Waking from a long nap, Dino the buy and holder rushes through traffic to his Merrill broker astonished that his GM stock was basically worthless. His Citibank stock is gone because he was in negative equity and it had been sold by his broker while he slumbered.
The 30 year fixed rate mortgage has bumped up to about 5,50% as institutions pound the bond market. Oil tags $64 and is at its highest level since November. OPEC has decided to leave prices alone.
Just saw that Chenault, CEO of American Express made $38 million last year. If I was a shareholder I’d be pissed. Richard Fairbank, CEO of Capital One only made $68,000 last year and hasn’t made more than that in a few years, although he did snatch about $17 million in stock a few years ago.
Costco reported a weak number, Time Inc is ready to spin off AOL and Toys R Us is buying FAO Schwarz out of bankruptcy. Yahoo’s CEO is out saying they are not just a search company and wants to attack mobile, social and video.