Daily Data Flow: Could Citigroup Shakeup Aid Bank’s Rebound?; U.S. Government-Funded Maker of Electric Car Batteries Goes Bankrupt; Tonight’s Debate Gives Obama New Chance to Defend Policies in Rematch with Romney
Citigroup Board Said to Oust Pandit After Multiple Setbacks (Bloomberg)
Citigroup Inc. directors ousted Chief Executive Officer Vikram Pandit after concluding he mismanaged operations that caused setbacks with regulators and cost credibility with investors, a person with knowledge of the discussions said. Citgroup turned to Citigroup veteran Michael Corbat to fill the void. Problems with Pandit included rejection by regulators in March of a plan to boost shareholder payouts, said the person, who requested anonymity because board deliberations are private. Citigroup’s $2.9 billion writedown of the Smith Barney brokerage unit and a two-level cut of its credit rating by Moody’s Investors Service also contributed to Pandit’s exit, the person said.
Electric Car Battery Maker A123 Systems Files Bankruptcy (Bloomberg)
A123 Systems Inc., the electric car battery maker that received a $249.1 million federal grant from the Obama administration, filed for bankruptcy protection. President Barack Obama called A123’s CEO Vieau and then- Michigan Gov. Jennifer Granholm during a September 2010 event celebrating the opening of the plant in Livonia that the company received the U.S. grant to help build. Republican presidential candidate Mitt Romney said last month that Obama has picked “losers” for alternative-energy loans and grants. Gov. Romney’s running mate, Paul Ryan, has called for all green-energy subsidies to be eliminated.
The Pressure’s on Obama in Debate Rematch With Romney (CNBC)
Obama campaign officials are promising that Americans will see a more energized and visionary incumbent on Tuesday night as the president tries to keep Mitt Romney at bay in a razor-thin race. The candidates will take questions on domestic and foreign policy from an audience of about 80 of the coveted uncommitted voters whom both campaigns are courting with just three weeks left until Election Day. The town hall-style format makes it especially tricky for Obama to strike the right balance in coming on strong against Romney without turning off the audience.
Over the past decade, China has established itself as a global manufacturing powerhouse, overtaking even the United States in 2011 as the world's largest manufacturer. “Cheap Chinese labor” became the rallying cry of the global economy, as China’s low labor costs allowed the country to transform itself into the workshop of the world. If you were a U.S. manufacturer, you “had to be in China.”
Among the countries hardest hit by China’s rise -- and ascension to the World Trade Organi
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