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Saturday, October 11 2008
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  • 4:56 PM In July, even before exploring a swap with Chrysler, GM (GM) proposed a merger with Ford (F) - which it ultimately rejected, breaking off talks in September.
  • 4:44 PM IMF chief economist Olivier Blanchard warns global markets could dive another 20% while governments get rescue measures in place - then they'll turn around. But, he says, there is practically zero chance of another Great Depression.
  • 4:30 PM "The left side of the balance sheet has nothing right and the right side of the balance sheet has nothing left. But they are equal to each other. So accounting-wise we are fine." - AIG (AIG) Vice Chairman Jacob Frenkel, dispensing some gallows humor at a bankers gathering
  • 4:16 PM GM (GM) and Cerberus discussed a swap in which GM would acquire Cerberus' 80% stake in Chrysler in exchange for its 49% stake in auto-lender GMAC, of which Cerberus owns the other 51%. Inactive talks could be renewed if markets stabilize.
  • 4:11 PM Germany readies its own bailout plan: €300-400B, including taking equity stakes in banks and a €50-100B capital injection. Germany's largest U.S.-traded banks: Deutsche Bank (DB), Allianz (AZ).
  • 12:47 PM This is "not a time to panic, cut off all investment in the future, and burrow into a dark hole" - Alan Patricof
  • 10:02 AM Quote du jour: Why the stock market is worse than divorce.
  • 9:00 AM A chart of the VIX November futures - talk about your hockeystick curve.
  • 8:04 AM If you want to keep an eye on the G7 meetings this weekend, Emerging Markets is the unofficial house newsletter.
  • 7:31 AM Here's the G7 'action statement' issued after last night's meeting. Also, Paulson's remarks.
  • 6:57 AM Woot.com's black-humor Google ads about defenestration are being called 'tasteless,' among other less charitable terms (see example).
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