Word: deale
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...Better to break hearts locally than shatter the greater economy - and that's what the collapse of GM and Chrysler threatens to do, according to the White House auto task force that is undertaking the monumental rescue mission. In the deal being cobbled, GM's stockholders will be wiped out, replaced as equity owners by the Treasury Department, with 70%, and the United Auto Workers (UAW), with 17.5%. GM's business in Europe, Opel, will be sold. As many as 14 U.S. factories are marked to close. The iconic Pontiac brand is probably finished. Under a new labor agreement with...
...lowball - bid seems the wrong word - offer went like this: If the U.S. government would wipe out Chrysler's shareholders, buy out its bondholders, cut wages and jobs, deal with its retirement liabilities and fund the warranties, then Fiat would take a crack at Chrysler. The Italians would bring their cars to Chrysler's showrooms and share their advanced diesel technology with Chrysler engineers. Chrysler might sell some cars in Fiat's markets - Jeeps may have the best overseas appeal. Marchionne would lend his managerial chops. And if things worked out, Fiat would take a controlling share...
...Obama asked Rattner to rate the chance that a Fiat deal could be struck, given all the competing interests and Chrysler's extremity. "Fifty-one percent," Rattner answered. "And in my experience, deals get worse, they don't get better" as they take concrete form. On that note, Obama decided to press ahead, sparing Chrysler from the merciless marketplace...
That's right - $100 for a stinkin' mat. A company called Manduka, which makes these luxury yoga props, has seen its sales rise 55% in the first four months of 2009. Sales at Amazon.com during this period are up a stunning 87%, and the company just signed a deal with Dick's Sporting Goods, a major retailer with 389 stores across the country. Manduka offers the Black Mat PRO, a thick, cushiony black mat, for between $74 and $130, depending on its length, and the biodegradable eKO for between $42 and $70. "Manduka is the Porsche, the Ferrari of yoga...
Celebrated French mime Marcel Marceau left his mark on the world through silence, but his earthly belongings are generating a great deal of noise these days. On Wednesday, Parisian auction house Drouot began the second and final day of bidding on artwork, books, manuscripts and costumes Marceau left behind when he died at the age of 87 in September 2007. "We have 4,200 over here - certainly an original Marceau merits another bid!" prodded auctioneer Rodolphe Tessier as he stoked the bidding on Marceau's painting The Audience Observing from a reserve price of €800 ($1,080) toward...