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Even as General Motors consider further cuts critcs point out that the company's 76,000 white collar employees deliver subpar performance, middle and upper managers are still in leadership roles even with poor performance, and under Wagoner little has been done to make it an effective force for the company, especially with layers and layers of management actually hurting when things need to be done quickly in many areas. Major decisions have not beenmade regarding the brands and GM management has chosen to just keep most of the brands just as they had existed before without putting them under some new arrangement and taking out some brands. And through all this the Board of General Motors continues to live with the status quo even with the stock going below $10.

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Two realities are affecting exchanges. One is that trading commodities and derivatives is a $600 trillion business worldwide and is more profitable than trading in corporate shares. This shows in the value of ICE and NYSE in the stock market. In April 2011 ICE was valued at $1.5 billion less than NYSE, in Dec 2012 ICE was valued at $4 billion more that NYSE as it makes its bid to merge with NYSE. The other is that the Dodd-Frank financial system overhaul in the U.S. after the 2008 financial crisis has created a new model for derivatives trading providing advantages to regulated electronic exchanges and clearinghouses that handle derivatives trades with transparency. Jeffrey Sprecher, CEO of ICE, the IntercontinentalExchange, which handles derivatives trading through its clearinghouse operations, says: "For the past decade, our solutions made our markets increasingly electronic and increasingly clear. Today, financial reform is imposing that vision on many markets through a rule-making process." Bart Chilton, a member of the CFTC which regulates derivatives trading says Dodd-Frank legislation supports the business model of derivatives exchanges. This is especially true for Mr Sprecher and ICE. Sprecher has a good relationship with regulators with whom he talks directly, and is supportive of CFTC efforts to close loopholes as he is confident he can make money as long as the rules are clear. His confidence stems from his model which is technology based from day one, with its own clearinghouse and technology based transparency of the ICE data vault, information it shares with regulators. Sprecher stumbled upon this opportunity. He is an executive in the power industry. Working on developing power plants Sprecher found it was difficult for power firms to hedge investments in energy with financial contracts because there was no well organized, clear and transparent market for such contracts. This he set out to do by buying a little know exchange in Atlanta for buying and selling electricity, later getting the the backing of BP, and investment banks such as Goldman Sachs and Morgan Stanley, to form ICE in 2000. Banks liked the idea of a having an organized clear place to buy and sell derivatives in oil and other commodities, and having an alternative to the Chicago Mercantile Exchange in futures trading. Swaps trading under Dodd Frank supervision is converting to old style futures contracts where there is less competition for ICE's futures trading creating new opportunity. ICE setup its own clearinghouse, and acquired the Clearing Corporation, which was the base for a derivative called credit-default swap. To make derivatives trading transparent and reduce systemic risk Dodd-Frank legislation required exchanges to provide information to data warehouses which would then share the information with regulators. ICE setup its own data warehouse to do this called ICE Trade Vault. Dood-Frank rules envisioned the formation of clearinghouses and exchange such a ICE to provide a clear process, transparency and reduce systemic risk in derivatives trading. ICE under Sprecher by making this vision its own and using technology has created new opportunity. ...

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Jeremy Grantham and Jason Zweig share the view that this market has gone up too fast too quickly. Stocks that went down the fastest of companies in industries like finance and banking, insurance and autos, went back up with government support. And many of these companies that have poor earnings prospects are issuing more shares to raise capital now that the credit markets are working, so that they have some cushion if credit markets tighten again. Grantham thinks this dilution of shares spreads future earnings thin over a larger number of shares. Zweig says whatever was garbage has done good, which suggests that what is seen as a recovery in the stock markets is not perceived as a healthy recovery. Grantham's comment that "the junky companies may be diluted to hell just to keep them alive," and Zweig's comment that these "garbage" stocks are hot, but can be expected to sink for precisely that reason, do not offer a reassuring view of this kind of fragile recovery. Companies with stable businesses and stable earnigs prospects haven't done as well as these so called "garbage" businesses to use Zweig's term. Companies like Microsoft, Procter and Gamble and Johnson, and Wal-Mart which have low debt and stable returns. Grantham sees them as offering value in today's market. ...

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Unibail Rodamco a French property company sold the Coeur Defense complex of two 39 story office towers in the business district of Paris, France, to Lehman Brothers Holdings, for euros 2.11 billion in 2007. Now with property values falling Unibail is offering to buy it back from Lehman which filed for bankruptcy Sept 15, for euros 1.2 or 1.3 billion.

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Humza Yousaf won the contest against Kate Forbes 52% to 48% as a continuity candidate to Nicola Sturgeon under whom he had served running the health and other ministries. His performance is seen as weak as minister. His election was made possible by Kate Forbes expressing socially conservative positions on abortion and gay rights, say experts.  

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After the penalty goal kick by Harry Kane Ollie Watkins coming in for Kane and Palmer coming in for Foden in the 85th minute scored from distance. England overcome Netherlands 2-1 and head to Berlin for the game against Spain. England controlled the ball 65% of the time and Foden had two kicks on target with one that just barely missed. England prevailed.

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Ian Jack asks if Johnson's Conservative party can deliver for Britain, can deliver for women, can deliver for climate change, can deliver for health, education and infrastructure, can deliver dignity for workers, deliver for families and children, by looking at the roots of one of its leaders. He looks at Jacob-Rees Mogg and how he sees himself in the bewildering mix of English social classes in St Pancras neighborhood of London where he comes from.

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Harvey Kane scores in the fifth minute to put England ahead early in the soccer game with Ukraine for Euro soccer 2021. Kane scored again, with Maguire and Henderson, putting England 4-0 against Ukraine in the quarter finals. England meet Denmark in the semi finals, Spain meets Italy in the other semi final. France and Germany never made it to the final four. 

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ECP acquisition of Calpine  in 2017 for $5.6 billion and sale to Constellation for profit of $25 billion. In 2017 the market seeing the shift to renewable energy missed that it would take 20-30 years to make the transition and in the meantime natural gas had a big role to play as a low cost less polluting fuel than coal. ECP in 2017 saw good cash flow and an opportunity to improve it with some changes. Blackstone's $16 billion made on buying Hilton Hotels is the second best deal ever for such a sale, buying of private companies and making improvements to sell them at a profit.

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The culture of risk at Societe Generale and the lax supervision that led to huge losses. See the link to NYT, February 5, 2008.

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Its interesting that these large supply contracts were signed between Vale and Arcelor-Mittal on volume and not price, price will be negotiated annually. This is a good move because it secures supplies of a commodity in short supply but with a global slowdown Arcelor can negotiate based on the conditions in the market at that time which may be more favorable to steel producers amid declining demand and tougher negotiations from steel buyers like the auto companies.