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Amex: paying cardholders to close accounts
From the National Post:
American Express Co., the largest U.S. credit-card company by purchases, is paying some cardholders US$300 each to close accounts so the lender can reduce the risk of defaults as the recession deepens.
People who…
JPMorgan cuts its dividend fom 38 to 5 cents
From MarketWatch:
J.P. Morgan Chase said late Monday that its board cut the company's quarterly dividend to 5 cents from 38 cents, effective for the dividend payable April 30. "The board anticipates maintaining this level for the time…
‘Slumdog’ cleans up at the Oscars
Right now I am trying to forget that we are back to 1997 levels on the market. So, I am posting this WSJ clip about the Oscars. Overall, I guessed 4 out of 7 of the big categories right.
It was the best show in years with "Slumdog…
America needs a pre-privatization plan
UPDATE: This is another re-post given the huge bailout just administered to AIG.
I am coming out in favor of nationalization in the United States. The efforts to fix the banking system to date have failed. As a result, America is still…
Links: 2009-02-23
Americans Would Be Lucky to Mimic 1990s Japan: William Pesek - Bloomberg.com
Will Germany deliver on the Faustian bargain that created monetary union? - Telegraph
U.S. economy seen starting recovery in second half of '09: poll | Reuters…
Nationalization talk everywhere
Everybody is talking about nationalization. The latest trigger is the Citi discussions with the U.S. government to convert taxpayers' preferred shares into common equity.
Below are a few Bloomberg video clips from just this morning…
Spain: who is responsible for the property bubble?
As recession takes hold, European citizens are starting to ask questions about how they were led into this, the deepest downturn in three-quarters of a century. The leading Spanish daily El Pais published a very thoughtful article today…
Citi: looking for as much as a 40% stake from the government
This news is just in from the Wall Street Journal. Obviously, all of the activity we have seen with Citi's foreign subsidiaries of late has been in preparation for sale or nationalization. I expect this to be the big news when markets…
Dubai bailed out by Abu Dhabi after property bust
As a result of falling oil prices and the global financial crisis a considerable fear has developed that Dubai, which has led a very expansive building policy in recent years, would have problems servicing its debt.
Links: 2009-02-22
More on That Dirty Word "Nationalization" and Possible Approaches - Naked Capitalism
In Northern They Trust - Barron's
ING’s Hommen May Consider Seeking U.S. Support After Review - Blomberg.com
'Good Banks' Are the Cost Effective Way…