"Citigroup could write down as much as $24 billion due to subprime and credit-related losses, CNBC has learned. In addition, an estimated 20 thousand layoffs will be part of a comprehensive plan to slash costs and raise capital.
The plans will be unveiled Tuesday, when it reports fourth-quarter earnings. At the same time, Citigroup could also announce that it is cutting its dividend payment. "
I wonder how many hourly and middle management disappear and how many executives. Let's see middle management = $60,000-70,000. CEO = $5,000,000 and bonuses minimum. or roughly 10 middle managers whose job it is to follow orders. Just once I want millions for a job where I can run the company into the ground!!!!! Home Depot, I am waiting!
Speaking of which, Ford is making the hopes of future profits (and probably existence) on the production of the new F-150. Yes, make a gas hog that is a high profit margin in case bad gas mileage and high gas prices may have any effect on consumer spending habits. I know I am lining up for a 12 mpg vehicle. How about you? Any wonder why Toyota is now the second highest selling car in America. Yes, Toyota, not Chrysler or Ford! and they have GM in their sites. Remember, GM cut the electric car because there was no market. and remarketed the NOva (no go) in Mexico after the first failure. D'oh. I hate to say it, but amercian car companies earn the stupidest management titles they deserve.
Overheard on the radio today--
1) Huckabee is more dangerous than Al Queda to America. He has the backing of the Teacher's Union and the NEA. He can destroy a generation by teaching them the wrong things and a dirty bomb can only kill at worst 100,000. Another Right Wing WTF moment.
2) It is okay to vote for a pro-life candidate even if he is not approving of the death penalty. Let's see pro-life and pro-death. Hmmm. or pro-life and wanting death. Damned catholic channels confuse me. The death penalty was justified as punishment.
3) We must elect Rudy so he can place more strict constructionist Supreme Court judges. Regardless of his other policies for the greater good of the country. Right Wing idiot Dennis Prager.Enough OMG moments on the radio.
But one more stoopid fact according to Playboy-Thompson supporters have more sex than anyone else with 17% doing it at least once per week. I never knew that much Viagra was consumed by seniors. Damn!!!!!
wow, another great day on I-5. Is it any wonder Americans are dumber than ever?