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China plans to compress the decades that Japanese companies needed to build large branded auto firms. It plans to complete the process in a year or two by simply acquiring existing, well-known brands. There is no reason that a Chinese car firm cannot use government money to bid for Chrysler's assets if it is forced into bankruptcy. In France, Citroen and Peugeot are facing financial problems that could get much worse if car sales remain anemic. GM's (GM) Opel unit in Europe needs immediate capital and may be sold at a loss for the No.1...
...ended and may rise to a crescendo again if the bank receives poor "stress test" ratings from the federal government. The drumbeat of dissatisfaction about Ken Lewis, head of Bank of America (BAC), has gone on for months. Recently, proxy advisory RiskMetrics/ISS Governance Services recommended that the financial firm's shareholders vote Lewis...
...fourth quarter financial condition and if he was involved in paying Merrill executives bonuses that should not have been paid without Bank of America's consent. AIG (AIG) may be the example that best makes the case. As the company, which has been the world's premier insurance firm posted greater and greater losses on its derivative investments, the board pushed out Martin Sullivan in favor of Robert Willumstad in June 2008. Willumstad was clearly at least partially responsible for the trouble at AIG since he was the non-executive chairman before being made CEO. He made a further mess...
...private equity firm Rattner co-founded is the focus of pay-to-play accusations made by the New York State Attorney General and Securities and Exchange Commission. While Rattner has not been charged with anything, he was an executive at the firm during the time the alleged misdeeds took place and reportedly may have met with those accused of criminal activity. Details remain scant, but the case involves payments to people who helped make business connections between Rattner's firm and the New York State pension fund. The Obama Administration claims it was aware of the pending investigation when...
...Rattner and four other Lazard executives left the company to form Quadrangle, an investment firm which focused on media and telecommunications...