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North Sea oil firm up for saleOILEXCO, the ailing North Sea oil producer, has been put up for sale just two weeks after it was forced to scrap a disastrous effort to raise fresh capital.Source: Latest Business News from Times Online | 27 Dec 2008 | 12:00 am US job losses surge in NovemberUS employers axed 533,000 jobs in November, the biggest monthly cut since 1974, Labor Department figures show.Source: BBC News | Business | World Edition | 7 Dec 2008 | 11:38 am BMW sales dip more than a quarterCarmaker BMW says global sales fell 26.2% in November, as consumers tighten their belts amid the economic slowdown.Source: BBC News | Business | World Edition | 7 Dec 2008 | 11:38 am 'Progress' in US auto bail-outProgress is made on a dollar bail-out for the three big US carmakers, the White House says, as crisis talks continue.Source: BBC News | Business | World Edition | 7 Dec 2008 | 11:37 am Banks face pressure on rate cutBanks move after pressure from MPs to cut interest rates for mortgage customers, but savers may suffer.Source: BBC News | Business | World Edition | 7 Dec 2008 | 11:26 am Obama to tap Gen. Shinseki secretary of veterans affairs: reportsEric Shinseki, a retired four-star general who was forced out of the Bush administration after disputing assessments of the number of troops needed for the war in Iraq, will be nominated by President-elect Obama as secretary of veterans affairs, media reports say.Source: MarketWatch.com - Top Stories | 7 Dec 2008 | 10:43 am UBS could cut up to 4,500 more jobs: report (Reuters)
Source: Yahoo! News: Business | 7 Dec 2008 | 10:39 am UBS could cut up to 4,500 more jobs: reportZURICH (Reuters) - Switzerland's UBS , the world's largest wealth manager in terms of assets, could cut up to 4,500 more jobs in the near future, local media reported on Sunday.Source: Reuters: Business News | 7 Dec 2008 | 10:39 am China to invest $22B on railways in north provinceChina plans to invest $22 billion to build more railways in the coal-rich northern province of Shanxi as part of a bid to ease chronic congestion and promote domestic growth in the face of...Source: Infocious RSS raw feed - channel BNewsBusiness | 7 Dec 2008 | 9:06 am Boeing engineers union at Kansas site says firm recesses talksThe union representing Boeing Co. engineers at a Wichita, Kan., plant says the Chicago aerospace giant called a recess in contract talks.Source: MarketWatch.com - Top Stories | 7 Dec 2008 | 8:27 am SKorea's Hynix announces new cost-saving stepsSouth Korea's Hynix Semiconductor Sunday unveiled new cost-cutting steps such as early retirement, unpaid leave and lower pay aimed at saving 100 billion won (68 million dollars) as the...Source: Infocious RSS raw feed - channel BNewsBusiness | 7 Dec 2008 | 8:20 am John Bollinger: Stock scholarThe renowned strategist built his knowledge from the brainy people around him The gig: President of Bollinger Capital Management, a stock...Source: Infocious RSS raw feed - channel BNPaperBusiness | 7 Dec 2008 | 8:00 am Current with payments? You can still lose your houseEven if you're up to date on payments, don't ignore taxes or transfer the loan. Not making your payments is just...Source: Infocious RSS raw feed - channel BNPaperBusiness | 7 Dec 2008 | 8:00 am Chinese tour groups go house-hunting in U.S.The cash-rich visitors are looking for bargains in the plunging market. The trips are part of a broader trend of individuals and businesses in China seeking greater investment opportunities abroad. ...Source: Infocious RSS raw feed - channel BNPaperBusiness | 7 Dec 2008 | 8:00 am Pay down the credit card, then the home equity loanCredit card interest rates are usually much higher than those charged on home equity lines of credit, and bringing down a card balance can help your credit scores more. ...Source: Infocious RSS raw feed - channel BNPaperBusiness | 7 Dec 2008 | 8:00 am Cigarette butt litter issue smoldersAs a cigarette smoker, I want to commend David Lazarus for his article (" Fuming over cigarette butt litter ," Nov. 30) regarding self-centered smokers who litter their butts wherever they feel like it...Source: Infocious RSS raw feed - channel BNPaperBusiness | 7 Dec 2008 | 8:00 am General Motors' strength is overseasAs the U.S. automaker's revenue has fallen in the U.S., forcing it to turn to the government for a bailout, international operations have remained profitable. ...Source: Infocious RSS raw feed - channel BNPaperBusiness | 7 Dec 2008 | 8:00 am A guide for the newly poorA major financial or personal blow can make obtaining just the necessities of life a challenge. Here's how to cope. ...Source: Infocious RSS raw feed - channel BNPaperBusiness | 7 Dec 2008 | 8:00 am Why were Wall Street workers not asked for concessions?Autoworkers stepped up to the plate to save the car industry. White-collar workers, on the other hand, weren't expected to do the same when financial firms went to Congress with hat in hand. ...Source: Infocious RSS raw feed - channel BNPaperBusiness | 7 Dec 2008 | 8:00 am Best holiday deals for new car buyers begin after ChristmasDriving a hard bargain at the dealership will really pay off starting Dec. 26. So will using our money-saving tips. ...Source: Infocious RSS raw feed - channel BNPaperBusiness | 7 Dec 2008 | 8:00 am Painless ways to cut costs to pay for holiday spendingWorried about how you're going to pay for the holidays? Here's a plan: Find painless ways to save on things you pay for all year. There are plenty of opportunities, if you know where to look.Source: Infocious RSS raw feed - channel BNPaperBusiness | 7 Dec 2008 | 8:00 am SKorea unveils fresh support for struggling farm sectorSouth Korea's government on Sunday announced a 2.2 billion dollar plan to prop up the farm sector, which has been hit by a global economic slowdown and weak domestic consumption.Source: Infocious RSS raw feed - channel BNewsBusiness | 7 Dec 2008 | 7:36 am Lawmakers reach deal on sketch of auto bailout - but snag is hitThe broad outlines of a deal to bail out the failing U.S. auto industry have been agreed on between congressional Democrats and the White House. But the Wall Street Journal also reports that the talks have snagged on the question of an adviser who would oversee the industry restructuring.Source: MarketWatch.com - Top Stories | 7 Dec 2008 | 6:57 am Washington Wants A "Car Czar", Russia Has None to Spare
Some kind of deal is in the works to get Detroit $15 billiont to $17 billion this year. That should keep GM (GM) and Chrysler from having to go into bankruptcy. According to The Wall Street Journal, "The advisor would be authorized to approve short-term financing for the industry, drawn from an existing loan program meant to help the Big Three retool to meet higher fuel economy standards, according to a draft of the administration plan." While that idea may fly with some people in the administration, it is unclear whether it would help garner enough votes in Congress to start writing the auto companies their checks. It is hard to say what a "car czar" would do because The Big Three have not been terribly specific about how to dig themselves out of from under their huge burdens of union obligations, debt, and falling sales. The idea of having an administrator to keep track of the industry's restructuring may be not be practical when no detailed program has been drawn up as the plan for managing a bailout. GM and Chrysler have done a good job of convincing Washington that they may not see next year, but have done a poor job of demonstrating what they would do with the capital beyond bringing down their trade payables. Beyond that, it is an excellent idea. Douglas A. McIntyre Source: 24/7 Wall St. | 7 Dec 2008 | 6:23 am Citing security, Australia says Qantas must stay AussieQantas must remain Australian-owned for reasons of national security, even if a potential merger with British Airways goes ahead, Transport Minister Anthony Albanese said Sunday.Source: Infocious RSS raw feed - channel BNewsBusiness | 7 Dec 2008 | 4:23 am Report: McClatchy putting Miami Herald on saleThe McClatchy Co. has approached potential buyers to sell The Miami Herald, one of its most prestigious properties, The New York Times reported Saturday. McClatchy, the nation's...Source: Infocious RSS raw feed - channel BNewsBusiness | 7 Dec 2008 | 3:22 am Angry laid-off workers occupy factory in ChicagoWorkers who got three days' notice that their factory was shutting its doors have occupied the building and say they won't go home without assurances they'll get severance and vacation pay.Source: Infocious RSS raw feed - channel BNewsBusiness | 7 Dec 2008 | 2:22 am With time short, Congress tries to seal auto dealRacing to seal a deal with the White House, Democratic congressional leaders dispatched aides Saturday to draft an emergency $15 billion aid package to pull Detroit's Big Three automakers...Source: Infocious RSS raw feed - channel BNewsBusiness | 7 Dec 2008 | 1:31 am Sin may pay, but Obama is ethical investors' hopeLONDON (Reuters) - The combination of recession and efforts to jump-start economies can be an investment headache.Source: Infocious RSS raw feed - channel BNewsBusiness | 7 Dec 2008 | 12:15 am Sin may pay, but Obama is ethical investors' hope (Reuters)
Source: Yahoo! News: Business | 7 Dec 2008 | 12:15 am Sin may pay, but Obama is ethical investors' hopeLONDON (Reuters) - The combination of recession and efforts to jump-start economies can be an investment headache.Source: Reuters: Business News | 7 Dec 2008 | 12:15 am Stocks: More pain, more gains?The worst monthly jobs report in 34 years failed to send stocks lower late last week, begging the question of whether the market has finally found that elusive bottom.Source: Business and financial news - CNNMoney.com | 7 Dec 2008 | 12:14 am Meltdown weakens NYC as global financial capitalFor the hundreds of camera-toting tourists who visit Wall Street every day, the New York Stock Exchange presents an imposing sight. The building-sized American flag draped over the...Source: Infocious RSS raw feed - channel BNewsBusiness | 7 Dec 2008 | 12:00 am Crunch makes site lose its biteI KNOW times are bad but I can’t quite believe it’s come to this. Eater.com, New York’s catty restaurant blog, has suspended its Deathwatch feature that picks on struggling restaurants whose days seemed to be numbered. Eater chronicles the ups and downs of the city’s restaurant scene with all the venom of a native New Yorker with low blood sugar. Let’s take the case of Fr.Og. Yes, I know, the name alone cries out to the Gods of Closing for justice – and thankfully, Eater has been there to act as our Greek chorus and guide us through Fr.Og’s demise. Fr.Og opened in SoHo in April 2007. The menu was predominantly French (hence the name, which stands for France Origine) but incorporated Moroccan, Lebanese and Vietnamese elements.Source: Latest Business News from Times Online | 7 Dec 2008 | 12:00 am BA woos Spanish bank to keep Iberia in Qantas dealBRITISH AIRWAYS is to woo Caja Madrid, the savings bank that is a key Iberia shareholder, in an effort to convince the Spanish airline to join a three-way merger with Qantas.Source: Latest Business News from Times Online | 7 Dec 2008 | 12:00 am Obama unveils economic rescue goalsPresident-elect Barack Obama said today that he has asked his economic team for a recovery plan that saves or creates 2.2 million jobs, a day after the Labor Department announced the US economy is losing jobs at an alarming rate. "We...Source: New Zealand Herald - Business | 7 Dec 2008 | 12:00 am 4,500 jobs on the line at car firmONE of Britain’s largest car-parts groups, Wagon Automotive, is on the brink of collapse this weekend, threatening 4,500 jobs across Europe.Source: Latest Business News from Times Online | 7 Dec 2008 | 12:00 am Cynthia Carroll to slash Anglo spendingMINING giant Anglo American is set to slash its capital expenditure programme by half, cutting about $4 billion ($£2.7 billion) from its spending plans for next year.Source: Latest Business News from Times Online | 7 Dec 2008 | 12:00 am Bank offers $5bn to small businessHSBC has pledged to make £1 billion of extra funding available to Britain’s small businesses ahead of the latest showdown between the big banks and government.Source: Latest Business News from Times Online | 7 Dec 2008 | 12:00 am More bank jobs facing axeAround 200 more New Zealand workers are poised to lose their jobs as the effects of the international economic crisis kick in. ANZ National Bank told the Sunday Star-Times it would cut 200 management jobs, following already-announced...Source: New Zealand Herald - Business | 7 Dec 2008 | 12:00 am Chemicals boss warns of exodusJIM RATCLIFFE, the reclusive billionaire behind Ineos, Britain’s largest private company, has warned Gordon Brown that hundreds of thousands of jobs will be lost if the prime minister commits Britain to tougher EU curbs on carbon emissions.Source: Latest Business News from Times Online | 7 Dec 2008 | 12:00 am Bob Ayling joins Citigroup bid for GatwickBOB AYLING, the former chief executive of British Airways, has entered the race for Gatwick by joining a Citigroup-led consortium that will bid for the UK’s second-largest airport.Source: Latest Business News from Times Online | 7 Dec 2008 | 12:00 am Lord Mandelson warns: No blank cheque for UK plcIN a stark warning to British industry Lord Mandelson, the business secretary, has said there is no “blank cheque” to rescue troubled firms.Source: Latest Business News from Times Online | 7 Dec 2008 | 12:00 am Business in WonderlandFOR 37 years Val Padden worked at the brickworks in Accrington, Lancashire. He is proud of the plant’s history — the works has made bricks for 120 years, including the “Nori” high-strength blocks built into the foundations of the Empire State Building and Blackpool Tower. Local legend has it that the Nori brand originated when its intended name – Iron – was painted upside down on the factory chimney.Source: Latest Business News from Times Online | 7 Dec 2008 | 12:00 am Allos says drug curbs aggressive lymphomaLOS ANGELES, Dec 6 (Reuters) - Allos Therapeutics Inc said on Saturday a small, but potentially pivotal, trial of its experimental drug pralatrexate found it helped curb cancer in 27 percent of patients...Source: Infocious RSS raw feed - channel BNewsBusiness | 6 Dec 2008 | 11:37 pm "Car czar" proposed for any automaker bailoutWASHINGTON (Reuters) - A government "car czar" would oversee any bailout of U.S. automakers under proposed terms being negotiated by the White House and Congress for extending up to $17 billion in emergency loans that mainly aim to spare General Motors Corp and Chrysler LLC from bankruptcy.Source: Reuters: Business News | 6 Dec 2008 | 11:09 pm "Car czar" proposed for any automaker bailout (Reuters)
Source: Yahoo! News: Business | 6 Dec 2008 | 11:09 pm NewsWatch: Washington may steal Wall Street's limelightStock investors can expect little relief from economic data or corporate reports in the week ahead, making Washington's efforts to fix the broken credit system the one possible bright spot.Source: MarketWatch.com - Top Stories | 6 Dec 2008 | 10:00 pm Top German, US stock exchanges plan merger: reportFRANKFURT (Reuters) - German stock exchange operator Deutsche Boerse and New York counterpart NYSE Euronext plan to merge into what would be the world's biggest exchange group, according to a German magazine report.Source: Reuters: Business News | 6 Dec 2008 | 9:01 pm Deutsche Börse pitches merger with NYSE EuronextDeutsche Börse has approached NYSE Euronext about a possible combination of the two exchange groups, people familiar with the development saidSource: Financial Times - US homepage | 6 Dec 2008 | 8:53 pm Argentina tries gov't car loan planRead full story for latest details.Source: Business and financial news - CNNMoney.com | 6 Dec 2008 | 8:37 pm McClatchy reportedly looking to sell Miami HeraldThe financially troubled McClatchy Co. is said to be exploring a sale of the Miami Herald, one of the chain's largest and best-known newspapers.Source: MarketWatch.com - Top Stories | 6 Dec 2008 | 7:54 pm Report: Deutsche Boerse, NYSE Euronext in talksGermany's Deutsche Boerse and NYSE Euronext are considering a merger that could result in the world's biggest exchange group, according to published reports.Source: MarketWatch.com - Top Stories | 6 Dec 2008 | 6:53 pm Obama reveals job-creation planPresident-elect Barack Obama on Saturday revealed five parts of his plan to save or create 2.5 million jobs by 2011, and said he will push for immediate action by Congress when he takes office in January.Source: Business and financial news - CNNMoney.com | 6 Dec 2008 | 6:47 pm Accord on U.S. help for automakersCongressional Democrats and the Bush White House have reached an agreement in principle on providing stopgap support for the U.S. auto industry, according to congressional and industry sources.Source: Business and financial news - CNNMoney.com | 6 Dec 2008 | 6:42 pm OPEC head says oil production likely to be cut soonConsumers who have recently enjoyed a sharp fall in gas prices might see those prices start to creep back upward next year if a cut in oil production by the Organization of Petroleum Exporting Countries turns out to be deeper than expected.Source: MarketWatch.com - Top Stories | 6 Dec 2008 | 6:06 pm Argentina to help first-time new car buyersArgentina's government will provide low-cost loans for people buying their first new car, part of an effort to boost the country's flagging automobile sales industry.Source: MarketWatch.com - Top Stories | 6 Dec 2008 | 5:42 pm Congressional Democrats set to offer short-term loan to US car manufacturersCongressional Democrats are set to offer US car manufacturers a short term emergency loan to survive the next three months, in a move likely to win backing from the White HouseSource: Financial Times - US homepage | 6 Dec 2008 | 5:38 pm U.K. carmakers look to government for helpU.S. automakers aren't the only ones seeking financial help from their government, as car manufacturers in Britain are in talks with their nation's lawmakers over a package of financial assistance for the industry that is suffering from weak sales and liquidity issues.Source: MarketWatch.com - Top Stories | 6 Dec 2008 | 5:10 pm NewsWatch: Washington may steal Wall Street's limelightStock investors can expect little relief from economic data or corporate reports in the week ahead, making Washington's efforts to fix the broken credit system the one possible bright spot.Source: MarketWatch.com - Top Stories | 6 Dec 2008 | 5:00 pm OPEC Finally Comes To Its Senses, Prepares Production Cuts
With oil moving toward $40, down from $147 just this last summer, members of the cartel have seen remarkably sharp drops in their national incomes. Russia may well lose some of its military and geopolitical power. Invading Georgia may simply be too expensive, although the price of gas for tanks and personnel carriers will be down. Many analysts expected OPEC to raise rates at it meeting last month. The fact that it did was actually surprising. Production may be about to drop and drop very sharply. "A consensus has formed for a significant reduction of production levels" by the 14-member Organization of Petroleum Exporting Countries, OPEC President Chakib Khelil told The Associated Press. The next meeting is December 17. Cuts could be as large as two million barrels a day. Whether that will be enough to push oil above $70, a level that many members say they need to keep their countries "profitable" is hard to say. The recession is causing the demand for crude to fall sharply, particularly in large consuming nations including China and the US. If the cut does not move prices way up, OPEC can always come back for more. Douglas A. McIntyre Source: 24/7 Wall St. | 6 Dec 2008 | 4:24 pm News Corp mulls Premiere bid exemption: magazineFRANKFURT (Reuters) - News Corp may ask to be exempted from making a compulsory takeover offer for German pay-TV broadcaster Premiere should it pass the 30 percent shareholding threshold, a German magazine reported.Source: Reuters: Business News | 6 Dec 2008 | 4:20 pm OPEC head predicts output cutsRead full story for latest details.Source: Business and financial news - CNNMoney.com | 6 Dec 2008 | 2:33 pm Job losses mount as economic picture worsens (AP)
Source: Yahoo! News: Business | 6 Dec 2008 | 2:30 pm India slashes rates to shore up growthIndia's central bank announced a series of emergency measures to stimulate growth and boost business confidence, which has been hit further after terrorists launched one of the worst attacks in India's history last weekSource: Financial Times - US homepage | 6 Dec 2008 | 2:23 pm Big Company Stocks Under $1 And Those Heading There (TMA)(FNM)(FRE)(SIRI)(LVLT)(ETFC)(F)(C)(S)(NYT)(MNI)
Losses and fear of more losses have taken Fannie Mae (FNM) down to $.87. It traded as high as $40.45 a year ago. The situation is not much better at Freddie Mac (FRE). It sits at $.88 off its 52-week high of $37.18. Remember, these companies were the twin pillars of the US mortgage industry. The number of important companies which have become penny stocks and the play things of day traders is remarkable, and probably says more about the market than the fact that the DJIA has dropped 40% in a year. Many of the firms trading under $1 were mainstays of their industries. And, some stocks which threaten to drop below the line are shares companies which are critical parts of the national economy. Sirius XM (SIRI) was considered one of the premier new media and technology companies in the world. Its plan to get scores of channels into every car in America and allow people to listen uninterrupted coast-to-coast was as brilliant as it was simple. And, the technology worked well. But, as the credit markets were destroyed, so was the firm's ability to refinance its debt. The fall-off in car sales dealt it another blow. The shares change hands at $.16. The stock was at $3.89 a year ago. Level 3 (LVLT) was an equally promising company. It has 50,000 miles of broadband backbone, perfect for sending data, video, and VoIP, all growing businesses. While the operation's prospects were promising, the firm's debt was not. Leverage cost the stock a lot of fans. It now trades at $.79 down from a 52-week high of $4.48. Charter Communications (CHTR) is one of the country's largest cable companies. With the popularity of cable-based broadband, VoIP, and VOD its business should be doing well. The credit crisis killed Charter's chances to compete with phone companies and satellite TV. It trades at $.16 down from a 52-week high of $1.68. ------ The lesson that Wall St. can take from this is that a prolonged lack of access to credit and an ongoing banking and housing crisis could take shares in a number of other very well-known companies into the pennies which will make them candidates for delisting and wild price swings from day traders moving in and out of the shares. Ford (F) has to be near the top of that list, if Congress does not act on behalf of the car companies. It traded at $1.01 about a month ago. It sits at $2.66 now A lack of financial support from the federal government would strengthen concern that Ford cannot borrow money or refinance its current debt load Citigroup (C) has traded as low as $3.05. If the bank posts huge losses in the fourth quarter of this year and early into next, the government may have to force feed the firm more capital to keep it alive. Common shareholders could be left holding the bag as they were with AIG (AIG) which got as low as $1.25 after its deal with Washington. AIG could certainly drop below $1 as well, particularly if it has to go back to the well for more cash. E*Trade's (ETFC) problems with its mortgage portfolio continue to raise questions about whether the company is a viable standalone candidate, despite the value of its discount brokerage arm. The stock has already been as low as $.79 and trades at $1.15. now. Another bad quarter is all it will take. Sprint (S) has traded as low at $1.35. Investors are concerned that if the cellular service provider keep losing customers to Verizon Wireless (VZ)(VOD) and AT&T (T) that it could stay in the red for a very long time. The company's $22 billion in long-term debt is not doing it any good. As odd as it may seem, The New York Times Company (NYT) could move below $1. It has been as low as $4.95. Stocks of other public newspaper companies, JRC and Gatehouse, are already below a dollar because of falling advertising revenue and high debt service costs. Shares of newspaper chain McClatchy (MNI) have been as low as $1.45 down from a 52-week high of $15.25. If NYT does not find a way to handle its own debt and cut costs at its regional papers, traders will sell the shares down the way that they have other newspaper stocks. A deep recession coupled with a lack of availability of credit has pulled some large and well-known companies down. That process is not over. Douglas A. McIntyre Source: 24/7 Wall St. | 6 Dec 2008 | 1:55 pm Detroit: The Smallest Bailout In The World
Bankruptcies are still on the table. Democrats are proposing to have a special session of Congress to provide money for the American car companies until the new president and Congress are in their offices. According to a number of media sources there is no agreement on what happens next. That means options still run the range from Chapter 7 to pre-packed bankruptcies with the government as debtor-in-possession. to a huge cash infusion which would allow the firms to restructure themselves. The trouble is that no of the longer term solutions may work. Which the chiefs of The Big Three have come to Congress with plans of costs cuts and negotiations with creditors, they have come up with virtually no plan about how to stop the slide in the market shares compared to the Japanese, especially in the face of domestic vehicles sales which could continue dropping though 2010. In other words, absolutely nothing has been solved. Douglas A. McIntyre Source: 24/7 Wall St. | 6 Dec 2008 | 12:25 pm 10 CEOs To Go In 2009 (BSX, C, DDS, EK, GM, NT, RAD, SNDK, SIRI, JAVA)It is that time of year where companies should have been evaluating their plans for the year ahead. Each year we come out with a list of companies who should get rid of their CEOs or which should make some strategic changes inside the company that revolve around the CEO and management. Boston Scientific Corp. (NYSE: BSX), Citigroup, Inc. (NYSE: C), Dillard's Inc. (NYSE: DDS), Eastman Kodak Co. (NYSE: EK), General Motors Corporation (NYSE: GM), Nortel Networks Corp. (NYSE: NT), Rite Aid Corporation (NYSE: RAD), SanDisk Corp. (NASDAQ: SNDK), SIRIUS XM Radio Inc. (NASDAQ: SIRI), and Sun Microsystems Inc. (NASDAQ: JAVA) are all on this year's list. With so many stocks down 50% and more, we want to stress that the list could have had hundreds of management teams on the list if stock prices were the sole criteria. Our criteria for change is far more than just poor stock performance. The list is broken down individually below and summarized with links to the full story on each individual. Boston Scientific Corp. (NYSE: BSX) is somehow still being driven by James Tobin and we cannot figure out how nor why. Tobin has led the destruction shareholder value before, and this year's antics have only added to more destruction of the company's future. Citigroup, Inc. (NYSE: C) has been a disaster. We do not blame CEO Vikram Pandit for this entirely because most of the problems were there before his fund was bought and before he took any control. The problem is that the company needs a hatchet man and a swift action-taker more than it needs what it has been seeing. There is some pain coming for the company and its workforce, and the question is when and how it comes rather than if it comes. Getting rid of a highly overpaid Bob Rubin is not going to be enough. Dillard's Inc. (NYSE: DDS) is being run like a family business and could use new blood, literally. The company is run by William Dillard II as CEO (founder's son) and as Chairman, and its President is Alex Dillard. It now has more activists after it even though management can hide behind a dual-class of stocks that allows the founding family to retain control. He is going to be a tough one to get rid of, but an outsider needs to be brought in whether the Dillard clan wants to carry the flag or not. Eastman Kodak Co. (NYSE: EK) needs to bring in new blood to more rapidly adapt to the new world of film and photography and imaging. Chairman & CEO Antonio Perez has been on our list to go, yet somehow he is still sitting on the Eastman Kodak throne despite its incredibly poor performance. General Motors Corporation (NYSE: GM) may seem like too easy of a pick of companies which need to replace their CEO. Rick Wagoner needs to leave regardless of whether the company gets a bailout or not. The first beggar presentation given to Congress was almost as big of a disaster as the sheer loss of wealth which has been seen here. Whether Congress bails the company and other auto players out is probably not going to be enough to keep Wagoner on. He might even say, "Weeee-Goner!" as he leaves. Nortel Networks Corp. (NYSE: NT) is driving off the edge into the abyss. Mike Zafirovski was brought on to fix things. Considering he came from Motorola with its lovely success story, it is of little shock how poorly this turnaround has gone and how the restructuring just never ends. The company needs to get Fafirovski out of there quick, or Nortel stock certificates will be able to be auctioned off as stock market history memorabilia. Rite Aid Corporation (NYSE: RAD) is in a pickle jar whether it reverse-splits its stock or not. We are not calling for the outright ouster of Chairman & CEO Mary Sammons, but we expect a strategy that by mid-2009 she either takes back more of the control or that she turns the CEO role to the new president. Because she turned this one around once, she has been given the benefit of the doubt more than other managers. SanDisk Corp. (NASDAQ: SNDK) is run by co-founder Dr. Eli Harari as Chairman, CEO, and a member of the Special Option Committee. He is one of the more well-known industry executives. Our call here is more of a strategy call for Harari rather than an ouster. He should remain Chairman, but the troubling times ahead and the trends of memory prices and end-user products down the road is going to require a much better CEO role. SIRIUS XM Radio Inc. (NASDAQ: SIRI) now stands at a critical juncture, and this is a call which will not come about easily. Mel Karmazin as CEO is only part of the issue here, but we think shareholders will ultimately be better without Karmazin running the ship. The reverse split and the financing needs are only part of the problem here. There is a real shot that if any access to capital comes available, he might actually be able to take this company private at everyone's expense. Sun Microsystems Inc. (NASDAQ: JAVA) has been a complete disaster under Jonathan Schwartz as CEO. When Scott McNealy dropped the CEO role to just be Chairman it seemed like a natural choice. This was a huge mistake and shareholders are being plundered as a result. Our opinion is apparently the same as many who are in or close to Sun as well. Schwartz just needs to go. Period. If you want to know how our past predictions in this exact area have gone, there is a precedent here. Our 2008 CEOs TO GO has at least 7 out of 10 picks following the path, and most of the 2007 CEOs TO GO have gone on down the road. As a reminder, not all of these calls are for sheer ousters of CEOs. Some are strategic calls. In many cases it will be hard to find a replacement as so many companies are in trouble right now. We tried our best to avoid the massive numbers of financial firms, homebuilders, retailers, media and more because so many of these sectors are in trouble and you could almost include all of them if you only looked at the stock prices. These were specific public company figures with specific reasons set out for each case. Jon C. Ogg Source: 24/7 Wall St. | 6 Dec 2008 | 12:11 pm More "world coordination" on rates neededLONDON (Reuters) - More international coordination of macro-economic policy is needed,, Bank of England Deputy Governor John Gieve said on Saturday.Source: Reuters: Business News | 6 Dec 2008 | 11:25 am Losses may not mean end of Credit Suisse investment bankingZURICH (Reuters) - Recent losses at Credit Suisse Group AG do not mean the end of investment banking at the Swiss group, its chairman was quoted as saying in an interview published on Saturday.Source: Reuters: Business News | 6 Dec 2008 | 10:57 am
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OPEC is sending strong signals that it will cut production ASAP before Venezuela and Iran have to file for bankruptcy and Putin is thrown into irons for ruining Russia's economy. (Russia is not an OPEC member, but might as well be.)
