Word: bailout
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...gloomiest predictions - that the sand dunes will reclaim the skyscrapers - are overdone. Abu Dhabi has kept Dubai afloat by snapping up $10 billion of a $20 billion Dubai bond issue. Among other things, the bailout money has helped shore up the state-owned development companies behind most of those massive building projects. Still, the shakeout is probably not over yet, according to Saud Masoud, an analyst at the Dubai office of investment bank UBS. Masoud predicts house prices could eventually fall as much as 70% from last year's highs. "You can't just put in more capital," he says...
Rainy-Day Guarantees. The Montauk Yacht Club hotel, on the east end of New York's Long Island, is offering a Sunshine Bailout incentive for you to check out its 107 newly renovated rooms. If you encounter wet weather - defined as six hours of rain during the day - while staying there, you'll get a certificate redeemable for a free night before Nov. 1. Rooms start at $229 per night. (If it does rain, you can always check out the full-service spa.) 32 Star Island Road, Montauk...
...Liddy, the former head of Allstate who joined AIG (AIG) as chairman and chief executive officer in September quit today. He said he would stay on until the company found a replacement, or replacements, but his enthusiasm for an ongoing obligation to the insurance firm and the government bailout of AIG had vanished...
...tens of thousands of taxpayers out of jobs. By placing the large car companies on short leases, the Administration is insisting that they destroy decades-old relationships with suppliers, shareholders, debtholders, and dealerships. It is not entirely clear that the destruction won't be more expensive than the bailout...
...down your pencil yet. The Obama Administration also has agreed to support GM and Chrysler's warranties as part of its bailout plans. The two companies have trimmed warranty expenses in recent years, but based on financial information from both automakers the potential federal liability required to back up Obama's pledge could ultimately run into the billions of dollars...