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17 Nov 2010 22:45

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Biz: GM’s initial public offering does exactly what everyone expects

  • $20.1
    billion     the amount raised by GM’s IPO earlier today (which is amazing, and the biggest ever)
  • $4.35
    billion     the amount in preferred shares the company sold, far above the $4 billion anticipated
  • 33%
    stake     the amount of GM the government will still own after the IPO, down from 61 percent source
Posted by Ernie Smith • 0 Comments • Permalink

14 Nov 2010 11:11

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Biz, World: Ireland getting peer pressure to take bailouts to ease debt

  • Anyone know where Ireland can find 15 billion euros by Tuesday? The country of potato bread and U2 (to grossly oversimplify) needs some extra money to allay fears of other, fiscally stronger European countries, such as Germany, as well as to calm local markets, which went haywire on Friday on debt concerns. Ireland denies the need for an immediate bailout (despite a banking system in tatters), but outside sources, such as Barclay’s Capital, suggest that the country could need €80 billion (or $110 billion) in bailouts between 2011 and 2013. German Chancellor Angela Merkel says that political needs (including her own) may be in play. “There may be a conflict here between the interests of the financial world and the interests of politicians,” she said. One source suggests the possibility of an Irish default could hurt her crisis-resolution plans. Meanwhile, Ireland plans to release a budget next month it hopes will ease debt concerns. source
Posted by Ernie Smith • 0 Comments • Permalink

30 Sep 2010 11:04

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Biz: Bailout bonanza: AIG brokers a payback deal with the U.S.

  • 92.1%taxpayers’ upcoming stake in AIG
  • what The U.S. government will receive $62 billion in common shares of AIG stock to replace the $49 billion in preferred shares it currently has floating around.
  • why Because, over time, the government will be able to sell these shares and hopefully make back some of the billions it paid AIG during bailout-o-rama. source
  • » But wait, there’s more: AIG also plans to pay back $20 billion that it received from the Federal Reserve Bank of New York credit facility. An end result of all of this is that taxpayers will see an instant paper profit of $10 billion along with the long-term profits from the sale. Who wants to say “screw all those future generations” and grab a piece?
Posted by Ernie Smith • 0 Comments • Permalink

04 Sep 2010 10:30

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Biz: General Motors’ IPO may not mean taxpayer payback at first

  • $70
    billion     the amount GM needs to make on its IPO to ensure the government gets all of its bailout money back
  • $50
    billion     the amount GM could make on the IPO at the low end; the cruddy economy may be a factor source
  • » Other considerations: The IPO is obviously only a starting point – the rest of the $43 billion the automaker still owes taxpayers could be made back later. But as a jumping-off point goes, it’d be nice to see the IPO on the high end, around $90 billion. (Edit: We’re dummies and we mistyped these earlier. Sorry.)
Posted by Ernie Smith • 0 Comments • Permalink

18 Aug 2010 19:26

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Biz: General Motors’ IPO is pretty big, but it likely won’t be the biggest

  • $12-16 billion the amount GM’s upcoming IPO is expected to raise
  • $19.7
    billion     the amount Visa’s 2008 IPO, the largest ever, raised source
Posted by Ernie Smith • 0 Comments • Permalink

12 Aug 2010 10:27

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Biz: GM’s profits: Here’s your beacon of hope, depressed investors

  • $1.3 billion in profits this quarter, the best since 2004 source
Posted by Ernie Smith • 0 Comments • Permalink

31 Jul 2010 11:17

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Politics: Maxine Waters in the same congressional ethics boat as Rangel

Maxine Waters, a California Democrat, reportedly had improper chats with an executive at a bank her hubby owned stock in – while it was asking for a bailout. source
Posted by Ernie Smith • 2 Comments • Permalink
 

23 Jul 2010 13:53

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Biz: Ford makes it five straight quarters of actual profit

  • $2.6 billion in profits this quarter; who needs a bailout? source
Posted by Ernie Smith • 0 Comments • Permalink

01 Jul 2010 09:35

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Biz: The federal government coming out ahead on Citibank bailout

  • 7.7B number of shares the government owns due to the Citibank bailout
  • $10.5B revenues from selling a third of those shares (around 2.6 billion)
  • $2B amount in profits the government has made from the sales source
Posted by Ernie Smith • 0 Comments • Permalink

04 Jun 2010 13:22

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Biz: Lehman Brothers’ art library is on the market, kids

The failed company will pay off some of its debts by selling off their art. It’s expected to raise $10 million; this painting alone should nail over $500,000. source
Posted by Ernie Smith • 0 Comments • Permalink
 
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