Hi, Paddy Hirsch here. Scott will be back next week, after a well-earned vacation.
It’s shaping up to be a hot one in Los Angeles his morning, but I’d say the markets only look lukewarm, thanks to some depressing economic news. Fresh gross domestic product data showed the economy shrank at a steeper-than-expected pace in the first quarter. Swine flu continues its rampage through the media and the country. The BBC reports scientists in the UK are working up a vaccine, athough the last vaccine, in the 70s, killed more people than the flu.
Bank of America stockholders are getting together today in Charlotte, N.C. There’s talk CEO Ken Lewis could be asked to resign his post as chairman of the board. More banks are pushing back against regulators, asking to give their TARP money back, complaining about stress tests, and in Citigroup’s case, asking if it can pay bonuses. Now that’s what I call chutzpah.
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