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Posted
Dec 11 2008, 03:56 AM
by
Kim Peterson
Rating:
Money Blog: Top Stocks Blog - MSN Money
The New York Times debunks the claim that the Big Three auto workers earn $73 an hour. That number came from the car companies themselves during union negotiations, writes David Leonhardt.
But it isn't completely accurate. Yes, the companies do spend about $73 for every hour of unionized work, Leonhardt writes. Not all of that goes to the worker's pocket.
Here's how it breaks down:
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Posted
Sep 30 2008, 09:47 AM
by
Kim Peterson
Rating:
Money Blog: Top Stocks Blog - MSN Money
Congress wants to crack down on CEO mega-salaries for banks participating in the bailout. And while the politicians argue how best to do that, Alan Fishman of Washington Mutual is headed for the doors with $19 million in his pocket.
If that wasn't outrageous enough, consider this: Fishman started the job three weeks ago. I never saw the employment ad Fishman answered, but it must have read something like this:
WANTED: Top executive for train-wreck bank about to be seized by federal regulators. Must be able to look busy while FDIC sells business from under you. Previous experience with angry shareholders sitting on worthless stock a plus. Perks: $7.5 million hiring bonus and $11.6 million cash severance.
Fishman got the best temp gig in history.
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Posted
Nov 14 2008, 09:52 AM
by
Kim Peterson
Rating:
Money Blog: Top Stocks Blog - MSN Money
Chrysler is asking the government for a bailout. It's laying off employees and cutting salaries. It's a company in trouble. Oh yeah, it's also paying $30 million in bonuses to dozens of top executives. That's the end result of a poorly-timed plan to keep Chrysler together as it was being sold. The company didn't want top executives to leave during the transition, so it promised big money for people who stuck around. Now, Chrysler is asking the government for billions of dollars in aid while it writes million-dollar bonus checks out to A-list employees. How's that for awkward?
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Posted
Oct 20 2009, 09:46 AM
by
Kim Peterson
Rating:
Money Blog: Top Stocks Blog - MSN Money
 Could banks have any less respect for their customers?
Citibank (C) has begun closing customers' accounts without telling them. That's a bitter surprise for some people who pull out their cards to make a purchase, only to learn that the card has been denied. This isn't anything new, but it's a trend that's starting to involve more banks and affect more customers who least expect it. Pay your bill on time and keep a low balance? Doesn't matter. All types of accounts are getting hit. One woman tried to pay for gas, according to the Associated Press. Citibank said it was because of something that appeared on her credit report. But when the woman accessed her credit report, it only said, "Closed at credit grantor's request."
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Posted
Oct 06 2008, 10:28 AM
by
Kim Peterson
Rating:
Money Blog: Top Stocks Blog - MSN Money
I wonder how much influence Jim Cramer has on the markets. The host of CNBC's "Mad Money" went on the Today show Monday and told investors to get out.
"Whatever money you may need for the next five years, please take it out of the stock market right now, this week," he said. "I do not believe that you should risk those assets in the stock market right now.”
Cramer is predicting that the market could fall by as much as 20%.
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Posted
Sep 10 2009, 10:17 AM
by
Kim Peterson
Rating:
Money Blog: Top Stocks Blog - MSN Money
 Alan Greenspan had a little trouble predicting the current global financial crisis. But he's not going to whiff that ball again. No. He's putting the message out now: The world is headed for another financial meltdown.
"The crisis will happen again but it will be different," the former Fed chief told the BBC. The next time, he said, the financial implosion will happen in response to a long period of prosperity. That's because people always assume that the good times will continue to roll forever. The source of financial crisis, he said, is "the unquenchable capability of human beings when confronted with long periods of prosperity to presume that that will continue." Bing: Can we blame Alan Greenspan?
OK, what? That's like predicting that another hurricane will hit us, sometime, somewhere. We need details here.
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Posted
Jul 27 2009, 09:58 AM
by
Kim Peterson
Rating:
Money Blog: Top Stocks Blog - MSN Money
 Citigroup (C) is considering paying a $100 million bonus -- to one guy.
This is the same Citigroup that received $45 billion in bailout money. The same Citigroup that will soon be 34% owned by the U.S. government. The same Citigroup that has lost 95% of its share value since 2007. Citigroup is in no position to be awarding bonuses of $10 million -- let alone adding another zero to that amount. So why is it mulling such a colossally dumb move? Because the guy demanding it is probably the bank's most valuable employee. Enter Andrew Hall. He's a rock star,
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Posted
Feb 11 2009, 05:57 AM
by
Kim Peterson
Rating:
Money Blog: Top Stocks Blog - MSN Money
After sticking with Sirius XM (SIRI) through ups and downs, and downs, and more downs, shareholders are finally ditching the company in droves.
The stock fell by more than half Wednesday to just 6 cents a share, and there's a good reason why: The company has two options at this point, and both leave shareholders with nothing.
Customers, at least, shouldn't see interruptions in service. But prices could go up. And big names like Howard Stern could disappear as the company overhauls its contracts.
Sirius XM's biggest problem is $3.25 billion in debt that the company can't manage, particularly in this tight credit market. About $175 million is due this month -- part of $1 billion total due in 2009 -- and Sirius probably won't be able to pay.
The second problem is named Charlie Ergen.
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Posted
Dec 12 2008, 01:06 PM
by
Kim Peterson
Rating:
Money Blog: Top Stocks Blog - MSN Money
Sirius XM already has a few nails pounded into its coffin. Could Howard Stern's departure be what finally dooms the company? Stern is making some noise about leaving when his contract ends in 2010. "This is my swan song," he said on his show. Granted, this could be a lot of bluster. You never know with Howard Stern. But if he's serious about leaving, then Sirius XM stands to lose a good chunk of its subscribers.
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Posted
Oct 10 2008, 11:24 AM
by
Kim Peterson
Rating:
Money Blog: Top Stocks Blog - MSN Money
Bill Gates has been the richest American on the Forbes 400 list for 15 years. But in this financial crisis, Warren Buffett has zoomed ahead to knock Gates off his perch. Buffett got $8 billion richer from Aug. 29 to Oct. 1, and now has a $58 billion net worth, according to Forbes. Let's put that in perspective. In the month of September, when the financial world was going down the tubes, Buffett got $242 million richer every day. How is that even possible?
Gates' net worth declined by $1.5 billion over the 33-day period to $55.5 billion.
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