The NY Times is reporting that the US Treasury is considering taking ownership stakes in many US banks to try to restore confidence, according to government officials. The article states that the lack of success in unlocking frozen credit markets is forcing Treasury too look at that option and 700 BLN USD bailout bill gives them the authority to inject cash directly into banks that request it. The Treasury plan, still preliminary, resembles one announced on Wednesday in Britain. The article goes on to say: "The American recapitalization plan, officials say, has emerged as one of the most favored new options being discussed in Washington and on Wall Street. The appeal is that it would directly address the worries that banks have about lending to one another and to other customers."
Chweers
.............Kauri
Bloody whinging Poms.Trading on the Iceland stock exchange has been suspended until Monday as hundreds of millions of pounds invested by British councils is at risk in the country's crisis.
Latest figure is AU$2.5 billion with majority of councils having not yet declared.
From my noob analysis of such things, it looks like both Ford and GM are being priced in for bankruptcy.
I think we all knew it was going to happen sometime, but perhaps not this quickly?
More to do with the implied vols.Wholesale sales fell 1.0% in August, mostly the result of weak demand for
autos and petroleum products. The latest sales decline is the biggest one-month drop in 19 months. July's change, originally reported to be -0.3%, was revised lower to -0.8%. The data show that wholesalers are unable to get rid of excess inventories and signal a likely slowdown in production. Due to poor September unit auto sales, expect another drop in September wholesale sales and another rise in inventories.
cheers
............Kauri
From my noob analysis of such things, it looks like both Ford and GM are being priced in for bankruptcy.
I think we all knew it was going to happen sometime, but perhaps not this quickly?
*snip*... Good question would be what happens to the Australian operations / Holden if GM goes under? Going to be some big fallout too. 9th largest company in the world.. some 266,000 employees
Surely they can't nationalise an auto maker?? ...can they? ...*snip*
Geez... it's awfully quiet in here today...
Cripes! What was that that just went flying down past the office window??Geez... it's awfully quiet in here today...
Cripes! What was that that just went flying down past the office window??
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