02/12/2007

Non-merger Monday

Hello!

This Monday, in a turn of events, there was no slew of new mergers announced. In fact, the Nasdaq Stock Market Inc. failed in its bid to buy the London Stock Exchange and French drugmaker, Sanofi-Aventis, called off talks for a possible deal with Bristol-Meyers-Squibb. (Imagine saying that new name ten times fast: Sanofi-Aventis-Bristol-Meyers-Squibb!) Perhaps, FOMC Chairman Bernanke's comments last month regarding a possible fiscal crisis if there is overfunding of government entitlement programs caused executives to re-examine proposed corporate purchases.

Last week, HSBC holdings, formerly Hong Kong Shanghai Bank, warned that "subprime" mortgages may have 20% more bad-debt charges than forecast. This may affect the low end of the real estate market.

We will be closed Monday, February 19th in observance of President's Day.

Terri G. Millson, CIMA, CIMC President

Ray Dicius, CSA, GEPC LPL Branch Manager