suspects:
• The predatory mortgage broker? Well, we’re certainly not happy with the bastard, given that he sold us a loan that is now a ticking time bomb. But we did ask him to show us a range of options, and he didn’t make us pick this one. We picked it because it had the lowest payment.
• Our sleazy real-estate agent? We’re not speaking to her anymore, either (and we’re secretly stoked that her BMW just got repossessed), but again, she didn’t lie to us. She just kept saying that houses are usually a good investment. And she is, after all, a saleswoman; that was never very hard to figure out.
• Wall Street fat cats? Boy, do we hate those guys, especially now that our tax dollars are bailing them out. But we didn’t complain when our lender asked for such a small down payment without bothering to check how much money we made. At the time, we thought that was pretty great.
• The SEC? We’re furious that our government let this happen to us, and we’re sure someone is to blame. We’re not really sure who that someone is, though. Whoever is responsible for making sure that something like this never happens to us, we guess.
• Alan “The Maestro” Greenspan? We’re pissed at him too. If he hadn’t been out there saying everything was fine, we might have believed that economist who said it wasn’t.
• Bad advice? Hell, yes, we got bad advice. Our real-estate agent. That mortgage guy. Our neighbor. Greenspan. The media. They all gave us horrendous advice. We should have just waited for the market to crash. But everyone said it was different this time.
Still, except in cases involving outright fraud—a small minority—the buck stops with us.
Posted by tree hugging sister at 08:02 PM | Comments (6)
November 28, 2008
Dear FAA
Please don't tell anyone when we use private jets to beg for public money.
I mean, you can't seriously expect us to ride in the fugly crap we build to Washington, can you?
Hugs and kisses,
Posted by Mr. Bingley at 06:23 AM | Comments (3)
November 24, 2008
Why?
What a steaming pile of manure
The U.S. government plan to rescue Citigroup (C, news, msgs) was taking shape on Sunday night, the Wall Street Journal reported today. The government has agreed to absorb hundreds of billions of dollars of potential losses in toxic assets on Citigroup's balance sheet and to inject fresh capital into the bank.According to the plan, uncertain assets -- mostly loans and securities backed by commercial real estate -- worth about $306 billion will be absorbed, first up to $29 billion by Citigroup itself, then the rest, if necessary, by the Treasury Department, the Federal Reserve, and the Federal Deposit Insurance Corporation.
It's really a kind of insurance policy for Citigroup, and the bank will give the government a percentage of its shares in proportion to the amount of protection that it needs to use.
Then the Treasury will also provide Citigroup with $20 billion in capital. Citigroup had already received a $25 billion injection of capital under the $700 billion Paulson rescue plan. Management at the bank will not be shaken up, because the government feared that such a move would further destabilize Citigroup.
Well, they can kiss my ass in Macy's window. The bastards lost billions. FIRE THEM.
This is insane.
Posted by Mr. Bingley at 06:23 AM | Comments (9)
November 20, 2008
One Hung Low
I beg to differ.
...Members of Congress were clearly looking for sacrifice from the union's older workforce and retiree pensioners. "The average family of four in my district makes $36,000 a year, and I find it difficult to ask them to fund much richer salaries and health care of workers in other states," said Walter Jones, Republican Representative from North Carolina.UAW President Ron Gettelfinger shot back with the concessions the union has made in the past two years. "The UAW is not the low-hanging fruit here," said the union chief.
Oh, yeah, you are, pal. I've never been able to stand Walter Jones, but he made points with me today. And I'm about sick of Gettelfinger's outraged and indignant martyrdom act. He hasn't learned a thing from the howling brought on by those private jet rides to D.C., considering his tune is the same as it was last week:
...The prospect of concessions from the union came up during a meeting involving executives of Detroit's Big Three auto makers and Democratic Congressional lawmakers on Capitol Hill Thursday. But UAW President Ron Gettelfinger made clear that concessions were out of the question, union lobbyist Alan Reuther said in an interview with Dow Jones Newswires Friday."Workers and retirees have already made significant sacrifices," said Reuther, paraphrasing remarks that Gettelfinger made to House Speaker Nancy Pelosi, D- Calif., and others in the meeting, including renegotiated contracts. "We feel we've already stepped up."
Considering the mood of the country, I think it's more that you've already stepped IN it.
Posted by tree hugging sister at 07:32 PM | Comments (6)
November 19, 2008
CrapTACular! What's Gonna Happen When You Can No Longer
...blame Chimpy Mc Bush?
The top Senate Democrat is trying to lower expectations for emergency legislation to help the beleaguered U.S. auto industry.Sen. Harry Reid said Wednesday it's the Bush administration's responsibility to save the once-mighty carmakers from collapse.
Oh, come on. WHO am I kidding? If Dirty Harry and Co. can keep pulling off such brazen bullshit, they'll be blaming him for the next eight years. Or longer.
Posted by tree hugging sister at 11:28 AM | Comments (2)
November 17, 2008
Good Lord, I Hope SO!
...Like its more moderately priced rival American Eagle (NYSE: AEO), Abercrombie has a strong brand name status among teen shoppers. However, teens and young adults are moving away from the herd mentality where all the "cool" kids show off identical moose-branded polos.And about time. Not to mention that I shudder at what Abercrombie has morphed in to. Ebola is old enough to remember going into Abercrombie & Fitch in South Coast Plaza when they were still expedition outfitters. The store was full of safari gear, high tech hunting/mountain climbing accessories/fly rods, A & F tomes about the sporting life and cool gadgetry for life in the bush. Mesmerizingly exotic ~ like entering another world or a 1940's black and white movie. Did you know they'd outfitted Charles Lindbergh for his 1927 trans-Atlantic flight? Or tried to trademark "Safari"? History in that name, man. (FYI: Eddie Bauer used to be as revered. At one time they were THE outfitters for all the major Himalayan expeditions and the quality was unsurpassed. I still have my circa 1972, goose-down Karakorum -40º mummy bag. The label says "For the rest of your life" and they meant it.)
Clothing that is not made of any higher quality than any other line of clothes that is sold for what you'd usually pay for a small boat.
I couldn't find but one teeny picture of a vintage A & F "colonial" safari scene. The rest were all the new incarnation's carnally inclined crap. They're just revolting. And if more than one pre-teen (and her parental units) says "no thanks" to the pressure, that's okay by me.
No bail-out money for them, either!
Posted by tree hugging sister at 05:15 PM | Comments (10)
November 14, 2008
Oddest Thing Yesterday
Ding-dong went the doorbell, the dogs go apesh*t and...there's an Edward Jones type at the front door with a pamphlet and business card, asking major dad to give him a call if he needs any advice. On, you know, like any of the 57 things they're financial wizards at.
Hmmm. Can't say as we've ever experienced a door-to-door investment solicitation. I'm not sure if that's marketing genius, or a desperation move putting them on the level of the "prime-steaks-in-the-back-of-the-truck" guy, who was just delivering to your neighbor (!) and thought he'd stop to see if you were interested, since...well...he had them in the back of the truck.
Note to Ed and Co.: we've never bought those steaks, either. Your model may need tweaking, but I don't think ringing doorbells sends the right note, capiche?
Posted by tree hugging sister at 11:14 AM | Comments (3)
November 12, 2008
"Consumers Are Running Scared"
Now there's a bold grasp of the obvious
For now, consumers are running scared, and so no good news may be expected today when retailer Macy's (M, news, msgs) reports third-quarter earnings before the markets open today, with a conference call scheduled for 10:30 a.m. ET. Analysts expect a loss of 19 cents per share on revenue of $5.5 billion.Department stores like Macy's, already hit by weak consumer spending, have been reducing prices drastically. But even with lower prices, same-store sales at Macy's are down 6.4% for the month of October -- same-store sales are sales at stores that have been open for at least a year. Macy's has already said that further sales deterioration can be expected in the next two quarters. Macy's began restructuring in February by slashing 2,300 management jobs.
Can someone explain to me why American Express (a company whose Travel Service I love, btw, as they arranged our fantastic trips to Scotland and Alaska) should qualify for a Government bailout?
Who the hell doesn't qualify these days?
Well, aside from us poor saps the taxpayers, obviously.
Posted by Mr. Bingley at 08:35 AM | Comments (5)
November 07, 2008
An Ugly Number
The jobs picture ain't purdy
NEW YORK (CNNMoney.com) -- The government reported more grim news about the economy Friday, saying employers cut 240,000 jobs in October - bringing the year's total job losses to 1.2 million.According to the Labor Department's monthly jobs report, the unemployment rate rose to 6.5% from 6.1% in September and higher than economists' forecast of 6.3%. It was the highest unemployment rate since March 1994.
Economists surveyed by Briefing.com had forecast a loss of 200,000 jobs in the month. October's monthly job loss total was slightly less than September's revised loss of 284,000.
Posted by Mr. Bingley at 09:04 AM
November 06, 2008
As Expected, October Retail Sales Tank
And I don't see it getting any better any time soon
NEW YORK (AP) - The nation's retailers saw their sales plummet last month to the weakest October level since at least 1969, as the financial crisis and mounting layoffs left shoppers too scared to shop.The stunning and rare drop, from an already weak September, is further darkening the outlook for the holiday season and raising more concerns about the financial health of the industry, which is not expected to see a recovery until at least the second half of 2009.
A number of stores, including J.C. Penney Co. and Nordstrom Inc., cut their profit outlooks as they slashed prices on everything from coats to holiday ornaments in a desperate bid to pull in shoppers. Analysts expect a do-or-die holiday season for more retailers, which have already seen competitors like Mervyns LLC and Linens 'N Things forced to liquidate.
I'm sure not planning on spending any where near what I've spent in the past (well, outside of libations, obviously). But I will make damn sure to spend much more time with good friends.
Posted by Mr. Bingley at 12:21 PM | Comments (2)
October 29, 2008
Holy Fahrvergnügen, Batman!
The irony of this is so rich I can taste it
The head of Germany’s largest fund manager accused Porsche – the largest investor in VW – of acting against the interest of other shareholders.Klaus Kaldemorgen, the head of DWS, which is a shareholder in VW and owned by Deutsche Bank, said: “I criticise heavily that a company like Porsche is manipulating VW shares in an irresponsible manner.”
And what is this " irresponsible manner”? Um, something so nefarious as owning more of the stock than the market 'experts' had thought.
Which means all the hedge fund managers and Goldman Sachs/Morgan Stanley geniuses, yes the same folks who brought you the financial joys of the past few months, are screwed again because they shorted the holy loving poop out of VW stock
Volkswagen briefly became the world’s largest company by market capitalisation on Tuesday after an extraordinary share price surge that raised fears that hedge funds and other traders could collapse after betting on a fall in the stock.The continued surge – triggered by the revelation on Sunday that Porsche had a much larger interest in the carmaker than many traders had realised – sharpened criticism over the level of disclosure and regulation in German capital markets.
VW’s share price rose 82 per cent to €945 following Monday’s 147 per cent jump, leaving it with a market capitalisation of about €287bn ($370bn), making it the world’s second-largest company ahead of Wal-Mart, General Electric and Microsoft.
At its intra-day peak of €1,005, its market capitalisation exceeded Exxon, the US oil company. This has raised fears over a “squeeze” on traders betting on a fall in Volkswagen shares through short-selling – the practice of selling borrowed shares in hope of profiting by buying them back later at a lower price and returning shares to the lender.
A manager at a large hedge fund said: “The losses will be extreme. I don’t think it is going to bring down a big fund, but it will probably bring down some small ones.”
Couldn't happen to a nicer bunch. As they termed it, "Shortenfreude"
The immediate cause of the problem was Sunday’s revelation that Porsche, which has been engaged in a creeping takeover of VW for the past three years, controlled not just 35 per cent of the group as had been known, but 74.1 per cent, through an equity stake of 42.6 per cent and 31.5 per cent in cash-settled options, which it did not have to disclose. Taken with the 20.1 per cent owned by the state of Lower Saxony, that left a free float of just 5.8 per cent, barely above the 5 per cent required for the company to remain in Germany’s blue-chip Dax index.
Screw these guys who short stocks en masse and cause credit problems at otherwise sound companies.
Posted by Mr. Bingley at 06:41 AM | Comments (3)
October 24, 2008
OPEC Cuts Production
And oil drops to $64 a barrel.
That tells you how concerned folks are about the demand side.
Posted by Mr. Bingley at 07:01 AM | Comments (7)
Stock Futures Are Locked Limit Down
Great. Europe indices are down 10-11%, which would be, what, an 850-ish drop for the Dow?
What a mess.
My wine supply is going to take a drubbing this weekend...
Posted by Mr. Bingley at 05:55 AM | Comments (5)
October 23, 2008
In the Tank
Not the MSM. I'm talking the business of lobsters.
The price of Maine lobster, which accounts for 80 percent of the U.S. catch, is tanking.The primary factor, a drop-off in demand by penny-pinching diners, has been in place since summer. But a secondary problem recently surfaced: the global banking crisis left Canadian processors short on credit, trapping Maine lobstermen and dealers with too much supply.
Ayuh.
Posted by tree hugging sister at 02:37 AM | Comments (1)
October 15, 2008
Retail Sales Tank In September
No surprise here
WASHINGTON (Reuters) - Sales at retail stores recorded their biggest monthly drop in more than three years in September while a measure of inflation eased, according to government data on Wednesday that intensified recession fears.A gauge of manufacturing in New York State tumbled in October to the lowest since its inception in 2001, a report from the New York Federal Reserve Bank said.
Retail sales fell 1.2 percent last month to a seasonally adjusted $375.5 billion, the Commerce Department said. That was the sharpest drop since August 2005 and far worse than the 0.7 percent decline economists polled by Reuters had expected.
I can't help but think that this is going to get much worse before it gets any better. Who is going to spend much of anything on Christmas? I think these next two months, so key for our economy, will be a disaster.
Monday was a dead cat bounce for the market, I fear.
Posted by Mr. Bingley at 09:49 AM | Comments (6)
October 10, 2008
Quick Stock Thoughts
The SEC must re-instate the ban on short selling, and they must re-instate the uptick rule.
There is no excuse for allowing hedge funds to keep pounding the market like this. If you own the stock and want out, fine.
But don't let those other bastards profit by punishing us.
Posted by Mr. Bingley at 08:59 AM | Comments (4)
To Hell In A Handbasket
That's how it looks at the moment, my friends
LONDON (Reuters) - Europe joined Asia's panic selling in stocks on Friday, knocking the benchmark world equity index to a 5-year trough, while the low-yielding yen jumped as fears grew that efforts by policymakers are insufficient to contain the global financial crisis.Equity trading in Russia, Iceland, Romania, Ukraine and Indonesia has been halted while nearly half of Milan stocks are suspended for excessive losses, just hours before finance chiefs from Group of Seven rich nations meet in Washington.
But one thing to keep in mind is that with specialized computer trading programs these market moves get over-done, selling markets lower than they really should be much as they also can lift them higher then they should be when moods are ebullient. Knowing things get exaggerated is not much of a comfort when it's your savings getting pummeled, for sure, but it may be indicative that, while things seem horrific for the future it might not get as bad as we fear. One thing that reassures me a little at the moment is that so far no commercial banks have failed, as far as I can tell. I find that reassuring, that banks that have worked in the traditional style, lending to businesses and individuals, are stronger than the flashier investment banks that needed to keep searching for ever greater returns to satisfy their investors..and are paying the price for their ill-considered risk taking. So hopefully the groundwork, the base, is there for us to recover and start anew once the bloodletting is done.
But we need to atone for our sins in this, our gorging on debt, our over-extending ourselves in the hedonistic orgy of easy credit. Has there been unchecked government spending? Hell yes. Has there been questionable lending by banks and financial companies? Hell yes. But we also all need to look at ourselves and accept the fact that we willingly spent money we did not have, well in excess of what we rationally could hope to pay back in a reasonable time. Sure, all the ads said "past results are not reflective of future returns" but that was because we would earn even more on the next go-round, right? How many decent companies that made a steady profit every year were punished by the people investing our money because they didn't make more money the next year and increase their profit margin? How greedy were we? We bought the latest fashions and ate at the trendiest places far too often, took too many trips to Cancun and rented limos for our 8th grade proms. Now the cold reality sets in. The grass may in fact be greener on the other side...but that doesn't mean the grass you have right now is bad. We have to re-learn what previous generations knew, to always hope and strive for better things of course but more importantly to make do with what we have, to not reach far beyond our grasp.
So instead of going out this weekend get some burgers or steaks and some cheap bottles of wine, invite your neighbors over and enjoy life.
Not things.
Posted by Mr. Bingley at 06:15 AM | Comments (9)
October 08, 2008
Besides Stocks, Our "In the Tank" Award for This Morning Goes to:
...Newsweek. Imagine that. The home page link headline:
Newsweek: Poor are not to blame for mess
...to the article headline...
Subprime SuspectsThe right blames the credit crisis on poor minority homeowners. This is not merely offensive, but entirely wrong.
...to a taste of the contents.
...Let me get this straight. Investment banks and insurance companies run by centimillionaires blow up, and it's the fault of Jimmy Carter, Bill Clinton, and poor minorities?
Blech. Something tastes nasty.
Posted by tree hugging sister at 09:44 AM | Comments (1)
The Uglytude Continues
Futures and overseas markets are down again
PARIS (Reuters) - Stock index futures were sharply down on Wednesday as deepening fears that the credit crisis would make more victims and drag the global economy into recession sent equities plunging around the world.By 5:51 a.m. EDT, S&P 500 futures were down 2.7 percent, Dow Jones futures down 3.2 percent and Nasdaq 100 futures down 3.1 percent.
European shares were taking a beating, with UK's FTSE 100 index losing 4.4 percent, Germany's DAX index dropping 6 percent, and France's CAC 40 falling 5.2 percent. Europe's banking sector was down 5.6 percent.
The Nikkei average plummeted 9.4 percent on Wednesday, its biggest one-day drop since the 1987 stock market crash.
Commodity markets are also tanking, as the lack of credit is causing people to dump stocks.
And my bus didn't show up this morning. Like I needed to wait an extra half hour this morning at 4goddamned50 am. Really, I had nothing better to do.
Really.
Update: Whoa, the Fed just cut rates 1/2 percent, and everything is surging higher.
NEW YORK (Reuters) - Stock index futures turned positive on Wednesday after the Federal Reserve slashed interest rates in concert with other global central banks to calm markets.S&P 500 futures jumped 28.30 points and were above fair value, a formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract. Dow Jones industrial average futures climbed 173 points and Nasdaq 100 futures gained 36.25 points.
Posted by Mr. Bingley at 06:41 AM | Comments (13)
October 06, 2008
Oh Great
What the hell is the Government? A job provider for ex-Goldman Sachs employees?
NEW YORK (CNNMoney.com) -- The Treasury Department on Monday sought to answer the first of many questions surrounding how it will implement the $700 billion financial rescue plan.The department announced that Treasury Secretary Henry Paulson had appointed Neel Kashkari to oversee the Troubled Assets Relief Program and the newly created Office of Financial Stability.
Kashkari, a former executive at Goldman Sachs, is currently the assistant secretary of the Treasury for International Economics and Development.
Great. Let's keep rewarding the guys who helped get us into this mess. I'm sure he will not let these firms over charge US for these assets they are dumping.
Posted by Mr. Bingley at 02:34 PM | Comments (7)
Here's Another Cheery Economic Outlook
Man, my mattress is looking better and better as the place to keep what money I have
Germany takes hot seat as Europe falls into the abyss We face extreme danger. Unless there is immediate intervention on every front by all the major powers acting in concert, we risk a disintegration of global finance within days. Nobody will be spared, unless they own gold bars.By Ambrose Evans-Pritchard
Investors will learn today whether the Paulson bail-out - fattened to $850bn (£480bn) by Congress - can begin to halt the death spiral in the credit system. So far, the response looks terrible.
Germany is now in the hot seat. The collapse of a rescue deal for Hypo Real Estate on Saturday threatens a €400bn (£311bn) bankruptcy that nearly matches the Lehman Brothers debacle for sheer scale.
Chancellor Angela Merkel has been forced to pull her head out of the sand, guaranteeing all German savings, a day after she rebuked Ireland for doing much the same thing. Reality intrudes.
During the past week, we have tipped over the edge, into the middle of the abyss. Systemic collapse is in full train. The Netherlands has just rushed through a second, more sweeping nationalisation of Fortis. Ireland and Greece have had to rescue all their banks. Iceland is facing an Argentine denouement.
I'm not so sure I'd be excited to own gold bars; gold has been a dog like every other commodity the past 6 months.
And they're awfully hard to eat.
Posted by Mr. Bingley at 09:20 AM | Comments (3)
European Markets Down About 6% This Morning
Good thing we just dumped $700 billion in, ain't it?
ATLANTA (CNN) -- The major markets of Europe and Asia were sharply lower on Monday as traders looked past America's bank bailout bill and focused on Europe's growing financial crisis.The most influential European markets -- London's FTSE 100, the CAC 40 in Paris and the XETRA DAX in Frankfurt -- were off about 3% to 6% in the first half of the trading day.
Russia's RTS index fared worse, pushing its losses into double-digit territory. A midday (5 a.m. ET), the index was down more than 12%. The index lost 9% of its value in the first 30 minutes of the trading day.
Trillions have been wiped out, and given how things are I expect the next few months will be worse. The US retail sector is going to get slaughtered; who's going to buy anything? These next few months are the most important ones for the economy, with so much centered on the Christmas shopping season. Are you going to spend a lot this year?
That's what I thought. Me neither.
Update: Looks like I'm not alone on this.
Posted by Mr. Bingley at 06:12 AM | Comments (2)
September 29, 2008
Rick Santori (argh! sp: Santelli ) on CNBC Was Just Making
...this very same point.
Commentary: Bankruptcy, not bailout, is the right answerCongress has balked at the Bush administration's proposed $700 billion bailout of Wall Street. Under this plan, the Treasury would have bought the "troubled assets" of financial institutions in an attempt to avoid economic meltdown.
This bailout was a terrible idea. Here's why.
Posted by tree hugging sister at 05:51 PM | Comments (4)
Dow's Down Over 600
Voting in the House looks shaky.
Posted by Mr. Bingley at 01:48 PM
Citi Acquires The Banking Operations Of Wachovia
Hopefully this will keep them going.
Posted by Mr. Bingley at 08:36 AM
No One Expects The Spanish Acqusition!
As Tim discovered, I've been nationalized by the British Government and a Spanish bank
The government on Monday confirmed it was nationalising Bradford & Bingley after hammering out a deal with the Spanish bank Santander, which will buy the embattled UK mortgage lender’s £21bn deposit book and branch network for about £600m.
I wonder if this means they'll play Tapas at my funeral?
Posted by Mr. Bingley at 06:13 AM | Comments (3)
September 25, 2008
Only 'Bout Half as Crazy as Anything Else We've Heard
UPDATE: A note to the quibblers: More zeros as we speak.
The House of Representatives on Wednesday approved a $25bn package of low-cost loans to help hard-pressed carmakers and their suppliers finance plant modernisation at a time of restricted access to public capital markets.The automotive loans are separate from the proposed $700bn bail-out for the banking sector, which is still being debated in Congress. The House approved the measure 370-58, setting the stage for Senate approval within days.
From an email today:
Any argument with this?Now here's a bail out plan that works!
I'm against the $85,000,000,000 bailout of AIG.
Instead, I'm in favor of giving $85,000,000,000 to America in "We Deserve It Dividend".
To make the math simple, let's assume there are 200,000,000
bonafide U.S. Citizens 18+.Our population is about 301,000,000 ± counting every man, woman
and child. So 200,000,000 might be a fair stab at adults 18 and up..So divide 200 million adults 18+ into $85 billon that equals $425,000.00.
My plan is to give $425,000 to every person 18+ as a
"We Deserve It Dividend".Of course, it would NOT be tax free.
So let's assume a tax rate of 30%...
...Every individual 18+ has to pay $127,500.00 in taxes.That sends $25,500,000,000 right back to Uncle Sam.
But it means that every adult 18+ has $297,500.00 in their pocket.
A husband and wife has $595,000.00.
What would you do with $297,500.00 to $595,000.00 in your family?
Pay off your mortgage - housing crisis solved.
Repay college loans - what a great boost to new grads
Put away money for college - it'll be there
Save in a bank - create money to loan to entrepreneurs.
Buy a new car - create jobs
Invest in the market - capital drives growth
Pay for your parent's medical insurance - health care improves
Remember this is for every adult U S Citizen 18+ including the folks
who lost their jobs at Lehman Brothers and every other company
that is cutting back. And of course, for those serving in our Armed Forces.If we're going to re-distribute wealth let's really do it...instead of trickling out a puny $1000.00 ( "vote buy" ) economic incentive that is being proposed by one of our candidates for President.
If we're going to do an $85 billion bailout, let's bail out every adult U S Citizen 18+!
As for AIG - liquidate it.
Sell off its parts.
Let American General go back to being American General.
Sell off the real estate.
Let the private sector bargain hunters cut it up and clean it up.
Here's my rationale. We deserve it and AIG doesn't.
Sure it's a crazy idea that can "never work."
But can you imagine the Coast-To-Coast Block Party!
How do you spell Economic Boom?
I trust my fellow adult Americans to know how to use the $85 Billion
"We Deserve It Dividend" more than I do the geniuses at AIG or in
Washington DC .And remember, this plan only really costs $59.5 Billion because
$25.5 Billion is returned instantly in taxes to Uncle Sam.Ahhh...I feel so much better getting that off my chest.
You don't want to even hear what I think about the stupid mortgage companies that loaned out billions of dollars to people who they knew had no way of paying back the loans, with both sides of the equation interested in one thing...fast money. But it didn't work, and now we're supposed to bail out those idiots too???
Posted by tree hugging sister at 11:30 AM | Comments (15)
I Blame Bradford
For sullying my good name
Mortgage lender Bradford & Bingley (B&B) is cutting 370 jobs because of the continuing downturn in the market for mortgages....They will lose their jobs in the first three months of next year when their work is transferred to a larger office at Bingley in West Yorkshire.
Notice there are no towns named "Tree Hugging Sister" to be found.
Anywhere.
Curious, no?
Aside: I was founded in 1964 as well...
Posted by Mr. Bingley at 07:10 AM | Comments (1)
September 19, 2008
The Advantage Of Walking Down Wall Street At 5:45 am
Is that it's mostly empty and quiet. The disadvantage is that there's no place to hide from a reporter and camera crew that want an early morning soundbite...
Posted by Mr. Bingley at 06:32 AM | Comments (5)
September 17, 2008
Oh Great
I guess there's no place "safe" these days
Extraordinary events are piling up on Wall Street so fast, it's hard to know where to focus. Forgetting the prospective bailout of AIG for a moment, since every media outlet is on that one, the most shocking development of the day for me is news that a $60 billion money market fund "broke the buck" on Monday due to losses in Lehman Brothers paper that it held. So much for the safety of "cash".The Reserve Primary Money Fund (RPFXX) has become the first money-market fund in more than a decade to lose money because its board was forced to write down $785 million worth of LEH debt to zero. The fund has reportedly seen assets plunge by 60% to $23 billion in the past two days after holders got wind of the fact that it would have to cut its net asset value to less than its usual $1 per share.
Read the author's related article here; and note that it dates from last December.
For the next few months your mattress may give you the best rate of return.
Posted by Mr. Bingley at 11:56 AM | Comments (1)
Let Them Fail
I guess the lesson that we've learned from this is that if I lose a few thousand dollars I have to declare bankruptcy.
If I really screw up and cause my company to lose a few million then I go to jail and my loved ones are sold for medical experiments.
But if I show my brilliance by managing to lose billions; well, then magically I become "to important to fail" and I get bailed out by the US Taxpayer.
What a steaming crock of shit. Let these companies fail. If they've violated laws put them in jail. Publish accounts of every payoff they've given to Congressmen, every junket paid for. Let "We the People" really see what we're paying for.
Update: I see Ed is happy about this too.
Posted by Mr. Bingley at 07:42 AM | Comments (14)
September 16, 2008
Oh, Yeah ~ That's Worth
...a buttload.
...The Fed said in return for the loan, the government will receive a 79.9 percent equity stake in AIG.
Nothing like rock solid collateral.
Posted by tree hugging sister at 09:53 PM | Comments (1)
Oil Getting Pounded Again This Morning
Look for even more bankruptcies
NEW YORK (Associated Press) - Oil prices plummeted Tuesday in Asia, falling briefly below $92 a barrel as investors feared the U.S. credit crisis that brought down brokerage giant Lehman Brothers will drag on global economic growth and restrain demand for crude.Light, sweet crude for October delivery tumbled $3.59 to $92.12 a barrel in electronic trading on the New York Mercantile Exchange midafternoon in Singapore. It briefly fell as low as $91.54. Overnight, the contract dropped $5.47 to settle at $95.71, the first time oil closed below $100 since March 4.
A lot of hedge funds are getting slaughtered by the fall in oil, and I've got a bad feeling that so are far too many pension funds, whose managers got sucked in to the commodities markets that were such powerhouses this Spring.
It would not surprise me to hear that some state pension funds are seriously underfunded now.
Posted by Mr. Bingley at 06:04 AM | Comments (7)
September 15, 2008
Fasten Your Seat Belts. It's Gonna Be a Bumpy
...ride, judging by the futures.
09:18 ET Dow , Nasdaq , S&P : [BRIEFING.COM] S&P futures vs fair value: -43.60. Nasdaq futures vs fair value: -52.80. Futures are on the defensive, with a worse-than-expected economic reading not helping matters. Just hitting the wires, August industrial production fell 1.1% in August (consensus -0.3%) and capacity fell by one percentage point to 78.7% (consensus 79.6%). In deal news, Long Drugs Stores (LDG) confirmed earlier today that Walgreen (WAG) expressed unsolicited interest of $75.00 per share in cash for all outstanding shares of LDG. CVS Caremark (CVS) and Longs entered a merger agreement at $71.50 per share in August. Nasdaq at... NYSE Adv/Dec 0/0... Nasdaq Adv/Dec 0/0.
Posted by tree hugging sister at 09:32 AM | Comments (2)
September 14, 2008
For Every Season, Turn, Turn, Turn
So, there we were, leisurely perusing the Sunday NYT when a name in the wedding announcement section caught my eye.
Serena Torrey, Theodore Roosevelt V
Having seen it before I, major dad confirmed that it was, indeed, that Roosevelt. I thought "Cool!" and continued reading. Being me, the first thing I noticed was:
The bridegroom, also 32, is a vice president for high-yield bond sales at Lehman Brothers in Manhattan.
Thinking "Jeez, I'd get that honeymoon over as fast as I could, and maybe not spend so much on drinks and pupus", I read on. Considering what's front page news on Drudge this very instant:
Wall Street Prepares for Potential Lehman Bankruptcy
...as well as EVERY other news site...
"Wall Street on alert: Lehman endgame"*"In Frantic Day, Wall Street Banks Teeter"*"Lehman looks headed toward bankruptcy"
...the staid paragraph ending the wedding announcement tickled a delicious sense of irony:
...He is the son of Constance Rogers Roosevelt and Mr. Roosevelt IV of Brooklyn....His father is a managing director and investment banker at Lehman Brothers in Manhattan; he is also the chairman of the firm’s council on climate change.
To paraphrase Johnny Cash,
"I hear the change a comin'"
...and it's REAL.
"And a time to every purpose under Heaven."
Really weird how that works.
Posted by tree hugging sister at 08:41 PM | Comments (2)
The New and "Improved" Sitemeter
...SUCKS SO BAD IT BLOWS.
That is all.
UPDATE: Well, bless their little pointy heads. The howls of outrage and gnashing of teeth actually got to someone, and my precious little green stat sheet is up and running and oh, so blessedly familiar.
Does this make me a bitter clinger?
Posted by tree hugging sister at 02:35 PM | Comments (4)
September 12, 2008
There's More to Piratin'
Gas jumps as oil falls to settle near $100
U.S. pump prices may break through the record high of $4.114...The wholesale price of gasoline ranged from $4 to nearly $5 a gallon in the U.S. Gulf Coast throughout the day on Thursday, said Tom Kloza, publisher and chief oil analyst of the Oil Price Information Service in Wall, N.J.
That was up significantly from about $3 to $3.30 a gallon on Wednesday, Kloza said, and the surge drove up wholesale prices in other U.S. regions, too.
“We’re looking at the highest wholesale prices ever for a huge swath of the country,” he said. “People understand that regardless of what happens with Ike, it’s going to shut down the biggest refining cluster for a period of five, six, seven days.”
Arrgghhhhhh!
Ye need to be topping off yer bilges NOW, mateys and waitin' out the scurvy dogs. Go only where you must or it'll cost ye dear.
UPDATE: The good professor links to a story about scaaaarrrrrcities already occurring in TN. Argh!
Posted by tree hugging sister at 08:10 AM | Comments (5)
September 03, 2008
Much As I Despise Boeing
...I'm not sure (were I a machinist) what part of this I would have turned down...
...In a high-stakes struggle between the Chicago-based aerospace giant and the Machinists union, Boeing's three-year "best and final" offer included $5,000 in signing bonuses, raises averaging 11 percent, pension increases and a 3 percent cost-of-living adjustment — $34,000 in average pay and benefit gains per employee, according to the company.
...considering the current climate.
Gary Oden has known for weeks that the plant where he has spent the last 19 years helping build Vise-Grips, one of Nebraska's most famous products, would be shutting down.But he still wasn't completely prepared for the meeting at 5:30 Wednesday morning.
He and other employees were officially told the bad news, the kind that has stung workers in upper Midwestern states for years but is relatively uncommon in Nebraska:
The DeWitt plant is shutting down so operations can be moved to China.
The only reason Boeing has 8 years worth of backlogged orders is because Airbus couldn't deliver planes anywhere near on time and Boeing promised to take up the slack. And IF the machinists vote to strike and Boeing holds the bidding process hostage to boot, that helps the Air Force get a new tanker how?
Posted by tree hugging sister at 05:00 PM
August 11, 2008
This is HUGE If True
As well as HUGELY perplexing.
15:30 ET Dow +14.24 at 11747.18, Nasdaq +19.06 at 2433.16, S&P +4.47 at 1300.79:[BRIEFING.COM] Stocks attempt to turn higher but run into selling resistance. The major indices remain in positive territory.
The Dow is underperforming, as it has throughout the session. IBM (IBM 126.05, -2.76) and Boeing (BA 66.53, -1.34), which have heavy weightings in the price-weighted index, are the main drags. According to reports, Boeing may not bid on the $35 billion Air Force refueling tanker contract.
Great news for our neck o' the woods if it is.
WHOA!! It IS true!
Boeing Co is "strongly considering" not bidding on the upcoming competition for a $35 billion U.S. Air Force refueling tanker contract, Aviation Week, the aerospace industry magazine, reported on Monday, without identifying its sources.The No. 2 Pentagon contractor has not commented on the issue publicly, but some of its backers in Congress have argued that the revised terms of the competition, issued by the Pentagon last week, favor Northrop Grumman Corp and its European partner EADS.
Gotta get major dad started on that French Rosetta Stone course just in case...
Posted by tree hugging sister at 03:46 PM | Comments (2)
August 04, 2008
Always Looking Out
...for Number 1.
To Daryl Johnson of Orange, Tex., work as a rigger on pipe-laying barges seemed like a pretty sure bet. The pay was good -- $18.50 an hour -- and with oil exploration booming, Johnson felt secure with Houston-based Horizon Offshore Contractors, which had hired him in 1999. But Johnson, speaking through his attorney, says he got concerned when managers told him there were no openings for friends whom he referred for jobs, even while Horizon continued to hire Mexican and Malaysian nationals. Then, in 2007, Johnson lost his job. "They gave me no explanation," says Johnson.However, in Johnson's mind and in those of other oil workers in the Gulf, the connection to the cheaper foreign workers is clear. His allegations are part of a lawsuit moving forward in federal court in Texas, which claims that a group of U.S. energy services companies operating in U.S. waters on the Outer Continental Shelf in the Gulf of Mexico are using workers recruited from Malaysia, Mexico, the Philippines, and other countries to displace U.S. workers, at less than half of the pay. According to the lawsuit, the staffing is illegal because non-U.S. workers are working without proper visas aboard foreign-flagged vessels that are in fact controlled by American companies.
Posted by tree hugging sister at 03:54 PM
July 22, 2008
Quote of the Day
Article here. Federal Reserve proposed changes:...Sometimes, it's not good to know how the sausage is made.But credit card and bank rules are too important to leave to the sausage makers, and fortunately, all comments made so far are available for public inspection. They are worth at least a casual browse.
The provisions addressing credit card practices are part of the Board’s ongoing effort to enhance protections for consumers who use credit cards, and follow the Board's 2007 proposal to improve the credit card disclosures under the Truth in Lending Act. The FTC Act proposal includes five key protections for consumers that use credit cards:* Banks would be prohibited from increasing the rate on a pre-existing credit card balance (except under limited circumstances) and must allow the consumer to pay off that balance over a reasonable period of time.
* Banks would be prohibited from applying payments in excess of the minimum in a manner that maximizes interest charges.
* Banks would be required to give consumers the full benefit of discounted promotional rates on credit cards by applying payments in excess of the minimum to any higher-rate balances first, and by providing a grace period for purchases where the consumer is otherwise eligible.
* Banks would be prohibited from imposing interest charges using the "two-cycle" method, which computes interest on balances on days in billing cycles preceding the most recent billing cycle.
* Banks would be required to provide consumers a reasonable amount of time to make payments.
A chance to rage against the machine?
Priceless.
You can let the Federal Reserve know how you feel here (use the "Submit Comment" links at the bottom of the page).
Posted by tree hugging sister at 02:15 PM | Comments (4)
Like I Said Before
As giant oil companies like Exxon Mobil and ConocoPhillips get set to report what will probably be another round of eye-popping quarterly profits, just where is all that money going?The companies insist they're trying to find new oil that might help bring down gas prices, but the money they spend on exploration is nothing compared with what they spend on stock buybacks and dividends.
It's good news for shareholders, including mutual funds and retirement plans for millions of Americans, but no help to drivers already making drastic cutbacks to offset the high cost of fuel.
...you can blame "grannies". And retired school teachers. And the like.
Bastardly billions of big oil = a food stamp free mutual fund. Maybe enough left over for a cohiba.
Posted by tree hugging sister at 12:10 AM | Comments (1)
July 07, 2008
WASSUP??! They Eat Horses, Don't They?
This is getting downright nasty.
Belgian-based brewer InBev will seek to remove and replace the board of Anheuser-Busch Cos Inc to secure a $46.3 billion takeover of its U.S. rival, InBev said on Monday.
Posted by tree hugging sister at 09:49 AM | Comments (1)
In the "Why Does It Cost So Much?" Category
...add yet another entry.
BP's rivals shift in Russian tussleThe fate of the second biggest foreign investment in Russia hangs in the balance amid signs of a shifting mood in the Kremlin which may have wrong-footed investors and one of the world's biggest oil companies.
... TNK-BP, a highly lucrative 50-50 joint venture between BP and four Russian-connected billionaires, began in 2003 amid much fanfare in a deal blessed by then-president Vladimir Putin. It produces a quarter of BP's global oil output and posted a net profit of $5.7 billion last year.
TNK-BP's first five years were a success story. Former BP managers working at the venture talk with pride of how they improved management of oilfields using the latest technology, cut back leaks, and boosted operating efficiency.
... So when a campaign against TNK-BP suddenly started this year involving tax police, alleged labor code violations, security service sweeps and court cases, many assumed the Kremlin was pressuring the firm to accept a state partner.
A similar barrage of official harassment was unleashed in 2006 against Royal Dutch Shell to force it to sell a controlling stake in its giant Sakhalin gas venture to Russia's state-dominated energy champion Gazprom.
The American public acts like the world does business just like US companies have to here. I can't think of many places besides the United States where your investment in exploration, development and infrastructure is safe from nationalistic meddling.
-Putin sets the hook.Of course, if America is utilizing her own national resources, foreign upsets in the supply chain won't hit as hard.
But, nowadays, that's a foreign concept.
Posted by tree hugging sister at 12:01 AM | Comments (5)
July 01, 2008
Sorry, Elliot ~ "It's Mine, All MINE!!!" Edition
Seems he gets to keep it.
Court dismisses more claims in Grasso case: report
A New York court has dismissed more claims against former New York Stock Exchange chief Richard Grasso brought by state officials who want him to return part of his $187.5 million pay package, CNBC reported on Tuesday.
Posted by tree hugging sister at 02:02 PM | Comments (4)
"Dakota Oil: Persia on the Plains?"
Oh, you BET controversial!
Western North Dakota and western Pennsylvania, by which I mean the middle of nowhere, are on track to become the center of the universe for energy companies over the next few years as geologists, speculators and attorneys battle for control of two of the most important and unusual oil and gas finds of the past three decades.
Before the battle is fully defined and winners are awarded the spoils, there's plenty of time for investors to make low-risk bets that could generate great returns over the next few years. There are even cheaper opportunities north of these two hot spots, in the Canadian tundra of Saskatchewan and New Brunswick, which share the same rich rock formations but have yet to attract as much interest.It may be a little hard to believe that these forlorn areas -- far from the glamorously derrick-dotted plains of Texas, Oklahoma and California -- could yield the sort of riches that attract the diamond-studded-cowboy-hat crowd, but energy exploration has never exactly gone hand in hand with the tourist trade. So put on your mukluks and parka, get out your atlas and prepare for a visit to the Bakken and Marcellus shales.
In fact SO controversial, it makes some people sick!
That must be why I feel ill every time I see him.
Posted by tree hugging sister at 10:07 AM | Comments (4)
June 11, 2008
Oh, the Cutthroat World of Slutty Little Girl
...dolls.
A jury will learn that the creator of the popular Bratz doll erased files from his computer two days before handing it over as evidence in a federal trademark infringement lawsuit filed by Mattel Inc , a judge in California ruled on Tuesday.Mattel has sued family-owned MGA, claiming it owns the original Bratz concept drawings and that doll's creator, Carter Bryant made them and other Bratz drawings and models while he was under contract to Mattel as a Barbie designer.
Mattel contends that MGA poached Bryant to shore up sagging toy offerings, then tried to hide the connection when Bratz became a runaway hit in 2001.
I'd sure want my six year old dressing like that.
Posted by tree hugging sister at 09:17 AM | Comments (3)
June 10, 2008
Bring Out Your Dead!
That executive corpse is worth a buttload.
You still can't take it with you. But some executives have arranged for the next best thing: huge corporate payouts to their heirs if they die in office.
Take Eugene Isenberg, the 78-year-old chief executive of Nabors Industries Ltd. If Mr. Isenberg died tomorrow, Nabors would owe his estate a "severance" payment of at least $263.6 million, company filings show. That's more than the first-quarter earnings at the Houston oil-service company.
I keep wondering what I have to do to score of these gigs. Maybe be a Corzine girlfriend or sumpthin', eh?
Posted by tree hugging sister at 04:21 PM
June 05, 2008
Today's Recession Snap
...shot.
The futures market strengthened in the wake of the weekly initial claims report, which showed an 18K drop to 357K (consensus 375K). The 4-wk moving average, meanwhile, dipped tp 368,500 from 371,250. The level of claims simply isn't at recession-like levels. This realization, combined with the generally pleasing same-store sales reports, has the market on track for a positive open. Nasdaq at... NYSE Adv/Dec 0/0... Nasdaq Adv/Dec 0/0.
Posted by tree hugging sister at 10:16 AM
May 30, 2008
Let's Rethink Bailing Out Mortgage Mess Banks
...whose only interest in 'the bottom line' starts at the top.
Around the country, Washington Mutual (WM, news, msgs) regularly plays the tough guy with homeowners who fall behind on mortgages. This as foreclosure filings overall rose 60% nationwide in February.And its involvement in the subprime mess has been tough on stockholders. Since last summer, the company's shares have lost nearly 80% of their value.
...After CEO Kerry Killinger and other top executives missed all or a big part of their bonus pay last year, Washington Mutual wasted little time taking steps to apparently make sure it won't happen again -- even if the mortgage market and the company remain in the tank.
The board decided in February to use different performance yardsticks that could make it look like Killinger and other top executives were doing great jobs -- and all but ensure them millions of dollars in bonuses for 2008.
Those huge losses piling up because of subprime loans and foreclosures?
At bonus time, the bank will ignore them.
DAMN!
It's great work if you can get it. Where do I sign?
Posted by tree hugging sister at 04:34 PM | Comments (3)
May 12, 2008
It Depends If You See the Salt Cavern As Half Empty
...or half full.
..."The purpose of the reserve is not for price manipulation," said a White House spokesman. "The modest fill rate has a negligible impact on prices, and the President believes it is in our national security interest to continue filling it up."One oil trader said the president is actually making the right decision, and filling the SPR could even lower prices.
"It acts as a deterrent," said Phil Flynn, senior market analyst at Alaron Trading in Chicago. "If it was twice the size, we'd be less concerned about disruptions from places like Nigeria or Iran."
Dude...
Posted by tree hugging sister at 11:59 PM | Comments (5)
Where One Hand Doesn't
...wash the other. Oil companies are raking in it at the moment but independent refiners seem to be missing the joy ride.
Times are so tough for oil refiners in America that success is measured not so much in gains as in their ability to stay afloat....Rising crude prices have hit oil refiners hard with increasingly thin margins, since gasoline and other products aren't keeping pace. Even though Holly is one of the leaders in the industry, its shares have dropped 35.0% over the past year. That's only half the story though. According to Byrne, Holly and its peers have also been hurt by weakening gasoline demand in the United States, which is the biggest driver behind independent refiners.
Oh, we need them going under like a hole in the ozone.
Posted by tree hugging sister at 11:44 PM | Comments (3)
April 14, 2008
You. Neanderthal. BASTARDS.
Ruin everything.
Male sex hormone may affect stock tradesThe hormone that drives male aggression and sexual interest also seems able to boost short term success at finance. But what seems to start out well can turn bad, with elevated testosterone levels over several days possibly leading to irrational risk-taking, according to researchers at the University of Cambridge in England.
Keep it IN your pants, okay? Wallet freakin' included!!!!
How hard tough is that?
Posted by tree hugging sister at 10:35 PM | Comments (8)
April 10, 2008
We're American Airlines
...Doing what we do best
(CNN) -- American Airlines canceled more than 900 flights Thursday as it continues to perform safety inspections on certain jets.American Airlines entered its third day of cancellations on Thursday.
It's the third consecutive day of cancellations for American Airlines, which has apologized to customers and offered to make amends with refunds, vouchers, and compensation for overnight stays.
American also canceled several hundred flights for the same reason about two weeks ago.
Roger Frizzell, an airline spokesman, said the inspections involve technical compliance as opposed to flight safety.
I've never been a big fan of the DC-9 family, and when a spokesman says something weaselly like that my spider senses start to tingle even more.
It seems this "technical compliance" issue has to do with FAA directives on how electrical wires that direct the aircraft control systems are bundled as they go through the front wheel well into the cockpit. Evidently if this is done incorrectly the motion of the nose landing gear can cause damage to the wires which could effectively turn the plane into a very large aluminum brick.
The effect of this on 'flight safety' seems unclear according to Mr. Frizzell.
Posted by Mr. Bingley at 07:31 AM | Comments (9)
March 27, 2008
I Mean, Honestly...
Italian American Pasta issues shares to pay lawyerWhy so drastic a step? They've been defending themselves from accusations of doing the...well...obvious.
...Several shareholders filed suits in 2005 against the company, alleging that its executives and directors had "cooked the books"...
What else would a pasta company do to them?
Posted by tree hugging sister at 07:44 PM
A Barrelful of Worthy Lessons
..in the economics of oil (courtesy of Crusader). This thoughtful tutorial was spawned by a certain messianic personage's intentions per oil, as stated in his version of the Dr. Seuss classic, "If I Ran the Zoo"
Obama eyes active role in oil marketsDemocrat Barack Obama would take an active role in U.S. oil markets as president, tackling concerns about the dominance of large oil companies and eyeing the Strategic Petroleum Reserve as a potential weapon to combat high prices, his top energy adviser said.
Posted by tree hugging sister at 02:15 PM
March 24, 2008
Commodities Give Me a Headache
And not just at the pump. A lesson in the Calculus of "Acceptable Investment Return".
...But how is it that crude can still trade above $100 a barrel, three times what it sold for at the start of the decade, despite a very wobbly economy?
... Ponder that for a minute. Texas-based Exxon is the largest publicly traded company in the energy business. In fact, it's the most profitable company in the history of capitalism, earning a record $40.6 billion on sales of $404 billion last year. Yet even with prices at the pump near all-time highs, Exxon isn't planning on producing any more oil four years from now than it did last year. That means the company's oil output won't even keep pace with its own projections of worldwide oil demand growth of 1.2% a year.Imagine a chief executive of another growth company making a similar announcement to Wall Street as Exxon Chairman Rex Tillerson. What if Steve Jobs said Apple (AAPL) wasn't going to sell any more iPhones than it did in 2007? What if Howard Schultz said Starbucks' (SBUX) latte production would stagnate, at least until the next U.S. president embarked on his or her reelection campaign? Shares of both companies would plummet.
Posted by tree hugging sister at 10:33 AM | Comments (3)
February 11, 2008
The Real World Version
...of "I find your lack of faith disturbing..."
Microsoft calls Yahoo rejection "unfortunate"
Posted by tree hugging sister at 05:37 PM | Comments (1)
January 24, 2008
Let the $7B Global Conspiracy Spin Begin!
As it clearly the intent, the Daily Mail is practicing diversionary stategery by the canny placement of OTHER news items alongside the report. Click on the pic to see what I'm talking about...
Oh, yeah. After that teaser, you're really gonna read about the banker...
Posted by tree hugging sister at 12:23 PM | Comments (4)
SocGen Gets Socked
I'm sure we've all known someone at places we've worked who has cheated the company, be it via creative fudging on expense reports, using the company credit cards for private purchases or other forms of, well, stealing. But all of them look like rank amateurs compared to this as of yet unnamed fellow who managed to defraud Societe Generale of $7.1 billion
French bank Societe Generale says it has uncovered a fraud by a Paris-based trader which resulted in a loss of 4.9bn euros ($7.1bn; £3.7bn).The bank said the fraud was based on simple transactions, but concealed by "sophisticated and varied techniques".
It also announced new write-downs of 2.05bn euros related to the sub-prime mortgage crisis in the US.
The bank's shares, which were suspended in the morning, lost 3.6% when they resumed trading.
The bank, one of France's largest, will need to seek 5.5bn euros in new capital to offset the losses.
But it said it would still make a profit of 600m to 800m euros for 2007, despite the blow to its balance sheet.
"One trader... had taken massive fraudulent directional positions in 2007 and 2008 beyond his limited authority," the bank said.
It added that the trader had "in-depth knowledge of the control procedures resulting from this former employment in the middle-office".
"The transactions which involved the fraud were simple - taking a position on shares rising - but hidden using extremely sophisticated and varied techniques," chief executive Daniel Bouton said in a letter to the bank's customers.
The bank said that the trader had confessed to the fraud and was being dismissed. His managers were to leave the bank as well.
That's "billion" with a "b".
How the hell does something like this go on? Well, there's a couple of ways. Firstly, I agree with this fellow
"I am sorry but I have a hard time buying the fact that a trader was able to set up a 'secret trade' of 4.9 billion without anybody finding out," said Ion-Marc Valhi at Amas Bank.
There's no doubt these trades were noticed; in fact, probably the next day. The real question is how they were explained and justified. My first thought was that this was accomplished via mis-valuation of positions. This sort of thing happens all the time in futures and commodities. Accountants know accounting; they have no clue about futures or options, so quite often when we are audited our auditors ask us to value the positions so they can figure out profits or loss, as absurd as that seems. It is therefore very easy for a dishonest (or just plain stupid) trader to float along for a few years showing 'profits' by over-valuing his positions; eventually it does catch up to you, of course, but you can get away with it for a little while.
But it seems that wasn't the case here
The alleged fraud took place in Paris, and - in SocGen's words - was carried out in "plain vanilla futures hedging on European equity market indices". So there was no connection to CDOs or structured finance.
I simply can't understand at this point how this was accomplished via regular futures trades without a lot of people involved. There's just too many hands that these trades have to go through every day; someone should have said 'wait a minute' pretty early on.
UPDATE: According to this report he "did not directly benefit from the fraud." So my curiosity has increased further. We trade on electronic machines, and it is very easy to enter trades you don't mean to. So we have what are called 'fat finger' filters on our machines for an added level of protection, for as any reader of the Swilling will attest my typing is atrocious, and there have been many times where I have meant to sell, say, 10 lots of futures but my damned fingers typed 100...or 1000. And the filters make you stop for one second and confirm what you want to do, which has saved me thousands of dollars.
Having said that, I can't imagine making a multi-billion dollar error. One guess is that he made a multi-million dollar error, perhaps, which is easy enough to do in stock futures trading, and instead of reversing it immediately and taking his relatively minor (albeit very painful none-the-less) lumps he thought he'd be cute and trade his way out of it and put on a huge option position which has gotten completely blown out by the worldwide stock downturn.
Update: All your croissant are belong to us
Posted by Mr. Bingley at 07:22 AM | Comments (7)
January 09, 2008
I Guess They'd Never Heard
...of 'New' Coke.
1977
Leading Import in the U.S.
Sales skyrocket in the U.S. as Löwenbräu becomes the leading import.1980s
Formula Changed in U.S.
Löwenbräu is reformulated in the U.S. to compete in domestic category.
Dolts. But take heart purists ~ we learned something we didn't know.
2002
Löwenbräu is back.
Back by popular demand, Löwenbräu reintroduces Löwenbräu Original Lager in the US , importing it directly from the Löwenbräu brewery in Munich.
Glad to hear he got his roar back. Shame you can't resurrect that market share.
UPDATE:
That's not much for getting the word out. Most disenchanted folks already thought it was.
Posted by tree hugging sister at 11:12 AM | Comments (5)
January 07, 2008
Just a Note Reality Check for the Clown
I don't care if your baristas steam up java made from vermin poo served in golden arches cups: the closest I will EVER get to McDonald's is the drive through. And, oddly enough, I DON'T think I'm just speaking for me.
McDonald's brings on baristasThe Hamburglar has his eye on the Grande Mocha Latte.
McDonald's (MCD, news, msgs) will install coffee bars with baristas -- experts in preparing coffee drinks -- at nearly all of its 14,000 restaurants in the U.S., The Wall Street Journal reported.
The move is part of the fast-food chain's continued effort to challenge Starbucks' (SBUX, news, msgs) dominance in the coffee market.
The truth hurts, eh kid?
Posted by tree hugging sister at 12:19 PM | Comments (19)
December 20, 2007
As It SHOULD Be
...and so seldom never seems to.
Bear Stearns (BSC, news, msgs) has reported its first quarterly loss in the company's history.The financial-services company this morning reported a loss of $854 million, or $6.90 per share in its fiscal fourth quarter. The company had earned $563 million, or $4 per share, in profit in the same quarter last year. Analysts had been looking for a loss of $1.67 per share.
..."We are obviously upset with our 2007 results," Chief Executive Jimmy Cayne said in a press release. "When Bear Stearns became a public company . . . we designed our executive compensation programs to pay for performance. In a year in which we produced unacceptable results, the plans are working as they were designed -- and the members of the executive committee will not receive any bonuses for 2007."
And that's gotta hurt...
Last year, Cayne got a base salary of just $250,000;his 2006 bonus, on the other hand,added up to $33.6 million.
Posted by tree hugging sister at 09:53 AM | Comments (1)
September 24, 2007
Are Y'All Reading This
...the same way I did?
12:00 ET Dow +25.69 at 13845.80, Nasdaq +15.99 at 2687.21, S&P +1.31 at 1527.06:[BRIEFING.COM] Today's session has been marked with measured optimism as the major indices have remained resilient to selling efforts in the wake of last week's huge run.
...Fellow Dow component General Motors (GM 35.06, +0.12) has been another story stock today due to unfolding developments in its contract negotiations with the UAW. Previously, it was noted that meaningful progress had been made between the two parties in their negotiations, particularly on the matter of retiree health care. The UAW, nonetheless, set an 11:00 ET strike deadline today.
Apparently, final agreement on all relevant matters, such as the amount of cash bonuses for workers ratifying the deal, has not been reached. A short time ago the Detroit News indicated that the UAW launched a nationwide strike at GM plants...
Now, my little blonde brain interprets that as:
"GM also needs to pay for my vote."
Did I miss something?
Posted by tree hugging sister at 12:57 PM | Comments (2)
September 03, 2007
I'm Not at All a Union Booster
...but I also have to say these guys have a point.
UAW Members Speak Out About Strike VoteFord Motor Co. has brought a lot of uncertainty into Gerald Williamson's life.
The factory where he works is on a list of plants slated to be sold or even closed, and like other workers, he's had to give up part of his pay raises to help the company fund its huge retiree health care bill. So when it came time to vote to give union leaders the power to call a strike if contract talks go south, Williamson got some satisfaction last week out of casting his ballot in favor.
... Williamson, a 13-year Ford worker from Ypsilanti, says he doesn't want a strike and he doesn't think the company wants one either. But like many workers, he's unhappy that he's had to give up money when new Ford President and Chief Executive Alan Mulally is making millions.
"When you ask people to make concessions and they help out and chip in, then everyone has to make concessions," Williamson said after voting on Wednesday.
Mulally's compensation package was valued at $39.1 million during his four months on the job last year, according to an analysis of a Ford filing with the U.S. Securities and Exchange Commission. Workers at many Detroit-area factories often refer to executive compensation when asked about concessions.
(I'll do that gig for a quarter of that! Call me!) Of course, the new Ford head says please don't hate him because he's beautiful...
...When Mulally was asked last week about criticism of his compensation, he said that leadership counts."All the skills required to run a business are market-driven," said Mulally, who was hired away from Boeing Co. last year to rescue the money-losing Ford.
Not all pain is local, I guess. If I was a Ford worker on the inevitable losing end of the stick, I might have to wear a 'BITE ME' t-shirt, too.
Posted by tree hugging sister at 03:13 PM | Comments (3)
February 27, 2007
Ouch On The Dow
Down over 500 points...there won't be many happy faces on the boat home tonight.
Posted by Mr. Bingley at 03:02 PM | Comments (4)
February 02, 2007
Who's Crying When Oil's at $50 Barrel?
Jim Jubak has some pretty interesting ideas.
Posted by tree hugging sister at 04:39 PM | Comments (2)
January 11, 2007
Oh, That's Lovely!
Investors Sue to Block Former Home Depot CEO's $210 Million Severance PackageHome Depot Inc. (HD) investors on Wednesday asked a Georgia state court to issue an injunction blocking the retailer from paying former Chief Executive Robert Nardelli a $210-million severance package.
"Nardelli's severance package is a final, indefensible step by the board of directors in wrongly over-compensating an unsuccessful chief executive," plaintiffs said in papers asking for a temporary restraining order.
And truer words were never spoken. A warm Swill salute to our Real JeffS for the heads up!
Posted by tree hugging sister at 03:52 PM | Comments (8)
December 06, 2006
Chapter One: "Jobs Derivative Auctions" Or
...""Why I Was Never an Economics Major".
"ths", you ask, "How do you ever find this sh*t?"
Well, Grasshoppers, it's like this. There I was, over at CNBC.com (people doing well affects my purely discretionary products' bottom line) and there was this payroll article. Simple enough, right? I scan it and BAMMO. This jumps out at me.
...Also on Wednesday, the second of five jobs derivatives auctions had traders betting U.S. employers added 85,400 jobs in November. The first auction on the data, on Tuesday, had an implied forecast of 82,000.
"Jobs derivative auctions"? Que? Traders buy and sell the odds/amounts of job creation? WTF is that?! So, my interest piqued, I went looking. And so they do. The little primer I found even touts how 'customers' can hedge their 'bets' if they use their particular system.
...New Profit Opportunities. Trading Economic Derivatives provides customers with new profit opportunities. Previously, customers that expressed a view on an economic number using a financial instrument might forecast the number correctly but have the market react in an unpredictable fashion, leading to portfolio losses even though the customer’s view on the number was correct. With CME Economic Derivatives, customers can express a view directly on those economic statistics without basis risk: the customer profits if, and only if, the view on the economic statistic is correct.
Damn. The only thing I can comprehend completely is that there's money to be made or lost anywhere on ANYthing.
- Seeking Gaia friendly kitchen stool covers, Bingley concludes his third 'booze for buffalo hide' trading session. ©TPI
Posted by tree hugging sister at 10:41 AM | Comments (1)
December 04, 2006
I Just Sent US Air a Little Love Note
You can, too, if the feeling moves you.
I'd like to send you all my support for both your flight and ground crews, and your corporate officers concerning the recent brouhaha with the 'flying imams'. I don't care if they're green, white, black, orange, purple or puce ~ if someone disrupts a flight at any stage, I want to know that the safety of the passengers is first and foremost on the crew's mind and NOT the sensibilities of those doing the disrupting. I want assurances that the crew won't hesitate to act in the best interests of ALL the passengers.You all did so and I thank you. You have also stalwartly supported the actions taken by your crew and I thank you for that. Well done.
Posted by tree hugging sister at 11:26 AM
November 14, 2006
Even Tho I Won't Buy Their Chicken
...this still sounds sorry to me.
Colonel Sanders is shedding his white suit jacket for a cook's red apron.KFC unveiled a new brand logo Tuesday that includes bolder colors and a more well-defined visage of the late Kentucky Fried Chicken founder, Colonel Harland Sanders, who will keep his classic black bow tie, glasses and goatee.
"This change gives us a chance not only to make sure we stay relevant but also communicates to customers the realness of Colonel Sanders and the fact that he was a chef," said Gregg Dedrick, president of KFC's U.S. division.
He wasn't a chef, you goon. He was a 'cook'.
'Chef' in an apron is the Scientologist on 'South Park'.
I love pretentious gurus talkin' smack. They sounds like
As he was:
And now: 
Posted by tree hugging sister at 09:43 AM | Comments (6)
November 06, 2006
Some Interesting Stats "55 and Laid Off"-wise
Many older workers who get laid off face a tough time replacing their salary, and Michael in California is wondering just what is happening to workers who lose their jobs as they near retirement....There's no question that some people in their 50s and early 60s who are laid off from high-paying jobs can have an extremely tough time finding a new job at the same salary. This is especially true for those who’ve worked for the same company or industry for their entire careers — and have built up experience, wisdom or a full Rolodex of contacts that may not translate to a new company or industry.
...Still, it’s clear that many older workers are finding good jobs — especially as more and more baby boomers say they plan to stay in the workforce past the traditional retirement age of 65. Though big companies in older, mature industries may be making big layoffs — and getting the big headlines when they do — the overall U.S. job pool keeps expanding at a healthy clip. Since 2003, some 7 million more new jobs have been created than old jobs were lost. But “GM lays off 1,000” is news; “Advanced Bionetics hires three new workers” isn’t.
...“Older workers more and more are in much higher demand,” said John Challenger, whose company helps laid-off workers find new jobs. While “certainly (age) discrimination hasn’t disappeared,” he said, “for those who want to work the market is opening up to them.”
At least there's a home page link on MSNBC. Once you get past Harold Ford's picture, that is.
Posted by tree hugging sister at 03:11 PM