Opening Bell: 11.18.08

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Reid Calls For $25B In Banking Money For Auto Sector (DJNews)
Harry Reid et al introduced a bill to the floor Monday night calling for $25B from the Baking package. Apparently the American public are as attentive as dogs, simply looking wherever people snap - makes it easy to "accomplish" things that way.
"The bill, to be introduced by Senate Majority Leader Harry Reid, D-Nev., Monday evening, would provide $25 billion in low-cost loans to General Motors Corp. (GM), Ford Motor Co. (F) and Chrysler LLC."
Dutch Insurance Company Aegon Positioning For Bailout Money (Reuters)
The company is looking to purchase a Maryland based Savings and Thrift so as to qualify for US TARP money - it looks like they'll be seeking anywhere between $1.25B and $4.75B.
Yesterday, we saw Hartford doing essentially the same with an S&L, but this move is markedly different; it's not a U.S. Entity. While it's true that Aegon holds Transamerica Insurance - the company itself isn't based in the United States - which raises the all mighty question: what the hell?
Let's expound upon that a little bit - what if a flood of Iranian banks started buying Thrifts and applying for money? Who do we let raid the taxpayer vault?
Ford Drop-Kicks Mazda's Ass Out The Door (FT)
Ford is selling the majority of its holdings (20%/33.4%) in Mazda for $540MM in an attempt to stay alive long enough for Government money.
"Ironically, Ford had succeeded in making Mazda profitable even as its own business struggled."
UAW Weakens Its Grip On Washington (NYT)
The United Autoworkers Union has long held a firm grip on the policy makers in the East, but it looks as though their influence may be waning. I'm of the opinion that we're the chief culprits in this: next to us they look like children. The Time seems to agree - in part - but also cites long standing feuds with the Senate, and poor leadership.
Also touched on was the "Jobs Bank at G.M." which (via UAW) assured that all workers that were laid off from their auto jobs had full pay until they could find other employment.
Yang To Step Down As Yahoo CEO (DJNews)
Yang is stepping down after failed talks with Microsoft, having been with the company since its founding. Yahoo, for those of you who came to the interwebs post Google, was one of the first fully functional search engines. I don't remember anything before Yahoo, except books, which you can now get on Google.
M.B.A.s Veer Off Path to Big Finance Jobs (WSJ)
Synopsis: The majority of grads are seeking employment outside of IB, as they're scared the structure is disintegrating. For those staying in the field, they'll be seeking employment at Boutique and Middle Market houses. The big winners of the purge are going to be Technology and Consulting, who are going to pick up better grads than previously thought possible - as the job everyone really wants is going to be under water for ~5 years.
Paulson's Fund Buys Troubled MBS (FT
Paulson, seeing that the MBS market is depressed, has moved to purchase the undervalued securities and could stand to make a tidy sum off them.
I've always been a fan of the adage: "when there's blood in the streets, buy real estate."
At Least One Citi Employee Will Be Okay (NYDN)
"Drug dealing on craigslist has become so rampant that the city's special narcotics prosecutor has asked the online trading post to curb the ads, the Daily News has learned.
Bridget Brennan's undercover investigators have bought drugs offered on craigslist personals from dealers ranging from a Citigroup banker to an Ivy Leaguer to a violent felon using a halfway house computer. In the past four years, her office has prosecuted dozens of dealers."
--William Richards

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