Okay, agreed, sorry-posted before I saw your comment. Best of luck to you, but I really think the wheels are coming off the cart here.. Did you read about the magnitude of the airline industry losses....DAL draws down last of the AmEx line of credit... To do what? Lose it in April??? Someone will have to write those loans off- AmEx and GE Capital- $700m nuked in four months...probably the action these overpaid managers will take will mirror GM....
Mish's Take: http://globaleconomicanalysis.blogspot.com/ Today GM announced that it is considering screwing its employees as much as possible before it ultimately goes bankrupt by withdrawing $6 billion from the retiree health care fund. Once it takes money out of the fund, it is not required to replace it. And the money could be used for general business expenses, GM Chief Financial Officer John Devine said. "It is a source of liquidity if we need it," he said. "We can extract it pretty aggressively, if we have to." That's nice. Attempt to hold stock prices up by screwing your employees. The sad thing is it will not work. Meanwhile GM insists it will keep paying billions in dividends with money it does not have.
Too bad GM did not choose to fund their retirement plan with leap PUTs rather than GM stock which has now fallen in half since they did that. What were GM's pension plan estimates again? 9% or so. Anyone think they will make those targets?
Here's still another one.... Shares of bond insurer Ambac Financial Group Inc. (NYSE:ABK) fell more than 14 percent after the company said it will no longer provide earnings estimates because markets are too unpredictable. That is just too much. I was rolling on the floor laughing.
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