The Ticker


November 2008


AIG: $1 Salary For CEO

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Looks like AIG's perk-filled glory days are officially over starting with CEO Edward Liddy, who is following a time-honored tradition at troubled companies by slashing his salary to a buck.

Via the WSJ:

American International Group Inc. put restrictions on executive salaries, including a ...

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Geithner Gets It

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MSNBC says New York Federal Reserve President Tim Geithner will be named Treasury Secretary on Monday.

Here's some background on him:

A quick rundown from the NYT.

His recent speeches are here, here and here.

The largest knock against Geithner is the Fed's decision to let Lehman Bros. fail, but he's ...

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Warren Buffett: Unemployment Heading "To New Heights"

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Fox Business scored an interview with Warren Buffett today, and issues some excerpts ahead of time. (The interview airs at 4 p.m. ET):

On Unemployment:

“There are going to be more people unemployed…but I'm not worried about how we come out in the end. I mean, I'm not worried about five years from ...

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Investors: Poorer Everywhere

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With the S&P 500 at an 11-year low after yesterday's rout, Merrill Lynch surveys the damage.

World equity market capitalization has lost more than $35 trillion from the market top -- an amount equivalent to the entire spending of the U.S. consumer during 2004-2007.

With all that fear, Merrill says ...

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Auto Bailout Tide Turns

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It is not hard to understand that the producing and consuming of automobiles might properly seem the purpose of life to the General Motors management, or that it might seem so to other men and women deeply committed economically or emotionally to this pursuit. If they so regard it, they should ...

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TAGS:
General Motors
bankruptcy

No Recession In World of Warcraft

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Bless you, nerds.

The retail recession isn't complete! After a launch that included midnight parties and lines outside of Best Buy stores (pics here) Activision Blizzard Entertainment (ATVI) now says it sold more than 2.8 million of its World of Warcraft expansion pack, Wrath of the Lich King, on ...

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Merrill: Fund Managers Defensive

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Merrill Lynch's monthly Survey of Fund Managers is gloomy again in November, but U.S. stocks are getting some love. Some takeaways:

  • Four out of five investors believe that the world will continue to experience recession over the coming year.
  • Forty percent believe that monetary policy is “too ...
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    TAGS:
    Merrill Lynch

    Housing Grinds Lower

    By |

    You've heard it before: Homebuilder stocks will bounce back before the housing market recovers. That's the mantra of bottom-fishing hopefuls who keep waiting for the right time to pounce on Toll Brothers, Hovnanian Enterprises, KB Homes, D.R. Horton or any of the other big American builders.

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    TAGS:
    housing market

    Deflation!

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    Worried consumers are a troubling part of the economy's deflationary dip today.

    The 1 percent drop in the Consumer Price Index, both larger than Wall Street expected and the largest drop since the Labor Department started tracking the data in 1947, came thanks to weak sales of new and used cars,

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    Cuban Blogs Back

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    After the SEC charged Mark Cuban with insider trading, he posted the following on his blog:

    I wish I could say more, but I will have to leave it to this, and let the judicial process do its job.


    November 17, 2008
    RE: SEC Civil Action in the United States District for the Northern District of Texas,

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    TAGS:
    SEC

    Yang Exits: What's Yahoo Worth Now?

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    Jerry Yang steps down as CEO, Yahoo shareholders rejoice (at least for today), and bets are being placed again as to whether Microsoft will be back with a bid.

    So what's the post-Yang premium? So far today, about $2 billion (as of just before noon, with shares up 15 percent).

    Speculation ...

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    TAGS:
    Yahoo

    Citigroup Troubles Grow

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    The Wall Street Journal, which ruffled Citigroup's feathers over possible executive changes yesterday, now says tens of thousands of job cuts on the way at the bank as well as higher rates for millions of credit card holders.

    On jobs:

    Starting this week, Citigroup is handing out pink ...

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    TAGS:
    Citigroup

    Signs of Strife: Commodity Edition

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    A Barclays note on commodities says a lot about how scared markets still are:

    • The signals that commodity prices are moving ever further below long-term equilibrium levels continue to proliferate. However, despite the growing lists of producers cutting output and projects being cancelled or deferred,
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      TAGS:
      commodities

      Stocks Breach 2008 Lows

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      Another REALLY volatile day on Wall Street shows huge price swings are still the rule.

      In truly ugly early afternoon trade, both the Nasdaq and the S&P 500 dove below 2008 lows set on Oct. 10. (For the S&P, 839 was the technical level that set off today's selling).The Dow didn't break its technical ...

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      TARP: It Really Is All About Confidence

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      Give Henry Paulson some credit for an impressive slight of hand: On his watch, the government set up a massive bailout plan, and without spending a dime of those funds for their stated purpose managed to convince lending markets to calm down (at least for now. Track regular updates at Calculated ...

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      Online Ads, Google Face Tough '09

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      The sharp knives are out this week for 2009 online ad spending, and stocks won't be immune.

      Google will be hurt by slower online advertising, starting with tighter purse strings at Priceline, Expedia, eBay and Amazon.com, the top four online advertisers. That's according to Citigroup analysts who ...

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      TAGS:
      Google
      shopping

      Could AIG Kill GM?

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      Wow, that first $350 billion went pretty quickly right?

      According to the Wall Street Journal, after agreeing to expand AIG's bailout by $40 billion or so the Treasury has just $60 billion left to lend of its initial $350 billion allocation under the terms of the government's approved bailout ...

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      TAGS:
      stocks
      AIG, Inc.

      Circuit City Bows Out

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      Today's bankruptcy filing at Circuit City comes as no real shock. The ailing consumer electronics giant already announced it was closing 155 stores (or about 20 percent of its total) in a last-ditch effort to stay solvent. Creditors agreed to float the chain a $1.1 billion loan to keep remaining ...

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      TAGS:
      stocks
      shopping

      The Fed Hires Bear Stearns

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      As I've followed this year's financial crisis, one of the questions I repeatedly toss out to folks in the business is this: If we're headed for a tighter regulatory environment, is there enough readily available brain power out there that the government can hire in order to get a quick handle on ...

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      TAGS:
      Bear Stearns

      Signs of the Global Slowdown

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      American investors may spend this week focusing on the U.S. election, but it’s worth noting today’s alarming signs that weakness in the economy continues to spread around the globe.

       A few points:

       1) ArcelorMittal, the world’s largest steel producer and a Wall Street darling over the last few years ...

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      TAGS:
      economy
      stocks

      Wall Street Bailout: Not for Bonuses

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      Public pressure to make sure banks are using taxpayer money to rebuild the financial system and not line their pockets may be working.

      The FT reports major banks have agreed not to use their recent $125 billion cash infusion from the government to pay bonuses.

      In recent days, lawyers for ...

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      TAGS:
      economy