Citi's roughly $500 billion in foreign deposits are a huge impediment to putting the bank into conservatorship. It seems inconceivable that Uncle Sam would guarantee those deposits, yet failure do so could have catastrophic consequences. A run...
China, wary of the troubled US economy, has already "canceled America's credit card" by cutting down purchases of debt, a US congressman said.
U.S. auto sales in April were on the road to plunging to their lowest levels in nearly 30 years according to sales reports released on Friday, the day after Chrysler LLC filed for bankruptcy.
Local banks have been shutting down in droves as the recession has made it harder for customers and businesses to pay their loans. Nearly every Friday so far this year, at least one bank has failed. Last week, four regional banks were shuttered.
The particular topic has not been disclosed, but we suspect it relates to the words funding, closures, and stress tests.
Arizona is expected to lose about 146,000 jobs this year, more than 10 times what was expected just six months ago, the Arizona Department of Commerce said Thursday in its semiannual employment forecast.
What this means is that without the contribution from imports, GDP declined at 12.15% annual rate in Q1. In other words, all of the domestic activity was, as the employment numbers suggested, in free fall!
U.S. Defense Secretary Robert Gates pressed Congress to quickly approve $83.4 billion for the wars in Iraq and Afghanistan and for aid to Pakistan. Gates told lawmakers that money used to support Pakistan, Afghanistan's neighbor which is facing a
Chrysler will file for bankruptcy after talks with a small group of creditors crumbled just a day before a government deadline for the automaker to come up with a restructuring plan, President Barack Obama said.
The advance number for seasonally adjusted insured unemployment during the week ending April 18 was 6,271,000, an increase of 133,000 from the preceding week's revised level of 6,138,000
The official also said that Chrysler will enter into an alliance with Fiat.
Talks between Chrysler LLC's lenders and the Treasury Department to reduce the automaker's $6.9 billion in secured debt and keep it out of bankruptcy protection have disintegrated, a person familiar with the talks said early Thursday.
Straddling an area between Scottsdale and Fountain Hills, the four-diamond resort debuted in 1999 to much fanfare. Its grand opening included a 26,500-square-foot country club with a spa, fitness center, nine tennis courts and three swimming pools.
It may just be me. I have no money in the stock market but have watched it threw a few booms and busts. The best I can say is it lasts longer, both ways then a card game of chance. I have watched a President pour trillions into the econoRead Letter
Still, the economy is functioning only by “the grace of government intervention” and “we’re in for a long slog” before a recovery takes hold, Volcker said on Bloomberg Television’s “Conversations with Judy Woodruff” airing this weekend.
The jobless rate jumped to 17 percent in Bend, Ore., a 9.2 percentage-point rise and the second-biggest monthly gainer. Rounding out the top three was North Carolina's Hickory-Lenoir-Morganton, which saw its unemployment rate rise to 15.4 percent
The company expects to lose 500 Hummer and Saturn dealers when those brands close or are sold, and it expects 400 dealers to close voluntarily. Another 500 would be consolidated into other dealerships, according to the dealer.
Banks also have significant maturing debt in 2010 and 2011. If they can't roll it at an attractive price, that means balance sheet shrinkage. And believe it or not, the myriad of lending support programs represents only 1/3 of the IMF's estim
Residential investment (RI) has been declining for 13 consecutive quarters, and Q1 2009 was the worst quarter (in percentage terms) of the entire bust. Residential investment declined at a 38% annual rate in Q1.
The two-quarter contraction is the worst in more than 60 years. The big story for the first quarter was in the business sector, where firms halted new investments, and shed workers and inventories at a dizzying pace ...
In 1900, Argentina use to be one of the richest, most promising countries in the world. The bankers destroyed it in the end.
Bank of America, Citigroup, Wells Fargo, and Fifth Third Bancorp all need more taxpayer handouts.
Bank of America Corp. and Citigroup Inc., which have each received $45 billion in government bailout funds, have been told by regulators that "stress test" results show they may need to raise additional capital, The Wall Street Journal said
Under GM's latest restructuring plan, the U.S. would get at least a 50% stake in the largest Detroit auto maker. But such a major holding would turn GM into a sort of Government Motors, making the federal government the company's de facto bos
The SEC secured an emergency court order freezing the assets of California financier Danny Pang and two of his firms, accusing the Newport Beach resident of defrauding Asia-based investors of hundreds of millions of dollars.
The deepest economic slump in decades has dampened the dreams of many U.S. college seniors. They face a hard reality upon graduation this spring: stiff competition from the growing ranks of the unemployed, from those forced out of retirement or delay
The key point to note is these and many other similar indicators are flashing warning signs that this rally is getting very long in the tooth.
On Monday, April 27th we will follow up our nationwide End the Fed! rallies with an "Audit the Fed! Melt the Switchboard Day".