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The important point about Dexia is that its current difficulties tend to undermine confidence in the famous European stress tests, the recently completed Europe-wide process of verifying that the region's banks are tickety boo.
BBC: Can we afford to heap bank losses on creditors?
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These planned measures are expected to include elimination of the company's matrix organizational structure, site consolidation, transfer of activities to global delivery centers, consolidation of certain central functions, cost synergies from the integration of Motorola's wireless assets, efficiencies in service operations, and company-wide process simplification.
ENGADGET: Nokia Siemens to cut 17,000 jobs as part of global restructuring
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But because of the nature of this storm, we are certain that this is going to be a slow-moving process through a wide swath of the country, and millions of people are going to be affected.
WHITEHOUSE: President Obama Makes a Statement on Hurricane Sandy