Word: carlies
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Anticipate an odd case of road rage this week among hedge-fund high rollers driving home while contemplating some catastrophic losses in the market, while the iconic Porsche logo on their steering wheel stares back at them. That's because the venerated Stuttgart sports-car manufacturer on Monday inflicted losses estimated to be as high as $38 billion on hedge funds, banks and other investors who had been short-selling Volkswagen stock. It was more than just patriotic fervor that got Germans cheering this week when shares in VW shot up to more than $1,276, making...
...wild ride began when Porsche quietly announced on Sunday that it now held nearly three quarters of VW's equity, having expanded its direct stake in VW to 42.6% from 35%, and also having exercised call options on enough shares to raise its stake to 74.1%. The sports-car manufacturer's announcement that it had effectively taken control of VW was very bad news for hedge funds and banks that had taken short positions on VW shares on the assumption that their price would fall...
...time champion driver Tony Stewart, who picked next season (with unfortunate Wachovia-like timing) to strike out with his own NASCAR team. Stewart is finding slim pickings for sponsorship deals that can run from $15 million to more than $20 million a season. He's had to cover his car with two lead sponsors, when he couldn't find one willing to shell out enough money, and has yet to fully fund his second car piloted by former champion Ryan Newman...
...Bank. "We are counting on the Israeli army to control the settlers." One senior Israeli officer concurs. "The Palestinians won't be close to the settlements. They'll be confronting Hamas, and this is in our best interests." The Palestinian forces, says Ali, will try to quell drug trafficking, car theft and bring an end to Hebron's murderous clan feuds...
...That car-bombing was blamed on jihadists. It was followed by a gun battle in a Palestinian refugee camp outside Damascus in which a number of militants were killed and arrested. Syrian troops have also deployed along the northern border of neighboring Lebanon in what Damascus says is an attempt to block jihadists from slipping into Syria. These recent developments have raised speculation that Syria is threatened by a blowback from jihadist militants who no longer have easy access to cross the border into Iraq and instead are turning their attention to the secular regime in Damascus. "We assumed...