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BREAKING NEWS: HEDGE FUND MUST GIVE UP CONTROL OF CHRYSLER

HEDGE FUND DOWN

PAPER: Cerberus Capital Management will lose its equity stake in Chrysler LLC’s struggling automotive company as a condition of the Treasury Department’s bailout deal with the U.S. auto maker, according to several people familiar with the matter.

The New York private-equity firm purchased an 80% stake in Chrysler in 2007, promising to bolster the auto maker’s performance by operating as an independent company. The plan, however, collapsed due to an unprecedented slowdown in the U.S. auto industry and a lack of capital at the auto maker to weather the storm…

OBAMA: LET THEM GO BANKRUPT…

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Filed under: Politics, , , , , , , , , , , , , , , , , , , , , , ,

OBAMA: DETROIT NO LONGER ‘VIABLE’

SURVIVAL OF THE FITTEST

WIRE: In surprising findings to be outlined at the White House on Monday, President Obama has concluded that neither GM nor Chrysler can survive as they now exist. But the White House is sparing them for a month or two, and is promising American consumers that the government will stand behind warranties if the automakers fail…

Tells GM CEO To Head Home…

Filed under: Obama, , , , , , , , , , , , , , , , , , ,

Obama Admin. Set to Propose Largest Expansion of Government Tomorrow

REGULATE

PAPER: The Obama administration’s plan, described by several sources, would extend federal regulation for the first time to all trading in financial derivatives and to companies including large hedge funds and major insurers such as American International Group. The administration also will seek to impose uniform standards on all large financial firms, including banks, an unprecedented step that would place significant limits on the scope and risk of their activities…

Filed under: Economics, Politics, , , , , , , , , , , , , , , , , , , , ,

ACORN Behind Protests at AIG Exec. Homes (Video)

PAPER: So why not pack a bus with community activists, invite a representative from every media organization in the free world and see the Fairfield County mansions of the “filthy rich and most recently infamous” — American International Group executives. After all, these are the people who packed their wallets with millions in taxpayer bailout bonuses for helping take their company and the U.S. economy down the tubes, organizers said.

And that’s exactly what the Working Families Party and ACORN did Saturday morning…

acornaig

Filed under: Politics, , , , , , , , , , , , , , , ,

UNEMPLOYMENT RATE JUMPS TO 8.1%, HIGHEST IN QUARTER-CENTURY

The U.S. unemployment rate spiked to 8.1%…WORSE than 7.9% forecast…

Payrolls decline by 651,000…

Last months number was revised, 161,000 additional jobs cut…

soup

Filed under: Economics, Obama, , , , , , , , , , , , , ,

It’s MINE! Venezuela’s Chavez Usurps Rice Mills

CHAVEZ: “I have ordered the immediate intervention in all those sectors of agro-industry, intervention by the revolutionary government.”

“I don’t have any problem expropriating,” he said. “And I’ll pay them with paper, too. Don’t think I’ll pay them with hard cash.”

Filed under: World, , , , , , , , ,

Stock Futures Down After Obama Speech (Image)

Futures on U.S. stock indices began to plummet in the minutes following President Obama’s address to nation. They were trading relatively flat throughout his speech.

obamafutures

Filed under: Economics, Obama, , , , , , , , , , , , ,

Olympic Boxing Gold Medalist Defects to U.S. From Native Cuba

“Fidel Castro wrote in an essay after their return to Cuba that the pair had “reached the point of no return” with the national boxing team. Lara defected to the U.S. last year.”

Cuban Boxer Yan Bartelemí After Winning Gold Medla Fight

Cuban Boxer Yan Bartelemí After Winning Gold Medla Fight

Filed under: World, , , , , , , , , , ,

Obama to Tax Wealthy, Taxes Rise From 16% to 19% Of Economy

Taxes Rise From 16% to 19% of Economy…

Rate Jumps From 35% to 39%

Obama Halo

Obama and His Halo

Filed under: Economics, Obama, , , , , , , , , , , , ,

Venezuela’s Hugo Chavez Declares Victory Over Term Limits

Venezuelas President Hugo Chavez

Venezuela's President Hugo Chavez

Venezuela’s President Hugo Chavez has won a crucial election that would eliminate term limits. As such, the 10-year president is likely to run for yet another 6-year term in 2012.

Filed under: World, , , , , , , , , ,

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