Archive for October, 2008

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Kerkorian Gives Up - Takes Huge Losses on Ford

Kirk Kerkorian gives up on Ford Motors, has huge losses on stock positions.

Famous investor, financier Kirk Kerkorian is pulling out of the stake he took in Ford Motor Co. just six months ago, selling 7.3 million shares at a fraction of his purchase price.

Kerkorian announced just last April that he had bought 100 million shares of Ford for an average price of $6.91. He then announced a tender offer under which he paid $8.50 a share for an additional 20 million shares. In addition he bought another 22.3 million shares between late April and mid-June at an average price of $6.54 a share, giving his total investment an average price of just over $7 a share.

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21Oct2008 | taipan | 0 comments | Continued
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World Leaders and the Financial Panic of 2008

World leaders have had a busy weekend as they attempt to come up with a coordinated way to inject liquidity and a measure of confidence into the world financial system. The leaders seem to have their own financial panic of 2008 underway as they feel the need to quickly act and do something but don’t seem to have any better idea as to what to do than you or me. How comforting.

Leaders from the G-7 and G-20 nations as well as the IMF are all discussing what should be done to at least slow down the world wide bleeding. The great challenge is that the de-leveraging process now underway discloses in a very nasty way just how far off course the world financial system, lead by the irresponsible people in the United States of America government, was over the many years of deregulation, poor oversight, and bubble creation.

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12Oct2008 | taipan | 0 comments | Continued
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California Needs $7 Billion Emergency Loan

California Gov. Schwarzenegger has written a letter to the US Treasury Secretary Hank Paulson stating the the State of California needs an emergency $7 billion dollar loan just to pay on going operating expenses such as teachers salaries, to maintain nursing homes, law enforcement and every other state funded service this month.

“The federal rescue package is not a bailout of Wall Street tycoons - it is a lifeboat for millions of Americans whose life savings, businesses, retirement plans and jobs are at stake,” Schwarzenegger said.

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3Oct2008 | taipan | 0 comments | Continued

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