Word: autumn
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...decide whether the matter of the E.U. application will be put to a referendum at the same vote. Siguršardóttir replaces Geir H. Haarde, who resigned as Prime Minister under mounting public outrage over the government's handling of the country's economic meltdown last autumn. (See the top 10 financial collapses...
...Fiat cruises into the ownership roundabout, Daimler is clearly looking for the exit. The German automaker owns a 19.9% stake in Chrysler but wrote down the value of the shares to zero last autumn (how's that for pessimism). Negotiations begun by Cerberus back in September to purchase Daimler's stake broke down. However, Daimler could transfer the Chrysler shares to Fiat for non-cash consideration such as patents or technology. (See pictures of the remains of Detroit...
...strangely, the show--conceived before autumn's economic free fall--seems further from today than Don Draper's 1962: the office is flush, everyone has iPhones and drinks Starbucks, and no one is getting downsized. Trust Me may have to adjust its depiction of business--if the viewers don't lay it off first...
...quietly provided $200 million of support aimed specifically at auto dealers, who have had a difficult time financing their inventories - forcing some of them out of business. The support is being administered through the Fed's Term Asset Backed Securities Loan Facility or TALF, which was created this past autumn to encourage banks to start lending again. To further help the dealers, the Fed eased the eligibility requirements so that inventory financing (and there's plenty of inventory to finance) now qualifies as an "asset" that can be packaged into a security just like a mortgage or a car loan...
Cerberus LLC, the once powerful private equity firm, swept into Detroit in the autumn of 2006 to acquire a 51% stake in GMAC, General Motors' financial arm, and less than a year later it drove off with Chrysler, described at the time as the "capstone" of Cerberus' industrial empire. Never mind that the seller, Daimler, was only too happy to get rid of the auto company...