Archive for the ‘Financial News’ Category

Sex.com, often touted as one of the most valuable Internet domain names, is due to head to the auction block next week.

DOM Partners LLC, a New Jersey lender that backed a 2006 purchase of the domain name for a reported $14 million, is foreclosing on the Internet property, and is due to auction it on March 18 at New York law firm Windels Marx Lane & Mittendorf LLP, according to legal notices.

Bidding for the Internet property, the tumultuous past of which includes several lawsuits and two books, is due to start at $1 million.

Face it, sex sells but it doesn’t always pay the bills.

Wasn’t it nice of our government to “allow” some banks to pay back money. We wouldn’t want to see rampant abuse of that permission would we?

U.S. officials on Tuesday gave 10 of the nation’s biggest banks approval to pay back a combined $68 billion of taxpayer money pumped into them to combat the credit crisis.

The Treasury Department did not name the banks but many of them are likely to announce they are making repayments and their names eventually will be published in routine Treasury reports.

This translates into “You are allowed to pay back the money that most of you were forced to take in the first place.”

When you make a deal with the devil, there’s always a price to pay.

PMorgan Chase & Co (JPM.N) and American Express Co (AXP.N) on Monday announced plans to sell $5.5 billion of common stock, hoping to position themselves to quickly repay funds from the government’s bank bailout plan.

JPMorgan will sell $5 billion of stock and American Express will sell $500 million. The JPMorgan offering will be priced by Tuesday morning, a person close to the matter said. The person was granted anonymity because the timing is not public.

If they’re able to sell the stock and “buy themselves out of TARP” they never should have taken the TARP funds in the first place.

Oh, cool! They’re coming out of bankruptcy just in time to sit idle while all the automative manufacturers are in bankruptcy. Well, almost all of them.

Delphi Corp (DPHIQ.PK) said on Monday it has reached a deal to sell most of its global operations to private equity firm Platinum Equity, allowing the car parts supplier to emerge from Chapter 11 bankruptcy protection.

When it comes time to buy my next car, it won’t be a GM made vehicle. If I could get something for it, I would trade in my GMC right now for a Ford.

GM could have filed bankruptcy, closed 12 plants, and laid off 20,000 people without any help from our government.

Yesterday we heard the recession is coming to an end. Now that things are getting better, the government steps up and does what they promised to do six months ago.

The U.S. Treasury Department will on Tuesday tap a $50 billion housing rescue fund to pay off mortgage investors and reduce monthly payments for millions of borrowers, said a senior administration official.

Mortgage servicers that own a small stake in costly loans will receive a cash payment to either erase the debt or agree to accept a reduced return on their investment.

We all knew some drastic cuts were going to be made. Who knew it would be an entire make of car?

After 83 years of storied history and with a huge following for its famous older models, Pontiac on Monday became the highest-profile victim of the U.S. auto industry crisis with General Motors Corp’s announcement the brand would cease to exist in 2010.

Not everyone is down with the economy.

Apple Inc’s quarterly profit soared past Wall Street expectations on strong sales of iPhones and iPods, underscoring the popularity of the company’s relatively expensive products even in the midst of a weak economy.

Awesome news. Now if I could find a job so I could buy an iPhone…

Can you see the light at the end of the tunnel?

Top U.S. officials on Saturday offered reassurances that the worst of the economic downturn is likely over, helped by unprecedented efforts to keep credit flowing, though the recovery will be slow.

Two Federal Reserve policy-makers, Vice Chairman Donald Kohn and New York Fed chief William Dudley, both pointed to signs that measures taken by the U.S. central bank are indeed working to help revive the economy.

I’m waiting a bit to make sure it’s not a train headed my way.

Circuit City Stores Inc. hopes to sell its brand, trademarks and e-commerce business to Systemax Inc., the same company that purchased electronics retailer CompUSA’s intellectual property when it closed in 2008.

Richmond-based Circuit City, also a shuttered electronics retailer, has entered a so-called stalking horse agreement with Systemax for $6.5 million, according to bankruptcy court filings. A stalking horse bid is an initial offer for a bankrupt company’s assets from an interested buyer chosen by the company.

Considering their poor customer service, I’m not sure the Circuit City brand is something I would willingly associate myself with.

Take a look at this people... An American automobile manufacturer working to make things right without it’s hand out to the government.

Shares of Ford Motor Co. soared 16 percent Monday after the company said it completed tender offers that will reduce its debt by 38 percent and shave millions of dollars off its interest costs.

The automaker retired about $9.9 billion in securities in exchange for cash and shares under terms of the debt buybacks.

Combined, the moves are expected to reduce the Ford’s interest expenses by more than $500 million this year, as it tries to weather the worst auto sales downturn in 27 years.