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Pelosi and Reid Are A Danger To Capitalism
Can you believe this shit? The top two Democrats in Congress are urging Paulson to grant aid to the Big 3 auto manufacturers. I don’t remember anyone asking the American public about this. Where is the vote? What gives Paulson, Reid or Pelosi any right to bail out individual businesses as they see fit? The end [...]
Continue reading...The Death Of GM
7. November 2008
This might just be the first of our Big 3 American autos that will go under. Bloomberg sites that GM has lost $73 billion since the end of 2004 and that it may run out of dinero by year-end without additional funding. American auto manufacturers have been crapping out ugly looking and unreliable cars for the [...]
Continue reading...After 57 Days, Boeing Is Back Online
2. November 2008
Some of the key deal points reached today between Boeing and the machinist union: 15% raise over four years (sounds fair) Union workers will do the delivery work that suppliers would generally handle (this sounds like bullshit) Maintenance workers can’t get canned if subcontractors are doing similar work (bullshit) The union cost Boeing $10.3 million per day (over $.5 [...]
Continue reading...Iceland Might Declare Bankruptcy
28. October 2008
This is crazy…apparently Iceland’s government may declare bankruptcy if it doesn’t get the $2.1 billion in aid it’s asking for. The Fed has been on a tear lately buying up all of Wall Street…seems like the Fed should consider buying up countries as well. Though I’m not sure what Iceland has to offer…oil?
Continue reading...Corporate Bonds Looking Hot And Sexy
26. October 2008
If you’re a Treasurer who feels like making some ballsy moves in the market, you should give corporate bonds a look. With a flight to safety and high quality investments, corporate bonds are offering some serious “equity-like” returns, says UBS. Yes, there is risk…but you have some very big names like Citi, AMEX, IBM and [...]
Continue reading...The Nostradamus of Finance
24. October 2008
Have you heard of Dr. Doom…ahem, I mean, Dr. Nouriel Roubini? This guy is the grim reaper of economics…and his predictions have been spot on. Try not to shit your pants when you read his latest forecast for our economy…it will have you stocking up on water, food and ammo. Does Costco sell ammo? Yikes!
Continue reading...Accountants Always Have Jobs
24. October 2008
Accountemps just released unemployment rates for accounting related fields and the news is good (at least the stats Accountemps wants you to see are good). The U.S. unemployment rate currently stands at 6.1% and the rate for accounting related fields is a helluva lot lower. The accounting field is highly industry agnostic. Great markets, [...]
Continue reading...AIG Execs Salaries Frozen
22. October 2008
This puts a smile on my face… From Reuters - “This is to confirm that AIG has agreed to freeze any payments pursuant to the employment package of its former Chief Executive Officer Martin Sullivan in light of the attorney general’s ongoing review,” After they do that, I think the Gov’t should throw a lien on Sullivan’s [...]
Continue reading...Ticketmaster Thins Out
22. October 2008
My alma mater, Ticketmaster, has axed 5% of its staff today. Amongst the deadpool is apparently the US Controller of the Company, a position I previously reported into. TM is coming under incredible shareholder pressure as the stock price has plummeted since its August IPO and lost more than half its market [...]
Continue reading...Big 4 To The “Rescue”
22. October 2008
Like superheros called upon to save Earth, both E&Y and PWC have been deputized to provide accounting and internal control support services to Treasury’s bailout of the financial sector. At least Treasury is finally admitting that they are in over their head on these issues….
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9. November 2008
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