All eyes in Washington, Wall Street and Main Street were turned on the Congressional show trial featuring beleaguered BP CEO Tony Hayward yesterday. Hayward was a disaster. He played dumb. He stonewalled. And he never got honest about BP's colossal failure of human judgment that caused this catastrophe. But folks, seriously, what did you expect?
Slow consumer spending, along with other forces, will drag the economy down next year. Here's why:
Several stocks moving on index adds today. Transocean up 8 percent today. Offshore drillers are stronger, but the outperformance is because RIG was added to the Swiss stock index at the close of trading in Europe today. Then there's Citigroup...
Congressional questioning of BP CEO Tony Hayward was "amazingly idotic, repetitive and ill-mannered," said hedge fund manager Dennis Gartman, who is "embarrassed today for being American."
The public, both the American and those throughout the world, will demand greater regulation of the oil industry in light of the BP Gulf of Mexico spill, James Mulva, chairman and CEO of industry giant ConocoPhillips, told CNBC Friday.
Deflation is the economy's version of a vicious cycle. As prices fall, so do wages and profits. Demand, consumption and production also fall. Jobs are cut. Consumers put off purchases . The negative forces feed off of each other.
President Barack Obama is appealing to the world's major economies not to waver in their efforts to support a sustained rebound from the near collapse of the global economic system in the fall of 2008.
Europe mostly flat (Greece up 2.3 percent), euro behaving, U.S. futures were calm ahead of the quadruple witching expiration. Spanish bank Banco Santander is up 1 percent on several pieces of news...
The drill ban could jeopardize 50,000 jobs, according to one estimate, hurting many blue-collar communities on the Gulf Coast. The NYT reports.
The BP hearings are riveting, but it is housing and the weak nonfarm payroll report that is front and center for the trading community. Bottom line: euro rally vs. economic worries in US.
The SEC is moving toward clear rules on how to break erroneous trades. After hundreds of trades were broken on May 6th, the SEC made it clear they were seeking development of clear rules for breaking trades. Such rules do not currently exist; the exchanges simply make ad hoc decisions.
Successful bond sales in Spain and Hungary have helped stabilize Europe (though Spain paid a substantially higher yield of 4.864 percent for the 10-year paper, well above the 4.045 percent previously), but S&P futures lost about 4 points when the weekly jobless claims report came in a bit higher than anticipated.
If you listen to Washington and New Yorkers working for bailed out institutions or in offices 100 floors above Wall Street, the recovery is weak because banks, and now small banks in particular, won't lend money to small businesses.
Estimates show that the civil fine for the escaping oil alone could be $280 million a day, but criminal penalties, if imposed, could cause the costs to balloon still further. The NYT reports.
The president missed a few key points during his speech Tuesday night. Cramer offers a speech of his own to fill in the holes.
The Washington Post (WPO) was the first stock that triggered the new circuit breakers. At 3:07 ET, WPO was trading at roughly $454. ...It is likely not an accident that the first circuit breaker was tripped...
The circuit breakers get christened. The Washington Post was the first stock that triggered the new circuit breakers. At 3:07pm ET, WPO was trading at roughly $454. Suddenly, there were three trades over $900 off the NYSE floor...
Forgive my silence on the blog for the past two days, but I've been in beastly hot Pensacola, Florida, preparing stories on mortgage mediation, and, of course, oil. President Obama dropped by the beach yesterday to talk to some local folks, while I spent the day in empty beach front mansions and empty ocean-view condos.
The Mad Money host thinks President Obama should have demanded even more from the company.
While many have questioned BP's response to the Gulf oil spill, others have been equally critical of the president...