Research In Motion (NASDAQ: RIMM), one of the most troubled large tech companies in the world, replaced its two long-time CEOs. The move may do little to help the firm. It has lost too much market share too quickly and faces competitors like Apple (NASDAQ: AAPL) and Samsung that have taken the high ground in the smartphone and tablet PC businesses. Thorsten Heins, the new chief, has been in management at RIM for four years. That makes him an unlikely candidate as an agent for change. And he will have his two former bosses watching over his shoulder. Jim Balsillie and Mike Lazaridis will stay on RIM’s board. The announcement should do little to calm panicky shareholders.

Greece vs. Investors

The pendulum that swings between hope for a settlement between Greece and its private shareholders and worry that no such deal can be accomplished moved back in the direction of pessimism. Eurozone finance ministers are in the midst of meetings to determine what kind of agreement they will accept between the two parties. Private investors have been asked to take write-downs of as much as 70% of the face value of the Greek paper they hold. In turn, they would like a yield of more than 4% on the bonds they get in return for their current holdings. EU leaders, particularly from France and Germany, want those yields closer to 3% because they think Greece cannot afford more. The Institute of International Finance, which represents the private holders, says it has made its final offer to settle the matter. If its offer is rejected, Greece could quickly go into technical default.

The Pain in Spain

Spain has confirmed what many economists feared. The weakest EU nations, financially, have started to fall into recession, just as austerity plans are about to take hold. The Bank of Spain said it expects GDP to drop 1.5% this year and be little better than flat next year. Spain has an unemployment rate of more than 20% — more than 40% among its young adults. Its banking system and the finances of its states are in a shambles. Spain is in no position to implement stimulus expenditures to help reverse its economic slide. It barely can convince global capital markets investors to buy its paper.

Chevy Volt Verdict

The National Highway Traffic Safety Administration closed its investigation into fires caused by batteries in the Chevy Volt. The agency claims that apparatus is no more dangerous than the engines in other cars. Congress is skeptical. The U.S. House Oversight and Government Reform committee will interview General Motors (NYSE: GM) and National Highway Traffic Safety Administration management. The results of the testimony will not change much. The Volt’s reputation has been destroyed by press reports about its safety record.

Douglas A. McIntyre

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