GM and Chrysler need to secure concessions from employees, creditors and other stockholders by a March 31 deadline to maintain and expand access to U.S. government loans that have kept both out of bankruptcy protection.
Feb. 23 (Bloomberg) -- U.S. stocks fell, sending the Standard & Poor’s 500 Index below its lowest close in 12 years, as concern that the deepening recession will erode earnings offset the government’s pledge to give more capital to banks.
American Insurance Group, the insurance giant that is 80-percent owned by the US government, is in discussions with the government to secure additional funds so it can keep operating after next Monday. AIG faces a loss of $60 billion for the quarter.
Let me put it another way. How many lawyers do you need to run a poker table?
Obama administration policies intensifying the global crisis
Citigroup officials approached the regulators with a plan that would allow them to convert a substantial amount of the $45 billion of preferred shares held by the government into common stock giving the government a much bigger ownership stake
Financial regulators will soon launch a series of "stress tests" to determine which of the largest U.S. banks should get bigger capital cushions in case of a deeper recession, a person familiar with Obama administration plans said.
President Barack Obama plans to announce Monday a former Secret Service agent who helped expose lobbyists' corruption at the Interior Department as his pick to oversee the $787 billion economic stimulus plan.
Things will be back to normal in no time, and we can JUST GO SHOPPING. Read the following from Reuters, and ask yourself, just who is Obama trying to kid?
Nicaragua – “Greenspan backs nationalization,” says a headline. Well, that does it for us. If Greenspan is in favor of it, we’re against it. No one man bears more responsibility for the present worldwide financial crisis and coming depression that Al
Karl Denninger drags WH Press Secretary, Robert Gibbs, over the coals.
"Not only does it set a huge precedent of misusing government funds, but it isn't going to work."
CNBC commentator and veteran trader, Rick Santelli, extends his comments on MSNBC's Morning Joe.
With his extensive experience within the party, WH Press Secretary Robert Gibbs responds to Rick Santelli's exasperation with Party politics.
White House Press Secretary Robert Gibbs has invited veteran trader and CNBC commentator Rick Santelli to the White House for decaf coffee and a lecture on how markets work.
The White House apparently noticed yesterday when a CNBC analyst's impassioned critique of President Obama's mortgage-rescue plan became an Internet phenomenon.
During the darkest 10 years of the Great Depression, from September 1929 to September 1939, the stock market dropped roughly 50%, adjusted for inflation. With today's drop in the stock market, the U.S. has now matched that unfortunate milestone.
General Motors Corp. shares on Friday tumbled to their lowest level in more than 70 years, pulled down by a drop in the broader markets and continued speculation about the future of the struggling automaker.
Bank of America Corp and Citigroup shares plummeted for a 6th straight day, hammered by fears that the US government could nationalize the banks, wiping out shareholders. Both stocks have lost more than 90% of their value in the last year.
Gold for April delivery, which has surpassed February gold in trading volume, was up $21 to $997.50 an ounce in New York after climbing to a high of $1,000.30 earlier in the session.
Bank of America Corp and Citigroup Inc shares plummeted for a sixth straight day on Friday, hammered by fears that the U.S. government could nationalize the banks, wiping out shareholders. Both stocks have lost more than 90 percent of their value in
“The banking problem in Europe is becoming more severe,” Roubini said in a Bloomberg Television interview. “You have a series of countries that are really in trouble,” Roubini said, citing Latvia, Estonia, Lithuania, Hungary, Belarus and Ukraine.
Sales are a little thin for mint and other Girl Scout cookies so far this year.
NEW YORK (Reuters) - Shares of Citigroup (NYSE:C - News) dropped more than 20 percent to fall below $2 as bank shares plummeted shortly after the opening bell on Friday on fears the U.S. bank rescue plan might include nationalization.
The banking sector has suffered a thirty percent loss in two weeks, in the very sector that we were promised would be "saved" by our new President, and that two weeks has passed without one iota of a plan being actually released.
Santa-Maria called Bank of America to ask how to check the balance of his new unemployment benefits debit card. The bank charged him 50 cents. He chose not to complain. That would have cost another 50 cents. So he took out some of the money and then
Gold doesn't always perform in high inflationary periods. Or high deflationary periods. So when does it perform well?
The blue chips broke through a psychological barrier established in November to close at their lowest level since Oct. 9, 2002, the last bear market low.
Being a good, patriotic American apparently means doing something with your money. No, not that, something else.
“There’s never been a lender of that scale in this predicament,” Robertson said in an interview. “Portfolios that have been required to sell themselves to a lender because they’ve gone underwater have been far smaller.”