Word: stewart
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...event, McCain took a call from Jon Stewart, who recorded the conversation for segment on The Daily Show that mocked McCain for changing the name of his campaign bus for this trip: "There's no need for you to be honest with us, you are no longer on the Straight Talk Express." The name of the bus wasn't the only thing different this time out. Having shaken up his once free-spending campaign and raised little money recently, he is now working with a much smaller staff (he likes to say "leaner"). When McCain made his announcement tour...
...subprime debts. Northern Rock's problem: Its modest savings business compared to its mortgage lending arm means it leans on wholesale credit markets for a larger share of its funding than its rivals. With that well drying up, it "hits them disproportionately," says Alex Potter, an analyst at Collins Stewart in London...
...with more than $200 billion in assets, and a share price in freefall, a takeover is another potential outcome. "Who would be doing it?" asks Justin Urquhart Stewart at Seven Investment Management in London: "Anyone wishing to buy that asset book at discounted value." And further fallout from the squeeze on credit could yet follow in the U.K. Northern Rock rivals Alliance and Leicester and HBoS similarly rely on liquid credit markets, albeit to a degree that's "smaller in magnitude," Collins Stewart's Potter wrote in a research note. Northern Rock, in other words, may not be the last...
...This is not the case and has not been proven today." And sanctioning the team, but not the drivers who represent it, has befuddled some inside the industry. "I'm not promoting the idea of taking points away from drivers, but it doesn't sound very logical," says Jackie Stewart, a three-time Formula One World Champion and former team boss. "The governing body is suggesting that information had been transferred to the benefit of McLaren; why else be eliminated from the constructors' championship...
...wealthy sport - it brings in more than $4 billion each year and budgets at top teams like McLaren top $400 million - but coughing up for such a bumper fine will be tricky. "It'll come from future R and D, so McLaren may not be competitive for 2008," Stewart suggests. And the drivers' title may get the most attention, but McLaren's engineering suppliers are unlikely to be so forgiving at losing out on the constructors' trophy. The team's engine maker "Mercedes-Benz will be horrified," Stewart says. The constructors' championship is "why they're in the business." Still...