WSJ NEWS ALERT: Obama Says Chrysler Bankruptcy Process Will Be 'Quick,' Not Disruptive

Not sure why the President is getting so involved in the bankruptcy. If a problem arises he can help with between the unions and Chrysler I can see him stepping in quickly to facilitate negotiation but otherwise stay out of the bankruptcy.

News Alert
from The Wall Street Journal


President Obama said the Chrysler bankruptcy process will be "quick" and will not disrupt Chrysler operations. In midday remarks, he said that thanks to sacrifices by the company, employees and big debtholders -- and an alliance with Fiat -- the "necessary steps have been taken" to give Chrysler "a new lease on life." He also said that GMAC has agreed to finance Chrysler sales.

http://wsj.com#mod=djemalertNEWS

Chrysler Bankruptcy

This is not good news

News Alert
from The Wall Street Journal


Talks between the Treasury Department and lenders aimed at keeping Chrysler out of bankruptcy broke down late Wednesday, making it all but certain that the car maker will file for Chapter 11 protection on Thursday.

Administration officials, who have been braced for a Chrysler bankruptcy filing for weeks, say all the pieces are in place to get the country's third-largest employer through the court quickly, perhaps in a matter of weeks.

http://online.wsj.com/article/SB124102375931669205.html#mod=djemalertNEWS

AIG acts to avoid default risk

This is when you know you are important to a company. When, if you leave, a multi-billion dollar company defaults on 234 billion in derivatives and causes a global economic paralysis and consequent meltdown. That is a scary fact, one guy controls this outcome. I hope they are guarding him and making sure he stays very happy. How ridiculous to be in that position. To have taken on that much risk that is so complicated only one guy can figure it out. Guess he got his job security during this economic downturn.

AIG acts to avoid default risk

via Financial Times - UK Homepage on 4/28/09

AIG has moved to stave off the risk of default on $234bn of derivatives by persuading a senior executive at its troubled financial products division to rescind his resignation and remain with the stricken insurer to unwind the complex trades

Pack meeting

Have to love cub scouts.

Rock from my mothers well

My mother gave Kaden this rock that came from when they drilled her
well. It was 200-300 feet deep.

Specter Joins Democrats; Senate Count May Reach 60

This could have some solid impact on economic issues.

The Caucus: Specter Joins Democrats; Senate Count May Reach 60

via NYT > Home Page by By CARL HULSE on 4/28/09

The decision by Senator Arlen Specter of Pennsylvania to switch parties potentially presents Democrats with a 60th vote and the power to break Senate filibusters.