Silicon Alley Insider:
But he may still have to sell them. This will create an overhang that won't do wonders for their already demolished stock prices.
CNBC's Charlie Gasparino reports:
Media investor Sumner Redstone, hoping to avoid having to sell Viacom and CBS, will first try to sell other assets of his holding company, National Amusements, if efforts to renegotiate a $1.6 billion loan fall through, people close to the company told CNBC.
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He dumped massive Viacom B stock to buy National Amusements, and Midway Games. When he sells Viacom A stock, which no one has access to, then he is in trouble.
I can tell you for a fact that he has incredible laundering scheme of Viacom's parent companies funds through the Caymans and Sri Lanka (and several other places), and that Viacom's books are so baked from inadequate infrastructure, that is he SEC ever hit stop (which is unlikely as they pay well to get their reports done) the company would got bankrupts in a matter of weeks.
just paid off my credit card,,,,,,,,,,,,and cancelled the card. using debt card only. got in big trouble couple yrs. ago, and could not get caught up. i'd rather do without than go through that again. we americans live to spend money. we need to get our priorities straight. 'stuff' doesn't bring happiness.
Wait a second....
In fact....my business is doing REALLY WELL. We make little magnetic signs that add info to real estate yard signs. Most popular right now?? BANK OWNED & DISTRESSED SALE
We'd all like to renegotiate our mortgages and car payments too. It's not fun, is it Mr. Republican.
correction: it's fed, not feed. Where's my spell checker?
If your sick of the "club" running things into the ground, the most powerful protest weapon at your disposal is your wallet. I read all the complaints about these titans of industry and politics, and yet we continue to support this mess through our shopping habits. Consumer spending makes up 3/4 of the economy. Your in control. What you buy, AND don't buy sends the most powerful message to the leaders that have delivered this massive failure to your family. If your feed up, stop conumuing their stuff. I have stopped buy anything but the basics that my family needs until Bush is out of office, and it feels good. If I need to buy a product, I buy from a small, local business, and not from a large corporate store. I paid off all my debts, and honestly enjoy living a more scaled down life. But most important, I feel I'm actually doing something to bring about the change that I want, and perhaps, IF enough people praticed this, we might actually get back to "we the people."
Good to know I am not alone.
I have vowed to buy no new clothing, shoes, etc. for one year. Redstone should make a vow to get a more natural looking toupee.
I am not spending either and no credit card debt ever again; I'm almost all paid up. Bankers and finance industry wants all Americans in debt; it makes politicians stronger. Don'[t let them do it!!
I remember when he was interviewed by Tina Brown, and proudly stated that even though he was a democrat he was voting for George Bush because it was better for business.
Makes you wonder if he had told the truth about the war and the crimes of the Bush administration if his network's reputation and ratings would have been monitarily beneficial to him in the end.
boo whoooo
If this financial disaster means that some of these monopolistic titans have to sell off their holdings to survive, thereby diversifying ownership of media outlets, then that's a good thing, right? See, EVERY cloud has a silver lining!
We need rich liberals to step up and by CBS. We need at least ONE honest network news.
Wow! I never really believed in my lifetime we would have such a downturn in the markets to get to the level that Redstone would be selling to stablilize. It is interesting all of the gurus who have gone along with so much of the Bush and the republicans policies as if they were wonderful and never flawed are suffering in massive ways too. I guess with such deep failures and how the market has spared no one losses the deregulation all of these people sang as the way to go has come down to distruction of their holdings. All of those who got the golden parachutes I wish had also lost thir shirts pants and socks like many retired people have. I think more than anything justice of some sort that direction would just plain feel good as these people and the boards who gave them the gifts as they were canned all should be put on display for those who have lost or are still losing almost everything invested in the very companies now is such trouble.
I believe in small-scaled companies. Acquisitions and mergers makes its all impossible for any company executive to manage and stabilize many subsidiaries. In mergers, there is no such things as equal partnership.
My Dad owns a small engineering firm. He started with 3 employees. A midget in comparison to Air Products. It's profits are modest but steadily up over the years. He added 4 more engineers last year and built another division. Employees has grown but still remain relatively mid-size. Union membership were turned down by the employees.
A well known national engineering company from Philadelphia courted my Dad to sell his company. His famous phrase: Russia's geography is too big, and impossible to govern ". And so is business. He said owning a business also means protecting your employees tenures, without their loyalty, the business would have not been successful.
This big national engineering firm and Air Products have a competition. My Dad is competitin well not in the same grandeur. And that is good. Keeps my Dad's company and his employees alert and on their toes all time.
Please, this guy is a waste of space.....
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First Posted: 10-23-08 11:38 PM | Updated: 11-23-08 05:12 AM