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The "up-to-the-minute Market Data" thread

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posted on Mar, 17 2009 @ 11:16 AM
link   
reply to post by marg6043
 


yes inflation will be a reality, but...

Without an increase in wages, hyper-inflation won't be

supply and demand alone will create a situation that feels like inflation - especially as imports and exports decline.

Then of course, there is the greed factor

Early news leaks from FOMC


Fed ‘Disinclined’ to Purchase Treasuries, Goldman Sachs Says

Federal Reserve officials appear “disinclined” to announce plans to purchase Treasuries when policy makers conclude a two-day meeting tomorrow, according to Goldman Sachs Group Inc.

The outcome of the meeting will likely be identical to that of the Jan. 27-28 gathering, the New York-based firm said. Central bankers are likely to refrain from giving more guidance on possible purchases to help ease consumer credit because selected economic data such as retail sales has improved, market conditions are better and officials have played down the option in recent comments, Goldman said.

“While we see several reasons why Treasury purchases make even more sense now than they did then, the FOMC appears disinclined to take this step yet,” wrote Edward McKelvey, senior U.S. economist in New York at Goldman Sachs, in a note to clients late yesterday.

Worse-than-forecast economic news such as a weakening labor market, the Fed’s need to expand its balance sheet and the Bank of England’s success at driving yields lower with debt purchases argue for buying Treasuries, McKelvey said.

After the Fed’s meeting on January, policy makers said they were “prepared to purchase longer-term Treasury securities” if it became clear the policy would be “particularly effective” in getting credit flowing. On March 6, Federal Reserve Bank of New York President William Dudley said policy makers have decided for now not to expand the range of securities they purchase.

Treasuries rose today as traders speculated policy makers will provide additional direction on possible purchases. The yield on the 30-year bond dropped five basis points to 3.71 percent at 10:45 a.m. in New York, according to BGCantor Market Data.

Source

[edit on 3/17/09 by redhatty]




posted on Mar, 17 2009 @ 11:25 AM
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Dow Jones Industrial Average 7,257.67 12:24pm ET 40.70 (0.56%)
S&P 500 INDEX,RTH 761.29 12:23pm ET 7.40 (0.98%)
NASDAQ Composite 1,425.80 12:24pm ET 21.78 (1.55%)
===
Gold $917.27
===
Wow got yer rockin' chairs out?

Time to watch Grass Grow today...

===
FTSE 100 3,834.13 12:18PM ET -29.86 (-0.77%)
CAC 40 2,763.91 12:33PM ET -27.75 (-0.99%)
DAX 3,976.31 12:18PM ET -68.23 (-1.69%)
===
...and some news to put the Asian Market gains into prospective...

Yen Swap Spreads Near Highs as Hedge Fund Absence Saps Liquidity, RBS Says
www.bloomberg.com...

March 17 (Bloomberg) -- Japan’s attempts to end financial turmoil failed to lure hedge funds back to its swap markets, leaving premiums paid by domestic borrowers near a record, RBS Securities Japan Ltd. said.

Hedge funds, which lost more than $400 billion through withdrawals and market losses since June, pulled out of Japan’s swap markets after the failure of Lehman Brothers Holdings Inc. led to a seizure in global credit, said Tatsuo Ichikawa, a senior strategist at RBS in Tokyo. Japan’s banks were charged record premiums this month to swap London borrowing rates for those set in Tokyo as a slumping economy exacerbated concern about the health of the nation’s companies.

“Hedge funds are pulling money out of the market and aren’t in a position to take risks,” Ichikawa said. “There’s also the possibility that foreign financial institutions operating in Tokyo are repatriating funds to their home countries. This makes it easy for the market to overshoot and it will take time for conditions to return to normal.”

Spreads are near all-time highs for swaps covering interbank borrowing costs, credit risk and cross-currency transactions. Japanese banks were asked to pay as much as 35 basis points this month on top of the yen London Interbank Offered Rate, or Libor, to receive the yen rate set in Tokyo. That was the largest gap since at least May 1999 and also exceeded levels following Japan’s banking crisis in the 1990s.

Bank of Japan to Provide Subordinated Loans to Banks (Update1)
www.bloomberg.com...

March 17 (Bloomberg) -- The Bank of Japan said it may provide as much as 1 trillion yen ($10 billion) of subordinated loans to banks to replenish capital depleted by falling stock prices and revive lending.

The central bank will provide details of the “extremely extraordinary” measure, the length of the loans and the interest rate it will charge “as soon as possible,” Governor Masaaki Shirakawa told reporters in Tokyo today.

The 48 percent drop in the Nikkei 225 Stock Average since the beginning of 2008 decimated the value of equities held by banks, making it harder for them to maintain capital ratios and limiting their ability to lend. Earlier efforts to buoy bank balance sheets have so far failed to arrest Japan’s descent into what may be the worst recession since World War II.

“Authorities are showing that they won’t let a vicious spiral take hold between the financial system and economy,” said Toru Kitani, who manages the equivalent of $2.9 billion at Sompo Japan Asset Management Co. in Tokyo.

“The program is aimed at preventing a situation where financial institutions become more cautious because of falling stock prices,” Shirakawa said. “We haven’t observed a major tightening in lending by banks.”


[edit on 3/17/2009 by Hx3_1963]



posted on Mar, 17 2009 @ 11:51 AM
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oooweee...a move!!!

Dow Jones Industrial Average 7,292.63 12:50pm ET 75.66 (1.05%)
S&P 500 INDEX,RTH 766.14 12:50pm ET 12.25 (1.62%)
NASDAQ Composite 1,432.62 12:50pm ET 28.60 (2.04%)

amazing what a nice sack lunch will do fer traders!!!

===
CITIGROUP INC 2.48 12:37PM ET 0.15 (6.44%)
BK OF AMERICA CP 6.02 12:36PM ET -0.16 (-2.57%)
FINANCIAL BULL 3X 5.24 12:37PM ET 0.37 (7.60%)

looks like Mr Green is 2 fer 3 so far!!!

All aboard the Bic Express!!! He's buyin' the Irish Dark Ale!!!


[edit on 3/17/2009 by Hx3_1963]



posted on Mar, 17 2009 @ 12:13 PM
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watching charts today is like watching paint dry - a little more activity on the futures though


WASHINGTON (MarketWatch) - Larry Summers, a top economic adviser to President Obama, said Tuesday there is no alternative to the plan for massive spending and near-term deficits to try to give the economy a "jolt." If the jolt is not successful, there could be "continuing grading deflation like the Japanese did," earlier this decade, Summers said in an interview on CNBC. Once the recovery is underway, spending will be cut back and taxes will be raised in order to bring the deficit down. Summers said the Obama economic plan is not designed to move the stock market over the short-term.

&dist=hplatest]Sour ce


While markets collapse and 401k plans disappear, one must wonder why the financial press failed to warn us about Wall Street's house of cards. Commercials blared how well they understood the markets, how they looked out for your money, and gave you the information you needed to make the right decisions. As the markets and economy implode, they still merrily chirp away on tv as if nothing ever happened with no accountability for their sloppy reporting as the last few years.........

fullstory

73 AIG employees received bonuses of $1 million or more: NY AG Cuomo letter to Rep. Barney Frank - Reuters Breaking News


A Democratic U.S. congressman said on Tuesday he has introduced a bill that would slap a 60 percent surtax on large bonuses to be paid to executives at bailed-out insurer American International Group Inc.

Michigan Democratic Rep. Gary Peters introduced the bill and has picked up five co-sponsors. He said in a statement that the bill would "create a 60 percent surtax on bonuses over $10,000 to any company in which the U.S. government has a 79 percent or greater equity stake in the company. Currently, AIG is the only company that meets this threshold."

source

WOO HOOO Fresh off the wire: BULLETIN -- ELEVEN A.I.G. EXECUTIVES RESIGN.

The TALF: Bernanke’s Witness Protection Program Too large to post here - many related links listed!

[edit on 3/17/09 by redhatty]



posted on Mar, 17 2009 @ 12:38 PM
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I Think I See A Smart CFO!



Who'd a thunk?

Coca-Cola, health-insurer WellPoint Inc. and more than 30 other companies are issuing bonds and using the proceeds to repay their short-term IOUs, according to data compiled by Bloomberg. The amount of commercial paper outstanding shrank 16 percent since Jan. 7 to $1.48 trillion last week and daily issuance dropped to a four-year low, according to the Federal Reserve.

No really?

Hint from the Peanut Gallery - using short-term debt to pay longer-term obligations is criminally stupid.

Commercial paper should not be used for funding requirements that remain open longer than its maturity. Why not? Well, gee, what did we learn last fall?

If I want to, for example, build a new plant, I should issue bonds with a sufficient duration to guarantee that I can (1) get the plant built, (2) get it online, and (3) have it contribute enough to the firm's cash-flow that rolling over that debt will not be an issue, as I will have proved that the installation is salutary to the firm's health.

Even better would be to amortize that structure over its service life on the original issue (or at least to where I anticipate needing to perform a significant refit on the facility)

This is called sound business practice; you know you have the money for the length of time necessary to deploy that capital and put it to productive use.

But no! The financial "geniuses" that came out of our so-called "business schools" instead had been issuing short-term debt to fund long-term obligations. This makes you look smart as its cheaper to borrow for a short period of time than it is to borrow for a longer one, since the inflation and economic risk is less over a short period of time.

The "stupid", however, is that the risk did not actually decrease. Instead, what happened is that you retained it instead of transferring it to the buyer of the bond, in that the risk is now that you may not be able to roll that paper at a reasonable price - or at all!

This "something for nothing" mentality is part and parcel of why I have nothing but disgust for people who have the three letters "MBA" after their name (in most instances, not all); these are the same sort of "geniuses" who time and time again keep claiming they have found a free lunch - only to find out that they are the lunch when what they found in fact is a lion that promptly eats them.

PS: This is why you take a 30 year mortgage too. It allows you and your spouse, just married, to live in the house and raise a handful of children from conception to maturity without refinancing risk. Why is it that this fundamental fact - that matching duration of debt to expected utility of that which is purchased with it - is something that isn't instantly obvious?


OKay this is getting really strange...

BULLETIN -- A.I.G. PAID MORE THAN $1 MILLION IN BONUSES TO EMPLOYEES WHO ALREADY LEFT THE COMPANY

and


A number of A.I.G. executives have resigned amid a growing scandal involving excessive bonuses, the AFP news agency reported on Tuesday.

The agency reported eleven executives had left the company but a spokesman for A.I.G., when speaking with BNO News, was not immediately able to comment on the report.

Meanwhile, New York Attorney General Andrew Cuomo says the company paid bonuses of $1 million or more to 73 employees, including 11 people who no longer work for the company, the Associated Press reported.

Cuomo subpoenaed information from A.I.G. on Monday to determine whether the payments constitute fraud under state law. He says contracts written in March 2008 guaranteed employees 100 percent of their 2007 pay for 2008, regardless of their performance.

President Obama and other lawmakers have heavily criticized A.I.G. for paying $160 million in bonuses to employees of its Financial Products division, the unit primarily responsible for the company's meltdown.

source

[edit on 3/17/09 by redhatty]



posted on Mar, 17 2009 @ 12:41 PM
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reply to post by redhatty
 



Ummmm...I'm seeing the start of a spanking fresh and totally new PONZI in the bargin!

Trying to find any decent market news today and it's like finding a leprechan.



posted on Mar, 17 2009 @ 12:45 PM
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reply to post by irishchic
 


I REALLY want to work for a company that will still pay me a bonus AFTER I leave the company!!!

Don't YOU????

Karl's got it right...

AIG Derivatives Guys: Just Do It (Seppuku)



posted on Mar, 17 2009 @ 12:48 PM
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Completely irrational market gains today, Citigroup has skyrocketed since beginning of the month less then $1 a share. This is why I won't trade in this market, there is no consistency.



posted on Mar, 17 2009 @ 12:52 PM
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it just keeps getting better...


A number of A.I.G. executives have resigned amid a growing scandal involving excessive bonuses, the AFP news agency reported on Tuesday.

The agency reported eleven executives had left the company but a spokesman for A.I.G., when speaking with BNO News, was not immediately able to comment on the report.

Meanwhile, New York Attorney General Andrew Cuomo says the company paid bonuses of $1 million or more to 73 employees, including 11 people who no longer work for the company, the Associated Press reported.

Cuomo subpoenaed information from A.I.G. on Monday to determine whether the payments constitute fraud under state law. He says contracts written in March 2008 guaranteed employees 100 percent of their 2007 pay for 2008, regardless of their performance.

According to a prosecutor, the company paid more than $42 million in bonuses to the "top ten bonus-getters".

President Obama and other lawmakers have heavily criticized A.I.G. for paying $160 million in bonuses to employees of its Financial Products division, the unit primarily responsible for the company's meltdown.

source

GO CUOMO - give us more reasons to lynch these leeches



posted on Mar, 17 2009 @ 12:59 PM
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reply to post by Rockpuck
 
It's gettting to the point, where I can't see why anyone would risk a penny in the markets.

I'm sure a lot of companys have real value and are investable, but, theres to much gaming going on in the financials, with gov blessing now...

no real reason for some of the gains being seen...a bunch of double talk on the way to ruin...

once again...

"That light you see at the end of the tunnel? It's not sunlight...it's a $16T mag-lev coming at ya...and Snidley Whiplash (AKA BB) has ya roped to the tracks..."


Shall we watch fer the sell off today???


[edit on 3/17/2009 by Hx3_1963]



posted on Mar, 17 2009 @ 01:17 PM
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Can't say this one surprises me

Rage at AIG Swells As Bonuses Go Out
Fed Decided Payouts Couldn't Be Stopped


A tidal wave of public outrage over bonus payments swamped American International Group yesterday. Hired guards stood watch outside the suburban Connecticut offices of AIG Financial Products, the division whose exotic derivatives brought the insurance giant to the brink of collapse last year. Inside, death threats and angry letters flooded e-mail inboxes. Irate callers lit up the phone lines. Senior managers submitted their resignations. Some employees didn't show up at all.

"It's a mob effect," one senior executive said. "It's putting people's lives in danger."

Politicians and the public spent yesterday demanding that AIG rescind payouts that they said rewarded recklessness and greed at a company being bailed out with $170 billion in taxpayer funds. But company officials contend that the uproar is scaring away the very employees who understand AIG Financial Products' complex trades and who are trying to dismantle the division before it further endangers the world's economy.

"It's going to blow up," said a senior Financial Products manager, who spoke on condition of anonymity because he was not authorized to speak for the company. "I have a horrible, horrible, horrible feeling that this is going to end badly."

President Obama yesterday vowed to "pursue every legal avenue to block these bonuses." But that pledge might have come too late. About $165 million in retention payments started to go out Friday to employees at Financial Products, after numerous discussions with the Treasury Department and the Federal Reserve.

Attorneys working for the Fed had been examining the matter for months and determined that the retention payments couldn't be touched because AIG would face costly lawsuits and be subject to penalties from states and foreign governments. Administration officials said over the weekend that they agreed with that assessment.

AIG disclosed its retention-payment program more than a year ago, and the amount of the bonuses -- more than $400 million for Financial Products alone -- had been widely reported. But as the payments were coming due in recent days, the White House began to express its indignation.

Pressure on the 370-person Financial Products unit, based primarily in Connecticut and London, grew even more intense yesterday when New York Attorney General Andrew M. Cuomo threatened to issue subpoenas if the company failed to provide details about recipients of the retention payments.

The payments represent only the most contentious of a larger group of bonuses being paid throughout AIG. The company's top seven officials, including chief executive Edward M. Liddy, agreed in November to forgo bonuses through this year.

After a Wednesday call between Liddy and Treasury Secretary Timothy F. Geithner, AIG agreed to restructure payments for the next 43 highest-ranking officers at the company, who are to receive half of their bonuses -- which total $9.6 million -- immediately, one-quarter July 15 and the rest Sept. 15. The last two payments would depend on whether the company makes progress in restructuring its business and paying back taxpayers. In addition, the company is set to pay another $600 million in retention awards to about 4,700 people throughout its global insurance units.

But each dollar remains in question after the president's reprimand yesterday and the deluge of rage from legislators and the American public. Government leaders already say they plan to recoup some of the bonus and retention pay while restructuring the company. In addition, administration officials said that the Treasury is planning to try to recover some of the bonus money by adding provisions to the additional $30 billion it gave AIG access to earlier this month.

The payment plan had been no secret.

more at link - free registration required

[edit on 3/17/09 by redhatty]



posted on Mar, 17 2009 @ 01:22 PM
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I am no expert by any means, but I have been following this thread from the beginning, watching the mkts, etc... What I think we're seeing here is that very few are actively trading right now; I believe this market is being completely manipulated by TPTB in an effort to milk what they can before this house of cards completly collapses, which I feel is very, VERY close at hand. They drive the mkt slowly up in an attempt to create a false sense of confidence then SELL! Yesterday was a good example, and I think today will be just like yesterday: Big sell off in the last hour. But I really don't know alot about any of this, just my novice (at best) observation.



posted on Mar, 17 2009 @ 01:27 PM
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reply to post by Hx3_1963
 


Of course in a normal economic environment, assuming no socialist intervening, we would invest in the counterparts of these companies. AIG fails, well you take what you can salvage and buy into the company that will replace them... but no .. the Gov is # with the markets big time..

Volume appears low today, perhaps it's just the pessimist drown their worries in green beer while the optimist are buying, buying, buying. I just cannot see any rationality with all the negative news to push the markets like this, aside from Condo construction rising... ok.. that makes sense.

Until I see rationality return I am afraid I will have to convert what I have to precious metals, probably silver.. not to say they are not seeing the same volatility, but I feel secure thinking that at some point we need to hedge for the coming inflationary period following this miserable deflation.



posted on Mar, 17 2009 @ 01:28 PM
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Dow Jones Industrial Average 7,286.90 2:26pm ET 69.93 (0.97%)
Dow Jones Industrial Average 7,271.21 2:30pm ET 54.24 (0.75%)

S&P 500 INDEX,RTH 764.22 2:27pm ET 10.33 (1.37%)
NASDAQ Composite 1,429.63 2:27pm ET 25.61 (1.82%)
===
Gold $916.48

I'm waiting............................................




AIG Plans Retention Pay for Staff Facing Dismissal (Correct)
www.bloomberg.com...

March 17 (Bloomberg) -- American International Group Inc., the insurer under fire for handing out bonuses after its $173 billion government bailout, budgeted $57 million in “retention” pay for employees who will be dismissed.

AIG disclosed the payments, part of a larger $1 billion program meant to retain staff, in a March 2 filing. The insurer was chastised yesterday by President Barack Obama for awarding $165 million to staff of the derivatives unit blamed for the firm’s near collapse, and New York Attorney General Andrew Cuomo said he’ll subpoena AIG to get details on those payments.

“Spending a billion dollars on retention payments while the company is on its deathbed is ludicrous, particularly when some of those payments are going to employees the company plans to terminate,” said Representative Elijah Cummings, a Maryland Democrat on the House Oversight and Government Reform Committee.

The disclosure on expenses for “employees expected to be terminated” may signal AIG is planning staff cuts after leaving total employment unchanged at 116,000 last year, according to regulatory filings. The U.S. saved the firm from bankruptcy in September, and the company posted the biggest quarterly loss in U.S. history in the three months ended Dec. 31.

“As part of restructuring the company, we will ultimately eliminate jobs that are, at the moment, critical to maintaining ongoing operations and winding down certain businesses,” said Christina Pretto, an AIG spokeswoman. “To have one of these positions obviously implies an uncertain future, and creates an incentive to leave the company. To retain such mission-critical people, we are making retention payments to them.”

The March 2 filing didn’t say how many employees will get portions of the $57 million.






[edit on 3/17/2009 by Hx3_1963]



posted on Mar, 17 2009 @ 01:43 PM
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reply to post by DangerDeath
 


umm.. what? lol




posted on Mar, 17 2009 @ 01:45 PM
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reply to post by Elostone
 


Many smart people think that we needed that "breather" to continue the rally, nothing more than late day profit taking, you could also be 100% right though, just a lot of institutional buying and selling



posted on Mar, 17 2009 @ 01:50 PM
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Paulson & Co. Acquires $1.28 Billion Stake in AngloGold Ashanti
www.bloomberg.com...

March 17 (Bloomberg) -- Paulson & Co., the New York-based investment firm run by John Paulson, bought a stake in AngloGold Ashanti Ltd. from Anglo American Plc for $1.28 billion as hedge funds increase their gold holdings.

Paulson paid $32 a share for the 11.3 percent stake in the Johannesburg-based gold miner, Anglo American said today in a statement. The purchase makes Paulson the company’s second largest shareholder, according to data compiled by Bloomberg.

“We believe AngloGold Ashanti is one of the best managed and undervalued of the major global gold-mining companies,” Paulson said in an e-mailed statement. “We look forward to the implementation of their global expansion strategy.”

Hedge funds are turning to gold to mitigate potential inflation as governments around the world increase spending to stimulate their recession-bound economies. David Einhorn, founder of New York-based Greenlight Capital Inc., told investors in January that he is buying gold for the first time. Hayman Advisors LP’s Kyle Bass said investors are seeking precious metals as central banks print more money.
Looks like someone is getting their house in order?


[edit on 3/17/2009 by Hx3_1963]



posted on Mar, 17 2009 @ 02:21 PM
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The real AIG outrage
money.cnn.com...
The $165 million in bonuses is shocking. Worse is the lack of progress in breaking up the failing insurer so that taxpayers can get back their $170 billion.

NEW YORK (CNNMoney.com) -- When American International Group CEO Ed Liddy appears before Congress on Wednesday, he's probably going to be allowed to sit in a chair. But it might be more fitting if he were tied to a stake.

Liddy is going to be absolutely lambasted by Democrats and Republicans on the House Financial Services' Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises.

The insurer's decision to proceed with about $165 million in annual bonuses even though AIG (AIG, Fortune 500) has now received four federal bailouts is the type of appalling Wall Street behavior that outrages taxpayers and quickly gets politicians worked up into a rabid lather.

If we're lucky, Rep. Michael Capuano, D-Mass, aka Barney Frank, Jr., will go on a screaming jag like he did when the CEOs of the first banks that got bailout money, a group I like to refer to as the TARP Eight, appeared before Congress last month. "Get that bonus money on the street!"

:snip:

There is a bigger problem at AIG though. Much larger and important than $165 million in bonus payments.

It's now been nearly six months since the first AIG bailout and the cost of this rescue has ballooned to nearly $170 billion. In other words, an amount more than 1,000 times the cost of the bonuses that everyone is making a fuss about.

Yet, there has been little progress in breaking up the insurance monolith, selling off assets so that AIG can use the proceeds to pay back the government.

So even if the government is able to get some of the bonus money back by changing the terms of AIG's next bailout payments, as President Obama is suggesting, or taxing the bonuses, as Sens. Chris Dodd, D-Conn., and Max Baucus, D-Mont., are proposing, that does little to solve the bigger AIG problem.

AIG probably needs to be broken up in order for there to be any chance of having some of the taxpayer's bailout money returned to federal coffers.
...A valid point, but, ain't no one got no money to buy a busted up broke down company...and even then most of the moneys been handed out...no way can they repay no $100B with no buyers...


Caterpillar cuts another 2,454 jobs
www.reuters.com...

CHICAGO (Reuters) - Caterpillar Inc, the world's largest maker of construction and mining equipment, notified an additional 2,454 workers in three states on Tuesday that they were losing their jobs as the company continues to try to bring production in line with plummeting demand.

The bulk of the job cuts -- nearly 1,600 in all -- will come in Illinois at the company's plants in East Peoria, which makes track-type tractors and pipe layers, and Aurora, where it makes hydraulic excavators and wheel loaders.

The company also said it is closing a fuel systems factory in Jefferson, Georgia, and moving production to two other Caterpillar plants. It is also cutting jobs in Indiana.

In January, Caterpillar announced 22,000 layoffs and in February, the company offered voluntary early retirement packages to another 2,000 production workers.
Oh Boy...it just gets better...(not)...


[edit on 3/17/2009 by Hx3_1963]



posted on Mar, 17 2009 @ 02:51 PM
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We blew away the 20 day MA on the SPY today. Next target is the 50 day which stands around $82. I think we get there by the end of the week.

I guess Greenbic's dad will be eating the hat today.



posted on Mar, 17 2009 @ 03:47 PM
link   
Rage at AIG Swells As Bonuses Go Out



A tidal wave of public outrage over bonus payments swamped American International Group yesterday. Hired guards stood watch outside the suburban Connecticut offices of AIG Financial Products, the division whose exotic derivatives brought the insurance giant to the brink of collapse last year. Inside, death threats and angry letters flooded e-mail inboxes. Irate callers lit up the phone lines. Senior managers submitted their resignations. Some employees didn't show up at all.

"It's a mob effect," one senior executive said. "It's putting people's lives in danger."

Politicians and the public spent yesterday demanding that AIG rescind payouts that they said rewarded recklessness and greed at a company being bailed out with $170 billion in taxpayer funds. But company officials contend that the uproar is scaring away the very employees who understand AIG Financial Products' complex trades and who are trying to dismantle the division before it further endangers the world's economy.

"It's going to blow up," said a senior Financial Products manager, who spoke on condition of anonymity because he was not authorized to speak for the company. "I have a horrible, horrible, horrible feeling that this is going to end badly."



Well if they don't commit suicide people are going to kill them. To bad they are raiding the wrong castle.

I started a thread on this article...

www.abovetopsecret.com...

[edit on 17-3-2009 by Hastobemoretolife]




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