New GM, Jackson Designs

MYFOXNY.COM - In news making financial headlines this Friday, July 10: a new General Motors is expected to emerge from bankruptcy in less time than originally anticipated. And merchandise designed by the late Michael Jackson goes on sale.

Text of NY Money Authority Lisa Murphy's Report:

GENERAL MOTORS OUT OF BANKRUPTCY: It took General Motors 40 days instead of 42 like it did for Chrysler to emerge from bankruptcy.  The new g=GM will be born at a 9 a.m.  press conference in Detroit. Lawyers for GM have been speeding through paperwork overnight.  Te company will emerge from bankruptcy clear of all debt and crippling contracts.  And it will be 61% government owned. At today's press conference, GM Chief Fritz Henderson will announce 4,000 white-collar job cuts, including 450 top executives.  GM insists it can make money even if the auto industry continues its slump.  Toubled insurer AIG will reportedly ask the government to let it resume paying millions in bonuses next week. Since the payments were from 2008, the approval isn't required.
The Washington Post says AIG wants to ward off any public outrage since it accepted a government bailout.
President Obama's pay czar, Kenneth Feinberg, has the authority to reject any *new* pay plans he considers excessive.  These bonuses are incentives meant to keep top talent from leaving for other companies.

JACKSON MERCHANDISE: Merchandise recently designed by the late Michael Jackson  is about to go on sale.  In May, the King of Pop reportedly designed more than 300 items to be sold at his planned London concert series. The L.A. times says some of the items included a varsity jacked and red handbag -- similar to his "Thriller" costume. Others included jigsaw puzzles, kids games and rhinestone dog tags.  The collection is now going on sale at Target, JC Penney and other retailers.  The merchandising rights are owned by Universal music while most of Jackson's music is owned by Sony.