Archive - Jun 1, 2009 - Story

Gonzalez is passing the steamrolling baton to Gerber who will now have daily coffee with Geithner and Rahm re: GM. Below is Gonzalez' order approving the Chrysler asset sale.

GM and Citi removed from the Dow Jones Industrial Average, to be replaced with Cisco and Travelers.

Fresh from Southern District of New York

• Attention is on health care legislation as Congress gets back to work.
• Britain's manufacturing sector contracts at its slowest pace in 12 months in May.
• Oil rises to seven-month high on China manufacturing expansion.
• Oil surges to new high for the year, climbing above $68 a barrel as Asian stock markets up.
• Quarter million jobs could be lost in GM bankruptcy.
• The South Korea won ends at its strongest level in more than seven months.
• World markets gain as China manufacturing growth piques recovery hopes; HK jumps 4%.
• Delphi wins ex
  

• Savings rate surges to 5.7% (AP, Bloomberg)
• Long expected GM bankruptcy a fact (Bloomberg)
• While markets rally on strong manufacturing news...everyone making cars now it seems (AP)
• The 31-year-old in charge of dismantling GM
  

Hoping that our readers might enjoy a sneak preview of what we were working on, we decided to post our preliminary results on the Chrysler dealer data we crunched all weekend.

It will be a cold day in hell before we do that again, you can be sure.

The reaction was complicated by my typing "Why would there be an significant and highly positive correlation between dealer survival and Clinton donors?"

Fantastic interactive map, courtesy of Detroit News, demonstrating the unprecedented impact that the GM bankruptcy will have across the U.S. In the meantime, the persistent accumulation of SPOOs by you know who continues, in reckless abandon, with the hope that its action will drive mom and pops to believe that the new plywood 2 cylinder, 1 door, 3.125 wheel GM Ultra Micro will take the automotive world by storm.

Fantastic interactive map, courtesy of Detroit News, demonstrating the unprecedented impact that the GM bankruptcy will have across the U.S. In the meantime, the persistent accumulation of SPOOs by you know who continues, in reckless abandon, with the hope that its action will drive mom and pops to believe that the new plywood 2 cylinder, 1 door, 3.125 wheel GM Ultra Micro will take the automotive world by storm.

Fantastic interactive map, courtesy of Detroit News, demonstrating the unprecedented impact that the GM bankruptcy will have across the U.S. In the meantime, the persistent accumulation of SPOOs by you know who continues, in reckless abandon, with the hope that its action will drive mom and pops to believe that the new plywood 2 cylinder, 1 door, 3.125 wheel GM Ultra Micro will take the automotive world by storm.

By initiating another weekly update column, Zero Hedge will start tracking the massively growing balance sheet of the Federal Reserve, aka the real financial black hole. At this point, when the Federal Reserve (beholden to nobody except Ben Bernanke) has taken effective control over treasury and agency purchases, as well as the financial, insurance, commercial real estate and automotive industries, this is in essence the only relevant balance sheet in the entire United States, and possibly the entire formerly capitalist world.

By initiating another weekly update column, Zero Hedge will start tracking the massively growing balance sheet of the Federal Reserve, aka the real financial black hole. At this point, when the Federal Reserve (beholden to nobody except Ben Bernanke) has taken effective control over treasury and agency purchases, as well as the financial, insurance, commercial real estate and automotive industries, this is in essence the only relevant balance sheet in the entire United States, and possibly the entire formerly capitalist world.

By initiating another weekly update column, Zero Hedge will start tracking the massively growing balance sheet of the Federal Reserve, aka the real financial black hole. At this point, when the Federal Reserve (beholden to nobody except Ben Bernanke) has taken effective control over treasury and agency purchases, as well as the financial, insurance, commercial real estate and automotive industries, this is in essence the only relevant balance sheet in the entire United States, and possibly the entire formerly capitalist world.

On March 30, 2009, President Obama laid out a framework for General Motors to achieve viability that required the Company to rework its business plan, accelerate its operational restructuring and make far greater reductions in its outstanding liabilities. After two months of significant management engagement, General Motors has developed such a plan and has already begun to make progress toward its achievement. The Company has also secured commitments of meaningful sacrifice from all of its major stakeholder groups, sacrifices sufficient for this plan to proceed forward.