Word: stockings
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...quarter century of marriage, 50-year-old Myerson got 57% of the loot. Ingrid Myerson walked away with the rest. So in return for paying his ex-wife $13.1 million in cash, and handing over a $2.1 million beach house in South Africa, Brian Myerson kept hold of stock in Principle Capital Holdings (PCH), his investment company, worth more than $20.1 million at the time. (See pictures of things money...
...least respected executives in the recent history of Wall St. Vikram Pandit, who many think ran Citigroup (C) into the ground. He said recently that the bank had been profitable for the first two months of the year. If this week marks the bottom of the stock market and the beginning of the end of the recession, his words will join "Remember The Alamo" and "The British Are Coming" in the history books. (See the 25 people to blame for the financial crisis...
...coveted AAA rating to AA+. Some expected the downgrade to be worse or that S&P would indicate it saw more bad news coming for the large conglomerate. That did not happen. So, the news was "better than expected" and whatever gravity had been holding stocks down disappeared. The news about GE shows how perverse the market has become and also serves as a reminder of how stock investors and economists can be blinded by a drop of water in what is otherwise obviously a desert. There is no circumstance under which a downgrade of GE's debt is good...
...leading economic indicators. So is news that a car company which is already insolvent will not need money today. It will need that money tomorrow, and tomorrow and tomorrow. There is no point in denying that much of what happened and much of what was said as the stock market reclaimed milestone after milestone was better than most of the news over the last three or four months. But, the reaction of the stock market was that the glass had become half full in a matter of a few hours. The economic pump does not work that fast...
...bubbles do, this one burst. While Japan's bureaucrats dithered, failing to face up to the crisis in the financial system, the economy went into a long "lost decade." The stock market plunged, then limped, then plunged again. (The Nikkei index is down 82% from its peak in 1989, and recently hit a 26-year low.) Banks that had once been the envy of the world had to be recapitalized. Growth picked up again after the turn of the century, as demand in China and the U.S. grew, only to be clobbered by the global recession and the collapse...