Bomb Defused Outside Citi HQ In Greece (DJNewswire)
So far they’re considering it part of a movement by Greek anarchists to unsettle the banking system there: “Police in Athens on Wednesday defused a “powerful” makeshift time bomb outside the Greek headquarters of Citigroup Inc. (C), a police source said.
The bomb, consisting of a clock and explosives packed in gas cylinders, was hidden in the rear of a stolen car parked outside the Citibank building in the northern suburb of Kifissia.”
President Obama Set To Unveil Mortgage Plan Today (Reuters)
The lasting effects of this are debatable; on one had we have pure capitalism that allows for people to lose their houses, kill their credit, and ultimately (probably) end up on some social welfare system. On the other, we have a (what could be) a plan to write down mortgages to some more reasonable level, but it’s unclear who would benefit directly from the write-downs. The line in the Reuters article “The aim is to bring mortgage payments to a more affordable range of around 31 percent of borrowers’ incomes” is a bit terrifying: if they look to mark houses as a percentage of current occupants’ incomes they’ll only distort home prices to such a point that any valuations will become completely worthless.
Fun with simple math: As is, the plan (speculatively) calls for $50B in aide to mortgage borrowers. Assuming an adjustment in the neighborhood of $25,000 per house (plus $15,000 in fees/concessions to banks), we come to $40,000 per house over some period of time – which is essentially enough to modify 1.25MM homes.
The Attorney Did It (Bloomberg)
In an almost comical move, the attorney for Stanford disaffirmed everything he had told investigators, effectively withdrawing. Hint for future attorneys/fraudsters: stick to your guns. Whenever possible, follow the sagely advice of HST: “Make the bastard chase you. He will follow.”
Peter Henning, the expert du jour from Detroit’s Wayne Law School had this to say:
“The attorney’s withdrawal is a massive red flag” that “screams fraud, If the SEC hadn’t turned up the heat by that point, it did then.”
Something Like $6 or $12 or $14B. Wait, No, Definitely $14B (NYT)
The car bitches are back asking for more green with GM pushing this round to $14B in aide; I’m a fan of letting Nissan’s “trunk monkey” sodomize the entire lot at this point. In return for the money, GM and Chrysler cowered like 8 year olds promising to clean their room.
Immelt Waives $12MM Bonus (FT)
“Jeff Immelt has waived his right to collect bonus and performance-based pay that would have netted the chief executive more than $12m in cash, people familiar with the company’s plans said.
The decision, approved by GE’s board this month, comes as Mr Immelt confronts a deepening recession that has crimped earnings and prompted its retreat from financial services, which had served as a profit engine for two decades.”
Former Morgan Stanley VP Accused Of Embezzlement (AP)
“A former Morgan Stanley vice president has been arrested on charges of embezzling more than $2.5 million from the investment bank. Richard Garaventa Jr., of Manalapan, N.J., pleaded not guilty Tuesday at his arraignment in Manhattan’s state Supreme Court on grand larceny and other counts. He faces up to 25 years in prison if convicted”
I melt, you melt, we all melt together.
Inconvenient Debt?
http://www.youtube.com/watch?v=lNS8IY_Td14&feature=bz303
bitches i’ll solve this crisis for you.
add viagra to the drinking water supply to stimulate consumption 1) of prostitution- and prostis live hand to mouth so this cash goes straight to the nearest mall 2) of large cars to do it in 3) of gifts to make up to the mrs 4) of housing since a lot of guys will get kicked out by the mrs.
I say crisis solved. any other things that keep you bitches up at night?
PEB
Jeff Immelt will cut the dividend to preserve AAA rating. CFO has been talking down the rating, “GE is trading like a AA credit”, and company said will maintain dividend through 1H09, but what 2H09? Obviously the company is talking down the dividend and rating to prepare investors for change, which is coming. No reason to buy this overleveraged company. The luster is off GE. Everyone owns this stock – the index funds are forced to buy this one due to weighting – and to hold it.
When you look into the abyss Richard Nixon stares right back at you.
It is Wayne State University. Some of us matriculated there you know. Respect the “D” please.
Sounds like Welch and his gun haven’t caught up with Immelt yet.
Greenspan backs bank nationalisation
http://www.ft.com/cms/s/0/e310cbf6-fd4e-11dd-a103-000077b07658.html
Wanna try that story? I bet the kiddies won’t be able to sleep tonight after reading it to them.
3 = pure genius. The bill should be entitled
Special
Program to
Lessen
Obsolescent
Overblown
Government
Expenditures
(SPLOOGE)
“Borroweers”? Is there no spell check for the CNBC crawl?
http://abcnews.go.com/Blotter/WallStreet/story?id=6903014&page=1
we have another one on the run…..
“Principle reduction” is said to be part of the housing plan according to Liesman on CNBC.
Mark Haynes is the man…he is ripping everyone a new one this morning
Melissa Lee says: take me to your leader.
Haynes is the best. Liked him before erin and after, no matter how hard she tried to tear him down and steal his show.
GM’s proposal to restructure the company includes $30 billion from the US taxpayer while firing another 47,000 of those same taxpayers. “General Motors submitted the plan to the Treasury today to explain how the Detroit automaker will become viable and repay its loans. It says GM will try to borrow up to $16.6 billion more from the government, on top of the $13.4 billion it has already received. GM, in an attempt to blackmail the US public, says it has considered the option of bankruptcy which could have a total cost of $100 billion. Should GM be allowed to layoff tens of thousand of US citizens while getting billion of dollars from those very citizens?” http://tinyurl.com/djqq3l
Melissa Lee > Erin Burnett as morning and Street Signs host.
Melissa Lee == Cabbage Patch Kid
http://www.amazon.com/Cabbage-Patch-Kids-Black-Haired-Asian/dp/B000GL1OD0
“follow the sagely advice of HST”
Stay out of bat country?
Just keep buyin’ that GE stock folk, and keep Immelt in the cutting edge corporate jet.
Mark “Blabber” Haines was being attacked by his senility this morning or just pre-menopausal rant—-> changed channel.
They should replaced that guy.
How about M.H. offering some common sense this morning?