MORNING BRIEFS

*GE doesn't like it. General Counsel claims this wasn't cause of the crisis. Really? Ijiot! So let me see if I understand this. You are an industrial company who decides to make more MONEY by getting into the finance business, i.e. GE TGT HOG, and then when you are about to implode from all the COMMERCIAL real estate you bought and financed, you get bank holding company status and come to the discount window to get a cheap loan, .25% and you get the Fed to buy up your COMMERCIAL PAPER at less than the rates that REAL investors want, but you don't think the government should want you to keep those things separate? Gov should have let GE go bankrupt, ungrateful ASSHOLES!
Financial Plan Hits Corporate Lenders
An array of companies that aren't banks but pitch loans and other financial products are being squeezed by the Obama administration's financial-overhaul plan. Target Corp., Harley-Davidson Inc., Pitney Bowes Inc. and dozens of other companies that aren't banks but pitch loans and other financial products are being squeezed by the Obama administration's financial-overhaul plan.


*just cancelled my discover card. Had been a customer for 7 years and now they are gouging me on the interest rate and changed the time on due date. Watch out for this kind of stuff.
Discover CEO says credit card changes might not benefit consumers
David Nelms, CEO of Discover Financial Services, said recently adopted rules in the U.S. aimed at protecting credit card holders will likely lead to increased interest rates and fees. "There are many consumers that actually will not benefit," Nelms said. "Some of the unintended consequences are going to be difficult for customers." Bloomberg (19 Jun.)

Banks reluctant to finance aircraft purchases
Tony Fernandes, founder and CEO of AirAsia, said the biggest threat to the airline industry is not the outbreak of H1N1 influenza, commonly called swine flu. "We've been through [severe acute respiratory syndrome], bird flu, tsunami, you name it," Fernandes said. "The only swine now are bankers." Airlines are struggling to deal with banks that are unwilling to finance purchases of aircraft. Bloomberg (19 Jun.)