F and GM coming back nicely. steady climb up. LEA too.
John Bogle Says President Will Intervene to Save GM (Update1)
http://www.bloomberg.com/apps/news?pid=20601087&sid=aqAVEuSWMyGE&refer=home
By Betty Liu and Eric Martin
Dec. 12 (Bloomberg) -- John Bogle, who created the $80.6 billion Vanguard 500 Index Fund in 1976, said the White House will probably intervene to save General Motors Corp. from bankruptcy after the Senate rejected a rescue yesterday.
?The president is probably going to come to their rescue, because the Congress has really punted the ball over to the White House,? Bogle, 79, said in an interview with Bloomberg Television from Valley Forge, Pennsylvania. ?That will give them temporary stop-gap aid. I do not think General Motors is going to go out of business.?
Stocks tumbled around the world and the dollar slumped after the Senate voted against the $14 billion plan, threatening the survival of GM and Chrysler LLC. Treasuries rallied and yields fell to record lows.
Standard & Poor?s 500 Index futures expiring in March dropped 3.9 percent to 840.20 at 8:34 a.m. in New York. The MSCI World Index of 23 developed stock markets slumped 1.6 percent. GM shares dropped 30 percent to $2.90.
Bogle, who retired from Vanguard Group Inc. in 1999, was named one of the industry?s four ?Giants of the 20th Century? by Fortune magazine that year.
More lawsuits are likely to be filed against financial firms a day after two FBI agents arrested Bernard Madoff at his Manhattan apartment, Bogle said. The founder of Bernard L. Madoff Investment Securities LLC and former head of the Securities Industry Association?s trading committee confessed to employees this week that his investment advisory business was ?a giant Ponzi scheme? that cost clients $50 billion.
?There are going to be some criminal indictments brought against the investment banking system,? Bogle said. ?It is deeply discouraging to see our financial system overwhelmed by greed. Speculation is in the driver?s seat of our stock market, and investing is in the back seat.?
John Bogle Says President Will Intervene to Save GM (Update1)
http://www.bloomberg.com/apps/news?pid=20601087&sid=aqAVEuSWMyGE&refer=home
By Betty Liu and Eric Martin
Dec. 12 (Bloomberg) -- John Bogle, who created the $80.6 billion Vanguard 500 Index Fund in 1976, said the White House will probably intervene to save General Motors Corp. from bankruptcy after the Senate rejected a rescue yesterday.
?The president is probably going to come to their rescue, because the Congress has really punted the ball over to the White House,? Bogle, 79, said in an interview with Bloomberg Television from Valley Forge, Pennsylvania. ?That will give them temporary stop-gap aid. I do not think General Motors is going to go out of business.?
Stocks tumbled around the world and the dollar slumped after the Senate voted against the $14 billion plan, threatening the survival of GM and Chrysler LLC. Treasuries rallied and yields fell to record lows.
Standard & Poor?s 500 Index futures expiring in March dropped 3.9 percent to 840.20 at 8:34 a.m. in New York. The MSCI World Index of 23 developed stock markets slumped 1.6 percent. GM shares dropped 30 percent to $2.90.
Bogle, who retired from Vanguard Group Inc. in 1999, was named one of the industry?s four ?Giants of the 20th Century? by Fortune magazine that year.
More lawsuits are likely to be filed against financial firms a day after two FBI agents arrested Bernard Madoff at his Manhattan apartment, Bogle said. The founder of Bernard L. Madoff Investment Securities LLC and former head of the Securities Industry Association?s trading committee confessed to employees this week that his investment advisory business was ?a giant Ponzi scheme? that cost clients $50 billion.
?There are going to be some criminal indictments brought against the investment banking system,? Bogle said. ?It is deeply discouraging to see our financial system overwhelmed by greed. Speculation is in the driver?s seat of our stock market, and investing is in the back seat.?
