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Thursday, Nov 20, 2008 
Auto companies need to submit a plan
MarketWatch: Aid plan for Big Three falters in Congress
Democratic leaders said Thursday there is no deal on aid yet for the Big Three U.S. automakers, and asked the chief executives of those companies to return to Congress with concrete plans on how they would use federal funds to turn their companies around before getting any money from Washington. "Until they show us the plan, we cannot show them the money," said House Speaker Nancy Pelosi, D-Calif., at a press conference.
Confusing article from the FT
Financial Times: Why the Brown critics are wrong
The FT columnist Samuel Brittan attempts to Poo Poo the Brown / Government Poo Pooers. Somehow it doesn't quite work resulting in a blatantly confusing one sided article.
The painful consequences of abandoning asset auctions
The Economist: The TARP trap
Holders of toxic mortgage-backed securities had pinned their hopes on the American government’s plan to buy large piles of the stuff through auctions as part of the Troubled Asset Relief Programme (TARP). The decision on November 12th to abandon that approach in favour of direct capital injections has left them shattered.
Yee Yeeha! No Problem Buddy!
Bloomberg: U.S. Needs to Pump $1.2 Trillion Into Banks, FBR Says
Nov. 20 (Bloomberg) -- The U.S. may need to spend another $1.2 trillion to recapitalize the eight largest financial institutions and stabilize the markets because private investors won't take the risk, an FBR Capital Markets analyst said. ``The sheer size of the capital deficiency, coupled with the opaque nature of credit risk, will keep private capital sidelined,'' Paul Miller said in a research note yesterday.
Yeeha! Anyone else want some cash, just see Mr Paulson!
Timesonline: Shares freefall halted by car bailout support
US senators reached a bipartisan agreement on a bill to support the ailing auto industry, with an announcement expected this afternoon. The Dow Jones industrial average, which had been down more than 200 points in morning trade in New York, rose by 78 points to 8,075.89 at lunchtime as investors welcomed the news. Wall Street had been bracing itself for the possibility that Washington would not approve an emergency $25 billion (£16.7 billion) bridging loan to bail out America’s car industry in time to avert the bankruptcy of at least one big manufacturer.
How to go to confession in order to get absolved for your sins
BBC News: RBS boss apologises over losses
"Sir Tom told the meeting he was "sorry" about the financial and human cost that the bank's troubles have caused". So are we. But dont worry, nothing will ever happen to you. You may even be rewarded with a lordship later on for service rendered to GB.
Anyone keeping count?
Telegraph: Daily Mail owner cuts 400 jobs as profits fall
Daily Mail & General Trust's (DMGT) Associated and Northcliffe newspaper divisions have already cut 400 jobs in the past two months as part of a £100m cost-cutting drive.
Goodbye Taylor Wimpey............................
Contract Journal: Taylor Wimpey faces new bank deadline of 1 January
As a result, Fitch has downgraded its rating on Taylor Wimpey’s debt from B to CCC which is well into “junk bond” territory. A forced liquidation is now a possibility, says Fitch. The credit rating agency says: “Fitch now believes default at Taylor Wimpey is a real possibility, with a distressed debt exchange, such as debt-for-equity swap, looking increasingly likely. “Although Fitch believes it less likely, a forced liquidation of the company is also a possibility.”
And the job losses keep growing without the magic beans
Bbc: Bosch jobs threat 'devastating'
It takes the number of job cuts threatened in Wales this week to more than 750, including 337 jobs at the Hoover factory in Merthyr Tydfil. Twenty jobs have also been cut at a drug factory in Ceredigion, and in north Wales 20 jobs will go in Llangefni and Denbigh at a farm machinery firm.
The higher the G number the less likely any concrete outcome...
New Statesman: Catastrophe averted?
The leaders of the rich countries went to Washington to save the world from sliding into deep recession. We asked key politicians, commentators and economists whether they succeeded and what we should expect, and hope for, in the coming weeks.
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