Word: loss
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...recovery were probably finalized several weeks ago. It would have been impossible to balance the Budget without them. At the point when those forecasts were set, GDP contraction for the fourth quarter of last year had not been revised to 6.2%. GM (GM) had not posted its huge loss. GE (GE) had not cut its dividend. And, Citigroup (C) had not been partially taken over by the government. Some analysts might say that those were unrelated activities made by large companies in unrelated industries. However, these firms were, until recently, the largest car company, bank, and industrial conglomerate...
...thing to see a neighbor lose a home. It is another to see companies which have been at the heart of the American business world fall apart in a matter of months. The effect of watching titans fail is as traumatic to the average person as the loss of his own job. Another job will come along, at some point. Citigroup will never come back...
...Evidence of just how bad the global recession is shaping up to be is building fast. The worst of the news Monday came with the announcement that financial insurance giant American International Group had lost $61.7 billion in the last quarter of 2008, the largest quarterly loss in corporate history. As the insurer of much of the toxic American mortgage debt that detonated the implosion of the world's finance markets, AIG is now also set to take on an additional $30 billion in U.S. government rescue funding beyond the record-setting $150 billion in aid it received last year...
...market opened on a sharp down note after absorbing a weekend of anxiety over AIG, the black hole of an insurance company that is swallowing another $30 billion of government assistance with no assurance that it won't need more. Monday morning, AIG reported a colossal loss of $61.66 billion for the fourth quarter of 2008. Citigroup also cast its own dark shadow with news last week that the government will convert preferred shares it owns for up to a 36% stake in the troubled financial services firm...
...Walt Disney knew this, and built his empire on it. His early, primal animated features mined infant emotions of fear, loss and reconciliation, and branded the Disney name on their receptive brains. On '50s TV, The Mickey Mouse Club and Disneyland sold young viewers not just a theme park but a sanitized ideal of childhood. Walt also sold them friends: cartoon characters you could pack your school lunch in, fall asleep with or wear on your wrist. (The marketing genius of the Mickey Mouse watch cannot be overstated...