Update: Protective Life Corporation & CIT are both becoming “Bank Holding Companies” and will try for that sweet federal cash. Meanwhile HopFed Bancorp has received preliminary approval to participate in the TARP bailout.
- Thankfully widespread division has stalled a proposed bailout for the auto industry leaving Senate Majority Leader Harry Reid reversing course and cancelling a test-vote in the Senate. We will see if it holds. Meanwhile GMAC’s financial services arm is filing for bankruptcy and wants to become a bank holding company so it can access funds in the $700 Billion bailout package already approved by Congress
- Yesterday the DOW spiraled down more than 427 points reaching the lowest point in awhile reaching 7,997.28
- Today the jobless claims report came out and things, well, not so good. Claims rose to 542,000, a 16-year high. Boing will cut 800 jobs in Kansas
- In response to the claims # crude oil fell to $49.91 a barrell
- Saudi Prince Alwaleed Bin Talal is raising his ownership in Citigroup to 5%. The prince is the companies largest individual shareholder.
- The FED is hinting at yet another rate cut as it lowers its projections on economic growth
- Billionaire investor and heavily touted leader in financial thinking Warren Buffet is now feeling the pinch
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