According to Reuters, Citigroup (C) is near a deal to form a venture putting its brokerage business together with the one at Morgan Stanley (MS) Citi would be paid about $2 billion.…
In the game of chess over how Detroit can be saved, one of the moves has been to try to keep the UAW from striking. A strike could end any chance that…
Douglas A. McIntyre According to Reuters, the world is waiting on US jobs data to measure recession. Reuters reports that a Congressional panel is upping criticism of the Treasury. Reuters reports that corporate fraud scandals…
According to Reuters, Microsoft (MSFT) Windows 7 is "on schedule" and will begin testing with consumers. Reuters reports that Obama will lay out his case for stimulus package in a speech. Reuters…
It is the Year of the Rat in China. Perhaps they could change that to the Year of the Dog so that it would be in keeping with the general mood. One…
Douglas A. McIntyre It would be hard to miss the headline that Alcoa (AA) fired 15,000 people yesterday. The actions of big companies are probably a much better indicator for what is ahead for the…
According to Reuters, Alcoa (AA) will fire more than 13,000 people. Reuters reports that Apple (AAPL) disappointed with no Jobs or big announcements at Macworld. Reuters reports that GM (GM) says government…
It is hard to imagine an industry where when sales are off 30% to 40% it is considered a good thing. Welcome, to the Detroit auto company bailout of 2009. Sales of…
At the beginning of the decade a number of internet and next-generation technology companies raised money through venture capitalists and IPOs. Many of these companies had little, if any, revenue. Most had…
One of the more subtle parts of the government bailout of GMAC came after the financial arm of the car company, now majority owned by star-crossed hedge fund Cerberus, got its $6…
Douglas A. McIntyre The mathematics of the US car company bailout are simple. At least the car companies say that they are. Expenses get cut. Labor costs go down to what they are for Japanese…
According to Reuters, cities and states are facing shortfalls and potential defaults. Reuters reports that the US steel industry is starting a "buy America" campaign. Reuters reports that Fannie Mae (FNM) believes…
According to Reuters, Wall St. closed its worst year since The Depression. Reuters reports that GMAC did not hit its goal of trading debt for equity and cash. Reuters reports that GM…
Last summer, a gallon of gas cost over $4. Now the prices has dropped below two bucks and is still falling. The sharp drop in crude oil is to blame. Intuition would…
GMAC finally got its designation as a commercial bank. That allowed the firm to get $6 billion in federal money, $5 billion of which comes from the Treasury Department in exchange for…
Douglas A. McIntyre