GM went public in a “go-big-or-go-home” way last week, raising approximately $20 billion after the offering price was increased, which was good news for the company but probably not-so-good news for early shareholders who saw aftermarket trading pretty lackluster after the listing; Ireland worked through plans for Europe’s second national bailout over the weekend, which was a drag on world equity markets last week; William popped the question to Kate…oops, Catherine, while Harry (Potter, not Windsor) opened amid some pretty widespread Internet leaks of the first 36 minutes before the official debut (Muggles, no doubt); and the Dow ended virtually flat for the week at 11,203.
Buffett Opines
As everyone knows and probably read by now, an op-ed by Warren Buffett appeared in The New York Times last Wednesday, called “Pretty Good for Government Work,” which has been widely discussed and even parodied a bit (New York Post over the weekend), where the Oracle profusely thanks Uncle Sam for helping to divert a meltdown of the US economy (and his own companies). Buffett complemented the government on restoring calm (money) at a time of panic, saying “your actions were remarkably effective.” I have to admit, when I first read it, I thought it was a submission from The Onion. The piece, a letter to Uncle Sam, is typical folksy Buffett charm, with doses of good Midwest manners, but the heap of praise on administration officials, whether you agree or not, seemed to be quite a bit over the top. It’s probably too bad for the White House the piece did not run before the midterm elections (or maybe it was prompted by the results), but the grateful nephew as Buffett has signed the “letter” has certainly put his mouth and pen were his money is and placed a stake in the government’s role and stake in the bailout/recovery.
