Rescue Plan Faces Delays In Hiring Asset Managers (WSJ)
The Journal reports that Bald's plan has hit a few roadblocks, mostly related to the hiring of financial firms to oversee the program, and the fees the government will pay asset mangers for their services (which will probably end up at about 0.15% to 0.20% of assets). Unreported tensions also apparently threatening to undermine things include infighting over who put the empty bottle of Turtle Wax back in the cabinet, and several awkward occasions on which Bald and Beard showed up to open mic night wearing the same outfit.
BP posts 83 percent rise in 3Q profits (AP)
BP PLC reported a net profit of $8.05 billion (42.56 cents/share) for the third quarter, up from $4.41 billion (23.07 cents/share) last year. Revenue was up 45 percent, to $103 billion, from $71 billion.
GM, Chrysler request $10 billion in aid (Reuters)
General Motors (which continues to tell us bankruptcy is not an option, so that settles that) and Cerberus have requested $10 billion from the Treasury to facilitate a merger between GM and Chrysler. The funding would include approximately $3 billion in exchange for preferred stock in the merged company. The Treasury is apparently mulling it over.
German Financial Regulator Is `Analyzing' Volkswagen Trading (Bloomberg)
BaFin, Deutschland's financial regulator, is "in the process of analyzing Volkswagen trading" but hasn't opened a formal investigation into possible stock manipulation because "pure cash-settled options do not require disclosure" under German law.
Funds' October Surprise (NYP)
JPMorgan Asset Management has lost $7 billion in assets since the beginning of July. Assets at Ray Dalio's Bridgewater Associates dropped to $38 billion from $43.5 billion.
Boeing reaches deal with machinists' union (FT)
BA reached a four-year agreement at "should" allow production to recommence following the little strike by 27,000 members of The International Association of Machinists, which has cost Boeing around $5bn in lost revenue. Tom Wroblewski, the president of the union's District 751 said that the workers had "gained important and substantial improvements over the Company's last, best and final offer that was rejected on September 3." From Boeing's view, the company "retained the flexibility necessary to manage its business, while making changes to the contract language to address the union's issues on job security, pay and benefits." There'll be a ballot by Machinists in three to five days.
CNBC has sent Squawk Box's Carl Quintanilla to report from Florida. Ostensibly its in anticipation of November 4 but he's in Clearwater so fingers crossed we'll get a tour of the Scientology castle at some point this week, with split screen commentary from Charlie Gasparino. In related news, the $Honey will be interviewing McCain and Palin this morning at 9:30, and Joe Kernan has thrice banged on the desk and nearly (completely?) lost it over the suggestion that the network is endorsing the McC/P ticket.
Posted by guest, Oct 28, 2008 8:07AM
Too Rawr! Didn't read.