With the latest announcement of its sale of 16 newspapers, the New York Times continues to sell off assets to stay alive. The sale of its papers in Florida, South Carolina, and California is expected to generate a much-needed capital insertion of about $150 million, less than was expected. Those newspapers’ revenues had been steadily declining, falling another 7 percent for the first nine months of the year.
As central banks around the world unleashed a coordinated deluge of new money to deal with the economic crisis swamping Europe, critics expressed outrage that the Federal Reserve System — and all holders of U.S. dollars by extension — would be bailing out profligate European governments and the troubled euro currency. And furious American lawmakers are again demanding congressional oversight of the Fed and a restoration of sound money.
The Federal Reserve Bank and five other central banks across the world cut the "temporary U.S. dollar liquidity swap arrangements" rate for central bank borrowing nearly in half, from just over 1.00 percent to a bit more than 0.50 percent, according to a November 30 Federal Reserve Bank press release. Stock and commodities markets rallied all day with the news, with the Dow Jones Industrial Index gaining 490 points on the day.
It remains unclear exactly why or how the Gadhafi regime went from “a model” and an “important ally” to the next target for regime change in a period of just a few years. But after claims of “genocide” as the justification for NATO intervention were disputed by experts, several other theories have been floated.
When Bank of America announced that it was moving its derivatives-laden portfolio at its subsidiary Merrill Lynch over to its bank holding company, it said it was merely responding to pressure from some of its partners to take advantage of the holding company’s higher credit rating. It would also reduce the need for the bank to post an additional $3.3 billion in collateral because of the recent downgrade it suffered at the hands of Moody’s last month.