Here’s a partial list we’ve gotten here of stores and their plans after the first of the year:
[...]
Two weeks ago today, the Obama Nation was gloating. Sweeping victories in the general election, Democrats now control the White House and both houses of Congress. Well, it’s been two weeks, so that means it’s time for me to get out of my fetal position, stop throwing up, an assess what’s transpired since then.
In the last two weeks, there has been a steady stream of companies lined up at the Treasury Department’s door to obtain “equity stakes” from the American taxpayer. I admit that I was one of the first (and few) to defend Treasury Secretary Paulson’s and Federal Reserve Chairman Bernanke’s bailout/rescue/money grab in an effort to shore up a global economy on the verge of total economic collapse. This was, and is, an unpopular position, because the consensus was, and is, that stupid management decisions should not be compensated for by the American taxpayer.
My argument [...]
The Dow had it’s record highest point gain today up almost 940. Although it was up a bit today, Oil prices have been retreating and have been steadily below $90/bbl for several days. And have you noticed the price of gasoline has also been declining?
Of course, we all know it’s not over yet, but it’s good to see some positive signs. Unfortunately, the price of diesel fuel has not come down with trhe price of gasoline, apparently due to supply issues worldwide. And this will keep the price of consumer goods general higher. Seems like[...]
After a weekend of back and forth, one judge’s order to stop Wells and Wachovia from proceeding on Saturday, and appellate court overturning that order on Sunday, and a $60 Million CitiGroup (C) suit against both Wells Fargo (WFC) and Wachovia (WB), the three parties have agreed to a temporary halt to all litigation and discovery until Wednesday at noon.
Which just demonstrates the fallout that can be expected as the government (in this case, the FDIC) strong-arms companies to act, no matter how imprudently, to prevent the government from stepping in and (in this case) taking yet another bank into receivership.
It probably comes as no big surprise that Wells Fargo (WFC), one of the largest banking concerns in the US, well diversified in financial products across deposits, lending, credit cards, sales finance, and a smart mortgage originator, announced Friday that they had made a deal to purchase the entire Wachovia package for $15.4 Billion. The surprise comes with the fact it was five days late. The deal undercuts CitiGroup’s (C) announced purchased of part of the Wachovia (WB) operation, and does what CitiGroup could not do: completes the deal without Federal Funding.
I was shocked when I heard, since Wells had originally participated in negotiations last weekend along with CitiGroup. Wells evidently was able to use the week, in which a contract had not yet been signed, to perform additional due diligence, and came up with an offer Thursday evening.
In an interview on CNBC television today, Warren Buffett disclosed that he wants to pursue buying some of AIG’s units. This could reduce the impact of the AIG bailout on taxpayers since Berkshire Hathaway can help shore up some of the weaknesses in AIG as those units are integrated into Buffett’s empire. According to Reuters:
Buffett said he [...]
Just when you thought you couldn’t afford to go on summer vacation, just when you thought the ONLY answer to rising gasoline prices was a “gas tax holiday“, just as various states are complaining they don’t have enough tax money collected to pay for road work, now oil prices fall to a 3 month low of [...]
The following is a work of fiction and political satire. None of this is true. However, if you have a sensitive stomach, or are a Liberal, or just don’t get most jokes you hear, you may want to avoid reading this piece. But you are welcome to anyhow.
Barack Obama, in an unprecedented [...]
In this morning’s print edition of the WSJ, was the story that Marcus Brauchli has stepped down as Managing Editor. Said Brauchli:
“Now that the ownership transition has taken place, I have come to believe the new owners should have a managing editor of their choosing.”
Murdoch is supposedly impatient with the time it’s taking to make [...]
AT&T this morning reports an increase in quarterly profit. From the Reuters story:
AT&T’s first-quarter profit rose to $3.46 billion, or 57 cents per share, from $2.85 billion, or 45 cents a share in the same quarter a year earlier.
The positive report results mostly from strong growth in AT&T’s wireless business. Traditional phone subscriptions were down.
One [...]
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