We’re watching the market closely today, after lots of buzz this weekend about:
– General Motors’ (NYSE:GM) board of directors has already begun to look at bankruptcy;
– Citigroup (NYSE:C) received urgent care in the form of a government cash transfusion to stay afloat;
– President-elect Obama announces his economic team shortly, at 11:00 a.m. CST, along with details of his proposed economic recovery plan.
One intriguing bit turned up this morning during an interview on CNBC with former Treasury Secretary John Snow. After Snow gave a positive review of Timothy Geithner, head of the New York Federal Reserve bank, as the likely candidate for Treasury Secretary under the Obama administration, Snow was asked about the automotive industry bailout. Snow’s comments, as chairman of Chrysler’s parent corporation Cerberus, suggested that a Chrysler-GM merger might well be part of a plan to be proposed to Congress during the next lame duck session on December 2nd. Consolidation should be an option, Snow suggested, as part of the recovery of the auto industry.
We’ll have more details after the 11:00 a.m. CST announcement by President-elect Obama.