GM fires CEO of 1 year Fritz Henderson..

Update: Video added of Thad McCotter R-MI who I think is great, on Cavuto tonight

4:55 pm EST: Well. If you’re an investor and that conference didnt scare you nothing will. Whitacre had what looked like a legal pad and papers, he spoke for 90 seconds, said he will take the role while they seek a new CEO, he took no questions and left.

LeBeau is noting that CNBC had an interview scheduled with Fritz tomorrow from the LA Auto Show. Also that Whitacre has mentioned several times, ‘I am not a car guy’, since being brought on as Chair. Yep. And now he is President CEO and Chair, oh goody! Talk about bizarre timing, we knew Fritz wanted to sell Opel and the Board did not, but WTH happened to make them fire Fritz tonight?

Ain’t being run by the union and the government grand?

4:15 pm EST: Breaking on CNBC now, Presser on “Significant Decisions” by the Board in 10 mins..

Update: Phil LeBeau at CNBC has scoopage:

…It is unclear whether he is stepping down on his own, or whether he was asked to resign. It’s also unclear who will take his role as CEO, but GM Chairman Ed Whitacre will serve as interim CEO, according to the Associated Press.GM said it will hold a news conference at 4:30 pm on “significant decisions” by the board. CNBC.com will carry it live. General Motors had no comment.

Ed Whitacre the man who used to run ATT that they dragged out of retirement to be Chairman. Oy!

Henderson took over for former CEO Rick Wagoner when the White House removed him from the position in March….

Think about how scary that is, “when the WH removed him form the position”. Under what possible authority did they do that? And the sooper genius economists and academics were fine with it, so now no capital will invest in American jobs. Maria Baritromo just interviewed Larry Fink and he said he expects 2% GDP in 2010, a million jobs lost in state govt and populism and unemployment anger at the mid term elections. Man oh man.

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December 1, 2009. Tags: , , , , , , , , , , , . Big 3, Economy, Finance, Jazz, Motown, Music, Obama Administration, Politics, Popular Culture, TARP, Wall St. Comments off.

Dollhouse Double episodes begin Friday – 2.5 promo

Vodpod videos no longer available.

more about “Dollhouse Double episodes begin Frida…“, posted with vodpod

December 1, 2009. Tags: , , , , , , , . Celebrities, Entertainment, Fantasy, Mystery, Popular Culture, Sci Fi, Suspense. Comments off.

Paley Center – Dollhouse – Fran Krantz on ‘The TV Set’ and Pilots, Nathan Fillion on Dr Horrible Panel…

Vodpod videos no longer available.

See more cuts from the Paley Center Panel with Dollhouse cast and creator here

Plus Nathan Fillion from the Paley Center Dr Horrible Panel! Courtesy of allthingsfangirl:

Video begins with Nathan saying he used to be a Karaoke Host – then they talk about his singing ability, as well as Felicia’s, then go into Nathan’s acting and how Joss asked for “more cheese” and how great his delivery was of “The hammer is my penis”

Plus cause it’s Nathan, MORE NATHAN! Nathan talks about the Battle of Pranks in Firefly….

Courtesy of wickedpenguin

more about “Paley Center – Dollhouse – Fran Krant…“, posted with vodpod

December 1, 2009. Tags: , , , , , , , , , , . Celebrities, Entertainment, Fantasy, Film, Horror, Popular Culture, Sci Fi, Suspense. Comments off.

Golf Digest Cover: 10 Tips Obama can take from Tiger

Oh boy, the jokes write themselves don’t they?

Tips like ‘don’t leave your 9 iron behind when Michelle is chasing you down the driveway..’

December 1, 2009. Tags: , , , . Politics. Comments off.

Twofer Tuesday: Joss Whedon directs The Office

But first, It’s Gettin Hot in Here: Scranton Style by andemarg

Now the Twofer

Mashup by moviegeek7

Plus a Blooper from Joss’  other Office Episode ‘Branch Wars’, cause it is so damned funny (after the break):

(more…)

December 1, 2009. Tags: , , , , , . Celebrities, Comedy, Entertainment, Popular Culture. Comments off.

Donald Trump: we need to force the banks to start lending

Shorter Donald: We paid good money and they won’t put out!

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The Trumpster:

The US economy will never recover until banks start lending, and they are not doing that now despite claims to the contrary by the financial institutions, real estate developer Donald Trump told CNBC Tuesday “Banks are not lending money, no matter how prime you are,” Trump said.

“The economy can’t come back until the banks start lending.””It’s really the money they have been given by the government and they’re not lending it,” he said.

“I don’t think any bank in this country is soliciting loans,” Trump said. “Banks are bragging about the facts that they’re making loans and they’re not making loans.”

Unless the government “takes very hard action with the banks and forces them to loan money,” the economy won’t bounce back, he said…

more about “Donald Trump: we need to force the ba…“, posted with vodpod

December 1, 2009. Tags: , , , , , , , , , , , , , , . Economy, Finance, Obama Administration, Politics, Popular Culture, TARP, Unemployment Statistics, Wall St. Comments off.

Update: Gold breaks $1200 an oz; Gooooooold!!! Hits another record $1196.80 an oz…

Update: 11:30am EST: Gold just broke $1200! 1200.3 , wow. Dollar is falling and stocks are up again, ignoring the reality that this is very bad for our economy long term a weak currency, DOW up 130 to 10,474.70…keep printing that money

And you know what that means! It’s Shirley Bassey Burl Ives time!!

December 1, 2009. Tags: , , , , , , , , . Economy, Finance, Wall St. Comments off.

Housing: Treasury to pay servicers and homeowners to do short sales

From the radical to the sublime, or the sublimely stupid. Are we in the Twilight Zone or what? I dunno anymore. If these yahoos cannot get the servicers to do meaningful mods, then at this point why the hell not pay people to leave their homes and pay servicers to do their fiduciary DUTY by allowing a short sale@@?!!@@ Off The Rails. And they think servicers will do MORE mods when they can get paid another fee to do short sales where they already make money?

What a clusterfxck this whole thing has been and continues to be. HOLC DAMMIT! We would have bought these houses ONCE. Now we are paying and paying and paying. When FAN FRED FHA have to write these loans down taxpayers will pay yet again for these same houses.

I mean talk about moral hazard. It is a moral hazard to buy the loans directly through HOLC once, when we own FAN FRED anyway, but it is not moral hazard to pay people to leave their homes and loans? And to keep interfering in the market so it does not correct? If we bought them, once, we would be done in one fell swoop. This endless tinkering is what leads to market uncertainty and lack of capital investment.

But by all means let’s BS around the sanctity of the contract. Who are they kidding? No contract has been protected since Chrysler bondholders got screwed and we all know it. We are paying for these losses ANYWAY as all these loans are now owned by FANNIE and FREDDIE and increasingly, FHA.

WE the taxpayers are ALREADY the damned owners. When the short sales go through WE the taxpayers will take the loss via FAN FRED and have to send them MORE money. Why not leave the people in their houses if we have to pay for losses anyway? But nooooo then the banks.servicers couldn’t get nice fees right? frakkers. sigh.

WSJ:

Under the plan, borrowers will receive $1,500 from the government if they sell their homes for less than the amount of their mortgages. Mortgage-servicing companies will also receive $1,000 for each completed short sale. The program is open to borrowers who may be eligible for the government’s loan-modification program, but don’t end up qualifying, or are delinquent on their modification, or request a short sale or deed-in-lieu transaction.

The short-sale program is the latest addition to the Obama administration’s $75 billion foreclosure-prevention plan, which includes incentives for mortgage companies and investors to rework troubled loans. The government first said in May that it would include short sales in the program, but it has taken months to finalize the details.

Under the new guidelines, second-mortgage holders can receive up to $3,000 of the sales proceeds in exchange for releasing their liens. Investors who hold the first mortgages, meanwhile, can collect up to $1,000 from the government for allowing such payments.

Borrowers who complete a short sale under the program must be “fully released” from future liability for the debt, according to the guidelines…

That ‘fully released’ is key. In recourse states homeowners are liable for the difference between the short sale and the loan balance on the mortgage. But this guideline will release people from that debt. Also the IRS has a nifty habit of coming after people for taxable income on that difference. However there is a loophole there…

WSJ:

The Internal Revenue Service counts debt forgiveness–the difference between the home’s sale price and the amount owed on the mortgage–as regular income, although there are exceptions for bankruptcy, insolvency, forgiven deductible mortgage interest and seller-financed debt. You also cannot deduct losses from price declines, or expenses you incur for real estate brokers, attorneys or others involved in the sale. Primary homeowners, however, get a break from being taxed on the shortfall, at least until December 31, 2012, thanks to the Mortgage Forgiveness Debt Relief Act of 2007…

December 1, 2009. Tags: , , , , , , , , , , , , , . Economy, Finance, Foreclosures, Housing, Obama Administration, Politics, TARP, Taxes, Unemployment Statistics, Wall St. 1 comment.

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