General Motors Co’s new chief financial officer told analysts the automaker remains committed to the low-debt strategy and discipline on vehicle pricing emphasized by his predecessor. In a dinner meeting with analysts on Thursday, Dan Ammann said GM faced limited impact from the Japan crisis, was increasing its auto credit capabilities, and was reducing its exposure to incentives in the U.S. market, according to research notes from Barclays Capital and J.P. Morgan. “Dan emphasized fundamental continuity around GM’s financial strategy and philosophy with his predecessor,” Barclays analyst Brian Johnson said. “Dan plans to continue the low-debt strategy of his predecessor.” [Reuters]
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CFO of the Week: Chen Tang
Not to mention father of the year and buddy for life.
Chen Tang, a former CFO of a private equity fund in San Francisco, is being accused of running an insider trading ring that includes friends, relatives, and his two daughters, aged 9 and 11.
Allegedly the ring made off with $8 million trading on non-public information related to Tempuc-pedic International, Inc. and Acxiom Corporation.
Tang’s daughters are considered relief defendants, as trades were carried out in brokerage accounts opened in their names. Personally we’d like to see them charged as the masterminds in this case but nothing in the complaint indicates that they knew anything about the scam.
The SEC stays on a roll with this latest bust, however this is the first case that we’ve heard of that includes minors (but still probably have maturity levels that are above Mark Cuban’s). The SEC obviously has to maintain the blind justice concept, so no mercy will be shown on the two pre-teens who probably spent the money on Miley Cyrus tickets.
The SEC’s latest haul includes two kids, aged 9 and 11… [FT Alphaville]
SEC Charges Former CFO and Six Relatives and Friends in California-Based Insider Trading Ring [SEC Press Release]
Sirius CFO’s Subtle Suggestion That Howard Stern May Have to Take a Paycut Doesn’t Go Over So Well
Receiving news that you might be expected to earn less money would upset the most mild-mannered of Americans.
But if you’re the King of All Media and you hear through the grapevine that your company’s Chief Financial Officer says this: “At the time of the [Sirius and XM Radio ] merger we were in many long-term contracts. As they come up for renewal, we’ll have the opportunity to get more favorable economic terms there.”
You might react with the following:
“I am not taking a f—ing paycut,” Stern said. “Why would I have to take a paycut? … Who is this guy to say this in public?”
“I know what I have done in this company,” he said. “I am more important than Oprah, in this company anyway. Oprah’s out getting the Kennedy Center honor and I’ve got the CFO announcing to Wall Street that I have to take a paycut.”
“Nevermind getting respect from the industry,” Stern continued, “I want respect from the company.”
Which you might follow up with this:
“I am calling my agent today that want more f—ing money. I don’t want it perceived that I took a paycut,” Stern railed, disclosing that Frear got a raise in 2008, putting his annual salary at $3.3 million. “Where’s your paycut, David?”
To be fair – if you tell someone who makes 3% of what you’re pulling in to take a paycut, it may be time to get some perspective.
Howard Stern May Have to Take a Paycut [ABC News]
Howard Stern Slams Sirius CFO: ‘I’m Not Taking a F—ing Paycut’ [The Wrap]