GM Stock Sale In High Gear (WSJ)
Wednesday afternoon at the Manhattan headquarters of one of the lead bankers, Morgan Stanley, GM executives were greeted by traders and bankers standing and cheering while wearing blue GM T-shirts over their shirts and ties.
GM Aiming For No Debt On Balance Sheet (CNBC)
General Motors aims to eliminate all debt from its balance sheet and make its European operations profitable by 2012, GM CEO Daniel Akerson told CNBC today. "We want to delever as much as possible, in fact our goal is to have zero debt on our balance sheet," Akerson said, without elaborating on the timeframe. He said this move was needed so GM could better withstand the headwinds of economic cycles.
Bernanke Defends Fed Policy as Republicans Step Up Criticism (Bloomberg)
Bernanke, in a closed-door meeting yesterday, said the Fed’s plan to buy $600 billion in assets would spur job growth while keeping inflation under control. John Boehner, the presumptive House speaker, and three other Republicans sent Bernanke a letter expressing “deep concerns” about a policy they said risked weakening the dollar and fueling asset bubbles.
British Taxpayers `Knee Deep' in Ireland After Bank Bailouts (Bloomberg)
“We’re knee deep already in Ireland’s banks,” said Peter Hahn, a former managing director of Citigroup Inc. who now lectures on corporate finance at Cass Business School in London. “It’s going to get increasingly disturbing for people to see how exposed we are to Ireland’s banks.” If anything, 18.4 billion pounds “sounds like a low number,” he said.
Will Ferrell Bombs in Case Against JPMorgan (Dealbook)
Mr. Ferrell, his wife, a business manager and a trust for another comedian, Larry David, filed an arbitration claim against JPMorgan in August 2008, asserting that the Wall Street bank “engaged in unauthorized and unsuitable purchases” of $18 million of preferred securities. On Wednesday, a three-member arbitration panel denied the claim and ordered Mr. Ferrell and the others to pay JPMorgan $600,000 in legal fees.
George Soros Tells Progressive Donors Obama Might Not Be The Best Investment (HP)
The Hungarian-American financier was speaking to a small side gathering of donors who had convened in Washington D.C. for the annual gathering of the Democracy Alliance -- a formal community of well-funded, progressive-minded individuals and activists. According to multiple sources with knowledge of his remarks, Soros told those in attendance that he is "used to fighting losing battles but doesn't like to lose without fighting. We have just lost this election, we need to draw a line," he said, according to several Democratic sources. "And if this president can't do what we need, it is time to start looking somewhere else."
Citigroup May Need to Refile Thousands of Foreclosure Documents (Bloomberg)
Loan In 'Tens Of Billions' Seen For Ireland (WSJ)
"It's my expectation that that is what is definitely likely to happen," Patrick Honohan, who is also a member of the European Central Bank's governing council, told state broadcaster RTE Radio. When asked about the amount of the loan, he replied that it would be "tens of billions, yes ... I don't know that any precision has been put on it as yet."