GM proudly debuted to the public the Chevy Volt Plug-In Electric Vehicle – a Car that is NOT powered by a gasoline-fueled internal combustion engine, nor is it a hybrid. The Volt is electric, powered by a 400 pound lithium ion battery nestled beneath the floorboard, an energy source that is both silent, and entirely emission-free. GM, and it’s commitment to the future, is hoping to roll out the Volt with the 2011 Year Model.
The Volt will have only one electric motor, powered by its new battery, and will go up to 40 miles without using a drop of gas – effectively eliminating gasoline from the majority of American lives. This will reduce the current $700 BILLION USD spent on Importing Oil to America, Help the Environment and Help GM and US Business and Economy recover from the Bush-Cheney Nightmare. A Win-Win.
The Volt should cost less than 2 cents per mile to drive on electricity, compared to 13 cents a mile on gasoline at a price of $3.90 a gallon. The retail price may be in the USD $40,000 range.
GM is expecting to produce at least 10,000 Volts in the car’s first year and higher numbers after that.
The government abruptly announced an $85 Billion USD Federal Reserve Loan to BAILOUT insurance giant AIG. AIG FP lost more than $10 billion in 2007, and $14.7 billion in the first six months of 2008. AIG agrees to repay the loan with asset sales and give the government a 79.9% equity stake in the company.
The financial sector in the USA is facing a huge crisis. When you have two big companies like Bear Stearns and Lehman Disappear, and Merrill Lynch being absorbed, that tells you volumes about the difficulties being faced by the financial sector in America. It has become a field day for short sellers, who are picking off the undercapitalized financial outfits.
After turning down a shot at buying all of Lehman Brothers over the weekend, British bank Barclays just picked up the core of the USD $4 Billion investment bank for $250 million. Barclays also bought Lehman’s New York headquarters building and a couple of data centers for USD $1.5 Billion. The buildings cost six times more than the whole bank itself:
BARCLAYS PRESS RELEASE:
The Board of Barclays announces that Barclays has agreed, subject to US Court and relevant regulatory approvals, to acquire Lehman Brothers North American investment banking and capital markets operations and supporting infrastructure. The transaction will create a premier integrated global bulge bracket investment banking company with a leading presence in all major markets and across all major lines of business including: equity capital markets, debt capital markets, mergers and acquisitions, commodities trading and foreign exchange.
Barclays will acquire trading assets with a current estimated value of £40bn (US$72bn) and trading liabilities with a current estimated value of £38bn (US$68bn) for a cash consideration of £0.14bn (US$0.25bn). Barclays will also acquire the New York headquarters of Lehman Brothers as well as its two data centres at close to their current market value.