Disclaimer – we aren’t advocating heartless business
Ethics are #1
Money is the means by which people achieve their goals; not necessarily about money
Like to quote the movie Notorious “Don’t chase the paper, chase the dream”
So – if you really want to be a social worker, then I want you to be one
Finance
Recap of the today’s market performance – DJIA, S&P, NASDAQ, Treasuries, biggest movers
DJIA – down 250 points, 3.41%
28 of 30 Dow stocks down, Citi & BofA up on press against nationalization
Govt could own as much as 40% of equity in Citi – shares at 18 year low
Government doesn’t think Citi can pass stress test
10 year Treasury up 28/32 to 99 21/32
JP Morgan cut dividend to 5 cents/share from 38 cents/share
S&P – down 26 points, 3.47%
NASDAQ – down 53 points, 3.71%
Obama housing plan – mortgages and foreclosures - $275 billion
UBS releasing names of American investors who avoided taxes in Swiss accounts – 52,000 clients
U.S. government sued the bank last week to obtain the account identities
the accounts held $14.8 billion in assets at the time of the December 2004 report.
Switzerland-based UBS, one of the world’s largest financial firms, has agreed to pay a $780 million fine and reveal the names of its U.S. clients with overseas accounts following a lawsuit by the Justice Department.
its employees would have to violate Swiss criminal law to comply with the U.S. government's demand for the identities of 52,000 private account holders, in its first legal response to the demand in a massive U.S. tax-evasion inquiry.
Swiss law "strictly prohibits UBS and its employees from disclosing to the [Internal Revenue Service] the account information located in Switzerland." Instead, the bank said, the U.S. government's petition, "Simply ignores the existence of Swiss law and sovereignty."
“Its future obligations for retiree health care are estimated at $47 billion, and by next year it is required by its contract to contribute more than $10 billion to the trust set up in 2007”
Options for GM
Chapter 11 Bankruptcy – continue to operate, restructure debt, huge operating restructuring, Banks/Lawyers are salivating over this one
Merger – Chrysler, privately held
Sell of more products, synergies and consolidations
“At some point, you have to take a stand at whatever you are doing in life,” Dales said. "That’s not sounding like a feminist. That’s not sounding like a spoiled, rotten kid. That’s making a business decision that affects the quality of your life. That was an important thing for me.”
Greed Is Good