Word: alcoa
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...selling his Alcoa stock...
...Neill had tried to keep the watchdogs at bay by promising to recuse himself - as per the letter of the law - from all Treasury matters pertaining to the aluminum manufacturer. But with Alcoa operating in 30 countries, with annual sales of $23 billion - and Bush, who's already under plenty of fire for his administration's coziness to Big Business, involving O'Neill in almost "every issue that the government is involved in" - it was time for O'Neill to finally clear his desk...
...Neill's holdings - in the neighborhood of 2.4 million shares of Alcoa stock and 3.8 million options to purchase same, as of the end of last year - will be converted into "index funds that are not subject to any question," he said. Asked when the sale would take place, O'Neill replied that "the financial people that take care of these kinds of things will pace it and figure out how to do it." Presumably he means the guys with the glowing green screens...
Kreme's rise is evidence that not every sector is taking a beating. Companies like Alcoa and RJR Tobacco, which make or sell basic stuff, such as oil, aluminum, electricity--and, yes, cigarettes--are whipping the tech sector. Oh, did we mention that they earn a profit? How old-fashioned...
...slightly safer topic: treasury secretary. Bob Rubin and Larry Summers, both Greenspan buddies, are tough acts to follow, and one hopes Bush ran his Treasury shortlist (currently headed by ALCOA chief Paul O'Neill) by the Fed chairman, because the relationship between the Bush administration and the Fed will be Topic A for Wall Street's Beltway-watchers. The bad news: The new treasury secretary's first job will be selling that very same...