Tags: Autos, Bankruptcy, Barack Obama, Chrysler, Politics
Archive for April, 2009
Chrysler Voluntary Bankruptcy Petition Filing – 4/30/09
On April - 30 - 2009
Chrysler Chapter 11 Press Release
On April - 30 - 2009
It’s done: Chrysler filed Chapter 11 in the Southern District of NY
On April - 30 - 2009
….Dissident creditors intend to object to the company’s reorganization plan, a person familiar with their thinking said. That might thwart President Barack Obama’s goal of a “surgical” bankruptcy that would put a viable carmaker quickly into the market.
The case will be heard by Arthur Gonzalez in U.S. Bankruptcy Court in New York.
Fingered by the Obama administration as responsible for taking down Chrysler, the non-TARP lenders fight back with their own statement
On April - 30 - 2009
The nerve of those nasty hedge funds that hold first lien secured Chrysler paper who won't roll over and accede to the will of the Obama administration. Because they wouldn't roll over and allow themselves to be totally screwed in favor of more junior creditors (like the UAW to which Obama is politically beholding), they're being painted as the sole reason for the failure to cobble together an out of bankruptcy restructuring. We cry bullshit on the Obama administration (as well as their continual deluded statements that any bankruptcy will be "quick" or "surgical" or "quick rinse". Good luck with that). Following is a statement from an unnamed Obama administration official cited by the Wall Street Journal, and below that is the response of the hedge funds (aka, the Non-Tarp Lenders).
Earlier Thursday an administration official said the restructuring of Chrysler LLC will go forward even though a handful of hedge funds have refused to accept the Treasury Department's offer to cut the auto maker's debt.
"Their failure to act in either their own economic interest or the national interest does not diminish the accomplishments" by Chrysler, its planned alliance partner Fiat SpA and other stakeholders in the company, the official said, "nor will it impede the new opportunity Chrysler now has to restructure and emerge stronger going forward."
Charlie Rose: A conversation with Bill Gates and his dad
On April - 30 - 2009
Where’s my $63 million?: Harbinger’s Phil Falcone is sued by an ex partner over funds he claims are owed under his separation agreement
On April - 30 - 2009
Falcone has apparently offered to pay Howard Kagan, his ex-partner and CIO, half of the $63 million if he agreed not to sue….
- Chrysler in last ditch push for survival deal
- General Motors Bondholders Make Counteroffer for Majority Stake
- Timing of Goldman bond sale raises questions
- State Street Probe Examines Whether Firm Misled Clients
- Fairfield Greenwich Responds To Mass. Madoff Claims
- Emerging Markets Sell Most Bonds Since June, With 13% Yields
- BOJ Says Japan Economy Will Grow in 2010 After Shrinking 3.1%
- Ranieri Says Housing Is Shouting Distance From Bottom
- Evercore to Buy Bank of America’s Fiduciary Services
- Starbucks Profit Declines as Consumers Spend Less
- MGM Mirage Resolves CityCenter Rift, Wins Lender Pact
- Fontainebleau Says It’s in Talks With Bank of America
- Wal-Mart U.S. Chief Says New Customers Spending More
We can already hear Congress howling: Citigroup ($C) wants Treasury permission to pay ‘retention’ bonuses
On April - 29 - 2009
Is there any doubt that there will be big fireworks over this?: Citigroup is asking the Treasury to allow the payment of
retention bonuses, especially at divisions like the profitable Phibro
energy trading unit. According to the WSJ:
- Bank of America CEO’s Support Erodes Ahead of Annual Meeting
- Fed Is Said to Seek Capital for at Least Six Banks
- AIG acts to avoid default risk
- SocGen Chmn Bouton Quits After 15 Months Of Criticism
- The Banks Push Back
- Citigroup scrambles to raise capital
- Wells Fargo Will'Earn Our Way' Out Of TARP Loans
- U.S. Economy: Confidence Index Rises Most Since 2005
- D Bank kept Ackermann ‘to curb acrimony’
- Financier Pang Arrested on Cash ‘Structuring’ Charges
- Fiat-Chrysler Tie-Up Said to Be Planned With or Without Bankruptcy
- GM Withholds Executive Bonuses Pending a U.S. Treasury Review
- Hedge-Fund Adviser Arthur Nadel Faces 15-Count Fraud Indictment
Oops, never mind: Confirmed swine flu case at NYC Ernst & Young office turns out to be not confirmed
On April - 28 - 2009
According to CNBC, the confirmed case of swine flu that was reported to be found at the Times Square Ernst & Young office appears not to be swine flu after all….
Addendum: Or as CNBC stressed in a later report they "can't confirm" that it's swine flu.
As with the spread of the disease, this story still seems to be developing….
Must watch from The Apprentice: The boardroom, and Joan and Melissa Rivers’ meltdowns / tirades
On April - 28 - 2009
Boy, did Joan and Melissa Rivers embarrass / humiliate themselves with their insult filled, venom spewing, expletive deleted laden rants after the whiny Melissa was fired on this week's Apprentice. But it was sure entertaining! Jim Cramer was guest judge:
The shit hits the fan in part 2 below:
Tags: Bad behavior, Donald Trump, Embarrassing, Meltdowns, Videos
Our Photoshopped mock up of Air Force One flying over the Statue of Liberty
On April - 28 - 2009
Have they not heard of Photoshop part 2: We thought we’d take a stab at putting together a little mock up of what Air Force One flying over the Statue of Liberty would look like using Photoshop. It took just a few minutes for our little cut and paste. Of course a Photoshop pro could make it much prettier and much more professional looking with shadows and other nifty effects. But it beats the roughly $50K an hour that it costs to run Air Force One (plus more expense for the accompanying F-16) hose jobe that we the taxpayers got to pay for. Not to mention the terror that it caused for those forced to relive 9/11.
Tags: 9/11, Air Force One, Barack Obama, hypocracy, politically embarrassing, Politics, Statue of Liberty, Taxes, taxpayer's money, terror, Terrorism, waste
- SEC Omission From Bank of America Talks ‘Troubling,’ Chief Says
- Bair Looks Beyond Stress Tests, Seeks End to ‘Too Big to Fail’
- Deutsche Bank Returns to Profit on Trading Rebound
- D Bank surprises investors as chief stays on
- Lazard posts loss due to charges; fees plunge
- CalPERS moves to beef up disclosure rules for outside marketers
- Pang Case Could Have 'Major Impact' in Taiwan, Regulator Says
- U.S. court freezes assets of California financier
- Credit Suisse’s Zhu Said to Quit to Start Private-Equity Firm
- Madoff unit auctioned for $25.5 mln
- G.M.’s Latest Plan Envisions a Much Smaller Automaker
- IBM, Brocade boost ties as Cisco rivalry heats up
If the preliminary findings stick, they'll have 6 months to come up with more capital…..
Ernst & Young, Times Square: Swine Flu has arrived in NYC
On April - 27 - 2009
"A staff member at 5 Times Square became ill Sunday after contact with a family member who had been exposed to the virus. She has now been treated, is resting at home and is doing well," employees were told in a company e-mail sent Monday.
The Ernst & Young employee infected with swine flu had not been at work since last Thursday.
The e-mail to employees also noted that there is a 24-hour incubation period of the disease, citing information from the Center for Disease Control.
Swine Flu Found In NYC Office – CBS News
Have they not heard of Photoshop?: We wonder how much that little flyover with Obama’s plane that scared the crap out of New Yorkers and New Jersey folks alike cost tax payers
On April - 27 - 2009
The outrageous waste of taxpayer money displayed by this incident just makes us laugh hysterically, and not in a good way:
Charlie Rose: A conversation with Bill Ackman, Joseph Stiglitz
On April - 27 - 2009
Also the WSJ's Kate Kelly and Andrew Ross Sorkin of the NYT:
- Public Health Emergency Declared for Swine Flu, Napolitano Says
- Swine Flu Virus Outbreak Confirmed at New York School
- Swine Flu Outbreak Spreads, Spurring Asia to Screen Travelers
- France Says Studying Four Possible Swine-Flu Cases
- Swine Flu ‘Highly Likely’ in 10 New Zealanders, Government Says
- Canadian Governments Confirm Six Cases of Swine Flu
- Russia Suspends Mexican, Some U.S. Meat Imports on Swine Flu
- Thain Fires Back at Bank of America
- Summers Says U.S. Economy to Decline ‘For Some Time’
- New UBS reshuffle claims investment banking head
- Quadrangle wins investor vote of confidence
- GM CEO To Announce Revisions To Viability Plan Mon
- Chrysler and Union Agree to Deal Before Federal Deadline
- Qualcomm, Broadcom Settle Legal Disputes
- Qantas May Cut Business Class Seats as Travel Demand Plunges
Testing for headline length
- Edgy Banks Start to Get Word Today on Stress Tests
- Ford Loss Smaller Than Estimates as Cash Use Drops
- Chrysler Near Bankruptcy Filing
- Morgan Stanley Eyes Big Trading Change
- BofA ‘threatened’ over Merrill deal
- Nomura Holdings Posts $7.2 Billion Loss
- State sues Wells Fargo for $1.5 billion
- Barclays revolt fuelled by shareholder anger
- Madoff's Net Losers Safe From Clawbacks
- Stanford Receiver Tells Court $1 Billion Can’t Be Located
- NYSE, Deutsche Börse Resume Deal Talks
- SEC Sets Its Sights on Municipal Securities
- AmEx's Customers Leave Cards at Home
- Microsoft, Amazon.com Show ‘Big Negative Surprises’ May Be Over
- Microsoft growth hits buffers after 34 years
- Amazon quarterly sales jump 18%
- Steel Industry Woes Signal Shakeout, Price Cuts
Reality TV dream dashed for now: Indicted Blagojevich won’t be eating bugs in the Costa Rican jungle; What he has to say about it
On April - 23 - 2009
Visit msnbc.com for Breaking News, World News, and News about the Economy
If you're not seeing the Blagojevich video, sorry 'bout that. Some sort of Typepad glitch is causing a previously posted CNN video to show instead of the MSNBC one we posted. We have to keep it up while our blog host looks into it….
Tags: Politics
Did Ben Bernanke and Hank Paulson urge Bank of America CEO Ken Lewis to withhold the facts from his shareholders about Merrill Lynch’s financial problems? ($BAC)
On April - 23 - 2009
Ken Lewis’ February testimony to Andrew Cuomo et al: According to this morning’s WSJ, based on statements that Ben Bernanke and Hank Paulson were said to have been made to him, Ken Lewis believed that he was supposed to keep mum about Merrill Lynch’s financial woes, even though he risked not publicly disclosing material financial information about the increasingly risky merger to his shareholders. It was either that, or “impose a big risk to
the financial system”. But according to statements from Bernanke and Paulson, it’s not all that clear who said what and how Lewis’ arm might have been twisted….
Tags: Bank of America, Ben Bernanke, Fed, Henry Paulson, Merrill Lynch
