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Remember that old joke about buying beachfront property in Nevada for when an earthquake swallows California? Problem is, I am not sure where the figurative Nevada may be if the bad news keeps coming… No comments yet from Boeing marketing VP Randy Tinseth regarding the company's biggest stock drop since 2003, on today's news of further 787 Dreamliner delivery delays. The Dreamliner has 817 orders valued at more than $120 billion, but Boeing's going to be in the penalty zone if they don't deliver 109 planes by the end of 2009. Interviewed on ABC World News, bank analyst Charles Peabody had something to say about Citigroup's record loss. In the aftermath of its 41% dividend cut and staggering $18 billion writedown, he excoriated the bank for “knowingly investing in exotic mortgages” amid the meltdown. Blogging on ABC News.com, Scared in America, claiming to be “a former employee of Citigroup for many, many years,” starts his condemnation thus: “Employees are pushed beyond endurance to source, qualify and book a certain # of mortgages in a months time. If you can't do this, then your job is threatened.” Apple's new notebook and the retail sales forecast are ultra-thin--and investors and consumers are not buying. Add Citigroup's and other declines and the S&P 500 sank to its lowest level since March 2007, wiping out more than $800 billion in U.S. share value over the last 3 weeks. Michigan voters are feeling the threat--of a worsening economy. 55% picked the economy as the nation's most pressing issue; two-thirds think it is tanking. Some half-decent CEO news tomorrow—from Chicago.
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