Word: marchings
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...year. Bank examiners in the recent government stress tests estimated that Wells Fargo will have as much as $86 billion in loans that go unpaid over the next two years. The bank has already put aside some money to cushion that blow - $22 billion as of the end of March - and Wells would be able to tap another $24 billion of loss provision that it set up when it acquired Wachovia. But that still leaves another $40 billion in loan losses that could find their way to Wells' bottom line in the next two years...
...Neither can General Motors'. The company is in the process of axing 1,100 of its 6,000 dealers. When the march of time, the sins of management and the scythe of a bad economy conspire to bankrupt once great companies, who pays? The sort of person, in the words of Tennessee Senator Bob Corker, "who ran a profitable business, civic leader, always responsible," who "very unfortunately" is "going to take a lot of pain" for the mistakes of others. A guy like Steve Weinberg. "It breaks your heart," says the Senator. (See the 50 worst cars of all time...
...Chrysler's bankruptcy, filed a month ago) is the overwhelming intrusion into the private sector by Barack Obama and his auto task force at Treasury. "The day they fired the CEO of General Motors" - Rick Wagoner was dismissed by task-force co-chairman Steve Rattner in late March - "is a day we will look back on with great regret," predicts Corker, a reluctant and critical supporter of the bailout. "The government has no business making those kinds of decisions." Critics of the government's involvement maintain that bondholders have been punished, union workers coddled and laws flouted in the process...
...McDonald's (MCD) plans to march into Europe and will have 1,300 McCafe locations within the next few years. McCafe only has one significant competitor and that is Starbucks (SBUX) which has already been beaten by McDonald's at every turn in the U.S. (Read: "Latte with Fries? McDonald's Takes Aim at Starbucks...
...news service. Her longtime support of human rights - as a U.S. Representative in 1991, she helped unveil a banner in Tiananmen Square honoring "those who died for democracy in China" - is seen by some mainland observers as a means to intimidate the country. When riots erupted across Tibet in March 2008, Pelosi met with the Dalai Lama in India and denounced China, calling on the world to pressure the Chinese leadership. Xinhua responded by saying that "she confused right with wrong on ... Tibet, held double standards to interfere in China's internal affairs (and) hurt the feelings of the Chinese...