CNBC Chyron; WH announcement: Auto Task Force winding down decisions to be made on aid, announcement to be made by TOTUS Monday
This is fascinating because the debt holders have been LOUDLY complaining they don’t want a cramdown when the union isn’t cramming down to the level Steve Rattner (head of TOTUS’ Auto Task Force) is announcing as a done deal left and right for two weeks..
Also GM has been publicly stating they do not need or want anymore government money, but Rattner has been floating the idea that GM needs billions, more than tens of billions more..
Mr. Rattner dismisses the idea that his team may not have enough auto expertise to tackle the job. “We are not trying to run car companies,” he says. He compares the work to what he and others have done in the private sector. “This is the type of investment decision that many of us on this team are used to making.”
…Mr. Bloom focused on minute aspects of the business strategy, and Mr. Rattner, on how the deal would be structured. People on the Fiat team came away thinking that the task force’s questions betrayed a limited understanding of the industry. “It’s fair to say we walked out of the meeting and were a little unsettled,” says one member of the Fiat team….
…The bondholders’ attorneys laid out the details of a plan to exchange debt for equity, which would reduce pressure on GM to repay the bondholders. As the lawyers walked through a litany of potential challenges, Messrs. Rattner and Bloom took notes, offering minimal commentary, according to people who attended the meeting. Since then, the bondholders committee has had little contact with the task force. Its lawyers say they were surprised two weeks later when Mr. Rattner publicly criticized them for not being flexible enough….
UPDATE: Rick Santelli reporting it w as 7.5 Billion Fed bought today..more Monday….
REFI MY PRETTIES!! REFI LIKE THE WIND!!!
THIS is what is going to get us back on our feet, betcha Ben and the Fed got tired of waiting for Timmeh and TOTUS to do something, LOL. They seem to have taken the reins in hand, yay! I am floating my app., waiting to hit 4.5%., if my current rate was over 5.5 I would refi NOW baby!!!
Treasuries launched their second round of buying as reported by Jon Erichman of Bloomberg News. (Bloomberg News)
oh frak me man, averages were low all day but now trending down farther..DOW down 170 to 7753, S& P down 17 to 815, NAS down 38 to 154
Let’s be perfectly clear (lol), this was TOTUS third or fourth chance to say we do not believe in tearing each other down in America, this bonus tax is wrong and we will rise together, he did not do that, i consider this a failure on his part..
Listen Jamie loves Obama and he was trying to sound positive but Burnett asked did Obama say he is against the House bonus tax? the answer was not yes..and Jamie is always upbeat he was trying…he kept saying they will do what is best for America…
That is bad, now Blankfein talking to Burnett,
listen these, “blue eyed white bankers’ that Lula riffed on were like the Procol Harum song when they came out of two hours with TOTUS,
methinks they got NO reassurances, they got lectures on reforming compensation and lending more it sounds like..will post video as soon as CNBC gets it up..John Mack is silent as a stone…
here is the song to which I refer if anyone missed the joke, LOL
Original 16mm Scopitone conversion, from the ‘summer of love’ 1967 hit record, remixed( sic)and refurbished for FLV YT format. I fixed audio as well. Sound engineer of this famous mono mix was Keith Grant.
Vocals and piano played by Gary Brooker, Matthew Fisher played the Hammond organ, and the lyrics were written by Keith Reid.
…With more than 5,000 crime fighters and villains in its library, Marvel Entertainment is assembling a group of screenwriters who will pen scripts for various properties Marvel wants to develop, Variety reported….
ginaswo
