Chrysler's dire condition explains why vice-chairman Tom LaSorda has been so busy trying to sell the company - and why he has been so unsuccessful. LaSorda revealed in his affidavit that he had spent two-and-a-half years trying to find a partner for Chrysler.
I would seem that Chrysler is in such poor condition that no buyer could be found, until Fiat decided to partner with the company (after a large injection of taxpayer money). Suicidal, perhaps? Or betting that The Obama will do whatever it takes to keep those good union workers (who tend to vote Democrat)
The Obama administration wants government to have a say in how financial institutions pay their employees and is working to change Wall Street practices so that compensation is more closely tied to performance over time.
From each according to abilities, to each according to his needs. Supply and demand in the talent market be damned, it's about fairness. *gag*
Not content with getting his claws deeply into the big banks, Geithner and his master also want to get a piece of the small banks as well.
Credit unions, you're next.
Speaking of Geithner...
"I feel strongly that we need to make significant amendments to the Commodity Exchange Act, the securities laws and other relevant laws to enable the government to comprehensively regulate the OTC derivatives market for the first time."
Busy boy today, aren't you Timmy? I hope you get a good night's sleep tonight. You have to be tired from a long day of destroying our free(ish) markets.
Weak retail sales and sinking banks stocks (thanks, Tim) sent the markets into a bit of a tailspin today.
Cheer up traders. Maybe Tim will wake up tomorrow with laryngitis.