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Business | 2007 | Jun | 24


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Shares of Blackstone Group rose 13 percent on their first day of trading yesterday, as investors rushed to latch onto the private equity boom that has swept corporate and financial America
Jun 24 '07 -Business- www.baltimoresun.com -blackstone,stock,equity
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Jun 24 '07 -Business- www.insurancemall.in -insurance,bonsai,international
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Jun 24 '07 -Business- www.insurancemall.in -insurance,bonsai,international
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Personal belt-tightening must match the Delphi downsizing
Jun 24 '07 -Business- www.freep.com -delphi,workers,financial
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Hazel, faced with uncertainty as the Delphi bankruptcy and labor talks have continued, has tried to get back to GM in the Flint area with no luck
Jun 24 '07 -Business- www.freep.com -delphi,workers,financial
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As for other workers facing pay cuts, she said she doesn't know how they could cope
Jun 24 '07 -Business- www.freep.com -delphi,workers,financial
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United States Bankruptcy Court in New York, where Delphi's Chapter 11 proceedings are taking place, also must approve the agreement
Jun 24 '07 -Business- www.freep.com -delphi,workers,financial
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Toys for the kids, the kid in us, even the dog
Jun 24 '07 -Business- www.freep.com -delphi,workers,financial
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"The public attention and the attention Congress given to Blackstone has turned it into a symbol for what's to come, and that will be a plethora of filings from hedge funds and private equity managers," predicted Steven R.Howard, head of the private equity practice at law firm Thacher Proffitt & Wood.
Jun 24 '07 -Business- www.baltimoresun.com -blackstone,stock,equity
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They need to work out a line-by-line list to examine all spending -- and come up with budgets based on new wages
Jun 24 '07 -Business- www.freep.com -delphi,workers,financial
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Jun 24 '07 -Business- www.insurancemall.in -insurance,bonsai,international
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Think of yourself taking a $10-an-hour pay cut," said Karen Norman, a certified financial planner and founder of Norman Financial in Troy
Jun 24 '07 -Business- www.freep.com -delphi,workers,financial
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But it would be quite a drop to $30,000 or $35,000 a year for someone with base pay near $60,000
Jun 24 '07 -Business- www.freep.com -delphi,workers,financial
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The $105,000 payout -- which could cover some money lost in the wage cut -- would apply to employees who originally worked for GM, which spun off Delphi in 1999
Jun 24 '07 -Business- www.freep.com -delphi,workers,financial
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"I'm amazed, when you really pay attention to how much, you do spend in life sometimes," Feight said
Jun 24 '07 -Business- www.freep.com -delphi,workers,financial
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"It's just gone on and on," said David Kudla, chief executive for Mainstay Capital Management in Grand Blanc
Jun 24 '07 -Business- www.freep.com -delphi,workers,financial
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"The bottom line is it is going to change the way you live day to day
Jun 24 '07 -Business- www.freep.com -delphi,workers,financial
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But she remained concerned by word that she might have to pay more for health insurance
Jun 24 '07 -Business- www.freep.com -delphi,workers,financial
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"I see a lot of foreclosures," she said
Jun 24 '07 -Business- www.freep.com -delphi,workers,financial
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It is possible to think that you're going to get a second job or move to another job
Jun 24 '07 -Business- www.freep.com -delphi,workers,financial
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Delphi filed for Chapter 11 on Oct.8, 2005
Jun 24 '07 -Business- www.freep.com -delphi,workers,financial
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While a buy-down could cover some bills, the money wouldn't stretch far after taxes
Jun 24 '07 -Business- www.freep.com -delphi,workers,financial
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Jun 24 '07 -Business- www.insurancemall.in -insurance,bonsai,international
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If approved, the deal would avert a strike that could cripple Delphi and GM, its largest customer
Jun 24 '07 -Business- www.freep.com -delphi,workers,financial
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Kudla, whose clients include Delphi workers, said many who worked at Delphi often felt uneasy about making financial moves lately because they were so uncertain about the future
Jun 24 '07 -Business- www.freep.com -delphi,workers,financial
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Union workers fret about what kind of benefits may be taken away, too
Jun 24 '07 -Business- www.freep.com -delphi,workers,financial
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Yet a lump-sum bonus could stretch out for only so long
Jun 24 '07 -Business- www.freep.com -delphi,workers,financial
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"It shows that the makeup of the big financial institutions that run Wall Street is fundamentally changing," said Benjamin F.Phillips at Putnam Lovell NBF Securities Inc. Private equity firms buy and restructure companies in hopes of selling them at far higher prices within a few years
Jun 24 '07 -Business- www.baltimoresun.com -blackstone,stock,equity
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On the one hand, Delphi workers have been walking on shaky ground for the past 20 months
Jun 24 '07 -Business- www.freep.com -delphi,workers,financial
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Advertisement She started to hear Saturday that, as a skilled trades worker at Delphi's Flint East plant, she might be among a small group of veteran workers who won't be affected by wage reductions
Jun 24 '07 -Business- www.freep.com -delphi,workers,financial
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Blackstone raised $4.13 billion by selling 133.3 million shares in the biggest initial public stock offering since consumer finance company CIT Group went public in 2002
Jun 24 '07 -Business- www.baltimoresun.com -blackstone,stock,equity
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"They're going to be paying for mortgages that are higher than they could afford," said Ted Feight, a certified financial planner for Creative Financial Design in Lansing
Jun 24 '07 -Business- www.freep.com -delphi,workers,financial
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Many of the contract terms will be a real-life blow to families in Michigan and elsewhere who find themselves in front-row seats for a historic moment in the auto industry shakeout
Jun 24 '07 -Business- www.freep.com -delphi,workers,financial
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It also would allow Delphi to drastically cut costs, ultimately shut or sell most of its United States plants, work its way out of bankruptcy and take on foreign competition
Jun 24 '07 -Business- www.freep.com -delphi,workers,financial
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Along with their close cousin, hedge funds, these firms have reshaped Wall Street by playing ever bigger roles in corporate mergers, securities trading and global finance
Jun 24 '07 -Business- www.baltimoresun.com -blackstone,stock,equity
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Given the fanfare surrounding the company, the event seemed more like the coronation of a new Wall Street monarch than the public debut of an up-and-coming company
Jun 24 '07 -Business- www.baltimoresun.com -blackstone,stock,equity
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According to early reports, some senior Delphi workers could qualify for three annual payments of $35,000 -- but they'd also see their hourly wage cut from about $28 to so-called supplemental rates of $14.50 to $18.50 starting Oct.1.During that time, they also could try to return to GM.
Jun 24 '07 -Business- www.freep.com -delphi,workers,financial
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"It's like the Hollywood hit business," said Francis Gaskins, editor of research firm IPOdesktop.com
Jun 24 '07 -Business- www.baltimoresun.com -blackstone,stock,equity
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A great general manager is an advocate for ownership, an effective business leader who adds value and creates wealth
Jun 24 '07 -Business- davemartin.blogspot.com -manager,great,general
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And the stock's "pop" - on a day when the broader market fell sharply - was another sign of how buyout shops such as Blackstone are challenging old-school investment banks and brokerages for dominance
Jun 24 '07 -Business- www.baltimoresun.com -blackstone,stock,equity
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But wishing doesn't always make it so
Jun 24 '07 -Business- www.freep.com -delphi,workers,financial
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Private equity shops borrow heavily to goose their investment returns
Jun 24 '07 -Business- www.baltimoresun.com -blackstone,stock,equity
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Additionally it provides the user, free services such as portfolio management (advisory and reminders), claims assistance, online assistance etc.
Jun 24 '07 -Business- www.insurancemall.in -assistance,food,advisory
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But interest rates have climbed sharply this year
Jun 24 '07 -Business- www.baltimoresun.com -blackstone,stock,equity
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Bigger lifestyles, bigger houses, bigger cars and trucks all were bought based on bigger paychecks
Jun 24 '07 -Business- www.freep.com -delphi,workers,financial
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And the buy-down money could even fool some people into believing they don't need to stop
Jun 24 '07 -Business- www.freep.com -delphi,workers,financial
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The biggest will be maintaining the impressive earnings and investment returns that have enthralled shareholders
Jun 24 '07 -Business- www.baltimoresun.com -blackstone,stock,equity
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They rose as high as $38 yesterday before settling at $35.06
Jun 24 '07 -Business- www.baltimoresun.com -blackstone,stock,equity
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Thinking the shares had opened, the electronic National Stock Exchange executed four trades of Blackstone's stock totaling less than $100,000
Jun 24 '07 -Business- www.baltimoresun.com -blackstone,stock,equity
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People who don't cut back on their spending will likely be in real trouble after that, and some may risk foreclosures on their homes
Jun 24 '07 -Business- www.freep.com -delphi,workers,financial

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