Interesting stat. The unemployment rate for the college-educated is a lot lower than the 10% unemployment rate for everyone. ________________ I show how to violate Warren Buffett’s constitutional rights. ________________ NewDeal2.0 is disgusted by Moody’s warning about the status of the U.S. debt and explains why. ________________ Continue reading Daily Blogwatch: Just How Oversold Is This Market? Why Are Hedge Funds Buying PFE? Daily Blogwatch: Just How Oversold Is This Market? Why Are Hedge Funds Buying PFE? originally appeared on DailyFinance on Mon, 08 Feb 2010 08:30:00. Filed Under: Company News , Economy , Investing Permalink | Tweet this! | Comments

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Daily Blogwatch: Just How Oversold Is This Market? Why Are Hedge Funds Buying PFE?

CIT Group, a lender to small and medium-sized businesses, is giving John Thain a chance at career redemption. CIT took on scads of subprime mortgage debt during the 2000s, then filed for bankruptcy during the credit crisis. Now, The New York Times reports that Thain, who worked for Goldman Sachs Group ( GS ) and then led Merrill Lynch before Bank of America ( BAC ) bought it, is going to run CIT, which emerged from Chapter 11 two months ago. Continue reading Thain Returns: Tarnished CIT Taps Ex-Merrill Chief as New CEO Thain Returns: Tarnished CIT Taps Ex-Merrill Chief as New CEO originally appeared on DailyFinance on Mon, 08 Feb 2010 09:22:00. Filed Under: Company News , Economy , CIT Group , Goldman Sachs , Bank of America , Credit Permalink | Tweet this! | Comments

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Thain Returns: Tarnished CIT Taps Ex-Merrill Chief as New CEO

Filed under: Company News , Healthcare The biggest horror show in movie theaters right now is not on screens but in the tubs of popcorn resting in audience members’ laps, if you ask one consumer advocate. Snacking on a medium popcorn and soda at one of Regal Entertainment Group’s ( RGC ) cinemas is the nutritional equivalent of eating three McDonald’s ( MCD ) Quarter Pounders slathered with 12 pats of butter, says the Center for Science in the Public Interest. The twist in the plot? Both Regal and AMC — the nation’s No. 1 and No. 2 theater chains — understate the calories in their popcorn servings by big amounts, according to laboratory analyses commissioned by the nonprofit. Regal, for example, indicates its medium popcorn is 720 calories, while its large is 960 calories, the center says. But both medium and large sizes end up containing about 1,200 calories, the Washington, D.C. outfit says. And because the kernels are popped in coconut oil, they contain 60 grams of saturated fat — three times the daily recommended allowance , the group adds. “You might think you’re getting Bambi, but you’re really getting Godzilla,” says Jayne Hurley, the center’s senior nutritionist. Continue reading In movie theaters everywhere: ‘Attack of the Artery-Clogging Popcorn’ In movie theaters everywhere: ‘Attack of the Artery-Clogging Popcorn’ originally appeared on DailyFinance on Sat, 21 Nov 2009 16:00:00 EST. Please see our terms for use of feeds . Permalink | Email this | Comments

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Filed under: Company News , CIT Group After last ditch attempts to stave off such an outcome, CIT Group, the giant small business lender — carrying some $71 billion in assets — filed for a “pre-packaged bankruptcy” Sunday. The development will keep the doors open at the 101 year-old small business lender, but there will be heavy losses, including, most likely, $2.3 billion in taxpayer bailout funds. CIT survived the Great Depression, but it couldn’t weather the Great Recession. Its demise may be a sign that the wave of crumbling, sub-prime mortgage-infected financial giants has not ceased. Continue reading CIT files bankruptcy, $2.3 billion in taxpayer funds likely lost CIT files bankruptcy, $2.3 billion in taxpayer funds likely lost originally appeared on DailyFinance on Sun, 01 Nov 2009 17:05:00 EST. Please see our terms for use of feeds . Permalink | Email this | Comments

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CIT files bankruptcy, $2.3 billion in taxpayer funds likely lost

Filed under: CIT Group , Goldman Sachs , Citigroup I would like to congratulate the Obama administration for drawing the right line in the sand. Unlike the Bush administration, Obama did not permit a $639 billion bankruptcy — Lehman Brothers — whose collapse nearly caused social chaos as people lost confidence in their money market funds. With today’s CIT Group ( CIT ) bankruptcy filing, the U.S. will lose $2.3 billion in TARP money, but with $71 billion in assets, CIT will keep operating and global panic will not follow. As I posted previously, CIT Group makes loans to about a million small businesses like Dunkin’ Brands franchises. Those businesses need capital to operate and they can’t get it very easily by accessing public debt and equity markets. So lenders like CIT Group really matter to them. But the company got distracted by subprime mortgages and student loans and it is likely to scale back to its core business of lending to small and medium sized business. Continue reading Why CIT Group’s bankruptcy doesn’t matter Why CIT Group’s bankruptcy doesn’t matter originally appeared on DailyFinance on Sun, 01 Nov 2009 17:45:00 EST. Please see our terms for use of feeds . Permalink | Email this | Comments

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Why CIT Group’s bankruptcy doesn’t matter

Filed under: Company News , CIT Group Commercial lender CIT Group Inc. said Friday that billionaire investor and bondholder Carl Icahn agreed to support the company’s restructuring plan amid reports CIT may soon file for bankruptcy protection. Icahn also agreed to provide CIT with a $1 billion line of credit. Icahn has been an outspoken critic in recent weeks of New York-based CIT Group’s plan to restructure its debt in an effort to avoid collapse. CIT, one of the largest lenders to small and midsize businesses, has been trying to reduce its near-term debt burden by $5.7 billion. Continue reading CIT Group receives $1 billion loan from Icahn CIT Group receives $1 billion loan from Icahn originally appeared on DailyFinance on Fri, 30 Oct 2009 18:20:00 EST. Please see our terms for use of feeds . Permalink | Email this | Comments

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CIT Group receives $1 billion loan from Icahn

Filed under: Company News You may remember American International Group ( AIG ). The U.S. government gave it $182 billion of taxpayer money last fall in exchange for a 78 percent stake. Of that money, $165 million went for bonuses to a handful of people in its Financial Products Group (FPG), which sold Credit Default Swaps (CDSs) on which AIG lacked the capital to make good. And $200 million more is slated for those good folks in 2009. Another $12.9 billion of our taxpayer money went to Goldman Sachs Group ( GS ) so AIG could pay Goldman 100 cents on the dollar for its CDSs. Hank Paulson wanted to keep the names of Goldman and the other recipients secret — since so many of them were foreign banks, but the information leaked out in March 2009 after Paulson left office. Continue reading After $182 billion taxpayer rescue, is AIG on the verge of collapse? After $182 billion taxpayer rescue, is AIG on the verge of collapse? originally appeared on DailyFinance on Fri, 31 Jul 2009 08:20:00 EST. Please see our terms for use of feeds . Permalink | Email this | Comments

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After $182 billion taxpayer rescue, is AIG on the verge of collapse?