How to Reinvent GM on $1 a Year

Detroit – (BP) In a recent pitch to Congress, top executives at GM, Ford and Chrysler said they were willing to take only $1 in salary in 2009 if they ended up tapping into a much hoped-for infusion of federal monies. That idea, along with other job and cost cutting aimed at reinventing the “Big [...]

Auto Industry Appeal

December 3, 2008
Dear Secretary Paulson,
I am writing to you in my capacity as CEO of Joe’s Auto here in Baltimore. Our company may not be as big as Ford or GM, but times are tough for us too, and as part of the American auto industry, we could use your help.
Our operations are relatively small: [...]

In re: General Motors Corp.

Washington – (BP) This week, top executives from the “Big 3″ U.S. automakers are appearing before Congress once again, trying to make a case for a quick injection of billions of dollars in federal aid.
General Motors Corp. (GM) says that without an immediate bailout from  Washington of at least $4 billion, it may not [...]

Spam Resplendent

St. Louis – (BP) Most of the economic news during a recession is bad news, but things are looking up for Hormel Foods, LLC (Hormel) of Austin, Minnesota.
Hormel produces Spam®, a tinned meat product introduced to the world in 1937. Spam® is made from ham, pork, sugar, salt, water, a little potato starch and a [...]

Bush Kicks CIA in Teeth

Washington – (BP) Outgoing President George W. Bush mused on his achievements and regrets as president during a wide-ranging  interview on ABC television.
When asked what he thought his greatest accomplishment was, Bush told ABC it was “recognizing we’re in a war against ideological thugs and keeping America safe.”
Commenting on his greatest regret as president, Bush, [...]

Market Manipulation Muddle

Cairo – (BBP) Members of the OPEC cartel met in Cairo over the weekend and came away suggesting there may be further cuts in production announced at their next meeting in December in Algeria.
If OPEC members pledge to cut production at the Algeria meeting, it would be the third time this year such a step [...]

The Black (Friday) Death

New York – (BBP) The consumer spending resurgence the federal government has been hoping for got off to a rocky start on “Black Friday” when a New York Wal-Mart employee died after bargain hunters broke down the doors to the store, pushing him to the ground.
The 34-year-old male employee was pronounced dead an hour after [...]

Cutbacks Hit NASA Hard

HOUSTON (AP) — After several days without luck, astronauts finally ran a successful test on equipment that turns  urine into drinking water — a necessity for supporting the international space station’s crew, which will soon double.
The urine processor makes up a section of the $154 million water recycling system that was delivered to the space [...]

Bailout Perspective: Pakistan needs (and gets) less than Citigroup

The International Monetary Fund (IMF) has approved a loan for Pakistan, amounting to $7.6 billion to shore up the economy.
The loan will “support the country’s economic stabilization program,” the IMF said in a brief statement.
Pakistan will immediately access $3.1 billion of the loan under a 23-month facility, with the rest phased in, subject to  [...]

Auto Industry Cries Foul

Executives at GM, Ford and Chrysler are howling in outrage today as news spreads that the US Treasury will inject $20 billion into beleaguered Citigroup in exchange for preferred shares.
Treasury Secretary Paulson announced the plan today under the TARP program. The FDIC has also said it will guarantee up to $306 billion of risky [...]