BloggingStocks http://www.bloggingstocks.com BloggingStocks http://www.blogsmithmedia.com/www.bloggingstocks.com/media/feedlogo.gif BloggingStocks http://www.bloggingstocks.com en-us Copyright 2009 Weblogs, Inc. The contents of this feed are available for non-commercial use only. Blogsmith http://www.blogsmith.com/<![CDATA[Washington Mutual gave a mortgage to O.J. Simpson]]>http://www.bloggingstocks.com/2009/11/25/washington-mutual-gave-a-mortgage-to-o-j-simpson/http://www.bloggingstocks.com/2009/11/25/washington-mutual-gave-a-mortgage-to-o-j-simpson/http://www.bloggingstocks.com/2009/11/25/washington-mutual-gave-a-mortgage-to-o-j-simpson/#commentsFiled under:

With a $33.5 million judgment outstanding against him, O.J. Simpson would seem like a really, really dumb person to lend money to.

But during the boom years of mortgage malfeasance, it seems, there was a really, really dumb lender ready and waiting to serve every really, really dumb borrower.

The Seattle Times takes a long look at the collapse of Washington Mutual, and the greed, lack of internal controls, and reckless, short-term growth and stock price-obsessed corporate culture that led to its demise. Midway through the piece, Fay Chapman, WaMu's chief legal officer from 1997 to 2007, dropped this bombshell:

Continue reading Washington Mutual gave a mortgage to O.J. Simpson

Washington Mutual gave a mortgage to O.J. Simpson originally appeared on BloggingStocks on Wed, 25 Nov 2009 16:30:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>inthenewsO.J. SimpsonWashington MutualWed, 25 Nov 2009 16:30:00 EST<![CDATA[Pay czar Feinberg pressed to ease AIG pay restrictions]]>http://www.bloggingstocks.com/2009/11/24/pay-czar-feinberg-pressed-to-ease-aig-pay-restrictions/http://www.bloggingstocks.com/2009/11/24/pay-czar-feinberg-pressed-to-ease-aig-pay-restrictions/http://www.bloggingstocks.com/2009/11/24/pay-czar-feinberg-pressed-to-ease-aig-pay-restrictions/#commentsFiled under: ,

While Timothy Geithner gets deservedly raked over the coals for handling the America International Group (AIG) "negotiations" with kid gloves, federal officials are pressuring executive pay czar Kenneth Feinberg to ease pay restrictions on the company for the year 2010.

The concern is that tight pay restrictions, while politically popular, might hurt AIG's ability to attract and retain competent people -- thereby putting the taxpayers' long-term investment in the company at even greater risk.

Continue reading Pay czar Feinberg pressed to ease AIG pay restrictions

Pay czar Feinberg pressed to ease AIG pay restrictions originally appeared on BloggingStocks on Tue, 24 Nov 2009 13:00:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>AIGAmerican International GroupAnil KashyapinthenewsKenneth Feinbergpay czarTue, 24 Nov 2009 13:00:00 EST<![CDATA[Banks load up on short-term debt -- what?]]>http://www.bloggingstocks.com/2009/11/23/banks-load-up-on-short-term-debt-what/http://www.bloggingstocks.com/2009/11/23/banks-load-up-on-short-term-debt-what/http://www.bloggingstocks.com/2009/11/23/banks-load-up-on-short-term-debt-what/#commentsFiled under:

So remember when a bunch of banks got into trouble because they were overly-reliant on short-term debt and when they couldn't refinance it quickly, they had to either file for bankruptcy protection or get bailed out?

The Wall Street Journal reports (subscription required) that "Moody's Investors Service research shows that the average maturity of U.S. banks' wholesale debt has fallen to 3.8 years, from 5.8 years in 2006 and 7.8 years in 2002. These banks face $2 trillion of wholesale debt maturities through 2015, but about three-quarters of this amount comes due by the end of 2012."

Continue reading Banks load up on short-term debt -- what?

Banks load up on short-term debt -- what? originally appeared on BloggingStocks on Mon, 23 Nov 2009 14:30:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>inthenewsshort-term debtMon, 23 Nov 2009 14:30:00 EST<![CDATA[Ken Lewis says he could stay on as CEO indefinitely]]>http://www.bloggingstocks.com/2009/11/21/ken-lewis-says-he-could-stay-on-as-ceo-indefinitely/http://www.bloggingstocks.com/2009/11/21/ken-lewis-says-he-could-stay-on-as-ceo-indefinitely/http://www.bloggingstocks.com/2009/11/21/ken-lewis-says-he-could-stay-on-as-ceo-indefinitely/#commentsFiled under: ,

After previously announcing that he would leave the CEO post in December, Bank of America (BAC) head Ken Lewis is backpedaling in light of the company's difficulty in finding a replacement.

The Wall Street Journal (subscription required) reports that Mr. Lewis "has said he would consider postponing his retirement if directors need more time to find a successor or smooth the transition to the next CEO, according to a person close to him."

Continue reading Ken Lewis says he could stay on as CEO indefinitely

Ken Lewis says he could stay on as CEO indefinitely originally appeared on BloggingStocks on Sat, 21 Nov 2009 13:40:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>BACBank of AmericaBrian MoynihanGregory CurlinthenewsKen LewisSat, 21 Nov 2009 13:40:00 EST<![CDATA[Ken Lewis' successor could be... Ken Lewis?]]>http://www.bloggingstocks.com/2009/11/20/ken-lewis-successor-could-be-ken-lewis/http://www.bloggingstocks.com/2009/11/20/ken-lewis-successor-could-be-ken-lewis/http://www.bloggingstocks.com/2009/11/20/ken-lewis-successor-could-be-ken-lewis/#commentsFiled under:

In the past, I've covered Rochdale Securities analyst Dick Bove's inane ramblings about how fantastically awesome Bank of America (NYSE: BAC) CEO Ken Lewis is. Last month he called Mr. Lewis "phenomenally good" and his notes to investors are beginning to have more in common with 12-year old girls' Valentines to Zac Efron than conventional research.

But he has outdone himself this time. While Bank of America's chairman of the board goes on a cruise instead of devoting all his energy to finding a successor, Mr. Bove has found the solution to replacing Ken Lewis: "In sum, Mr. Lewis was a key architect in the creation and management of Bank of America. He knows this company better than anyone else and he knows how to operate it," Bove wrote in a research note issued this morning. "At this point in the company's history, this is the type of leader needed. Convincing him to return would be the biggest morale builder that management could get."

Continue reading Ken Lewis' successor could be... Ken Lewis?

Ken Lewis' successor could be... Ken Lewis? originally appeared on BloggingStocks on Fri, 20 Nov 2009 17:00:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>BACBank of AmericaBankOfAmericadick boveDickBoveken lewisKenLewisrochdale securitiesRochdaleSecuritiesFri, 20 Nov 2009 17:00:00 EST<![CDATA[Is Harbinger giving up on The New York Times Co.?]]>http://www.bloggingstocks.com/2009/11/20/is-harbinger-giving-up-on-the-new-york-times-co/http://www.bloggingstocks.com/2009/11/20/is-harbinger-giving-up-on-the-new-york-times-co/http://www.bloggingstocks.com/2009/11/20/is-harbinger-giving-up-on-the-new-york-times-co/#commentsFiled under:

Activist hedge fund Harbinger Capital disclosed in an SEC filing yesterday that it has sold 2.5 million shares of The New York Times Co. (NYT), reducing the company's largest outside shareholder's stake from to 14.6%. It also sold shares in September, when it reduced its position in the company from a 20% stake.

Harbinger declined a request for comment from The Wall Street Journal (subscription required), but it's possible that Harbinger is finally realizing that the shares' dual-class voting structure will make it impossible to affect change on the company's operations or corporate governance -- and as long as the Sulzberger family controls the company's fate, it will continue to be a value destruction machine trading at approximately the same share price it was at in 1984.

Continue reading Is Harbinger giving up on The New York Times Co.?

Is Harbinger giving up on The New York Times Co.? originally appeared on BloggingStocks on Fri, 20 Nov 2009 15:00:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>HarbingerinthenewsNYTSulzbergerThe New York Times Co.Fri, 20 Nov 2009 15:00:00 EST<![CDATA[Is Old Navy's comeback for real? Of course not]]>http://www.bloggingstocks.com/2009/11/19/is-old-navys-comeback-for-real-of-course-not/http://www.bloggingstocks.com/2009/11/19/is-old-navys-comeback-for-real-of-course-not/http://www.bloggingstocks.com/2009/11/19/is-old-navys-comeback-for-real-of-course-not/#commentsFiled under: ,

Old Navy is back!

At least, that's what most media outlets are reporting. According to Associated Press, "the bad economy has been good for the chain's lower-price Old Navy brand, which was retooled last year to resume catering to frugal moms after an ill-fated foray into trendier fashions."

Continue reading Is Old Navy's comeback for real? Of course not

Is Old Navy's comeback for real? Of course not originally appeared on BloggingStocks on Thu, 19 Nov 2009 12:20:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>Abercrombie FitchAeropostaleANFAROfeaturedGapGPSinthenewsOld NavyTargetTGTThu, 19 Nov 2009 12:20:00 EST<![CDATA[Barnes & Noble socks it to shareholders with poison pill]]>http://www.bloggingstocks.com/2009/11/18/barnes-and-noble-socks-it-to-shareholders-with-poison-pill/http://www.bloggingstocks.com/2009/11/18/barnes-and-noble-socks-it-to-shareholders-with-poison-pill/http://www.bloggingstocks.com/2009/11/18/barnes-and-noble-socks-it-to-shareholders-with-poison-pill/#commentsFiled under: , ,

Barnes & Noble Inc. (BKS) announced Tuesday that it had adopted a so-called shareholder rights plan to ward off "efforts to obtain control of the Company that are inconsistent with the best interests of the Company and its stockholders."

The company didn't go into specifics, but it is likely a response to billionaire Ronald Burkle's recent disclosure that he had boosted his stake in the company to 17.8%. In a press release, Barnes & Noble disclosed how the rights work:

Continue reading Barnes & Noble socks it to shareholders with poison pill

Barnes & Noble socks it to shareholders with poison pill originally appeared on BloggingStocks on Wed, 18 Nov 2009 12:00:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>Barnes NobleBKSCarl Icahnfeaturedinthenewspoison pillRonald Burkleshareholder rights planWed, 18 Nov 2009 12:00:00 EST<![CDATA[Bernanke says he'll keep an eye on the falling dollar]]>http://www.bloggingstocks.com/2009/11/16/bernanke-says-hell-keep-an-eye-on-the-falling-dollar/http://www.bloggingstocks.com/2009/11/16/bernanke-says-hell-keep-an-eye-on-the-falling-dollar/http://www.bloggingstocks.com/2009/11/16/bernanke-says-hell-keep-an-eye-on-the-falling-dollar/#commentsFiled under:

In a speech to the Economic Club of New York, Federal Reserve Chairman Ben Bernanke addressed concerns about the falling US dollar.

How? He says he is "attentive to the implications of changes in the value of the dollar" and will "monitor these developments closely".

That's a wonderfully Orwellian turn of phrase because it means precisely nothing.

Continue reading Bernanke says he'll keep an eye on the falling dollar

Bernanke says he'll keep an eye on the falling dollar originally appeared on BloggingStocks on Mon, 16 Nov 2009 16:40:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>bernankechinadebthenry blodgetHenryBlodgetinflationMon, 16 Nov 2009 16:40:00 EST<![CDATA[General Motors to pay back taxpayers with their own money]]>http://www.bloggingstocks.com/2009/11/16/general-motors-to-pay-back-taxpayers-with-their-own-money/http://www.bloggingstocks.com/2009/11/16/general-motors-to-pay-back-taxpayers-with-their-own-money/http://www.bloggingstocks.com/2009/11/16/general-motors-to-pay-back-taxpayers-with-their-own-money/#commentsFiled under:

In a bit of corporate strategy that would make Bernie Madoff blush, General Motors plans to use bailout money to pay back the $6.7 billion loan it has from the government.

The rest of the $50 billion flushed into General Motors has been converted into equity, meaning it does not have to be paid back. The Wall Street Journal reports (subscription required) that "GM still has $13.4 billion in an escrow account that came from its U.S. bailout, or twice the amount it needs to pay the government back. While repaying the loan promises to further bolster the health of the company's balance sheet, it also locks up cash that could be used to fund operations if the U.S. economy continues to slump, or if GM cannot arrest a severe decline in its sales and market share."

Continue reading General Motors to pay back taxpayers with their own money

General Motors to pay back taxpayers with their own money originally appeared on BloggingStocks on Mon, 16 Nov 2009 08:40:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>General MotorsGeneralMotorsGMinthenewsMon, 16 Nov 2009 08:40:00 EST<![CDATA[Former auto task force chief calls GM one of 'worst-run companies' ever]]>http://www.bloggingstocks.com/2009/11/14/former-auto-task-force-chief-calls-gm-one-of-worst-run-companie/http://www.bloggingstocks.com/2009/11/14/former-auto-task-force-chief-calls-gm-one-of-worst-run-companie/http://www.bloggingstocks.com/2009/11/14/former-auto-task-force-chief-calls-gm-one-of-worst-run-companie/#commentsFiled under: ,

Speaking at Bloomberg Washington Summit Friday, Steven Rattner, the former head of the government's auto task force, wasn't exactly in the mood for pulling punches.

Referring to his time overseeing the government involvement in the auto industry, he said that "They were some of the worst-run companies I've ever seen in my life," and said there was plenty of blame to go around, including unions and the companies' executives.

Continue reading Former auto task force chief calls GM one of 'worst-run companies' ever

Former auto task force chief calls GM one of 'worst-run companies' ever originally appeared on BloggingStocks on Sat, 14 Nov 2009 12:10:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>auto industryBloomberg Washington SummitGeneral MotorsGMGRMinthenewsKenneth Feinbergpay czarSteven RattnerunionsSat, 14 Nov 2009 12:10:00 EST<![CDATA[Bank of America chairman sails away while company seeks new CEO]]>http://www.bloggingstocks.com/2009/11/12/bank-of-america-chairman-sails-away-while-company-seeks-new-ceo/http://www.bloggingstocks.com/2009/11/12/bank-of-america-chairman-sails-away-while-company-seeks-new-ceo/http://www.bloggingstocks.com/2009/11/12/bank-of-america-chairman-sails-away-while-company-seeks-new-ceo/#commentsFiled under: ,

Bank of America (BAC) is in the midst of a frantic search for a CEO to succeed Ken Lewis, who is stepping down before the end of the year.

In an article on Bank of America's murky succession plan, USA Today buries this newsworthy factoid seven paragraphs down. From the "You can't make this stuff up" department:

BofA Chairman Walter Massey, who is leading the search, is currently on vacation on a ship and will not be reachable until Nov. 23, according to Morehouse College, where Massey is president emeritus.

Continue reading Bank of America chairman sails away while company seeks new CEO

Bank of America chairman sails away while company seeks new CEO originally appeared on BloggingStocks on Thu, 12 Nov 2009 12:20:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>BACBank of AmericaCEOchairmaninthenewsKen LewisreplacementsearchsuccessionWalter MasseyThu, 12 Nov 2009 12:20:00 EST<![CDATA[Former Bank of America director says give CEO job to insider]]>http://www.bloggingstocks.com/2009/11/11/former-bank-of-america-director-says-give-ceo-job-to-insider/http://www.bloggingstocks.com/2009/11/11/former-bank-of-america-director-says-give-ceo-job-to-insider/http://www.bloggingstocks.com/2009/11/11/former-bank-of-america-director-says-give-ceo-job-to-insider/#commentsFiled under:

And now we're back with more from the "Who the hell cares what he thinks?" file:

Former Bank of America (NYSE: BAC) lead director Temple Sloan tells Bloomberg that the company should pick an insider from Bank of America to be its next CEO -- because an outsider wouldn't be familiar with how the company (doesn't) work. He supports handing the job to Brian Moynihan, consumer banking head, or Barbara Desoer, who runs home loans and insurance.

Interesting ideas! Why isn't Mr. Sloan still on the board of directors?

Continue reading Former Bank of America director says give CEO job to insider

Former Bank of America director says give CEO job to insider originally appeared on BloggingStocks on Wed, 11 Nov 2009 15:00:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>BACBank of AmericaBankOfAmericaBrian MoynihanBrianMoynihaninthenewsmerrill lynchMerrillLynchTemple SloanTempleSloanWed, 11 Nov 2009 15:00:00 EST<![CDATA[GM chairman claims company can pay back U.S. loans]]>http://www.bloggingstocks.com/2009/11/11/gm-chairman-claims-company-can-pay-back-u-s-loans/http://www.bloggingstocks.com/2009/11/11/gm-chairman-claims-company-can-pay-back-u-s-loans/http://www.bloggingstocks.com/2009/11/11/gm-chairman-claims-company-can-pay-back-u-s-loans/#commentsFiled under:

Speaking at Texas Lutheran University, General Motors (GRM) chairman Edward E. Whitacre Jr. said that the company would be able to pay back all of its government loans -- soon!

"There is a sense of urgency at G.M. to repay the money we owe as soon as possible," Whitacre said. "Can G.M. pay back its loans? You bet. I can't tell you when but it won't be very long and it's sooner than you think."

Continue reading GM chairman claims company can pay back U.S. loans

GM chairman claims company can pay back U.S. loans originally appeared on BloggingStocks on Wed, 11 Nov 2009 11:00:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>Edward WhitacreGeneral MotorsGMGRMinthenewsWed, 11 Nov 2009 11:00:00 EST<![CDATA[Blodget says Ben Bernanke has a 'secret plan']]>http://www.bloggingstocks.com/2009/11/09/blodget-says-ben-bernanke-has-a-secret-plan/http://www.bloggingstocks.com/2009/11/09/blodget-says-ben-bernanke-has-a-secret-plan/http://www.bloggingstocks.com/2009/11/09/blodget-says-ben-bernanke-has-a-secret-plan/#commentsFiled under:

Don't count me among Henry Blodget's admirers, but he makes an interesting argument in a recent video posted on BusinessInsider.com (see below). Blodget argues that Federal Reserve Chairman Ben Bernanke has a "secret plan" to keep interest rates too low for too long on purpose. Why? To encourage inflation. According to Blodget, Bernanke has two good reasons for doing this:

  • Faster economic growth, which leads to more jobs, fewer angry constituents, and a Congress that's happier with Ben Bernanke.
  • Faster erosion of the real value of our debts. Consumers and the government are drowning under a massive debt load. One way to make paying off this debt easier is to make the dollars it is denominated in worth less. Bernanke will try to hasten this process as much as possible, taking it right to the point where our creditor China is mad as hell -- but not quite to the point where China actually stops lending to us.

Continue reading Blodget says Ben Bernanke has a 'secret plan'

Blodget says Ben Bernanke has a 'secret plan' originally appeared on BloggingStocks on Mon, 09 Nov 2009 13:20:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>Ben BernankeFederal ReserveHenry BlodgetInflationinthenewsMon, 09 Nov 2009 13:20:00 EST<![CDATA[Bank of America's board of directors fights over Lewis' successor]]>http://www.bloggingstocks.com/2009/11/09/bank-of-americas-board-of-directors-fights-over-lewis-successo/http://www.bloggingstocks.com/2009/11/09/bank-of-americas-board-of-directors-fights-over-lewis-successo/http://www.bloggingstocks.com/2009/11/09/bank-of-americas-board-of-directors-fights-over-lewis-successo/#commentsFiled under: ,

The Bank of America (BAC) travesty of corporate governance continues to grow increasingly tragicomic.

A quick recap: Bank of America's board of directors took way too long to kick CEO Ken Lewis to the curb and now it can't pick a successor because of infighting. Meanwhile, the board and the company's executives -- including those who are being considered for the CEO job -- have made such a mess of the whole thing that no one who isn't already part of the company will consider taking the job.

Charlie Gasparino of CNBC reports:

Continue reading Bank of America's board of directors fights over Lewis' successor

Bank of America's board of directors fights over Lewis' successor originally appeared on BloggingStocks on Mon, 09 Nov 2009 12:00:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>BACBank of AmericaBrian Moynihaninthenewsken lewisMon, 09 Nov 2009 12:00:00 EST<![CDATA[Goldman Sachs CEO Lloyd Blankfein pulls a Jeff Skilling in an interview]]>http://www.bloggingstocks.com/2009/11/09/goldman-sachs-ceo-lloyd-blankfein-pulls-a-jeff-skilling-in-an-in/http://www.bloggingstocks.com/2009/11/09/goldman-sachs-ceo-lloyd-blankfein-pulls-a-jeff-skilling-in-an-in/http://www.bloggingstocks.com/2009/11/09/goldman-sachs-ceo-lloyd-blankfein-pulls-a-jeff-skilling-in-an-in/#commentsFiled under: ,

Goldman Sachs's (GS) normally reclusive CEO and noted theologian Lloyd Blankfein has been conducting an unprecedented number of interviewers of late to try to bolster the company's image.

Maybe they'd be better off if he crawled back into his shell.

In an interview with London's Sunday Times, Mr. Blankfein explained that Goldman Sachs is "doing God's work."

Continue reading Goldman Sachs CEO Lloyd Blankfein pulls a Jeff Skilling in an interview

Goldman Sachs CEO Lloyd Blankfein pulls a Jeff Skilling in an interview originally appeared on BloggingStocks on Mon, 09 Nov 2009 10:50:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>featuredGoldman SachsGoldmanSachsGSLloyd BlankfeinLloydBlankfeinMon, 09 Nov 2009 10:50:00 EST<![CDATA[John Reed on the Citigroup fiasco: 'Sorry' is the easiest word]]>http://www.bloggingstocks.com/2009/11/06/john-reed-on-the-citigroup-fiasco-sorry-is-the-easiest-word/http://www.bloggingstocks.com/2009/11/06/john-reed-on-the-citigroup-fiasco-sorry-is-the-easiest-word/http://www.bloggingstocks.com/2009/11/06/john-reed-on-the-citigroup-fiasco-sorry-is-the-easiest-word/#commentsFiled under: ,

John Reed, the financier who helped engineer the creation of Citigroup (NYSE: C) has a message for investors and taxpayers who are none-to-pleased with his track record of value destruction: My bad!

In an interview with Bloomberg, Reed said "I'm sorry. These are people I love and care about. You could imagine emotionally it's not easy to see what's happened."

He also advocated splitting Citigroup and similar banks into smaller parts to lessen their ability to torpedo the broader economy.

Continue reading John Reed on the Citigroup fiasco: 'Sorry' is the easiest word

John Reed on the Citigroup fiasco: 'Sorry' is the easiest word originally appeared on BloggingStocks on Fri, 06 Nov 2009 10:40:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>CCitigroupinthenewsJohn ReedFri, 06 Nov 2009 10:40:00 EST<![CDATA[GAO says GM and Chrysler are 'unlikely' to pay back funds]]>http://www.bloggingstocks.com/2009/11/04/gao-says-gm-and-chrysler-are-unlikely-to-pay-back-funds/http://www.bloggingstocks.com/2009/11/04/gao-says-gm-and-chrysler-are-unlikely-to-pay-back-funds/http://www.bloggingstocks.com/2009/11/04/gao-says-gm-and-chrysler-are-unlikely-to-pay-back-funds/#commentsFiled under:

"Treasury's own analysis suggests that the circumstances necessary for the companies to reach market capitalizations high enough for Treasury to fully recovery its equity investments are unlikely," a Government Accounting Office report on the taxpayer-funded bailouts of General Motors and Chrysler found.

The problem is this: In order for taxpayers on General Motors to be made whole, GM will have to hit a market capitalization of $66.9 billion.

The highest GM's market cap has ever been is $57 billion -- and that was in 2000, when circumstances were very, very different.

Continue reading GAO says GM and Chrysler are 'unlikely' to pay back funds

GAO says GM and Chrysler are 'unlikely' to pay back funds originally appeared on BloggingStocks on Wed, 04 Nov 2009 10:00:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>featuredGeneral MotorsGeneralMotorsGMWed, 04 Nov 2009 10:00:00 EST<![CDATA[Bank of America delays CEO announcement]]>http://www.bloggingstocks.com/2009/11/02/bank-of-america-delays-ceo-announcement/http://www.bloggingstocks.com/2009/11/02/bank-of-america-delays-ceo-announcement/http://www.bloggingstocks.com/2009/11/02/bank-of-america-delays-ceo-announcement/#commentsFiled under:

After taking way too long to send CEO Ken Lewis packing, Bank of America (NYSE: BAC) is now taking way too long to find a successor.

Charlie Gasparino reports that "The board of directors of Bank of America is likely to delay a much-anticipated announcement of a replacement for CEO Ken Lewis until next week, an effort people close to the bank say, to conduct a wide-ranging search for the bank's next leader and appease some investors and analysts who want an experienced outsider to replace Lewis."

The problem is that Bank of America is having trouble finding qualified outside candidates -- because few sane people have a desire to walk into the mess that the current regime at the company has created.

Continue reading Bank of America delays CEO announcement

Bank of America delays CEO announcement originally appeared on BloggingStocks on Mon, 02 Nov 2009 15:40:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>BACBank of AmericaBankOfAmericaMon, 02 Nov 2009 15:40:00 EST