Not to be outdone by Hyundai, if you buy a Ford and lose your job, the car-maker announced they’ll make your payments for up to a year, up to $700 per month. President Mark Fields released a video about the “Ford Advantage Plan” on YouTube. Take a shot every time he says “confidence.” GM is supposed to announce their own version this morning, says Kicking Tires. UPDATE: And here it is.
money meltdown
Why AIG Gave Your Money To Other Banks
By 3.30.09
There’s been a big stink about how AIG has given a bunch of taxpayer money to other banks. Why why why, demand the American people. Well, it’s not like they enjoy shoveling money out the door, wait, scratch that, but anyway, the real reason is because of something called “collateral calls.” Marketplace’s Paddy Hirsch explains the situation with the help of his friends Mr. Magic Marker and Mrs. White Board in this video.
Nation's Only State-Owned Bank Earns Record Profits, Wall Street Salivates
By 3.30.09
The Bank of North Dakota is the only state-owned bank in America. It also reaped record profits last year. [Mother Jones] (Photo: afiler)
Recession Boon Time For Online-Dating Sites
By 3.30.09
eHarmony says they’ve noticed their site traffic increases on days when the Dow drops by more than 100 points. I guess add them to auto parts stores as another counter-cyclical investment. [Economist] (Photo: andronicusmax)
Madoff "Victim" Looks Strangely Like Nigerian Scammer
By 3.24.09
To help the judge decide Madoff’s sentencing, the NY AG’s office submitted 96 pages what they said were emails from his victims. I feel bad for this one guy on page 36…
Markets Leap On Treasury's Troubled Asset Purchase Details
By 3.23.09
Markets jumped after the Treasury presented the fleshed-out details of its plan to buy troubled bank assets. The need for getting toxic assets off bank books has been around for quite some time, but has stalled because banks and investors couldn’t compromise on the price. Banks didn’t want to sell for less than 60 cents on the dollar, investors didn’t want to pay more than 30. The Treasury plan makes the two ends meet by providing $75-$100 billion in financing for buyers. For it to work, private investors will have to step up, but with the S&P leaping up 7.1% the street is betting they will and it will unclog the credit markets.
Surviving A Lynch Mob – AIG Internal Staff Memo
By 3.20.09
Via Gawker: Considering the profound social unrest surrounding just about every aspect of their entire existence, AIG disseminated the following memo to their staffers to help them avoid getting hoisted by their necktie the nearest lamppost.
Ben Popken On "To The Point" Today At 3
By 3.20.09
American capitalism’s in crisis, and the public has lost confidence in banks, money managers and business reporters – even the Treasury Department. Friday, on To the Point, If the smartest guys in the room aren’t reliable, who do you trust with your money? Will the US become a nation of online traders?
Giant Bee Swarm Overtakes Foreclosure
By 3.19.09
A shit-ton of bees have infested this foreclosed home in Florida, creating a hive the size of a small child on the exterior, and chasing and harassing the neighbor’s daughter. See, that’s them in this picture. According to the article, bees and raccoons are infesting foreclosures across Florida. Nobody can find the owners or banks that are supposed to own and take care care of them. [More]
Obama, Congress, Knew About AIG Bonuses For Months
By 3.19.09
The AIG furor continues as it turns out Obama and Congress knew about the AIG bonuses for months but previously, on the advice of lawyers, felt powerless to stop them. Question for the audience: is figuring out what happened with the AIG bonuses fundamentally important to get the economy back on track, or is it just another media circus sideshow?
35 Sad Photos Of The Recession
By 3.18.09
A photographic tour of the recession, as told through 35 depressing photos! Here’s one of a hotel manager kicking in the door on a soon-to-be ex-tenant. The caption on the Getty photo by John Moore reads, “The tenant said that he was laid off from his job in a retail store two months ago and had fallen behind on his rent payments at the low-budget hotel.”
Recession Best Thing Ever For Non-Graybeards
By 3.17.09
Ever notice how most of the people bitching the hardest about the recession are old people? Here’s an alternative view, and how the economic meltdown might just be the best thing ever if you’re under 35, have a job, and aren’t strapped with debt. [MSN] (Photo: hanapbuhay)
$1.144 Quadrillion – Total Size Of Derivatives Bubble
By 3.16.09
Buddy, can you spare 1.144 Quadrillion dollars? Based on one analysis, that’s the total size of the global derivatives market right now, equivalent to $190,000 for every person on the planet. (A derivative is an investment whose value comes from, or “derives,” from another investment, like stocks, credit, or home mortgages…) If you’d like to learn more about derivatives and become frightened by them, check this article out. For further comparison, here’s what the Sears Tower looks like, as dwarfed by a cube of 1 quadrillion pennies.
56% Of MBA Students Cheat Regularly
By 3.16.09
“A study of cheating among graduate students, published in 2006 in the journal Academy of Management Learning & Education, found that 56 percent of all M.B.A. students cheated regularly – more than in any other discipline. The authors attributed that to “perceived peer behavior” – in other words, students believed everyone else was doing it.”
50% Of Americans 2 Paychecks Away From Having Big Financial Problemos
By 3.11.09
Whatever happened to developing an emergency fund to cover rainy day expenses? Apparently many Americans haven’t heard of this practice (or at least aren’t applying it) and now with the economy in the tanker, their financial lives are hanging by a thread. US News reports that half of Americans are two paychecks away from hardship.
Senators Propose Financial Product Safety Commission
By 3.11.09
Senators Durbin and Schumer today proposed making a “Financial Product Safety Commission.” (an idea originally put out there by the super-awesome Elizabeth Warren 2 years ago). Shumer likened it to the Wild West days of medicine in the 1900s when snakeoil got peddled from street corners and magazines, saying, “Those who sell quack financial products in the 21st century” should be “reined in, not with disclosure, but with real limits.” If it comes to fruition, hopefully unlike other government protection agencies it will be staffed by consumer advocates instead of industry insiders.
Craigslist: Fall Guy For Your Hedge Fund (Financial District)
By 3.11.09
Is your hedge fund in dire financial straits? Are you totally screwed and now realizing that someone has to take the fall? Has your ponzi scheme enveloped numerous celebrity-endorsed charities benefiting Laotian children with AIDS and been discovered by the SEC?
Citi "Homeowner Helper" Site Merely Potemkin Village?
By 3.10.09
Did Citi set up its “homeowner helper” site to comply with Obama’s mortgage assistance programs, but then not actually attach it to any humans that will help homeowners? After inputting his info on the site, Citi told reader CoarseLive to schedule an appointment with a representative. No one ever called him. When he tried calling Citi directly, multiple agents told him they had no idea what he was talking about, and they hung up on him, again and again. His story, inside…
