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Making ¢ents out of the senseless Capital Markets
The GM Bankruptcy Happens Today
In our 2009, First Quarterly Newsletter we wrote “The elephant in the room at the end of the First Quarter is the Automakers as they reach their time limit for restructure and congressional leaders determine if further funding is available”.
While the deadline was extended, the result turned out to be the same, with GM having to file for Bankruptcy early this morning.
It seems almost un-American to see a US company such as General Motors file for bankruptcy today. It is even more amazing to us that this filing has not caused a more negative impact on the Capital Markets.
During the last 30 minutes of trading on Friday, a very peculiar event occurred with massive buying coming into the market. We are not sure what the event was, but suspect it was related to the GM Bankruptcy this morning, and much to our surprise has had a positive effect on the Capital Markets. We will keep our eyes and ears peeled and let you know our findings, if any.
Lastly, in our next Newsletter we will address the various Pension Rules and benefits from the Pension Benefit Guarantee Corporation, for those lucky individuals who have this type of benefit and may be concerned they will lose it under a Bankruptcy filing. JK
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