Being Pressured!

The office of New York’s Attorney General Andrew Cuomo has stated that CEO Ken Lewis of Bank of America testified that he was pressured to purchase Merrill Lynch. Mr. Lewis stated that Treasury Secretary Henry Paulson and Fed Chairman Ben Bernanke had both threatened to oust his management team if he didn’t play along with buy Merrill Lynch. And you know what, it’s probably true, who in their right mind would by a losing company like Merrill Lynch. Merrill Lynch today is still dragging Bank of America down. The company should have fallen into bankruptcy. But the problem is ex-Treasury Secretary Henry Paulson, who has ties to Merrill Lynch. I thought in the past that Paulson really cared about what is was doing, but not the case anymore, he’s a crock and should go to jail. I’ve read a few articles about how he was basically saving his own investment with helping the fat cats on Wall Street. But the bigger problem is that nothing will ever happen to him. He threatens a publicly traded company to do something they didn’t want to and he’s going to get away with it. And Fed Chairman Ben Bernanke should step down now before this miss grows. What they did was wrong, and they should pay for it. I hope New York Attorney General Andrew Cuomo doesn’t let this fall to the waist side. I don’t think he will let that happen, but who knows what going to happen behind close doors.

More Layoffs For Yahoo!

Yahoo Inc’s problems are hardly behind them at this point. The last round of numbers put them down almost 80 percent for the same period last year. I read this huge drop in profit has caused another layoff to come. Their looking to cut about 600 to 700 jobs in a matter of a few days. Things are not looking good for tech companies at all these days. Even Google Inc just went through a layoff, who would have ever thought that. Anyway, Yahoo once thought that when Jerry Yang the co-founder was out of the way things would get better. And with the hiring of their new hard noise, no nonsense new CEO Carol Bartz things where supposed to get better as well, but not the case. It’s a shame what’s happening to Yahoo Inc, they’ve come so far as an internet company, come on, they survived the tech bubble burst. This new round of layoffs will mean Yahoo has cut over 3,000 jobs within a year. Hopefully they will do something to turn things around soon. It might even mean selling off parts of their business to save other parts. I think for the most part they took on more than what they could chew.

The Yankee Era!

Is the era of the New York Yankees over? I think the era was over for them a few years ago. And now that the Yankees are in their new stadium that has caused an arm and leg to build. If they weren’t all about the money they just might be better than they are. They spend millions of dollars to build a team loaded with to many team leaders. And the result of that they don’t know how to play with each other. They all have fat heads, and don’t care what the other says. And today’s loss to the Cleveland Indians is the result of this problem. The game today also was the new stadium opener, and history will forever show that they got beat 10 – 2. Unlike the stadium that Ruth built 85 years ago with a opener with a win, which Ruth was the first to homered at. They should have stayed right at the original Yankee Stadium, but it’s about the money.

GM Heading For Bankruptcy!

So far what we know is that The US Treasury Department has given notice to General Motors to get ready to file for bankruptcy by June 1. The only reason for them to make a statement like that is the funds are going to stop coming in. I think that The US Treasury Department has been reviewing GM’s books and feel that bankruptcy is the only way out for GM. But that’s not how GM feels, they insist they can restructure on their own. But of course GM would rather do this out of bankruptcy court because of their image of being a great company, which they are. They offered some of the highest paying job with the best healthcare benefits than any company, which hurt them in the end. I think for the most part the United Automobile Workers union killed the Auto Industry. They demanded so much for the workers the auto makers could no longer invest in producing better cars, greener cars. I once read that all the auto makers where spending more money on healthcare benefits than steal. Maybe they should file for bankruptcy to start with a clean slate and break all those dumb contracts with the really killers, the United Automobile Workers union.