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Zac Bissonnette's Blog Posts
Washington Mutual gave a mortgage to O.J. Simpson
11/25/09
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Filed under: HousingWith a $33.5 million judgment outstanding against him, O.J. Simpson would seem like a really, really dumb person to lend money to.But during the boom years of mortgage malfeasance, it seems, there was a really, really dumb lender ready and waiting to serve every really, really dum...
AIG
Pay czar Feinberg pressed to ease AIG pay restrictions
11/24/09
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Filed under: Management, Amer Intl Group (AIG)While Timothy Geithner gets deservedly raked over the coals for handling the America International Group (AIG) "negotiations" with kid gloves, federal officials are pressuring executive pay czar Kenneth Feinberg to ease pay restrictions on the company for...
Banks load up on short-term debt -- what?
11/23/09
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Filed under: Financial CrisisSo remember when a bunch of banks got into trouble because they were overly-reliant on short-term debt and when they couldn't refinance it quickly, they had to either file for bankruptcy protection or get bailed out?
The Wall Street Journal reports (subscription required)...
BAC
Ken Lewis says he could stay on as CEO indefinitely
11/21/09
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Filed under: Management, Bank of America (BAC)After previously announcing that he would leave the CEO post in December, Bank of America (BAC) head Ken Lewis is backpedaling in light of the company's difficulty in finding a replacement.
The Wall Street Journal (subscription required) reports that Mr. ...
BAC
Ken Lewis' successor could be... Ken Lewis?
11/20/09
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Filed under: Bank of America (BAC)In the past, I've covered Rochdale Securities analyst Dick Bove's inane ramblings about how fantastically awesome Bank of America (NYSE: BAC) CEO Ken Lewis is. Last month he called Mr. Lewis "phenomenally good" and his notes to investors are beginning to have more in...
NYT
Is Harbinger giving up on The New York Times Co.?
11/20/09
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Filed under: New York Times'A' (NYT)Activist hedge fund Harbinger Capital disclosed in an SEC filing yesterday that it has sold 2.5 million shares of The New York Times Co. (NYT), reducing the company's largest outside shareholder's stake from to 14.6%. It also sold shares in September, when it reduc...
GPS
Is Old Navy's comeback for real? Of course not
11/19/09
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Filed under: Competitive strategy, Gap Inc (GPS)Old Navy is back!
At least, that's what most media outlets are reporting. According to Associated Press, "the bad economy has been good for the chain's lower-price Old Navy brand, which was retooled last year to resume catering to frugal moms after an i...
BKS
Barnes & Noble socks it to shareholders with poison pill
11/18/09
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Filed under: SEC filings, From the boards, InsidersBarnes & Noble Inc. (BKS) announced Tuesday that it had adopted a so-called shareholder rights plan to ward off "efforts to obtain control of the Company that are inconsistent with the best interests of the Company and its stockholders."
The comp...
Bernanke says he'll keep an eye on the falling dollar
11/16/09
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Filed under: Federal ReserveIn a speech to the Economic Club of New York, Federal Reserve Chairman Ben Bernanke addressed concerns about the falling US dollar.How? He says he is "attentive to the implications of changes in the value of the dollar" and will "monitor these developments closely".That's ...
Bernanke says he'll keep an eye on the falling dollar
11/16/09
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Filed under: Federal ReserveIn a speech to the Economic Club of New York, Federal Reserve Chairman Ben Bernanke addressed concerns about the falling US dollar.How? He says he is "attentive to the implications of changes in the value of the dollar" and will "monitor these developments closely".That's ...
GM
General Motors to pay back taxpayers with their own money
11/16/09
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Filed under: General Motors (GM)In a bit of corporate strategy that would make Bernie Madoff blush, General Motors plans to use bailout money to pay back the $6.7 billion loan it has from the government.
The rest of the $50 billion flushed into General Motors has been converted into equity, meaning ...
GM
Former auto task force chief calls GM one of 'worst-run companies' ever
11/14/09
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Filed under: Management, General Motors (GM)Speaking at Bloomberg Washington Summit Friday, Steven Rattner, the former head of the government's auto task force, wasn't exactly in the mood for pulling punches.
Referring to his time overseeing the government involvement in the auto industry, he said th...
BAC
Bank of America chairman sails away while company seeks new CEO
11/12/09
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Filed under: Management, Bank of America (BAC)Bank of America (BAC) is in the midst of a frantic search for a CEO to succeed Ken Lewis, who is stepping down before the end of the year.
In an article on Bank of America's murky succession plan, USA Today buries this newsworthy factoid seven paragraphs ...
GRM
GM
GM chairman claims company can pay back U.S. loans
11/11/09
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Filed under: General Motors (GM)Speaking at Texas Lutheran University, General Motors (GRM) chairman Edward E. Whitacre Jr. said that the company would be able to pay back all of its government loans -- soon!
"There is a sense of urgency at G.M. to repay the money we owe as soon as possible," Whitacr...
Blodget says Ben Bernanke has a 'secret plan'
11/09/09
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Filed under: Federal ReserveDon't count me among Henry Blodget's admirers, but he makes an interesting argument in a recent video posted on BusinessInsider.com (see below). Blodget argues that Federal Reserve Chairman Ben Bernanke has a "secret plan" to keep interest rates too low for too long on pur...
BAC
Bank of America's board of directors fights over Lewis' successor
11/09/09
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Filed under: Management, Bank of America (BAC)The Bank of America (BAC) travesty of corporate governance continues to grow increasingly tragicomic.
A quick recap: Bank of America's board of directors took way too long to kick CEO Ken Lewis to the curb and now it can't pick a successor because of infi...
GS
Goldman Sachs CEO Lloyd Blankfein pulls a Jeff Skilling in an interview
11/09/09
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Filed under: Management, Goldman Sachs Group (GS)Goldman Sachs's (GS) normally reclusive CEO and noted theologian Lloyd Blankfein has been conducting an unprecedented number of interviewers of late to try to bolster the company's image.Maybe they'd be better off if he crawled back into his shell.In a...
C
John Reed on the Citigroup fiasco: 'Sorry' is the easiest word
11/06/09
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Filed under: Management, Citigroup Inc. (C)John Reed, the financier who helped engineer the creation of Citigroup (NYSE: C) has a message for investors and taxpayers who are none-to-pleased with his track record of value destruction: My bad!
In an interview with Bloomberg, Reed said "I'm sorry. These...
GM
GAO says GM and Chrysler are 'unlikely' to pay back funds
11/04/09
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Filed under: General Motors (GM)"Treasury's own analysis suggests that the circumstances necessary for the companies to reach market capitalizations high enough for Treasury to fully recovery its equity investments are unlikely," a Government Accounting Office report on the taxpayer-funded bailouts o...
Bailed out banks under marketing fire from more competent peers
11/02/09
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Filed under: Marketing and advertising, Financial CrisisThe New York Times has a nice write-up on the small, local banks that are taking advantage of their bailout virginity to lure in customers who might prefer to do business with a bank that isn't on welfare. USAA Federal Savings Bank (Full Disclos...
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