Daily Archives: November 16, 2008

Brilliant Move: Goldman Sachs (GS) Says Top Seven Execs Will Skip 2008 Bonuses

Cammonopoly_wideweb__430x3250In a remarkably shrewd move, the top seven executives at Goldman Sachs (GS) will give up their 2008 bonuses. That should keep Congress and regulators off the investment bank’s back and allow it to move forward with its daily business without the distractions and objections that would come from paying out tens of millions of dollars in compensation after a year in which even Goldman has remarkably poor earnings and an awful stock performance. The shares are down from a 52-week high of $234  to $67.

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Posted on: November 16, 2008 – 4:32 pm in Financial Stocks,

Republicans Begin To Turn Against Detroit Bailout, Increases Chances of Bankruptcies

Batmobile512With the Fed and Treasury apparently willing to sit on the sidelines while GM (GM) and Chrysler run low on money and head toward possible bankruptcies, it has been left to Congress to put together a bailout package, probably $25 billion in loans.

For the legislative route to be successful, Senate Republicans would have to back that financial rescue in fairly large numbers to get the bill to the president’s desk. That is now less likely to happen than it appeared at the end of last week.

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Posted on: November 16, 2008 – 11:29 am in Autos, , ,

G20 Meeting On Financial Crisis A Failure

AngrybearA little less conversation a little more action please
All this aggravation ain’t satisfactioning me
A little more bite and a little less bark
A little less fight and a little more spark…Elvis Presley

The G20 financial summit did not yield much of any significance that could help staunch the bleeding brought on by the worldwide economic crisis.

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Posted on: November 16, 2008 – 7:02 am in Economy