Finally, the CEO's of big banks come to their senses and decide to forgo their bonuses.. GS started it, UBS and Barclays followed suit.. Citi executives should wake up and make the same, in addition to all the cost (employee) cutting they are doing..
John Paulson, not in any way related to Hanky Paulson, has reversed his bearish call and started buying Residentail Mortgage backed loans. Well, John is one of the Hedge Fund managers testified before the congress a couple of days back. The real question is - whether he really believes that the market has bottomed out, or whether he was arm-twisted to change his stance.
Jerry Yang, the infamous CEO of Yahoo has finally stepped down, and the rumors of Yahoo and MS merger are going rounds again.. Cliffs and Alpha Natural Resources have finally called off their merger plans citing the economic uncertainty and the commodity market conditions as reasons. Lowes and Target joined the list of retail companies reported weaker sales, though today Home Depot, the largest home-improvement retailer, reported 3Q profit that fell LESSER than analyst estimates.
It was fun listening th etestimony of Detriot Three (CEO's of Ford, Chrysler, GM) before the congress today making their case for a federal bail out. Though the congress is skeptical about getting the bailout money back, I dont think not bailing out is an option before them.
UK economy explained.. It is far more wrose than many anticipate!!
US govt better have a clear picture of what it got itself into by spending about 4 T in bailing out and fixing the economy.. Most of it is borrowed by selling treasuries. Considering the fact that the tax dollars would be less in 2009 (with all the unemployment around and the losses by the corporates) and the interest expense to be more than what it is, dollar is going to weaken drastically I guess (in 2009)..
Song: 'Re-offender" - Travis.
mood: Pensive!
An interesting trivia on this band I like.. This band seems to have gained their limelight when during a concert it suddenyl started raining as they started singing their 'then' famous song ' Why does it always rain on me??
No of Cigs smoked : 0
No of times had the urge to smoke : May be 10 times..
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