Author: Serkadis

  • Sorry, Haters, The Healthcare Bill Actually WILL Reduce Costs

    PaulKrugman-0909-1

    The usual suspects are out in force on the op-ed pages, declaring that the health reform bill doesn’t control costs, it’s a huge cost, etc..

    And I had a new thought: part of what’s going on here, aside from the fact that these people just hate the idea of expanding social insurance, is that they haven’t looked at all at the actual numbers involved…

    The key thing to understand in the coverage debate has always been that it costs surprisingly little to cover the uninsured.

    Continue reading at the NYT »

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  • Remnants of IndyMac Buy a bank; Loan modification news from the trenches; PMI, Fannie, BofA, Chase, USBHM, AmTrust news

     

    pipeline-press

    rob-chrisman-daily

    It was a tough weekend for me. On Friday I received an e-mail from “Bank of America” saying that my account was locked, and that “During our regular update and annual scheduled maintenance of Bank of America Online Services, we could not verify your current information. As a result of this, your access to use our online services has been limited. You are hereby advised to immediately update your information by using the attached website.” What was I going to do? I wouldn’t be able to shop for Christmas presents, buy food or gas, and care for my kids! Then I remembered that I don’t even bank with BofA, and certainly don’t use any of their online services. Phew! I wonder if this was a scam…

    Wanna buy a bank? Now is a good time to give that someone special a little something special – like a failed bank. Seven U.S. banks were taken over on Friday, and the FDIC could not find buyers for three of them. It brings the total to 140 for the year, the most since ‘92. Heck, even ex-IndyMac (now OneWest Bank) picked up the assets and 39 branches of First Federal Bank after it was closed Friday. OneWest was formed by a group of private equity and hedge fund investors to take over IndyMac’s assets earlier this year. Added to the list of banks this year who have experienced deteriorating loan portfolios and related liquidity and capital issues are Imperial Capital Bank of La Jolla CA, Peoples First Community Bank of Panama City FL, New South Federal Savings Bank of Irondale AL, Independent Bankers’ Bank of Springfield IL, RockBridge Commercial Bank of Atlanta GA, and Citizens State Bank in New Baltimore MI. City National Bank bought assets of Imperial Capital, Beal Bank bought the assets of New South, and Hancock Bank bought the assets of Peoples First Community Bank. The other three: zip.

    PMI, well-known mortgage insurance company, tweaked their “Distressed Markets List”, although it doesn’t take effect until February.

    more news on PMI, MGIC, Genworth Financial, Fannie foreclosure suspension, Amtrust is back, US Bank Wholesale, mod troubles, economic calendars, and joke of the day … <<< CLICK HERE

  • HTC HD2 hotfix hilariously acknowledged, fixes calendar bug

    HTC’s support staff are getting more and more flowery in their language, in the latest hotfix for the HTC HD2 reminding us how dynamic it is to be able to see appointments a month into the future.

    HTC HD2 Calendar View

    Release Date: 2009-12-18

    This update for HTC HD2 expands the dynamic nature of the Calendar application. Whether your week starts on Monday or Sunday, allowing you to view appointments occurring tomorrow, next week, or even next month.

    Applicable for all HTC HD2 this update can be applied free of charge.

    Via the Clove Blog.

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  • Go Daddy Ends Good Year with Lavish Party and Big Donations

    While most business companies have avoided a big celebration or lavish Christmas party, The Go Daddy Group has gone all out for its employees this holiday season. After experts from Inc.com and Domain Name Wire have estimated the companies’ earnings at around $600 million, at this year’s Christmas party, Bob Parsons, Go Daddy’s CEO, announced that the group “topped $750 million in revenue in 2009.”

    Mr. Parsons also made it very clear that because the company did so well and while the rest of the economy flunked in all other domains, its employees deserve all the credit and didn’t spare any dime for their entertainment. Topping last year’s figures with a 22% growth, the company broke its 2008 record of $2 million dollars for its Christmas party with this year’s price tag of $3 million.

    Also, because of this year’s record-revenue, it donated about $2.5 million to charity, topping last year’s $1.7 million. Most of the money ($500 000) went to the creation of the “Danica Patrick GoDaddy.com Domestic Violence Center,” which will be built as a wing at the Phoenix UMOM New Day Center.

    $100 000 also went to the renowned “Make-a-Wish” Foundation, to help in granting 20 wishes for ill children with terminal diseases. Employees contributed too, by bringing unwrappe… (read more)

  • REPORT: VW finished eating companies, will now focus on digestion

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    We have a feeling historians will spending a fair portion of next few years finding new words to describe just how bad this year was for the auto industry. And then, at some point, they’ll get around to Volkswagen, a company that has been zagging while almost all others zigged. Over the last twelve months, VW has taken a stake in Suzuki, bought Karmann, won European Car of the Year, won the Dakar Rally, turned its eye to F1, released a litter of well received cars, put autonomous cars everywhere, thrown huge money at hybrids and electric cars, and made recycling fun. And it’s building a $125 million dealership in Manhattan. And then there was that whole Porsche thing. And it took the crown of No. 1 automaker. We could continue, but there’s a post to finish…

    When it comes to mergers and acquisitions, remarks from company CEO Martin Winterkorn suggest that VW is finished doing its impression of 18th century England. “We are satisfied with the current line-up,” he has told Automotive News. “I don’t see any need (for further M&A activity).” That, in spite of his assertion that other companies “want to come under our roof.”

    VW will focus on what is sure to be a busy year ahead, integrating Porsche and its interest in Suzuki, at the same time as it gears up Karmann’s factory for the Boxster, and builds its U.S. plant and prepares its new NMS model. Winterkorn is expecting VW’s market share to increase in 2010, which might solidify a place at the top position; although after the shellacking General Motors and Toyota took while they wore the crowns, we don’t know why VW would want the attention. And as for the end of M&A, perhaps Winterkorn hasn’t heard the rumor about Piech’s eyes on Ducati

    [Source: Automotive News – sub. req.]

    REPORT: VW finished eating companies, will now focus on digestion originally appeared on Autoblog on Mon, 21 Dec 2009 10:31:00 EST. Please see our terms for use of feeds.

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  • Australian Domain Authority Circumvents Standard Process To Shut Down Site Critical Of Australian Internet Filters

    With the news that Australia has decided to censor the internet, a group of protesters decided to set up a website complaining about this effort by Communications Minister Stephen Conroy (who laughably called internet filters “100% effective” based on absolutely no metrics). In setting up this protest site, they were able to register the domain stephenconroy.com.au. Not surprisingly, that got some press attention, and suddenly the Australian domain authority, AuDA, took notice. As Slashdot points out, AuDA completely circumvented its usual due process mechanism, and it gave the holders of the site a grand total of 3 hours to defend themselves. When they asked for more time, they were shut down. Now, there are legitimate questions about whether or not they deserve this domain name. But you would think that AuDA would be willing to at least give them the normal amount of time to craft a reply and defend why the site is legit. The speed of the takedown certainly suggests political motivations — more than a typical review process — and highlights the very problem the site was set up to illustrate: why it’s bad when the government can suddenly snuff out websites with views it does not like.

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  • The Small Business Carnage That Shows The Real Reason Jobs Aren’t Being Created In America

    Small BusinessWhile some parts of the U.S. economy show early signs of an economic rebound, for small business, the situation remains extremely tough.

    Latest December small business conditions reported by the National Federation of Independent Business makes this very clear.

    None of the optimism shown by major U.S. corporations can be found.

    Until this dichotomy ends, we shouldn’t expect major improvement on the U.S. employment front given that small businesses are the most important employers in America.

    The real reason jobs aren’t being created right now >>>

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  • Chrome OS Moves the Login Process to the Browser

    Chrome OS is very much in the early stages and the release we saw last month is likely very different from the one we’ll be getting about a year from now. So, it’s no surprise that things, even fundamental ones, are changing sometimes significantly so. Recently Chromium OS, the open source project on which Chrome OS is based, developers introduced a brand new login system using the web browser to manage the process rather the built-in, Linux-based one with which Chromium OS came when the source code was released.

    The plans to move the login from the operating system to the browser were being fleshed out even before the source code was released, but have only recently the actual code was added to the project. “Using Chrome as our login manager has a number of potential benefits. Explore these tradeoffs and decide what to do about the login manager,” the first entry read inviting developers to add their opinions. 

    “An early version of this change is finally in. It’s not ready for daily use yet, and we haven’t gotten the network picker on there or anything yet, but at least we’ve got a baseline in there. I’m filing issues for the follow-on work,” reads the announcement that the code was available in the Chromium OS repository.

    There are a couple of advantages of usi… (read more)

  • Burning the Brand

    Obama came in with the best brand as a candidate in the last fifty years; through mismanagement, he’s frittered a lot of the value away. It costs a lot to create a brand, and once it’s gone, it’s almost impossible to rebuild. Here’s neuroscientist Drew Westen on the topic:

    Somehow the president has managed to turn a base of new and progressive voters he himself energized like no one else could in 2008 into the likely stay-at-home voters of 2010, souring an entire generation of young people to the political process. It isn’t hard for them to see that the winners seem to be the same no matter who the voters select (Wall Street, big oil, big Pharma, the insurance industry). In fact, the president’s leadership style, combined with the Democratic Congress’s penchant for making its sausage in public and producing new and usually more tasteless recipes every day, has had a very high toll far from the left: smack in the center of the political spectrum.

    What’s costing the president and courting danger for Democrats in 2010 isn’t a question of left or right, because the president has accomplished the remarkable feat of both demoralizing the base and completely turning off voters in the center. If this were an ideological issue, that would not be the case. He would be holding either the middle or the left, not losing both.

    What’s costing the president are three things: a laissez faire style of leadership that appears weak and removed to everyday Americans, a failure to articulate and defend any coherent ideological position on virtually anything, and a widespread perception that he cares more about special interests like bank, credit card, oil and coal, and health and pharmaceutical companies than he does about the people they are shafting.

    The problem is not that his record is being distorted. It’s that all three have more than a grain of truth. And I say this not as one of those pesky “leftists.” I say this as someone who has spent much of the last three years studying what moves voters in the middle, the Undecideds who will hear whichever side speaks to them with moral clarity.

    Read the whole article.

  • Ping – Google Goggles, Searching by Image Alone – NYTimes.com

    The future is now.

    THE world, like the World Wide Web before it, is about to be hyperlinked. Soon, you may be able to find information about almost any physical object with the click of a smartphone.

    This vision, once the stuff of science fiction, took a significant step forward this month when Google unveiled a smartphone application called Goggles. It allows users to search the Web, not by typing or by speaking keywords, but by snapping an image with a cellphone and feeding it into Google’s search engine.

    How tall is that mountain on the horizon? Snap and get the answer. Who is the artist behind this painting? Snap and find out. What about that stadium in front of you? Snap and see a schedule of future games there.

    Goggles, in essence, offers the promise to bridge the gap between the physical world and the Web.

    via Ping – Google Goggles, Searching by Image Alone – NYTimes.com.

  • More pics of the Alfa Romeo Giulietta appear

    Filed under: , ,

    Alfa Romeo Giulietta — Click above for high-res image gallery

    The Interwebs have discovered some additional snaps of the Geneva Motor Show-bound Alfa Romeo Giulietta. Although there’s a full-on rear shot, these are more about details and lighting elements than taking the entire car in. The new hatch won’t suffer from any lack of LED’s, with an array of four in the headlights and a basket full of them in the rear taillights and third brake light.

    Fiat’s aims to sell around 100,000 units per year, and with five engine choices on offer at launch, the company is doing its best not to leave any potential customer out. If we’re lucky, that pool of potential customers will include Americans that aren’t ex-pats… Have a look at what’s coming in the gallery of high-res images below.

    [Source: Blog Motori (translated)]

    More pics of the Alfa Romeo Giulietta appear originally appeared on Autoblog on Mon, 21 Dec 2009 09:58:00 EST. Please see our terms for use of feeds.

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  • Roubini: Latin America Will Have Killer Growth In 2010

    nourielroubini generic tbi

    Although bearish for the U.S. economy, Nourel Roubini can’t get enough of Latin America. To wit, he recently upgraded his growth outlook for Latin America in 2010 from 3.3 to 3.8.

    The economist explained this upgrade in an interview with the Americas Society:

    AS: What is behind this increasingly positive outlook for Latin America?

    Roubini: There are two things. One is that global economic and financial conditions are improving. There is a recovery of growth even if it’s going to be anemic. Commodity prices have been rising. Financial conditions remain easy. Capital is flowing back to emerging markets. So that is the global outlook.

    And two, these countries have shown their own resilience. Their economic policies have been sound and they’ve been able to conduct countercyclical policies. They’ve not experienced a financial crisis in these episodes. Their overall fundamentals are sound, so the combination of maintaining sound fundamentals and right economic policies with improvement in the global economic outlook implies a recovery.

    The key word in Roubini’s answer is “anemic.” Even anemic global recovery will continue to feed stable emerging economies; whereas it will fail to sustain developed economies like the U.S.

    Read the full interview here.

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  • Copenhagen ‘Deal’ – A Frozen Flop by Piers Corbyn

    Article Tags: Copenhagen Conference, Piers Corbyn

    On with the fight for accountable evidence-based science & policy.

    This WeatherAction News No101 – as George Orwell would be pleased to note – carries news of the worst fears of the Global Warmers coming to pass. Their CO2 driven Global Warming theory is exposed as failed science based on fraud and their call for a world Climate Treaty is mission failed as Viscount Monckton spells out: Parturient montes: nascetur ridiculus mus.

    Carbon trading & all CO2 reduction schemes must be stopped.

    Despite the Copenhagen frozen flop the monstrosity of Carbon Trading continues to expand and the intention of most world leaders is to keep it that way. Carbon trading is a new bubble of false value whereby giant multi-nationals move jobs around the world to increase exploitation and get paid by taxpayers of the world to do it!

    Click source link to download FULL report from Piers Corbyn

    Source: weatheraction.com

    Read in full with comments »   


  • New cell phone maker NEC-Casio goes America, targets 200% international sales boost

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    As MobileCrunch reported back in August, three of Japan’s eight top cell phone makers, namely NEC, Casio and Hitachi are going to merge their cell phone businesses next year. Under the agreement, NEC plans to integrate its handset division into a tie-up that already existed between Hitachi and Casio starting April 2010 (the begin of the new fiscal year under the Japanese business calendar).

    In the meantime, the companies involved decided on a name for the new venture: NEC Casio Mobile. The company’s capitalization stands at a relatively modest $55 million, with NEC holding a 71% stake, Casio 20% and Hitachi 9%. And as I speculated in my previous article, that new company plans to enter the global market in a (relatively) aggressive way.

    NEC Casio Mobile plans to ship a total of five million handsets in markets outside Japan, up more than 200% from the numbers for fiscal 2008 (handset sales of NEC, Casio and Hitachi combined). By the end of 2011, the new company wants to sell handsets, including “smartphones”, in North America. NEC Casio will also enter the Mexican and Australian markets by that time.

    In fiscal 2008, the three companies involved in the new venture shipped a combined 8.9 million cell phones, 1.5 million of which found their way outside Japan. NEC Casio follows both Sharp and Panasonic in their plans to bring made-in-Japan cell phones abroad.

    Via Nikkei [registration required, paid subscription]

    Crunch Network: CrunchGear drool over the sexiest new gadgets and hardware.


  • 7-on-7: Brad Childress is 0-for-2 on attempts to bench Brett Favre

    http://a323.yahoofs.com/ymg/ept_sports_fantasy_experts__23/ept_sports_fantasy_experts-592714484-1261408875.jpg?ymrZSZCDpkUSwbvM

    In the third quarter of Sunday night’s game between Minnesota and Carolina, Brett Favre(notes) got into a "heated discussion" (Favre’s words) with Vikings head coach Brad Childress. The subject of the discussion was Childress’ attempt to bench his quarterback.

    After briefly considering the recommendation, Favre denied the request. These were his postgame comments:

    "There was a little heated discussion, I guess you would call it. We were up 7-6 at the time and it’s no secret I was getting hit a little bit." … "I think everyone in the building was like, ‘They’re not moving the ball, they’re not getting points.’ And so Brad wanted to go in a different direction and I wanted to stay in the game. You know, we were up 7-6. Yeah, it’s not 70-6, but we’re up 7-6. I said, ‘I’m staying in the game. I’m playing.’" … "We talked it out."

    Minnesota eventually lost, 26-7. Favre’s statements suggest that if he’d been benched, it would have been for performance issues, not for his own protection. There’s really no obvious reason for the Vikings to rest key players right now. Minnesota clinched a division title earlier in the day when Green Bay lost, but the team has not yet locked up a playoff bye and they’re still in the race for homefield advantage in the NFC.

    Did Childress actually believe that Tarvaris Jackson(notes) gave the Vikings a better chance to hold a one-point lead? We’ll never know. Childress wasn’t particularly forthcoming with the press following the game, unlike his quarterback.

    The Minneapolis Star-Tribune reports that Sunday night was actually the second time this season that Childress has attempted to lift Favre. The coach apparently wanted to pull Favre against Detroit in Week 10, too, but he was rebuffed. These reports raise legitimate questions about who, exactly, is in charge of the Vikings at the moment.

    We know who was in charge of them on Sunday, of course: Panthers defensive end Julius Peppers(notes). Carolina pressured Favre endlessly, sacking him four times. Childress succeeded in removing at least one of his players from the game when he benched tackle Bryant McKinnie(notes) in the fourth quarter. McKinnie had simply been punished by Peppers. 

    The Vikings aren’t really peaking at the right time, but they travel to Chicago next Monday. The Bears are going to make everything OK, at least for a week.

    DeAngelo Williams(notes) exited Carolina’s win in the first half due to a left ankle injury. In his absence, Jonathan Stewart(notes) was an absolute terror, rushing for 109 yards on 25 carries and scoring a pair of fourth quarter touchdowns. The Panthers face a tough run defense next week when they face the Giants, but Stewart obviously abused a respectable defense on Sunday night. [Charlotte Observer]

    The Eagles are calling Michael Vick’s(notes) injury a quad contusion. "We’ll see how it goes this week," said Andy Reid, committing to nothing. It’s tough to believe Vick won’t be available for his usual cameo in Week 16. [Philadelphia Inquirer]

    Titans linebacker Keith Bulluck(notes) had to be assisted off the field in the second half of Sunday’s overtime win over the Dolphins. He injured his left knee and will undergo tests on Monday to determine the extent of the damage. It didn’t look good. Bulluck is having another excellent season (108 tackles, three INTs) and Sunday’s game was his 127th consecutive NFL start. [The Tennessean]

    The Ravens have lost rookie kick returner/cornerback Lardarius Webb(notes) for the remainder of the season due to a suspected ACL tear. Webb had been starting in place of corner Fabian Washington(notes), who tore an ACL back in November. This is clearly terrible news for a defense that’s about to face a quarterback who’s coming off a 503-yard day. [Baltimore Sun]

    When a guy rushes for 286 yards and three TDs, there’s really a lot to talk about. In our coverage of Jerome Harrison’s(notes) huge day against the Chiefs on Sunday, we neglected to mention the very smart thing he did at the conclusion of his final score. Harrison’s third TD broke a 34-34 tie in the final minute, and he actually took a few seconds off the game clock by deliberately running parallel to the goal line before crossing the plane. It was like the Stokley play, but on a shorter field. Kansas City drove to Cleveland’s 26 yard line on their final possession, so Harrison’s move clearly mattered. [NFL.com

    It just wouldn’t be a proper Monday 7-on-7 without the Rams Report Card. Steven Jackson needs to demand a conference with the author. If any player on that team deserves an A, it’s Jackson. [St. Louis Post-Dispatch]

    Photo via AP Images

  • Driven to Distraction, Some Teenagers Unfriend Facebook – NYTimes.com

    Facebook, the popular networking site, has 350 million members worldwide who, collectively, spend 10 billion minutes there every day, checking in with friends, writing on people’s electronic walls, clicking through photos and generally keeping pace with the drift of their social world.

    Make that 9.9 billion and change. Recently, Halley Lamberson, 17, and Monica Reed, 16, juniors at San Francisco University High School, made a pact to help each other resist the lure of the login. Their status might as well now read, “I can’t be bothered.”

    via Driven to Distraction, Some Teenagers Unfriend Facebook – NYTimes.com.

  • Jeff Saut: Prepare For ECB And BoJ Rate Hikes, Sovereign Blowups, A CRE Crisis, And Accelerated Asian Urbanization

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    Raymond James strategist Jeffrey Saut — a bull who has been on the correct side of the rally for the entire year — lays out some of his big themes for 2010, while also expressing serious concern about the stock market action of the last few weeks.

    As for the other themes as we enter the new year, our sense is the U.S. will experience 3.5% GDP growth in the first half of the year and then slow to 2.5%.  Consequently, global growth in 2010 should be uneven.  Near term, advanced economies should experience a bounce in activity that will last into the first half of the year.  Following that, monetary policies will vary.  Emerging markets will
    need to tighten much sooner than the G7.  We do expect interest rate hikes from the ECB and the Bank of Japan in 2010.  However, we also think participants are wrong in expecting interest rate hikes too early given the fragile economic environment.  Further, in 2010 we think investors should be positioned for:  Sovereign balance sheet risk (potential defaults: Venezuela, Ukraine, Argentina,
    Pakistan, Latvia, etc.); increased geopolitical threats; Asian urbanization; a potential commercial real estate crisis; rising taxation/inflation/regulation; the emerging and frontier market consumer; rising global growth, free cash flow beneficiaries; energy and alternative energy; infrastructure plays (electricity, water, etc.); technology (read: volume monetizers); U.S. exports and business spending; dividends; and a return to active portfolio management.  Indeed, stock selection, and active portfolio
    management, are likely to be the key drivers of portfolio returns in the year ahead.  As for style, while we always like special situations, from a macro perspective we favor quality growth, dividend yield, positive earnings revisions, and large capitalization stocks.

    As for last week’s stock market action, we were manifestly disappointed, having believed the SPX was poised to surmount its 50% retracement level at 1115 (measuring the decline from October 2007 to March 2009), triggering upside targets between 1160 and 1200.  Alas, it was not meant to be as the index tried, and failed, for the fourth time to breach 1115, setting the stage for potentially a fifth downside test of the 1085 level.  While we remain constructive, history shows that the fifth test of a support level typically doesn’t hold.  Therefore, in Friday’s verbal strategy comments we concluded, “We think it’s pretty important that the equity markets build on this morning’s opening strength.”  And while that didn’t happen, the markets did stabilize following the “Thursday Tumble” (-133 DJIA).  Still, with market valuations below their 20-year mean valuation, surging earnings and low interest rates, we remain constructive.

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  • Luxury Jewelry Comes Surging Back

    wedding ring diamond engagement marry marriage bride finacee

    Surprise: gaudy, expensive jewelry is coming back:

    Marketwatch: As retailers across the board are still struggling to get consumers to spend beyond what they need, affluent consumers are giving a troubled sector — jewelry — a ray of hope.

    Average jewelry spending by shoppers with minimum household incomes of $100,000 jumped 31%, to $4,813, in the third quarter from a year earlier, compared against declines of more than 30% each for clothing and for fashion accessories including shoes and handbags, according to Pam Danziger, president of Unity Marketing. The consultancy surveyed 1,000 luxury shoppers.

    Read the whole thing >>

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  • Gooding adds another day to its Scottsdale auction during Barrett-Jackson

    Filed under:

    Selections from Gooding’s special Barrett-Jackson auction — Click above for high-res image gallery

    Gooding’s regular yearly auction during Barrett-Jackson event in Scottsdale will take place January 23. Next year, though, Gooding will hold an additional auction the day before and it will be moving some delightful machinery.

    If you can’t wait for Saturday’s spoils, which include a 1959 Ferrari Series 1 Pininfarina Cabriolet, a Zagato-bodied 1932 Alfa Romeo 6C 1750 Gran Sport, and a 1956 Maserati A6G/54 Berlinetta, then you might find something you like among the Friday collection: a 1934 Duesenberg Model J with a Disappearing Top, a 1927 6 1/2-Litre Bentley Sports Coupe, and a Stirling Moss-driven 1959 Costin Lister Jaguar Sports Racer.

    Complete information on the three special Friday offerings is in the press release after the jump, and you can have a look at them in the high-res gallery below.

    [Source: Gooding & Co.]

    Continue reading Gooding adds another day to its Scottsdale auction during Barrett-Jackson

    Gooding adds another day to its Scottsdale auction during Barrett-Jackson originally appeared on Autoblog on Mon, 21 Dec 2009 09:28:00 EST. Please see our terms for use of feeds.

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