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The risks to Chrysler in 2013-2015 with delayed new and redesigned models, and higher incentive costs reducing margins
07/31/2012
Lower cash flow from the demands for new and redesigned models in a very competitive market, the higher incentives costs reducing margins, combined with losses in the Fiat European operations, will pose challenges for Marchionne in 2013-2014.
Linked Articles
Chrysler Profit Up, Cautions on Spending
Wall Street Journal 01/31/2013
In Turnabout, Chrysler Profit Offsets Fiat LossWall Street Journal 07/31/2012
The problems facing Morgan Stanley
07/19/2012
Questions about its long term future as an independent investment banking firm.
Linked Articles
Morgan Stanley Profit Sinks on Revenue Declines
Wall Street Journal 07/20/2012
Morgan Stanley Plays Beat the ClockWall Street Journal 07/19/2012
Spain macroprudential supervision of its banking system once lauded now turns out to be "timid" and false, could the same be true for China?
07/18/2012
Spain's central bank had a reputation of providing good supervision for Spain's banking system. The problems at the Cajas Savings banks and the current assessment after the request for $125 billion in EU funds for Spain's banks shows how this turned out to be false. Does China face a similiar problem with its housing bubble. The U.S., UK and Spain, failed to control and manage the effects of a housing bubble, can China be a lone exception? Rapid growth enabled China to cope with bad loans in the banking system, with slower growth, a weak European market for exports, and a stimulus that is about one eighth the size in annual investment- one trillion yuan over 4 years in the current stimulus compared to 4 trillion over 2009-2010 in the last stimulus plan. Can China manage this bubble, does it have the experience managing this type of problem or has it papered over the problems as Spain did? This has repercussions for industries and countries from the export sector in Germany, Australia and Brazil to industries such as the German automobile industry, and companies such as Caterpillar.
Linked Articles
As China’s economy slows, real estate bubble looms - The Washington Post
Washington Post 10/03/2012
Spanish Official: Slow Reaction to CrisisWall Street Journal 07/18/2012
The Mass at Reims Cathedral in France then and now 50 years later for a lasting reconciliation between France and Germany
07/06/2012
German chancellor Adenauer and French president De Gaulle met at Reims Cathedral in May 1962 The service commemorating the 50th anniversary of that historic meeting and service was held recently. It was an occasion to bring together two leaders with diverging opinions on the eurozone financial crisis, Merkel and Hollande. Their mentors Jacques Delors of France and Helmut Kohl of Germany played an important role in setting up the EU and its institutions.
Linked Articles
Fifty Years Later, a New Chance for Reconciliation
Wall Street Journal 07/06/2012
Germany and France Celebrate Their BondNew York Times 07/08/2012
The Bank of Spain and failure to control the property and credit bubble
06/26/2012
At the same time that the Bank of Spain was being lauded for macroprudential supervision it was doing little to control the property and credit bubble. The Bank of Spain was slow to act after warning signals in 2008.
Linked Articles
Spanish Officials Hailed Banks as the Crisis Built
New York Times 06/26/2012
Spanish Official: Slow Reaction to CrisisWall Street Journal 07/18/2012
Greece's Path Back (4)- Yannis Stournaras and the committment to Europe
06/26/2012
Linked Articles
Yannis Stournaras Is Named New Greek Finance Minister
New York Times 06/26/2012
Greece Taps Economics Professor to Take Over Finance Minister PostWall Street Journal 06/27/2012
The drop in commodity prices with slowing growth in China balanced by higher absolute levels of demand 2014-2015
06/11/2012
Linked Articles
China Slowdown Is Rocking Raw Materials
Wall Street Journal 03/12/2014
Commodity prices drop on economic woes in Europe, China, U.S. - The Washington PostWashington Post 06/11/2012
The U.S. May 2012 jobs numbers of 69,000 jobs added and oil prices- reading the numbers correctly
06/04/2012
The mild winter pulled jobs into the Dec-Feb. 2012 period from the March-May 2012 period, overstaing one and understating the other say experts. The drop in U.S. oil prices to $83 on June 1, 2012 should boost disposable income and personal spending acting as an offset to sluggish growth.
Linked Articles
Wonkbook: Don’t read too much into the May jobs numbers - The Washington Post
Washington Post 06/04/2012
Technically Speaking, Crude-Oil Prices in TroubleWall Street Journal 06/04/2012
Alexei Kudrin and other experts see the potential for a deep economic and political crisis in Russia as the situation in the eurozone worsens
05/23/2012
The Center for Strategic Studies in Moscow was prescient in predicitng political dissatisfaction before parliamentary elections. The former finance minister, Alexei Kudrin, anticipated the 2008 global financial crisis and set aside reserves in the sovereign wealth fund to cope with the crisis. Both now see the potential for a worsening economic and political situation in Russia as Greece nears exit from the eurozone and the banking crisis in Europe leads to reduced loans to Russia. At the same time the political polarization in Russia between pro and anti Putin factions creates other tensions.
Linked Articles
Report Says Support for Putin Is Dropping
Wall Street Journal 05/23/2012
Russian Recession Could Prompt Political Woes, Report SaysNew York Times 05/24/2012
How JP Morgan Chase let its London trading desk operate without risk management controls leading to large losses
05/18/2012
CEO Dimon is described as distracted by other issues. Ina Drew, the seasoned head of the Chief Investment that manages a $300 billionplus portfolio after the merger of other failed banks into JP Morgan Chase in 2008-2009, contracts Lyme disease in 2010 and is no longer the hands on person when she returns in 2011. Ms. Duersten, in charge of the North American trading desk at the New York office leaves in 2011 after 16 years at Chase. The controls over the London trading desk from New York are slipping away and Mr. Iksil and Mr. Macris of the London trading desk take massive trading positions to expose Chase to large losses. CEO Dimon learns about the Chase trading positions and the London Whale (Mr Iksil) from the Wall Street Journal on April 6, 2012, for the first time, astounding the business community and the financial world.
Linked Articles
Discord at JPMorgan Investment Office Blamed in Huge Loss
New York Times 05/19/2012
Inside J.P. Morgan's BlunderWall Street Journal 05/18/2012
The $436 million payment by Greece to holdout bondholder Dart Management and the $1.5 billion demanded by holdout bondholder Elliott Management leading to Argentine default in 2014
05/15/2012
Greece made the payment to Dart Management at a time of 20% unemployment and daily protests on Athens streets, a month before elections in June 2012. Greece only did this as a last resort for release of EU funds that were being held up to make pament of interest on debt. This exacerabated discontent inside Greece as pensions were being cut and layoffs taking place, including increase in electricity bills. The Syriza party made gains in that election and the two main parties lost ground to other parties, including a violent anti-immigrant party. Argentina's Christina Kirchner faces a difficult time with the unions and centrist parties in Buenos Aires province, with a shortage of cash and sovereign wealth fund down to $29 billion in May 2014. Stevenson points out the payment to Elliott Management could lead to a situation where Argentina owed $15-$27 billion to all holdout and exchange investors in its bonds.
Linked Articles
Argentina Finds Relentless Foe in Paul Singer's Hedge Fund
New York Times 07/30/2014
Bet on Greek Bonds Paid Off for a Vulture FundNew York Times 05/15/2012
Paul Volcker, the traders at JP Morgan's London office, and "losses that would be socialized with the potential gains all private"
05/12/2012
Volcker described the situation to the U.S. Senate Banking committee the day before the story came out about the massive trades made by JP Morgan's trader, known as the "London whale." Losses would be socialized under "too big to fail" for the largest U.S. banks.
Linked Articles
Paul Volcker vs. JPMorgan’s London Whale - The Washington Post
Washington Post 05/12/2012
'London Whale' Rattles Debt MarketWall Street Journal 05/13/2012
Living wills of major banks in the U.S. under Dodd-Frank legislation
05/10/2012
The "orderly liquidation authority" of the FDIC and the U.S. Federal Reserve under the Dodd-Frank legislation provides a framework for bank resolution in the event of a crisis- something lacking in the 2008 financial crisis when Lehman Brothers collapsed. The largest finanial firms are required to write living wills so that orderly resolution can take place. Nine of the largest finacnial firms in the U.S. including Deutsche Bank, Credit Suisse and UBS, have submitted the wills to the Fed and the FDIC.
Linked Articles
Wall Street Journal 05/10/2012
Banks' 'Living Wills' UnveiledWall Street Journal 07/03/2012
Kazuo Inamori of Japan Air Lines and Akio Toyoda of Toyota Motor- Renewal of Japanese management style 2010-2015
07/30/2012
Linked Articles
‘Mikoshi’ Management: How Kazuo Inamori Lifted Japan Airlines
Wall Street Journal 07/30/2012
To Whom Do Japan’s Most Powerful Turn for Advice? The Sensei of SeaweedWall Street Journal 09/01/2015
The slow response of Spain compared to the more aggressive aproach of France
07/18/2012
The contrast between Spain's lack of strong and quick action for its banking problems and France's aggressive approach to its debt problem. Spain's problems come from the housing bubble and bad loans in parts of the banking sector especially the cajas savings banks. The lack of strong and early action by bank supervisors at the central bank and the government to cleanup the banks created conditions requiring a bailout. The problems in France which did not experience a housing bubble were the result of slow growth, rising debt and deficits. France took an aggressive approach to tackle these problems, with shared sacrifices, and setting a goal of bringing the deficit down to 3% in 2013 with its 2013 budget.
Linked Articles
France's New Budget Focuses on Cutting Deficit
New York Times 09/28/2012
Spanish Official: Slow Reaction to CrisisWall Street Journal 07/18/2012
EADS Airbus efforts to improve manufacturing efficiency and company culture to double operating margins by 2015
07/13/2012
Linked Articles
Airbus on Track to Double Profit Margin by 2015
Wall Street Journal 06/16/2013
Airbus Wants A380 Cost CutsWall Street Journal 07/13/2012
Ireland sees hope in the June 28, 2012 EU deal for direct aid from the European rescue fund to banks
06/29/2012
Ireland is the only country that took on all the debt of its banks during the eurozone financial crisis. This makes the June 28 deal a particularly helpful sign for Ireland to reduce its debt load.
Linked Articles
In Ireland, Hope of Retroactive Relief
Wall Street Journal 06/29/2012
European leaders agree to use bailout fund to help banks - The Washington PostWashington Post 06/29/2012
China's bankers and banking now and in the future- Spain's bankers and banking then and now
06/26/2012
The importance of prudent financial management in banking. The example of Spain, the UK, other European countries and the U.S. The unanimous view of experts that China is not an exception.
Linked Articles
For a Top Chinese Banker, Profits Hinder Political Rise
Wall Street Journal 03/03/2013
Spanish Officials Hailed Banks as the Crisis BuiltNew York Times 06/26/2012
The basics of the Eurozone architecture with deposit insurance and eurozone bank regulatory authority in a June 2012 report by the EU, EC and ECB
06/11/2012
Linked Articles
Report Suggests ECB Bank Supervision
Wall Street Journal 06/26/2012
The Next Step for Europe Is Financial UnionWall Street Journal 06/11/2012
Boeing and lessons learned from the $50 billion Dreamliner project- (1) a shift to incremental improvement for the path ahead
06/08/2012
No more moonshot projects, say CEO McInerney, and Ray Conner, head of the airplanes division. The cost of the Dreamliner exceeds $50 billion by 2015, according to Barclays Capital, including R&D and related costs. The focus is now on incremental change, on striving for simplicity, reducing complexity, and increasing reliability, after the experience of over 3 years of repeated delays, cost overruns, and reliability failures, high complexity, and overloaded manufacturing processes on the Dreamliner project.
Linked Articles
At Boeing, Innovation Means Small Steps, Not Giant Leaps
Wall Street Journal 04/03/2015
Boeing Hits a MilestoneWall Street Journal 06/08/2012
Span's Cajas Savings bank, problems with managment and culture, lack of financial controls, and the large losses from the real estate bubble
05/24/2012
Bankia was the new name for seven troubled cajas savings banks that were merged. The failure of the government's handling of the bad real estate debt, the collapse of the IPO price for bankia's IPO, and the insovency followed by takeover of Bankia by the government, is what led to the $125 recapitalization request by Spain to the EU. The cajas in Galicia give an insight into the operation of these savings banks, in many cases run by leaders who became influential in the political system and expanded healvily int real estate during the bubble years. Management remained in place for decades with authoritarian leaders and there were no financial controls.
Linked Articles
Clash of Cultures Upends Spain's Cajas
New York Times 08/20/2012
Spain to Recapitalize Bankia in Latest BailoutWall Street Journal 05/24/2012
Spain's BFA-Bankia Bank estimated capital shortfall of 25 billion euros in 2012
05/21/2012
Before the capital injection of 9 billion euros by the Spanish government in May 2012, estimates of the capital shortfall at Bankia Bank and parent BFA of 25 billion euros.
Linked Articles
Limbo on Bankia Undermines Confidence in Spain's Handling of Crisis
Wall Street Journal 05/21/2012
Spain to Recapitalize Bankia in Latest BailoutWall Street Journal 05/24/2012
Hype, deep pocketed investors and soaring valuations in Silicon Valley- 2012-2015
05/17/2012
The makings of a new bubble in Silicon Valley.
Linked Articles
The $1 Billion Club Gets Crowded
Wall Street Journal 05/17/2012
Search for the 'Next Big Thing' leads to Soaring ValuationsNew York Times 01/21/2014
The remarkable achievement of Governor Jerry Brown of California- a budget surplus of $851 million for fiscal 2013
05/14/2012
The impossible becomes possible in California as political hurdles are overcome and the state's economy improves. The budget preserves spending priorities for education and healthcare by cutting back in other areas, another remarkable feat- a lasting legacy for Brown's second act as governor. His father was governor in the Kennedy years, he was governor in the 1980's.
Linked Articles
State’s Rare Sight: A Budget Surplus
Wall Street Journal 01/10/2013
Brown Proposes $8.3 Billion in Cuts for CaliforniaNew York Times 05/14/2012
Must Follow Rules for Bank Cleanup and Bailout for the U.S. and Europe
05/10/2012
Five rules that would provide a prudent approach to cleanup of the banking systems in the U.S. and Europe. Failure to follow these rules for prudent and safe financial management in banking cleanup, bailout and recapitalization can lead to prolonged problems in the banking system and the economy.
Linked Articles
Wall Street Journal 06/01/2012
Avoiding the Next Big BailoutWall Street Journal 05/10/2012
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