We should all pause and note the astonishing price of Citi’s stock. Today it fell below $1.00 for the first time. Its highest point was $57.00 back on December 18 2006. That’s quite some fall. This collapse in value represents all sorts of problems, not least of which is the NY Stock Exchange rule that […]

Do I love this? Last week I wrote that I thought that GM’s auditors would be faced with a quandary: they are obligated to tell the company’s shareholders whether the company is a ‘going concern’. Auditors hate being in this position because the mere suggestion of doubt is often enough to tilt the company over […]

We seem to be stuck in a remarkable twilight zone of mixed emotions, ideologies, and political calculations whenever the word ‘nationalization’ creeps into discussion. It is increasingly difficult to keep all the cross currents and strange alliances orderly. We have an, ostensibly, left of center administration desperately trying to talk down the nationalization alternative, while […]