GAYFINANCES.COM

PlanetOut Inc. , the leading media and entertainment company exclusively focused on the gay and lesbian market, today announced that following the receipt of stockholder approval for a reverse stock split at the special meeting of stockholders held on August 29, 2007, its board of directors set the ratio of the reverse stock split of PlanetOut common stock at one-for-ten. The reverse stock split is expected to become effective on or about October 1, 2007, when PlanetOut files an amendment to its certificate of incorporation with the State of Delaware.

As a result of the reverse stock split, every ten shares of common stock of PlanetOut will be combined into one share of common stock. The number of shares subject to PlanetOut's outstanding options and warrants will be reduced in the same ratio as the reduction in the outstanding shares, and the per share exercise price of those options and warrants will be increased in direct proportion to the reverse stock split ratio.

With the real estate bubble having burst and the financial system in a tizzy over the attending fallout in the mortgage markets, bankers, investors, homeowners, and CEOs are calling on the Federal Reserve’s Federal Open Market Committee (FOMC) to cut the federal funds rate in an effort to avert a financial meltdown.  However, the Federal Reserve should see through these self-serving calls and hold rates steady for the time being...