Good morning, and welcome to a day of cautionary tales.
Ken Lewis has announced he's heading for the exit at Bank of America this year. The chairman has been under pressure from just about all sides since BofA's shotgun purchase of Merrill Lynch in 2008, especially over the issue of $3.6 billion in bonuses for Merrill execs just prior to the deal.
GM is looking to phase out its once-lauded Saturn line after a deal collapsed to sell it.
The stock market rose 15 percent last quarter, despite fears that stimulus spending from the U.S. government was providing much of the economy's fuel.
The International Monetary Fund has changed its forecast for the global economy. It now says activity will grow by 3.1 percent next year, up from its July prediction of 0.6 percent. In the U.S., the IMF says economic activity will grow by 1.5 percent instead of 0.7 percent. "The current numbers should not fool governments into thinking that the crisis is over," IMF chief economist Olivier Blanchard warned.







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