I’m incredibly torn to decide what the most exciting piece of business news is today. Here are my 4 options:
1.) The Obvious Citi Bailout – After the major selloff on Friday, people have been assuming this would happen all weekend. Finally last night we heard that the deal will boil down to taxpayers getting $250 billion of potential losses in exchange for $27 billion of Citi preferred stock. Obviously, not a good deal for the taxpayers. Using one of these ‘annexing the bad bank’ plans, Citi comes out the big winner and the stock is recovering. CEO Vikram Pandit looks happy, doesn’t he?
2.) Obama Restating His Team – Obama chills with his new economic bad boys up in Chicago (Tim Geithner, Christina Romer, and Larry Summers). And the NYT did a trendy ‘liveblog‘ to mark the occasion. The Old Gray lady is getting pretty chill in her old age. Wouldn’t you rather read some snarky blog making fun of minute details than some well-known news corporation dishing out intelligent commentary?
3.) Tiger Woods Gets Dropped By GM – This is the continuation of the end for GM. Although they announced a mutual decision to stop marketing GM products with the world’s best golfer, it seems like Tiger wanted to jump off that sinking ship. Even though GM couldn’t afford the richest sports star in the world anyway, I bet Tiger was sick of smiling around a dying company. Still, kind of surprising it happened like this.
4.) The Next Treasury Secretary Is A Skateboarder – His appointment sends stocks rallying on Friday, everyone gets pretty psyched that they get a local experience guy in at the position, PLUS he’s cool? A recent interview in the Economist explains he’s almost as rad as Tony Hawk. Does anyone see Geithner hanging a sick nosegrind on the cusp of the financial crisis in the near future? This photoshop work by Business Sheet says yes:
Even after summarizing all this for you, I’m still torn. Let us know in the comments what you were most surprised to hear today.