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| Friday, November 20, 2009 |
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ANALYSIS
March 2, 2009
Sagging Index no longer reflects what’s going on in the market, some say, Replacements? Google it, to start.
March 2, 2009
Downward price spiral will actually boost the cost of capital for most companies. CFOS, take note.
March 2, 2009
The latest bailout at AIG could be a preview of how the president will deal with Wall Street.
March 2, 2009
No corporate defaults. Big debt offerings. Percolating CP issuance. Things may be looking up in the capital markets.
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November 13, 2008 11:41 AM ET
Billionaire activist investor Carl Icahn doesn’t like big government—except now, that is. Speaking at a small gathering of hedge funds and attorneys last night, Mr. Icahn said that federal funds should be used to bail out automakers, specifically General Motors, which he said has been crippled by exorbitant union contracts and even more wasteful management. “Now I’m not a union guy…[but] it’s up to this company to really cut the hell out of costs. And they try and try, but they can’t. They have too many layers of bureaucracy,” he said, noting also that executive compensation at the company was too high. “I mean, God knows how many airplanes they have.” Leading Democrats want to extend $25 billion in loans to the Detroit automakers, saying they are critical to the U.S. economy. The Treasury Department has so far opposed such a plan, and some critics have said the automakers shouldn’t be given the loans because they are not financial institutions. Not Mr. Icahn, though. “I’ve never been in favor of big government,” he said. “However, today you have to have government come and save you…. I never thought I’d really be arguing for that, but right now I don’t think we can do anything except have government come in and save [GM].” At the event, sponsored by the New York Hedge Fund Roundtable and held at the Princeton Club of New York City, attendees ate mini crab cakes and listened to somber classical music like Samuel Barber’s “Adagio for Strings.” When Mr. Icahn spoke, they asked him his opinion of troubled companies like Motorola and Yahoo, and one asked if his plan to bail out GM amounts to socialism. “No, I am not becoming a socialist. But I’m a pragmatist. I always was,” Mr. Icahn replied.
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