Write-Offs: 11.24.08

Posted by Bess Levin, Nov 24, 2008, 6:20pm

$$$ Deals: To Canada and Beyond
In our M&A Roundup for the week ended Nov. 23, four of the ten largest North American deals involve Canadian natural-resource companies -- in a slow period that shows signs of picking up today. [CFO.com]

$$$ As part of a drive to cut $15 billion in costs, GM is no longer keeping the 562 clocks in working order, which will eliminate the expense of replacing and disposing of the clock's batteries and the cost of resetting them twice a year for daylight-saving time.

It's not the only new measure GM is taking to save every last nickel. In its Renaissance Center headquarters, employees working late have to climb stairs when navigating its labyrinth of lower floors -- the company now stops the escalators at 7 p.m. In designated cleanup areas of certain offices, the company has changed the type of wipe-up towels it buys. In a memo to employees, a staffer explained this will lower GM's "cost per wipe." [WSJ]

$$$ Lehman bankruptcy triggers $301M fumble for NFL's Giants [The Deal]

$$$ "I and others were mistaken early on in saying that the subprime crisis would be contained."-- Bernanke [The New Yorker]

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