Wall Street Folly

Tags: bailout, Barack Obama, Bonuses, Compensation, GE, Goldman Sachs, Henry Paulson, Jamie Dimon, JP Morgan, Lloyd Blankfein, Murders, Robert Kissel, Scandal, U.S.. Treasury

• Meredith Whitney Op Ed: The Credit Crunch Continues
• Revenge of Thain
• Who Can Take Charge at Bank of America?
• BofA lines up candidates to replace chief
• BofA Directors Scramble To Lay a Succession Plan
• High-Frequency Gain: Citadel Unit’s $1 Billion
• Fed Draws Court’s Eyes in Lehman Bankruptcy
• CIT Starts Exchange Offer to Cut At Least $5.7 Billion of Debt Read the rest of this entry »

Tags: Bank of America, CIT, Citadel, Credit cruncy, Fed, GE, High Frequency Trading, John Thain, Lehman Brothers, Meredith Whitney, Merrill Lynch

• Budget Blow for Health Plan
• Bank of America Profit Drops Less Than Expected on Fee Income
• Citigroup Reports Second Quarter Net Income of $4.3 Billion, $0.49 Diluted EPS
• AIG Swaps May Take Decades to Expire Leaving a ‘Toxic Pool’
• Lawmakers Blast Paulson For His Response to Crisis Read the rest of this entry »

Tags: AIG, Autos, Bank of America, Bankruptcy, CIT, Citigroup, Delphi, GE, Google, Healthcare, Henry Paulson, NYC, unemployment

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Tags: Apple, Economy, Fed, GE

Interviewed by CNBC this morning, GE CFO Keith Sherin tried to calm the market that has sent the company's stock into the abyss, saying that the the fears of the company's short term financing picture are 'overdone'. 

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Tags: GE

GE Asset Management is the latest to get hit by the sub-prime flu as one of its short term bond portfolios, down some $200 million, returned money to investors at a 4% discount…..

A short-term bond fund run by General
Electric Co.’s GE Asset Management returned money to investors at 96 cents on
the dollar after losing about $200 million, mostly on mortgage-backed
securities.

The GEAM Trust Enhanced Cash Trust, a short-term bond fund with about $5 billion
in assets, told non-GE investors on Nov. 8 that they could withdraw their money
before losses mounted. Enhanced cash funds usually offer higher yields than
money- market funds by investing in riskier assets.

All outside investors, who together held “several hundreds of millions of
dollars” in the fund, pulled their money, Chris Linehan, a GE Asset Management
spokesman in Stamford, Connecticut, said yesterday in an interview. Most of the
fund’s money before the redemptions came from GE’s corporate pension plan and
remains invested.

GE Bond Fund Investors Cash Out After Losses From Subprime – Bloomberg

Tags: Credit Crunch, GE