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Peter Cohan's Blog Posts
MCO
BRK.A
Berkshire's Moody's downgrades Buffett
04/09/09
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Filed under: Berkshire Hathaway (BRK.A)In what surely must be the PR move of the decade, Moody's Corp. (NYSE: MCO) has downgraded Berkshire Hathaway (NYSE: BRK.A) from AAA to AA2.
Why is this a great PR move? Well, Berkshire owns 20% of Moody's. And what could be a better demonstration of Moody's in...
Doomster Roubini and Cramer trade insults
04/08/09
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Jim Cramer has earned the ire of Jon Stewart for touting stocks while the rest of the world lost $50 trillion in their retirement accounts. Now New York University Professor Nouriel Roubini, who is among those who predicted the financial crisis, is suggesting that Jim Cramer has lost the right to tal...
Should we fire CEOs and liquidate their banks?
04/08/09
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Filed under: Financial CrisisA Congressional panel headed by Harvard Law School professor Elizabeth Warren is suggesting it's time to fire bank CEOs and liquidate the banks they ran. As Jon Stewart would say, "Me likey."
The panel is not suggesting that the firing and liquidation happen en masse. Rat...
GS
Goldman CEO swings for saner pay system -- and misses
04/08/09
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Filed under: Goldman Sachs Group (GS)Yesterday, in his speech to the Council on Institutional Investors, Goldman Sachs (NYSE: GS) CEO Lloyd Blankfein spoke about Wall Street pay. As a fellow who made $43 million in 2008 -- to be fair, Goldman actually made a $2.3 billion profit in 2008 -- Blankfein o...
Is the commercial banking industry solvent?
04/07/09
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Filed under: Bad news, Economic data, Financial CrisisHave we reached the bottom yet? That's a question that people ask me from time to time. I haven't got an answer yet, but today I have some numbers that may give us an idea. And the preliminary verdict is: No!
Why? Because the commercial banking i...
GM
Which Wall Street CEOs should walk the plank?
04/06/09
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Filed under: General Motors (GM)So far the U.S. has committed $12.8 trillion to bailing out Wall Street. Does this mean that Wall Street CEOs made mistakes? Apparently not. Because if it did, the Wall Streeters who cost taxpayers all that loot would be out of their jobs.
A few have moved on -- consi...
NYT
How to save the Boston Globe
04/05/09
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Filed under: Bad news, Management, Competitive strategy, Marketing and advertising, New York Times'A' (NYT)The newspaper industry is in deep trouble. How so? It costs a lot to write, print, and deliver a newspaper, and with more people getting their news for free online and a plunge in advertising, c...
Growth Matters: HDS Digital turns content into Euros
04/04/09
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Filed under: Products and services, TechnologyWith all the gloom in the global economy, I got to wondering whether there is anything else going on in the world of business. I'm looking for growth because I think that's what will ultimately bring the economy out of the doldrums. Not surprisingly, that...
FASB
Bank stocks at least 20% undervalued thanks to accounting rule change
04/02/09
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Filed under: Headline news, Financial CrisisBy caving into pressure from Wall Street, the Financial Accounting Standards Board (FASB) just single-handedly added at least 20% to the value of major banks burdened with formerly toxic waste. What just happened is that FASB passed an accounting ruling tha...
New accounting rule to end financial crisis: April Fool's?
04/01/09
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Filed under: Bad news, Recession, Financial CrisisMany people are wondering when this recession/depression will end. Well the waiting is over.
Tomorrow a group of accountants will vote on a new accounting rule that will end the financial crisis. This rule, called FAS 157-e, permits banks to make up ...
C
BAC
$12.8 trillion -- 90% of GDP! -- to bail out bad bets
03/31/09
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Filed under: General Electric (GE), Citigroup Inc. (C), Bank of America (BAC), Federal Natl Mtge (FNM), Amer Intl Group (AIG), Politics, Recession, Financial Crisis$12.8 trillion of our money is going to bail out the bad bets of bankers, auto execs, and ordinary folks who took on mortgages they could...
GM
Obama should extend auto industry tough love to banks
03/30/09
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Filed under: General Motors (GM), Politics, Financial CrisisThis morning's news that General Motors Corp. (NYSE: GM) has 60 days to come up with a new restructuring plan -- coupled with the decision to oust its CEO Rick Wagoner -- suggests a new 'get tough' attitude towards companies that take taxpay...
GM
IBM
Obama to GM CEO Wagoner: You're Fired!
03/30/09
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Filed under: General Motors (GM), International Business Machines (IBM)Last fall, I suggested that General Motors Corp. (NYSE: GM) ought to follow a six point restructuring plan. One of those steps was to can GM's CEO Rick Wagoner. Under his tenure, which began in 2000, GM's stock has lost 95% of its...
Six principles for saving American capitalism
03/29/09
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Filed under: Politics, Financial CrisisThe newspapers are looking ahead to this Tuesday's G-20 summit in London. Since the leaders who show up there represent countries that control 80% of the world's economy, it could be an important meeting. If you live in the UK or US, your leaders will be attacke...
A $70 million plan to price toxic waste
03/26/09
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Filed under: Politics, Recession, Financial CrisisLast weekend I posted about six flaws with the $1 trillion toxic waste cleanup plan. Yesterday, I added a seventh flaw -- hedge funds and private equity firms are worried that if they participate in the program, political pressure will strip them of t...
Will $1 trillion toxic waste plan enrich hedge fund billionaires?
03/25/09
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Filed under: Financial CrisisOn Monday, the stock market rose 498 points -- a move that many attributed to the announcement over the weekend of a plan to buy $1 trillion in toxic waste that uses government loans to lure investors -- such as hedge funds -- into buying extremely risky securities.
That...
AIG
Bank lobbyists launch lame defense of taxpayer-funded bonuses
03/20/09
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Filed under: Management, Scandals, Amer Intl Group (AIG), PoliticsBank lobbyists have a job I would not want. Their clients need them to fight a tide of populist revulsion against the use of taxpayer money to pay out billions in bonuses to bankers who pushed the global financial system into bankruptc...
GECC
GE
GE stock rises on finance unit's $5 billion profit forecast
03/19/09
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Filed under: General Electric (GE)General Electric Company (NYSE: GE) has taken quite the tumble under current CEO Jeffrey Immelt -- down 74% from the $41 it traded at when he took over in September 2001.
But if you had backed up the truck and bought the shares at its 52-week low of $6.66 on March 4...
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