Word: stockings
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...stock market had absolutely no reaction to the Chrysler news. Shares in GM actually rose on the announcement by the President. It may be that Wall St. believes that GM's creditors will give in, now that they have watched the Administration steam-roll the Chrysler debt holders. That is not likely. If the bankruptcy court gives Chrysler creditors even a brief hearing, GM's creditors will see it as a sign that it is worth holding out for a better deal which may only require them to send attorneys to the federal bankruptcy court in New York City...
...Harvard economics Professor John Y. Campbell will take over as chair of the Department of Economics on July 1—taking the helm in the midst of an economic downturn that has made its mark on the department. Campbell will replace the current chair, economics professor James H. Stock, who has served out his three year term. In his 15th year at the University, Campbell specializes in asset pricing and macroeconomics. Since 2004, he has also served on the board of Harvard Management Company—the organization charged with managing Harvard’s endowment. Campbell spent this...
...administration took a “very drastic measure early” by freezing most of its running faculty searches.“The long-term health of the University lies with the long-term strength of its faculty,” said Economics Department Chair James H. Stock. “That requires ongoing hiring and recruiting.”Some professors expressed anxiety that the administration may seek to eliminate faculty positions if the Faculty does not shrink enough through attrition.Smith said in a recent interview that he would not replace retiring professors by default, but rather...
...same time, an important feature of the latest Detroit dealings is the lopsided favoritism shown the United Auto Workers (UAW). Take the Chrysler plan: Taxpayers were to trade in a $4 billion IOU (i.e., the government loans) for about 5% of Chrysler's stock. The UAW, on the other hand, was trading in a $4.5 billion IOU (related to its VEBA health-care trust for retirees) in return for 55% of Chrysler stock. Does that seem fair? A third group, the secured debt holders, were to trade in a $6.9 billion IOU and get $2 billion in cash - an amount...
...looks far worse for Toronto-based Nortel Networks, a key supplier to North American telcos and once the brightest light in the Canadian economy. It was worth $250 billion, or about 35% of the total market capitalization of the Toronto Stock Exchange, before it flamed out in the post-dotcom bust. Earlier this year, Nortel, a company with $10.4 billion in annual revenues that has spent nearly a decade mired in accounting scandals and feckless attempts to reinvent itself, initiated bankruptcy proceedings. It will probably sell its most prized assets to chief rivals, including Nokia Siemens Networks and Avaya...