Archive - Jan 2009

"Bankrupt but not really" carmaker, General Motors, which has already likely burned thru the $13.4 billion in taxpayer money it received a couple of weeks ago, is poised to keep the fire going a whole lot longer.

While this is not quite as dramatic as Schrenker's insane plane-crash stunt, or at least not yet, the new Ponzi runaway story is all over the news.

While this is not quite as dramatic as Schrenker's insane plane-crash stunt, or at least not yet, the new Ponzi runaway story is all over the news.

Bloomberg reports that Charter Communications, which as we noted, did not pay its Jan. 15 interest payment and has hired Rick Cieri and his mega-bankruptcy law firm Kirkland and Ellis...

For the full link to the 8-K, look here.

At this point on Friday we are too drunk to read thru this garbage.

For the full link to the 8-K, look here.

At this point on Friday we are too drunk to read thru this garbage.

The Governator Wasn't Kidding. California is on the verge of bankruptcy. Looks like not only will the state have to pay with IOUs, or worthless pieces of paper as they are better known, for all state purchases, but apparently tax refunds will be delayed as well. First by 30 days, then, indefinitely.

The Governator Wasn't Kidding. California is on the verge of bankruptcy. Looks like not only will the state have to pay with IOUs, or worthless pieces of paper as they are better known, for all state purchases, but apparently tax refunds will be delayed as well. First by 30 days, then, indefinitely.

After dropping as low as $6/share, BCS recovered most of its losses and traded as high as $8, before dropping again. Barclays management "We know of no justifcation for share-price decline". It also expects to report pre-tax profit well ahead of the $5.3bn analyst estimates...

Well, we shall see

After incessant media bugging, Jobs break down "Why don’t you guys leave me alone -- why is this important?”

Poor guy, all joking aside, this is pretty horrible and again our thoughts go with him

Tha company has been put under review for a downgrade by Moody's.... What can you say - always one step ahead of the crowd. Their Prime Rating is most at risk at A-2. If this gets whacked several notches, no more access to commercial paper... Oops

*********UPDATE**********

Moody's just downgraded Banc of America/Merrill Lynch senior rating to A1 from Aa3. Kinda like Lehman was rated A1 on the day of its bankruptcy.

Buy: Barrels of Oil (we do not have a position in this "security" so we hope the SEC does not bust our front door in an hour for position peddling)

Buy: Barrels of Oil (we do not have a position in this "security" so we hope the SEC does not bust our front door in an hour for position peddling)