Word: financees
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And more competition is on the horizon. In the past two months, Goldman Sachs, Morgan Stanley, Raymond James, GMAC, American Express and business financier CIT have all applied to convert into bank holding companies, partly in order to be able to get access to cheap funding through deposits. GE Capital...
Last week, Gettelfinger agreed to defer the automakers' scheduled payment to the voluntary employee benefit associations, or VEBAs, that is due next year. The VEBAs were created to help finance health care for retired workers. "This was a huge gamble for Gettelfinger," says Shaiken. Gettelfinger also suspended the controversial jobs...
On another troubling note, some economist question whether the lower mortgage rates would even boost sales or home values. A 2006 study of mortgage rates and New York City housing prices going back to 1975 by Lucas Finco of Quadlet Consulting found no correlation between lower mortgage rates and higher...
In addition, the loss of hundreds of thousands of jobs due to the disappearance of a major manufacturer - not to mention the blow that would be dealt to U.S. consumer confidence by the bankruptcy of an iconic brand - would mean even fewer cars sold. That would take another bite out...
That, at least, is the nightmare version from the American perspective. But China's ability to make or break the U.S. economy is more of a "monster under our bed," says Michael Pettis, a finance professor at Beijing University, something that people spend too much time worrying about. Economists like...