Chrysler

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On The Changing Face Of M&A In A ZIRP World





Sluggish global economic growth means many public companies will have to rely on mergers and acquisitions to generate earnings growth in 2013 and beyond (FCX aside that is).  ConvergEx's Nick Colas notes that the academic discussion of whether such a strategy adds “Real” value to shareholders has shifted in recent years.  From an unequivocal “No, never…” to a more qualified, “It really depends,” this discussion will grow more critical as industries from financial services to manufacturing to commodity producers evaluate their long term prospects.  The key to this question, at least to Colas' thinking, is in the analysis of barriers to entry/exit and true economies of scale.  The right answer to the “Does M&A add value” question is much more about business strategy and competitive analysis than any blanket statement about the merits of buying or selling assets. In summary, M&A is now simply much more important to corporate strategy than at any point in the last 30 years; over the next 5-10 years M&A activity will be increasingly necessary to keep the tailwind of growth in almost every sector of the economy and capital markets. There’s just no other way to grow (though shareholders increasingly want that 'cash' in dividends or buybacks - and not growth!)

 
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Mainstream Media Finally Reports On GM's Channel Stuffing Scandal





Yet another story we have been following for nearly two years (and here) has finally migrated over to the Mainstream Media as attempts to hush it down before it become painfully obvious and problematic, have failed miserably. The WSJ writes that "Detroit auto makers are piling up big stocks of passenger cars at dealers despite brisk new-vehicle sales in the U.S.—a problem that executives vowed to avoid since their painful downturn three years ago."

 
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Frontrunning: November 23





  • Boehner comments show tough road ahead for "fiscal cliff" talks (Reuters)
  • Argentina angry at hedge fund court win (FT)
  • EU Spars Over Budget as Chiefs See Possible Deadlock (Bloomberg)
  • Merkel doubts budget deal possible this week, more talks needed (Reuters)
  • Greek deal hopes lift market mood (FT)
  • Greek Rescue Deal Faltering Cut in Rescue-Loan Rate (Bloomberg)
  • Japan's Abe Pushes Stimulus (WSJ) - Unpossible: a Keynesian in Japan demanding stimulus? Say it isn't so. 
  • Authorities Tried to Flip Trader in Insider Case (WSJ)
 
ilene's picture

Union Rules were Harder to Digest than Twinkies





Don't fry my twinkie. Might be dangerous, like turkey. 

 
Tyler Durden's picture

Frontrunning: November 14





  • Don't jump to conclusions over general, Pentagon chief says (Reuters)
  • Bad times for generals: Pentagon demotes 4-star General Ward (Reuters)
  • Investors Pay to Lend Germany Money (WSJ)
  • Noda will no longer be watching... watching: Japan PM honors pledge with December 16 vote date, to lose job (Reuters)
  • New China leadership takes shape (FT)
  • Hispanic Workers Lack Education as Numbers Grow in U.S. (Bloomberg)
  • Quest for EU single bank supervisor stumbles (FT)
  • Anti-austerity strikes sweep Europe (Reuters)
  • Amazon faces new obstacles in fight for holiday dollars (Reuters)
  • SEC Expands Knight Probe (WSJ)
  • Singapore’s Casinos Lose Luster as Gaming Revenue Decline (Bloomberg)
  • Amid Petraeus sex scandal, Air Force to release abuse report (Reuters)
  • Geithner’s Money Fund Overhaul Push Sparks New Opposition (Bloomberg)
 
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Frontrunning: October 30





  • U.S. Super Storm’s Record Flooding Lands Blackout Blow (Bloomberg)
  • Sandy Carves a Path of Destruction Across the U.S. East Coast (WSJ)
  • Losses May Exceed Those of 2011 Storm (WSJ)
  • Hurricane Sandy Threatens $20 Billion in Economic Damage (Bloomberg)
  • Huge fire in Sandy's wake destroys dozens of NYC homes (Reuters)
  • Possible levee break in New Jersey floods three towns (Reuters)
  • Apple Mobile Software Head Forstall Refused to Sign Apology (WSJ)
  • Stagflation in Spain (Bloomberg)
  • German Oct. Unemployment Rose Twice as Much as Forecast (Bloomberg)
  • A declining Japan loses its once-hopeful champions (WaPo)
  • Unable to copy it, China tries building own jet engine (Reuters)
  • Obama Signs Disaster Declarations for NY, NJ (YNN)
 
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Debate Post-Mortem: Jobs-4-Jeremy, Gang Bangers, And Candi(e)d Fact Checking





Well, who knew it was gonna actually get close to fisty-cuffs? According to CNN Polls, 65% believe Obama won (with 50% saying by a lot) and 19% that Romney won by a lot. Obama dominated speaking time 44:05 to a mere 40:50 for Romney (almost the same margin as in the last debate); but Romney (somewhat ironically) crushed Obama in the drinking game 44:23. Obama Intrade Odds wavered during the debate ending marginally higher but S&P 500 futures are tracking lower. Twitter interest fell 30% from the first debate. Full Bloomberg Headlines and Top Ten Debate Lines below. Obama uttered a brisk 7651 words for a 173 word/min pace (172 last debate) while Romney's 8006 words  were spoken at a 196 word/min pace (slower than his 217 pace of the last debate) but still the winner. So, time: Obama, drinking-game: Romney, word-count: Romney - the winner of tonight's debate is Mitt Romney.

 
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Frontrunning: October 1





  • Trade Slows Around World (WSJ)
  • Debt limit lurks in fiscal cliff talks (FT)
  • Welcome back to the eurozone crisis (FT, Wolfgang Munchau)
  • Euro Leaders Face October of Unrest After September Rally (Bloomberg)
  • Dad, you were right (FT)
  • 25% unemployment, 25% bad loans, 5% drop in Industrial Production, and IMF finally lowers its 2013 Greek GDP forecast (WSJ)
  • Global IPOs Slump to Second-Lowest Level Since Financial Crisis (Bloomberg)
  • France's Hollande faces street protest over EU fiscal pact (Reuters)
  • EU Working to Resolve Difference on Bank Plan, Rehn Says (Bloomberg)
  • China manufacturing remains sluggish (FT)
  • Samaras vows to fight Greek corruption (FT) ... and one of these days he just may do it
  • Leap of Faith (Hssman)
  • Germany told to 'come clean’ over Greece (AEP)
 
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Frontrunning: September 27





  • Madrid Protesters March Again as Spain Braces for Cuts (Bloomberg)
  • Euro Can Bear Fewer Members as Czech Leader Calls Greeks Victims (Bloomberg)
  • Chinese Industrial Profits Fall 6.2% in Fifth Straight Drop (Bloomberg)
  • China pours $58bn into money markets (FT)
  • Beijing vows more measures on Diaoyu Islands (China Daily)
  • Noda vows no compromise as Japan, China dig in on islands row (Reuters)
  • Politico’s Paul Ryan Satire: The Joke’s on Them (Bloomberg)
  • Electoral Drama Shifts to Ohio (WSJ)
  • German opposition party targets banks (FT)
  • Fed action triggers fear of new currency wars (FT)
  • Ex-Credit Suisse CDO Boss Serageldin Is Arrested in U.K. (Bloomberg)
  • Romney ‘I Dig It’ Trust Gives Heirs Triple Benefit (Bloomberg)
 
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Frontrunning: September 26





  • China To Maintain Prudent Monetary Policy (China Daily)
  • Why Exit Is An Option For Germany (FT)
  • China-Japan Ministers Hold 'Severe' Talks As Spat Damages Trade (Bloomberg)
  • Eurozone Deal Over Bank Bailout In Doubt (FT)
  • UBS Co-Workers Knew of Fake Trades, Adoboli Told Lawyer (Bloomberg)
  • Banks Seek Changes To Research Settlement (FT)
  • Secession Crisis Heaps Pain On Spain (FT)
  • SEC: NY Firm Allowed HFT Manipulation (Bloomberg) - busted 'providing liquidity'?
  • Germany To Tap Brakes ON High-Speed Trading (WSJ)
  • Rajoy Outlines Fresh Overhauls (WSJ)
  • BBC Apologizes To Queen Over Radical Cleric Leak (Reuters)
  • British Banks Step Back From Libor Role (WSJ)
  • Obama Seeks To Recast Ties With Arab World (FT)
 
Tyler Durden's picture

Frontrunning: September 18





  • Nothing has changed and things have just gotten worse: Europe Banks Fail to Cut as Draghi Loans Defer Deleverage (Bloomberg)
  • Mitt Romney secret video reveals views on Obama voters (BBC)
  • Romney Stands by Government-Dependent ‘Victims’ Remark (Bloomberg)
  • Video shows Libyans helping rescue U.S. ambassador after attack (Reuters)
  • Fannie Mae paid BofA premium to transfer soured loans-regulator (Reuters)
  • Northrop to shed nearly 600 jobs (LA Times)
  • LOLmarkets: Retail Currency Traders Turn to Algorithms (WSJ)
  • U.K. Royal Family Wins French Ruling on Kate Photos (Bloomberg)
  • Nevada recluse dies with $200 in bank, $7 million in gold at home (LA Times)
  • Gap Between Rich and Poor Grows in Germany (Spiegel)
  • Chicago teachers meet Tuesday to decide whether to end strike (Reuters)
  • Australia's Fortescue wins debt breather, shares soar (Reuters) ... a deal which ultimately will prime equity and unsecureds by $4.5 billion in secured debt
  • Ford car sales fall 29% in Europe (FT)
 
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Frontrunning: September 11





  • Germany says U.S. debt levels "much too high" (Reuters)
  • Netanyahu ramps up Iran attack threat (Reuters)
  • Burberry plummets by most ever, slashes guidance, rattles Luxury-Goods Industry as Revenue Growth (Bloomberg)
  • FoxConn Again Faces Labor Issue on iPhones (NYT)
  • Southern whites troubled by Romney's wealth, religion (Reuters)
  • China's Xi not seen in public because of ailment (Reuters)
  • Another California muni default: Oakdale, Calif., Restructuring Debt, Planning Rate Raise After Default (Bond Buyer)
  • Spain's PM expects "reasonable" terms for any new aid (Reuters)
  • Bernanke Proves Like No Other Fed Chairman on Joblessness (Bloomberg) - Ineffective like no other?
  • John Lennon’s Island Goes on Sale as Irish Unpick Property Boom (Bloomberg)
 
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Frontrunning: September 4





  • The ESM Violates the Law And EU Treaties (Welt)
  • Fears Rising, Spaniards Pull Out Their Cash and Get Out of Spain (NYT)
  • RBA stays put for third straight month (SMH)
  • Why PBOC will not cut rates: China’s Repo Rate Drops Most in Six Months as PBOC Injects Cash (Bloomberg)
  • Manufacturing Downturn Spreads Gloom Across Asia, Europe (WSJ)
  • "Sources" tell Dutch Dagblad that Weidmann is isolated in his objection to ECB monetization (Reuters, FD)
  • Europe Bank Chief Hints at Bond Purchases (WSJ)
  • Australia's Fortescue slashes capex as iron ore mkt drops (Reuters)
  • Loan rates point to eurozone fractures (FT)
  • U.S. nears deal for $1 billion in Egypt debt relief (Reuters)
  • Majority of New Jobs Pay Low Wages, Study Finds (NYT)
 
Tyler Durden's picture

Global Car-Maker Channel Stuffing Conspiracy 'Theory' Now Conspiracy 'Fact'





From HFT to LIBOR manipulation and European bond legal-covenants, and now Auto-manufacturer channel-stuffing; all conspiracy 'theories' proved conspiracy 'facts' - as Gabby Douglas might say "Nailed It!" We have been vociferously pointing out the incredible levels of channel-stuffing occurring at GM in the US, then China, and most recently into Europe (must read here) and now the WSJ confirms the latter; as sales of BMW and Mercedes, helped by heavy discounts and contingencies to dealers, are being questioned.  Kenn Sparks, a BMW spokesman, said its July sales total includes vehicles that were purchased by its dealers for use as what are known as "demos"— cars used on lots for test drives. He declined to say how many reported sales were demos, saying BMW doesn't release the figure. "These vehicles may stay on the lot because they are used as demo models," he said. BMW's incentives appeared to help propel the car maker to a 1,900-vehicle lead over Mercedes-Benz (as stunningly ridiculously surprisingly 7-Series sales tripled MoM, and 3-Series doubled).

 
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Geithner Sacrificed Pensions Of Non-Union Delphi Retirees





Back in 2009 when the government sacrificed GM and Chrysler bondholders just so labor unions (read voters) can be made whole, the media, for various reasons, decided not to pursue the decision-making process that left some workers with their pensions wiped out, while others were made whole and suffered no losses (with a comparable lack of investigation being conducted as to the decisions that shuttered some Chrysler dealers, but left others operating, a topic Zero Hedge had some say over). In fact, as the Daily Caller reminds us "The White House and Treasury Department have consistently maintained that the Pension Benefit Guaranty Corporation (PBGC) independently made the decision to terminate the 20,000 non-union Delphi workers’ pension plan...Former Treasury official Matthew Feldman and former White House auto czar Ron Bloom, both key members of the Presidential Task Force on the Auto Industry during the GM bailout, have testified under oath that the PBGC, not the administration, led the effort to terminate the non-union Delphi workers’ pension plan." Turns out they lied... Under oath.

 
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